Podcast Summary: Rebel News Podcast

Host: Ezra Levant
Guest: Lorne Gunter
Episode: "EZRA LEVANT | Carney's buzzword economics proves he doesn’t have a clue"
Date: November 21, 2025

Overview

This episode centers on Ezra Levant’s critical analysis of Canadian Prime Minister Mark Carney's approach to economics and governance. Levant scrutinizes Carney’s extensive theoretical credentials and global experience, arguing that his penchant for buzzwords and multilayered bureaucracy signals a disconnect from real-world economics and business investment. The episode also discusses Canada’s fighter jet procurement dilemma, foreign investment outflows, and Alberta’s legislative moves under Premier Danielle Smith, featuring a thoughtful conversation with journalist Lorne Gunter.

Key Discussion Points and Insights

1. Mark Carney’s Economic Approach and “Buzzword” Critique

(00:47–03:07, 03:58–05:55, 10:34–11:16, 16:03–24:11)

• Academic/Professional Profile vs. Practical Experience

  • Levant questions whether Carney’s prestigious background translates to real-world economic leadership, labeling him an "economic voyeur" rather than a practitioner.

  • Carney’s speeches are dissected for their heavy use of jargon like "catalyze," "transformative investments," and "generational," deemed more fit for international forums than actual business environments.

    “He’s always been a voyeur, watching from the outside, giving his opinions, but never actually being the man in the arena.”
    — Ezra Levant (01:49)

    “He invents things that sound cool but literally make no sense. Or are politics pretending to be economics?”
    — Ezra Levant (02:23)

• Carney Sound Bites

  • Carney talks about "building sustainably," "solidarity with Canadian workers," and "partnership with Indigenous peoples" (03:07). Levant argues these are political statements with little direct appeal to business investors.

  • Further speech excerpts showcase Carney’s proposals for "catalyzing financial instruments," "recycling balance sheets," and "crowding in institutional capital" (04:38–05:55), with Levant quipping these would only prompt applause at Davos, not real economic action.

    “This is a new scheme by Mark Carney. He wants to add…a major projects office…but it’s just another layer of red tape. There’s no magic in it.”
    — Ezra Levant (05:55)

2. Investment Outflows: The Nutrien Example

(05:55–10:30)

• Levant examines the story of Nutrien, a major Canadian fertilizer company, choosing the U.S. over Canada for its new export terminal, despite Canada’s government efforts to attract such investments.

• He suggests overregulation, red tape, and issues like Indigenous legal activism make Canada less economically attractive—even for Canadian companies.

  “So this is a Canadian company…they literally chose to go further away into a foreign country, build the port to export Canadian products in America.”
  — Ezra Levant (08:06)

3. Carney’s Global Focus vs. Canadian Interests

(11:16–16:03, 23:03–24:11)

• Levant analyzes Carney’s frequent international travels and high-level meetings, arguing these may distract from domestic economic challenges.

• He expresses skepticism at Carney’s negotiation of a FIPA (Foreign Investment Promotion and Protection Agreement) with the UAE, implying it benefits outbound investment more than inbound, drawing parallels with Carney’s old roles in international asset management.

  “It’s like he’s still working for Brookfield Asset Management or something, taking Canadian money and investing it in other countries.”
  — Ezra Levant (12:48)

• Levant contrasts this with major investment deals like Saudi Arabia funneling $1 trillion into the United States, asking, “When was the last time you saw a foreign company put billions, let alone a trillion, into Canada?”

4. Canada’s Fighter Jet Procurement Debate: F-35 vs. Saab Gripen

(00:00–00:47, 15:17–19:17)

• The show explores the pros and cons of procuring U.S.-made F-35s versus Swedish Saab Gripens.

• Levant is critical of any potential move to renege on the F-35 contract, seeing it as anti-American and economically risky.

• Swedish representatives promote the Gripen as "the best fighter jet in the world," promising jobs for Canadians if manufactured domestically—a claim Levant treats with skepticism.

  “I’m pretty skeptical that either the United States or Swedish jets will be made in Canada, though there will be obviously some local jobs, including maintenance.”
  — Ezra Levant (19:03)

5. Alberta’s Legislation and the Notwithstanding Clause

(24:31–45:14)

• Premiere Danielle Smith’s new bill is explained: bans on youth gender transition treatments, parental consent requirements for identity changes at school, and protections of women’s sports—all shielded by the constitutional notwithstanding clause.

• Lorne Gunter supports the measures as keeping with the original constitutional spirit, critiquing judicial overreach and ideologically driven educator and physician activism.

  “If you have a provincial government, you got a law that you really want to keep in place. I think you have to put the notwithstanding clause in...”
  — Lorne Gunter (27:54)

  “You can't have everything in life if you've decided that you're in the wrong body sexually...that doesn't mean then we have to change the whole rest of the world so they get to do everything they want.”
  — Lorne Gunter (33:59)

• Gunter and Levant argue that public opinion backs these measures, even if legal and professional elites do not.

6. Skepticism About Carney’s Major Projects Office

(36:43–45:08)

• Levant and Gunter liken the new bureaucracy to Soviet-style central planning. Gunter warns it will create winners and losers, but not encourage generalized growth.

• They remain doubtful about the government’s willingness or ability to approve major infrastructure, especially pipelines, citing capricious regulations and unyielding conditions.

  “[Carney’s] never been a hands on entrepreneur…he’s been more a spokesmodel for philosophies, a crusader for ideologies... now he’s in charge of things. I think he’s about to find out that the world is not a World Economic Forum TED Talk.”
  — Ezra Levant (39:42)

• Gunter: “You have to come to us as an investor and say, I would like to get this project going. And then if they say yes, they don’t guarantee you the project will get going. They just guarantee you that they will try to help you get rid of the regulation...” (37:56)

7. Canada’s Pipeline Prospects—Bleak Outlook

(41:29–45:08)

• Both Levant and Gunter doubt that any new oil pipelines (not gas or clean energy) will be approved under Carney’s or the current federal government’s regime, regardless of recent speculation.

  “I don’t believe it, though. Do you think that in Mark Carney’s term we will see an additional oil pipeline?” — Ezra Levant (41:29)

  “No, we might see Keystone…But we're not going to see one to the West Coast.” — Lorne Gunter (42:09)

Notable Quotes & Memorable Moments

On Carney’s Economic Language:

• “He invents things that sound cool but literally make no sense. Or are politics pretending to be economics?” — Ezra Levant (02:23)

On Foreign Investment:

• "Trillion dollars from Saudi Arabia into America. And Mark Carney is tootling around the Gulf announcing what...? A FIPA agreement for if we want to invest in the United Arab Emirates." — Ezra Levant (23:03)

On Alberta’s Use of the Notwithstanding Clause:

• "I think that the notwithstanding clause, which was brought in when the charter was debated in 1981, is perfectly in keeping with that. That's what it's there for." — Lorne Gunter (29:33)

On Regulatory Burdens:

• "It still feels like a managed economy, a directed economy, or as they would say at the World Economic Forum, stakeholder economy. And I'm really worried about it." — Ezra Levant (37:25)

Populist Rhetoric:

• "No one is born in the wrong body. When you stop and think about that, that's so basic and profound." — Ezra Levant (35:12)

Important Timestamps

• 00:47: Opening critique of Carney’s academic/practical background
• 03:07: Carney’s speech excerpt on sustainable growth; Levant’s critique
• 05:55: The Major Projects Office: more red tape, not less
• 08:06: Nutrien example—choosing U.S. over Canada for investment
• 10:30–11:16: Carney’s dismissive attitude on domestic projects ("that’s boring" re: pipelines)
• 12:48: Carney’s UAE FIPA angle; suggestion of serving international not Canadian interests
• 15:17–19:17: Fighter jet procurement debate; Gripen vs. F-35
• 24:31–36:43: Alberta’s legislation and application of the notwithstanding clause, with Lorne Gunter
• 37:25: Soviet-style comparison: Major Projects Office
• 41:29–45:08: Pipeline prospects in Canada under current government

Tone and Language

True to Ezra Levant’s energetic, sometimes sardonic style, the episode uses sharp, accessible language to frame economic policy debates for a skeptical audience. The show consistently positions itself as a platform for 'real talk' against perceived elitist or technocratic doublespeak. The dynamic with Gunter is collegial and contemplative, offering both critique and encouragement for provincial assertiveness in the face of federal policy.

For Listeners: Takeaways

If you missed this episode, the central argument is that Canada, under Mark Carney, is drifting toward a bureaucratic, ideologically-driven economic model that fails to entice investment, lacks practical focus, and is potentially alienating both domestic and international businesses. Alberta’s move to shield its legislation from courts, though controversial, is framed as an essential pushback within the existing charter system. Throughout, Levant and Gunter urge skepticism toward buzzwords, demand for practical reforms, and a more grounded, less globalist approach to Canada's economic future.