Episode Overview

Podcast: Rebel News Podcast
Host: Ezra Levant
Title: Carney's WEF-style Socialism Will Fail
Date: November 15, 2025

This episode dives deep into Ezra Levant’s critique of Mark Carney’s “managed economy” vision for Canada, rooted in World Economic Forum (WEF) style “stakeholder capitalism.” Ezra argues such systems will falter, discusses Carney’s influence on major Canadian projects, and questions the effectiveness and morality of top-down economic management. The latter part of the episode features on-the-ground reporting by Drea Humphrey from British Columbia, where she covers the controversial claims of unmarked graves at Kamloops Indian Residential School and pushback against independent investigative journalism.

Key Discussion Points & Insights

1. The "Carney Economy": Managed Capitalism vs. Free Markets

• Mark Carney’s Influence:
  Ezra critiques Carney’s increasing control over economic approvals, likening it to a “mob boss” scenario where, beyond complying with law and financing, businesses must meet Carney’s undefined preferences to move ahead.

  • "They may be complying with the law, they may have all the money they need, but if Mark Carney finds them boring, he won't approve them." — Ezra Levant [00:00]

• WEF and "Stakeholder Capitalism":
  He delineates the difference between “shareholder capitalism” (businesses run by owners) and “stakeholder capitalism” (decisions by various activist groups or government-appointed stakeholders, often at odds with financial efficiency).

  • "Stakeholder capitalism says no, because Greta Thunberg has something to say. And what about global warming?... It's not just about expertise." — Ezra Levant [06:31]

• ESG and DEI critique:
  Economic frameworks like ESG (Environmental, Social, Governance) and DEI (Diversity, Equity, Inclusion) are presented as distractions that prioritize quotas and political influence over merit and productivity.

2. Carney’s Track Record and Global Trends

• Carney’s Projects Faltering:
  Ezra notes that even Carney’s high-profile global alliances (GFANZ: Global Financial Alliance for Net Zero) are unraveling, with financial institutions now seeking profitability over climate agenda compliance.

  • "Even Mark Carney's own project, which was called GFANZ... it's disbanded. All the banks...said, yeah, we're gonna go and make some money now." — Ezra Levant [08:41]

• Central Planning Analogy:
  Drawing on French economist Frederic Bastiat, Levant champions the spontaneous order of free markets over the chaos of central planning — arguing no single authority can rationally allocate resources for a complex economy.

  • "No person has that much knowledge. There is no person, even the smartest person in the world, that knows how to run the economy." — Ezra Levant [11:11]

3. Carney’s Recent Announcements and Selective Project Approvals

• Approval Process as Political Theatre:
  A major theme is that Carney has granted selective approval for infrastructure and resource projects, but with little transparency or clear criteria — causing uncertainty and chilling investment.

  • "He’s not giving any explanations...He's like an oracle, he's like a grand wizard." — Ezra Levant [13:07]

• Pipeline Debate:

  • Carney is portrayed as dismissive of pipelines, calling them “boring,” which Levant decries as childish and dismissive of Canada’s economic backbone.
    • "Is this pipeline going to come so, so boring? It's not, actually." — Opposing Protester [18:04]
    • "Sorry we all can't be as riveting and scintillating and dynamic and so damn interesting as you are, Mark Carney." — Ezra Levant [19:31]

• LNG Facility Discussion:
  The one significant approved LNG project is said to provide little actual oil and gas industry benefit, and includes controversy over foreign ownership and manufacturing.

  • "Canada will be ready... But that will require major investment... [Silism] will also be one of the world's cleanest LNG operations..." — Mark Carney [20:29]

4. Historical Parallels and Central Planning Pitfalls

• Comparisons to Stalin and Mao:
  Ezra draws hyperbolic parallels between modern central planning and historic disasters under Stalin and Mao, suggesting that political management of the economy leads inevitably to shortages, inefficiency, and sometimes catastrophe.
  • "Mao said...farmers, instead of farming for food...should make steel in their backyard. Well, Mao did, and it caused a famine. It was an economic disaster." — Ezra Levant [27:04]

5. On-the-Ground Reporting: The Kamloops Graves Controversy

Drea Humphrey at Thompson Rivers University, Kamloops

• Context:
  Drea covers an event featuring Dr. Frances Widdowson, discussing the veracity behind the claims of 215 unmarked graves at the Kamloops Indian Residential School. The reporting is tense, with significant pushback from protesters and emotionally charged debates.

• Challenging the Narrative:
  The episode highlights a lack of excavation or physical evidence supporting the original claims, despite millions in taxpayer funding allocated for that purpose.

  • "The Kamloops band received $12.1 million...to dig. And they didn't use it for that. And the money's gone." — Drea Humphrey [37:26]

• Campus Tensions:
  Protesters accuse journalists and skeptics of “white nationalism,” “Nazism,” and “hatred,” wanting them off campus, while Drea and guests insist on open inquiry.

  • "Your hate isn't welcome." — Opposing Protester [36:57]
  • "All those kids who never came home have to be somewhere." — Opposing Protester [43:00]
  • "The narrative by mainstream media has been that these graves have been uncovered. And you and I both know that's not the case." — Drea Humphrey [41:03]

• Key Moment (47:01):
  When asked why it's so scary to discuss evidence and alternative views, a protester replies:

  • "It is scary and we are angry...because it is scary and we are angry."

• Calls for Evidence:
  Drea and her guests repeatedly request the actual excavation and forensic examination of the alleged graves.

  • "I just want to ask, what publication you work for." – Opposing Protester [44:14]
  • "If you take millions of tax dollars to do something and you don't, I report on it." — Drea Humphrey [44:38]
  • "Did you know that there's at least four other bands that have excavated? They thought there were unmarked graves and when they dug, they found nothing." — Drea Humphrey [47:31]

Notable Quotes (with Timestamps & Speaker Attribution)

• "They may be complying with the law, they may have all the money they need, but if Mark Carney finds them boring, he won't approve them."
  — Ezra Levant [00:00]

• "Stakeholder capitalism is different from shareholder capitalism... A stakeholder, well, that could be anybody..."
  — Ezra Levant [06:16]

• "Even Mark Carney's own project... GFANZ... it's disbanded. All the banks that were part of Mark Carney's plan to decarbonize... said, yeah, we're gonna go and make some money now."
  — Ezra Levant [08:41]

• "No person, even the smartest person in the world, that knows how to run the economy."
  — Ezra Levant [11:11]

• "So boring."
  — Mark Carney (on pipelines) [18:09]

• "Sorry we all can't be as riveting and scintillating and dynamic and so damn interesting as you are, Mark Carney."
  — Ezra Levant [19:31]

• "The Kamloops band received $12.1 million...to dig. And they didn't use it for that. And the money's gone."
  — Drea Humphrey [37:26]

Timestamps for Important Segments

• Opening: Managed Economy Critique: [00:00]
• Explaining Stakeholder vs. Shareholder Capitalism & WEF’s Agenda: [05:15 - 09:30]
• Carney’s Project Approval, Pipeline Dismissal, and LNG Discussion: [13:44 - 23:40]
• Mao, Stalin & Lessons from Economic Central Planning: [25:00 - 28:00]
• Kamloops Unmarked Graves Controversy Coverage (w/ Drea Humphrey): [31:33 - 51:44]
  • Clashes & Notable Exchanges: [36:00 - 50:57]
• Closing Thoughts and Show Wrap: [51:44 - End]

Tone and Language

The episode remains combative, heavily skeptical of government and globalist influence, and is often polemical and irreverent in style—consistent with Ezra Levant’s longstanding broadcasting persona. Drea Humphrey’s reporting is direct, persistent, and challenges the prevailing narratives head-on, while campus protesters are portrayed as emotionally charged and resistant to open debate.

Summary

This episode is a multi-pronged critique of managed economies as exemplified by Mark Carney’s new role in Canada, connecting these trends both to globalist organizations like WEF and to the on-the-ground consequences for Canadian investment and social debate. The Kamloops segment underscores Rebel News’s commitment to scrutinizing widely accepted narratives and holding public institutions accountable, regardless of controversy or opposition.

For listeners who haven’t tuned in, this episode offers a vivid look at the culture war over Canadian economic policy and historical truth, seen through the lens of Rebel News’s combative brand of independent journalism.