The public has some say in whether to build that casino, but nobody asks Canadians if they want to participate in the much larger casino of the global currency market. If you are unemployed, you are likely one of the losers from this giant virtual casino of international currency trading.

Hot money is like a hot potato that no one wants to be caught holding. With all this money floating in the emerging market economies, domestic banks want to lend. When banks are more eager to lend, they take on risky clients. This can spell disaster.

Conventional wisdom is that this is the market at work. This is not the market at work. This is manipulation of a government system of open-ended mortgage insurance that is poorly supervised. What is going on here is a deluge of hot money from abroad that is creating an artificial, and potentially dangerous real estate bubble.