The recent MOU signed by Danielle Smith and Mark Carney, framed as a blueprint for “energy transformation”, promises federal backing for a new bitumen pipeline to British Columbia’s coast, exemptions from key environmental regulations, and billions in investments toward carbon capture technology. 

The Good:

The MOU scraps the controversial oil and gas emissions cap, suspends clean electricity rules for Alberta (with strings attached), and designates the pipeline as a “national interest” project under the Building Canada Act. It also gives a boost to carbon capture, with Federal tax credits covering up to 50% of costs, plus Alberta’s 12% subsidy, potentially making bitumen the “lowest-emission heavy oil in the world”. 

The Bad:

Alberta has conceded to an increase carbon price from the current $95/tonne to $130/tonne in a deal to be finalized by April 1^st of next year. This ultimately adds to production costs, structuring a competitive disadvantage for Alberta oil in price sensitive world markets for years to come. Additionally, clean electricity regs only get “suspended” if Alberta delivers on emissions cuts; fall short and they’re back.

The Ugly:

David Eby’s political veto. Inter-provincial pipelines clearly fall under federal jurisdiction, but Ottawa has indicated it would not lift the tanker ban (Oil Tanker Moratorium Act: C-48) without BC’s political buy-in. Without resolution, we’re talking about a pipeline to nowhere. Even worse, is the hypocrisy and performative nature of the ban itself. According to Vivian Krause’s 2019 documentary ‘Over a Barrel”, 278 US tankers annually carry 8.6 billion gallons of crude past Haida Gwaii without restriction. C-48 is an export ban and needs to be lifted.

Overall, the MOU is a positive step forward for the reparation of relations between Ottawa and the province of Alberta. There is genuine hope the MOU can transform into a finalized agreement to the benefit of all Canadians. The fear, however, is that they’ve deferred a bigger battle.

The Awesome:

Steven Guilbeault has resigned from Cabinet. Extreme Activists, unable to consider an opinion other than their own, should never have a seat at the most important decision-making table of our land. Good riddance. 

The Federal Reserve’s Quantitative Tightening (QT) program came to an end on December 1^st, halting the monthly runoff of up to $25 billion in Treasuries and $35 billion in mortgage-backed securities. The markets didn’t celebrate. Instead, global investors have pivoted “risk-off”, triggered by surging Japanese Bond yields and a potential Bank of Japan rate hike. The unwinding of the Yen carry trade, the decades old practice of borrowing cheap Yen to invest elsewhere for higher yields, threatens to drain global liquidity. Japan holds trillions in foreign assets, including US Treasuries. A 25-basis point increase is being priced-in with 76% odds. If rates hold steady in the BoJ December 18-19 decision look for early Christmas fireworks!

Crypto took the brunt of Japan’s yield spike, with majors BTC and ETH nosediving 5-8% to start the month. Leverage simply met macro; longs flushed out with the sudden break of support. Crypto analysts appear generally conflicted with many saying the bear market has started just like every other cycle. Others are pointing out that previous cycles have just mirrored liquidity, meaning this crypto cycle will extend well into 2026. The former suggest a rally back into the 200-day moving average before heading lower in the bear. The latter will see the same move as the start of their journey to Valhalla. Only time will tell.

The S&P 500 has finished positive for 7 consecutive months, gaining 23.9% leading into December, an historically strong month that has seen gains 71 of the past 97 years. With the Fed widely expected to cut rates this month, the aforementioned end of QT, and whispers of QE, will these tailwinds offset the headwinds of Japan’s hawkishness and bring us to new all-time highs by year end. Cash is king until the dust settles.Read the full newsletter

The Art of Gifting Like You Actually Know Them 🎁

Let's be honest: most people are terrible at giving gifts. They either panic-buy something generic at the last minute or overthink it so much they end up with something that sits in a closet for three years.

The best gifts aren't complicated though. They just require you to actually pay attention. What does this person love? What do they talk about? What would make them feel seen?

Think about it like this: when your best friend gives you a gift and you're like "how did you KNOW?" It's because they've been paying attention all along. They noticed you mentioned wanting to try journaling. They remember you're obsessed with that specific candle scent. They caught you eyeing those earrings three months ago.

That's the energy we're going for.

Sometimes you genuinely have no idea what to get someone. Or they're impossible to shop for. Or you're running out of time. When that happens? Give them the gift of choice. An Amazon gift card is genuinely one of the smartest gifts you can give because it lets them pick exactly what they want or need. No guessing. No returning. Just practical luxury.

If you want some actual ideas that work for almost anyone, here are a few that never miss:

A gorgeous fountain pen or personalized stationery set ​​​​​​​​​​​​​​​​— For the friend who still writes things down by hand or loves a good handwritten note. Bonus points if you get their initials on it.

A monogrammed leather piece — Wallets, passport holders, journal covers. Timeless, personal, and the kind of thing they'll use forever but probably wouldn't splurge on themselves.

A beautiful edition of their favorite book — Not just any copy, but the kind with the gorgeous cover and the pages that feel expensive. It's thoughtful and sits on their shelf like a little trophy.

A curated food or wine basket — But make it specific to them. Their favorite chocolate, that fancy olive oil they'd never buy, the wine they mentioned loving once. It shows you were listening.

An experience gift card — Cooking class, wine tasting, spa day, pottery workshop. Something they can look forward to and actually do, not just another thing collecting dust.

If they’re fellow conservatives, get them a CSC sweater!

The bottom line? The best gifts show someone you know them. And when in doubt, giving them the freedom to choose is never the wrong move.

Don’t forget to check out our merch, and share this newsletter to a friend💛

CSC Team

P.S.

We are working on a select guestlist for our upcoming mastermind event 👀