The short term problem is that Alberta has expensive oil which will make it challenging for all governments to achieve their fiscal goals. Revenues are down. Already we are seeing the incredible shrinking surplus of the Harper government. Medium term the market will right itself and business will pick up.
Some might describe it as the genius of capitalism; the ability to adapt on the fly according to the circumstances. Hence the drive to technological fixes in alternative energy generation, storage, and distribution. While the existential threat to the species is a clear and present danger, capitalism's ability to adjust is subject only to the limitations of the human mind.
My first order of business would be to banish the heinous credit default swaps, which, believe it or not, are bets on whether a country or company will go broke. I can hear the conversation at home in the evening: 'Hello dear, what did you do at the office today?' 'Aw, just the usual. I placed a $3 billion bet that Spain will go bankrupt by the end of the year.'
Prime Minister Stephen Harper and Finance Minister Jim Flaherty went to Russia for the G20 conference this week, and decided that this would be a good time to pressure the world into cutting government spending and implementing austerity measures. Unfortunately, to the leaders at the G20 -- stuck as they are between deficits and sinking economies, between the option of printing money and doing nothing -- Harper and Flaherty are just as likely to come off as a bunch of self-righteous jerks.
I come across a lot people who have been taught to equate the idea of 'risk' with losing their money. A common fear is that if they invest in the stock market, they might lose their money. But is that really what you have to worry about? I don't think so.
We don't know for sure who will be tapped for the job of Governor of the Bank of Canada. What we do know is that the individual will be a Canadian. No other nationalities were invited to apply. But, in 2013, does such a citizenship restriction even make any sense? Or is it just another manifestation of good, old-fashioned Canadian parochialism?
Today, it was revealed that not only were Asian features deemed unworthy of appearing on bank notes, but also Black, Aboriginal, South-Asian and Gay ones, as well. A pattern of institutionalized xenophobia is emerging, and it ain't pretty. The Bank of Canada fiasco is only the latest incident in a long chain of slights.
Well, I mocked and I teased but in the end, I couldn't resist. Year-end retrospectives might be trite, but dagnabbit, they're also a lot of fun. So here's my picks for the "Top Five Media Bites Moments of 2012", also known as the "Top Five Times the Canadian Press Was Inadvertently More Interesting Than the Stories They Were Trying to Cover."
No one can control what events will shape our world in any given time period. But collectively we can choose what stories we allow to shape our memory. That's why murderer Luka Magnotta was the wrong person for the Canadian Press to choose as Canada's 2012 Newsmaker of the Year.
What an exciting time to be a political addict in Canada. Who says Canadian politics is boring? People who aren't paying attention, that's who. First, the Mayor of Toronto, Rob Ford, was removed from office. Second, we find out that Mark Carney got headhunted to the U.K. And elections, you know, the best sport ever? There were three! And they weren't boring, at all.
Mark Carney, the Bank of Canada governor who's been appointed to head the Bank of England, may go down in history as the best prime minister Canada never had. Carney has a Harvard and Oxbridge background. He is bilingual, with George Clooney good looks, and the ability to deliver pithy sound-bites. Overall, Carney, 47, was seen as the very antithesis of Justin Trudeau, 40, whose most challenging management mission to date was teaching a high school drama class. Why, then, did he slam his door on this opportunity?
The striking appointment of Mark Carney as the new governor of the Bank of England can be interpreted in a wide number of ways -- from a view that highlights the global governance dimension to British and Canadian-specific aspects of the story. From a transnational perspective, Carney's appointment is another sign of the rise of free-agent technocracy in an age of crisis.
Mark Carney has accepted a position as the Governor of the Bank of England effective next July. The Bank of England needs a man like Mark Carney. His expertise is understandably in high demand. Our Canadian economy has immensely benefited from his tenure at the Bank of Canada, and the Bank of England is now fortunate to have him.
Today the UK chancellor announced that the head role at the Bank of England would go to none other than the current Bank of Canada Governor, Mark Carney. The bet is that Carney can wave the same magic wand for the UK, though it's going to take more than a doctorate from Oxford to overcome the relatively larger challenges facing that country versus Canada, with its proximity to a troubled Eurozone.
Governor of the Bank of Canada Mark Carney has been selected as the next Governor of the Bank of England, a bold move by one of the world's oldest central banks. His term at the head of the Bank of Canada was due to end in 2015, and so the move is surprising for many Canadians.
If there is any basis to the speculation that Liberals and other Canadians are calling on Mark Carney to enter the public arena by seeking the leadership of the party, count me among them. I believe in talent and the power of ideas. Carney has both. This guy would be a game-changer in all the right ways, not only for the Liberal Party, but also for Canadian democracy.