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Theo Caldwell

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Why Canadians Should Root For Romney

Posted: 09/14/2012 12:15 pm

Many Canadians are predisposed to dislike Mitt Romney. He is a Republican, and robotic even by those standards. In this land of centre-left sensibilities, such party affiliation and corporate mien often rankle. But I would urge my Canadian compatriots to reconsider. Romney is running for a foreign office, not joining your curling team, and if he can unseat President Barack Obama, the Great White North will be greater for it.

Whatever one's views on North American free trade, or capitalism in general, it remains immutable that Canada and the United States share the largest bilateral exchange of goods and services in history. Even those Canadians who instinctively gravitate toward Democratic candidates should wish for Canada to gain the greatest possible benefit from that arrangement.

Canada is, essentially, an exporter nation, largely because we have lots of natural stuff -- rocks and trees and skies and seas -- and we send it to places that do not. This is a function of how and where the Good Lord placed us, and it is not necessarily so that a country is entering terminal stages of Dutch Disease simply because resources represent a major portion of its economy. Indeed, with strong capital markets, technology, and other industries, Canada has achieved a pleasant equilibrium, all things considered.

But, perched as we are beside the largest consumer market in the world, we have a particular sensitivity, and advantage, when it comes to international trade. The U.S. consumer represents 70 per cent of that country's economy, and 20 per cent of the global economy. Canada benefits most when America is open to its products, and has the money to pay for them. Emotionally satisfying as it may be for Canadians to see the Loonie at parity or soaring above the American dollar, a stronger U.S. currency maximizes Canada's strengths.

Obama inherited a massive budget deficit, which he proceeded to triple. At no point in his projected budget plan does he propose to balance the budget. Those ongoing deficits will be financed in large measure by an increased money supply. This augurs continued weakness in the U.S. dollar, making it harder for Americans to afford Canadian goods.

Though the Romney plan takes its sweet time in doing so, it does balance the budget eventually, and even some measure of government spending restraint will result in a stronger U.S. greenback. As a matter of basic policy, Romney is, like most Republicans, a free-market, global trader. Obama, meanwhile, like most Democrats, is beholden to American union interests, and thereby eager to hose foreign workers whenever possible.

Fundamental to Canada-U.S. trade is, of course, energy. The first of Romney's five principal campaign pledges is that North America will be energy independent by 2020. That means opening the Keystone XL pipeline from Alberta to Texas, which Obama has blocked.

There are those who loudly insist our energy must come from wind, solar, and their own sense of self-satisfaction. But even the shrillest of Birkenstocked, Begley-ite, "No Blood for Oil" protesters must, on some level, be practical. Canada's oil will be tapped and sold. Would they prefer it go to our imperfect ally, the United States, or to a demonstrably malevolent power like the People's Republic of China? As to their reasonable environmental concerns, would they rather Canadian oil be shipped by the safest possible means -- pipeline -- or by far riskier sea tankers? And when that black gold reaches its market, which nation's environmental regulations -- China's or the United States' -- will be most likely to preserve and protect the planet our green-minded friends so long to cuddle?

Canadians are perennially and properly concerned about national sovereignty. If you do not know much about the U.S. Department of Homeland Security, fear not -- it knows plenty about you. They're the folks who, thanks to the acquiescence of the Canadian government, can put the kibosh on you flying from Canada to any location in the world if your flight plan covers even one inch of American airspace. The existence and conduct of the DHS is a bipartisan disgrace, and a global problem.

Republican President George W. Bush created the department and hung its Stalinist moniker over the door. Obama made it worse, severely clamping down on domestic security, demanding that other countries do the same if they wished to have access to the United States, and appointing as his DHS Secretary the appallingly ignorant Janet Napolitano, who came into office professing that the 9/11 hijackers came through Canada.

Romney remains largely a blank slate on the issue of security overreach. But, as a free-trader, he at least understands the danger of blocking borders and thickening barriers between businesses. Finally, if nothing else, consider this: If Obama is re-elected and his socialization of American health care becomes complete, where will Canadians go for treatment when waiting lines at home grow too long?

Counterintuitive though it may seem, Canadians should be rooting for Mitt Romney.

Theo Caldwell, an international investor and broadcaster, has been a member of the New York Stock Exchange, the Chicago Board Options Exchange, the American Stock Exchange, and the Kansas City Board of Trade. He can be reached at theo@theocaldwell.com

This blog originally appeared in the Washington Times.

 
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Many Canadians are predisposed to dislike Mitt Romney. He is a Republican, and robotic even by those standards. In this land of centre-left sensibilities, such party affiliation and corporate mien oft...
Many Canadians are predisposed to dislike Mitt Romney. He is a Republican, and robotic even by those standards. In this land of centre-left sensibilities, such party affiliation and corporate mien oft...
 
 
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09:23 PM on 09/17/2012
Obama
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HUFFPOST SUPER USER
ProgressiveCDN
A Progressive Moderate
07:53 PM on 09/17/2012
Wow, not only did you basically say we should forget our Canadian sensibilities and support Romney so that our big oil can get bigger, but you also managed to insult our healthcare system and act as if America's is currently better. You are all that is wrong with Canada. As if we can all shell out thousands to go get healthcare in the states! What a joke!
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11:58 AM on 09/17/2012
Sure Theo, the hell with Americans, as long as Canadian benefit in the short term. But guess where all this is going for EVERYONE in the west. We all have to deal with foreign workers and outsourcing, we all have to deal with the impact of a middle class that is stagnating and unable to find jobs in their own country and we all have to deal with the deficits created by a base that cannot pay its taxes.

And while you are happy to be able to go to the US for medical reasons, 40 million Americans without insurance can go and die off, huh?

Unbelieveable!
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Tyler Austin
Women = people. Corperations ≠ people.
03:59 PM on 09/16/2012
... I don't want a war with Iran. I also don't want drones in our airspace. I also don't want a failed corperate state directly to the south of us.

Sorry, it might be good for our investors to have a free market looney in charge of America but it's bad for the rest of the world including usCanucxks without a few million doller to inflate in the losing economy Romney wants.
03:31 PM on 09/16/2012
Rather ugly article in which "fair trade" might be construed as "hosing foreign workers" and I sure bet the author has very much sympathy for them!
Birkenstocked? Gee I see lots of people, including retired wasps wearing them...they are good footwear in the summer. Begley-ite? Now I see hear the author has narrowed his focus as he must mean Ed Begley Jr.? Some Canadians might not be able to make the connection and assume they the author is referring to the original Ed Begley. As for no blood for oil I guess the author wants a little on his.
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LGC1953
Be careful what you ask for, you might get it
12:33 PM on 09/16/2012
Whatever drugs you are doing, Theo, please stop, as they are destroying
your brain cells!
12:49 AM on 09/16/2012
Romney's economic plans will increase the division between rich and poor in America. This is bad for America, and bad for Canada, as the ability of Americans to buy our products and resources will dwindle. Romney's trickle down won't even reach middle class Americans, let alone Canadians.
09:21 PM on 09/15/2012
Caldwell is an investor and not an economist. His understanding of how profits are made and lost cloud his perspective on the larger issues of Canadian social and economic needs. At best he is a cheerleader for the U.S. and his own bank account and he has little interest in the rest of Canada. Caldwell rails about the lack of a balanced budget but does not make a thoughtful suggestion as to which group of people in the US should bear the economic brunt of this act. Reading some of his previous op eds suggest that he and his friends should be exempt from any additional tax resposibility for a balanced buget. He seems to suggest that the middle and lower income groups should be solely responsible for this feat through tax increases an a reduction in services.

He also hints at another dislike of President Obama with his reference to the "great white north." His choice of words may be unfortunate but it smacks of a subtle undertone in the attitude of several high profile journalists.
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YankeeCanuck
dog
09:05 PM on 09/15/2012
"Trust me, I'm a stock broker"
09:48 AM on 09/17/2012
Good One...lol
08:49 PM on 09/15/2012
I couldn't even read the whole article. Romney has shown, especially after this week, that he is unfit to be the President of the USA. President Obama has been a great President and I hope he is re-elected as all indications are he will be. Despite Romney lies, despite the voter suppression and despite the unseemly amount of money financing his campaign. Go President Obama, Canada will be MUCH better off for it! Keep your venture capital views to yourself, Theo, you and Romney are of the same kind - the kind of person who will make the middle class and poor folks in the US pay for YOUR tax cuts.
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cityprole
old,sly, crafty,arty, leftie
07:45 PM on 09/15/2012
International "investors"? Says it all, another vulture capitalist for Romney..surprise, surprise...
03:13 PM on 09/15/2012
It sounds as if this is a conversation that Harper had with the reporter. After all he did send the Canadian Ambassador to the US to the republican convention(I did not see any sign of him at the Dem convention). A very riht wing North America is not a good thng
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DarrylBrowne
Common sense is not so common.
02:16 PM on 09/15/2012
Well you didn't convince me! It's absurd to think Romney would be a better alternative to Obama for ANYONE'S interests!
01:05 PM on 09/15/2012
"Many Canadians are predisposed to dislike Mitt Romney. He is a Republican, and robotic even by those standards."

that's not why i dislike him. does that sort of superficial assessment passes for character evaluation in your world? not in mine.

i dislike romney because he is a cynical, callous, greedy capitalist of the worst kind -- he doesn't make his money from creating anything, but from destruction of what others have created. he has no principles he seems unwilling to discard when expedient, he has no clear plans other than "not obama" (well, not any he's let us know, much like he keeps his tax returns hidden), and i don't know what crystal ball you're using that lets you see romney magically balancing the budget, because i sure don't see anything like it.

it'd be nice if we didn't get subjected to republican talking points by a canadian. obama didn't triple the deficit. bush's 2009 budget came with a 700 billion deficit, then bush added the bailout of 770 billion, so obama got stuck with a 1.47 trillion deficit to start with. it has since DECREASED every year and is now projected to be 901 billion for the 2013 budget. stop lying.

the rest of your screed isn't worth even replying to since you show yourself unable to treat people who care for the environment with respect.

canadians have had nothing to fear from obama for his first term, and it'll be no different for his second one.
08:50 PM on 09/15/2012
The bailout was a one time expenditure and not a yearly recurring one. Second, Obama signed the money over and he could have chosen not to do so but could have chosen to take a differnt course of action. He did not and signed over the bailout money. THe deficit Bush created was passed by the Dem congress and senate and primarily Bush's way of spiking his budget with "easter eggs" entitlemtns spending the dems love in order to pass his budget. Yes Bush did not have to create a big gov agency again (Homeland security) but could have just created a analytical office who dessimated the info from both internal and foreigh souces and pass it on to the respective existing agencies to handle or act upon, and have it accompanied by the appropriate approved warrants where so required. FBI is competent enough to hand internal threats provided they got credible info. Creating this big gov Bureaucracy only encreased gov expenditures.
01:01 PM on 09/15/2012
Caldwell misses the point entirely about Canadian dictate for Romney. There is more to life than material wealth, though the uber-rich like Romney, who have so much to lose, may not perceive things that way.
i don't care if Romeny comes papered with greenbacks and shedding them everywhere he goes, at the source of the money trail we'll still find a Bible-thumping, Right-to-Lifer, anti-gay, anti-science, jingoistic, gun-loving, anti-intellectual, empty-headed, greedy, incurious, ignorant, untrustworthy, stereotypical, chauvinist stereotypical ignorant Yankee.
THESE are the things that "rankle" Canadians about Romney, not Caldewell's tepid "party affiliation and corporate mien."
Caldwell clearly knows little about Canada and Canadians.