Following the Depression, one of the better ideas was the Bank of Canada. Its job: To oversee the money supply, ride herd on inflation and deflation, worry about the value of the currency, interest rates and credit, and try to stabilize the economy through fiscal and monetary policy.
Never again, it was hoped, would things spiral so out of control, thanks to a series of terrible political decisions, as to create misery and hardship for Canadians. The Bank of Canada was to be autonomous form Ottawa, run by a Governor who answered to nobody. Even the minister of finance. Even the prime minister.
That relationship was tested decades ago when PM John Diefenbaker took on BoC Governor James Coyne, because he thought central bank policies were hurting the economy, and his popularity. A crisis ensued, Coyne quit. Investors pulled billions out of the country.
The current governor is David Dodge, a career civil servant whose term expires in February. His replacement is 42-year-old Mark Carney, an investment banker who’s worked in the finance department for the past four years, two of them reporting to Jim Flaherty. In choosing Mr. Carney, the Ottawa establishment has raised many eyebrows and selected a man many millions of Canadians will see as inextricably linked to Mr. Flaherty and the current prime minister, Stephen Harper.
Also left scratching his head is the senior deputy governor of the Bank of Canada, Paul Jenkins, who was next in line for the position and is now believed ready to vacate his office. He, too, is perplexed.
Mr. Carney, indeed, seems an odd choice. Not only is he the youngest governor since the first one 73 years ago, but he has scant central bank experience. He spent his formative career years with US-based Goldman Sachs, in its Moscow office, where the frenetic dismantling of state industries created instant billionaires – which GS assisted.
He moved back to Canada with the company, and when it downsized, landed with the feds in Ottawa. After a couple of years at finance, he rose to senior associate deputy minister. He has spent one year as deputy governor at the Bank of Canada. Paul Jenkins, by contrast, has 34 years experience there.
But of most interest is the role Mark Carney played in convincing the minister of finance to tax income trusts. This was a move that would result in about $20 billion being lost by individual investors, roughly $25 billion in Canadian corporations sold to foreign investors and the loss of almost $1 billion a year to Ottawa in tax revenues.
Said a Globe and Mail article in October, 2005, a year before Jim Flaherty started the destruction of the income trust industry, “Margaret Lefebvre, executive director of the Canadian Association of Income Funds (CAIF), went to see him shortly after his appointment to Finance last year and said he ‘seemed to be quite tough in his view of income trusts.” One trust executive, speaking on condition of anonymity, said: “I would say Mark Carney’s the hawk.’
Mr. Carney, who is considered by many to be the heir apparent at Finance to deputy minister Ian Bennett, was a key bureaucrat in the drafting of Mr. Goodale’s 2005 budget in February. The speech itself said nothing about income trusts, but the government promised a discussion paper on the subject ‘shortly after the budget.’…
Mark Carney, senior associate deputy minister of finance, doesn’t believe that income trusts help the Canadian economy because they don’t encourage reinvestment. The former investment banker is said to be a key figure in determining which way Ottawa turns next.â€
And, of course, we all know what turned out next. On October 31, 2006, Mr. Flaherty announced a 31.5% tax on income trusts, which had the immediate effect of crashing trust values, preventing further conversions, reducing the capital value of investors’ trust units by billions of dollars and paving the way for a spate of takeovers by foreign buyers.
Mr. Flaherty, presumably with the backing of Mr. Carney – who had a great deal to do with the file – claimed at the time the move was necessary to stop an existing and potentially greater tax leakage to Ottawa. However, the proof such a leakage existed was never made public by the department of finance, and subsequent events have left most informed observers believing the tax loss to Ottawa caused by the trust implosion will be far greater than any leakage contemplated by the minister or Mr. Carney.
Mr. Flaherty, as a politician, will face inevitable consequences for his actions. Mr. Carney, however, has been elevated to the position of Canada’s top banker for a seven-year term. He now has his hands on the levers which affect every Canadian’s mortgage rate, cost-of-living and economic well-being.
And this should not happen without scrutiny.
Surely members of Parliament have a role and a duty to provide oversight on this appointment, particularly since it seems to be a political one. Mr. Carney may well be a fine candidate for the position of Governor of the Bank of Canada, but is he the best one? While the unintended consequences of the decision to tax and destroy income trusts continue to shake the financial community and cost Ottawa tax revenues, it is proper that one of the architects be so rewarded and empowered?
Have the minister of finance and the prime minister selected a candidate with so little central bank experience, and so deep an involvement in a political file, in order to wield influence over him? How much confidence can several million injured income trust investors and their families have in this central banker who was active in a decision that callously affected them?
And do we all wish to have as head of our financial system as man who presumably influenced and encouraged the prime minister to shatter an ironclad electoral promise?
Perhaps so. Maybe Mr. Carney is the best we’ve got. But it is for the peoples’ representatives to confirm this, lest public confidence in our key institution be shaken. This appointment must be approved by a special committee of the House of Commons. Mr. Carney, too, must be accountable.
141 comments ↓
If Mr. Carney was instrumental in Mr. Goodale’s budget, had the Lib. government anounce a study on IT’s, and convinced Mr. Flaherty to flip, then it appears the political interference has been in the other direction, that is Mr. Carney has influenced governments.
So maybe, this political appointment and the interaction with the government may not be what PMSH and Mr. Flaherty expect!
This appointment must be approved by a special committee of the House of Commons. Mr. Carney, too, must be accountable. – Garth
So the committee must ask the tough questions. I believe the chair is a CPC MP. All eyes should be on him to see if he prevents those questions being asked.
BTW. Mr. Dion’s response to Mr Harper’s gauntlet re: the throne speech:
“We will see what direction Mr. Harper wants to take in the throne speech and decide accordingly. (He’s already said this) If we vote for the speech, it will be incumbent on Mr. Harper to bring forth legislation to provide detail. However, if we find that the detail is unacceptable, we expect to Mr. Harper to discuss, negotiate and compromise to make this parliament work!”
That is, Mr. Harper has told everyone what he expects, time for Mr. Dion to do the same. “No more Mr. Nice Guy, Mr. Dion, time to put on the gloves!”
From the available information on Mark Carney he appears to be a kindred spirit for Stephen Harper. His selection for a seven year term in such a powerful position reflects how a Prime Minister who has a radical agenda, even with a minority government, can ensure that his agenda is promoted even long after he leaves office.
Hmmm…. reading this last post reminded me that you used to write for the Sun.
Everywhere a conspiracy?
Garth, you may be correct. This might be a political appointment.. but then,
David Dodge also worked in the Finance Department (and at one point during the Chretien administration was Deputy Minister of Finance and later Deputy Minister of Health)… before being appointed to the role of Governor of the Bank of Canada … (or so says his Bio at the BOC website)
In fact.. does not everyone in the Finance Department ultimately report to the Minister of Finance? So, no conspiracy there… unless you are suggesting that the Governor should be selected from outside the civil service. In which case, Carney’s experience in international finance for Goldman Sachs is a good thing?
And, as Flaherty has been Minister since they won the election.. Carney has reported to Flaherty since Jan 2006.. less than 2 years… (as has everyone else in the Finance Department)
How is the Governor selected?
According to this news release from April 2007 (http://www.newswire.ca/en/releases/archive/April2007/25/c9361.html) the Board of Directors of the Bank of Canada select a candidate and present him/her to the Minister of Finance for approval.
If that is the case then the you should be looking at the Board for presenting such a suspect character instead of choosing one of their own (Paul Jenkins). It should be noted of the 12 “independent” directors, 8 were appointed during Flaherty’s term (according to their Bios on the BOC website)
Again, as the Directors recruited and presented this candidate.. should you not suggest a review of how the Directors are appointed and the process by which they recruited their candidate.
As hard as this may be to accept… many people believed that the income trust structure provided an unfair tax advantage when compared to other corporations. Not surprising, many of those people worked in the Finance Department whose job it is to study these types of issues. The fact that the evidence behind the income trust policy reversal has never been made public speaks entirely to the arrogance of the current government and not the day to day operations at Finance or any of it’s people. In fact, it would be a serious breach of trust if one of those employees presented the case for the income trust decision without the consent of the Minister of Finance.
One can hardly see the appointment of Carney as Governor as some sort of reward. If he is the one at Finance who presented the case for reversing the income trust policy then Harper, Flaherty et al. should see this guy as an albatross having created the single biggest obstacle to Harper’s re-election… a clear lie.. and one that struck hard in Harper’s territory.
If Carney is of sufficient character to convince a Prime Minister in a minority government to go back on his word, causing financial losses for many… then he just might be strong enough to make a good and independent Governor.
Perhaps I have my facts wrong… but you seem to be at once arguing for and against the politicization of the Governor’s role and appointment.
Milton Friedman knew all about these kind of guys and the danger that they potentially pose when he said:
“The danger of the Galbraithian view is that it stresses
the importance of the expansion of the government’s role.
Unfortunately, while he assumes that the government is carried out by
disinterested intellectuals, it will not be. It will be carried through
by very highly interested bureaucrats, and they will run society from
the centre, as such societies have always tended to be run: as
collectivist societies which reduce and greatly limit the freedom and
choices of individuals.”
It gets worse:
http://www1.investorvillage.com/smbd.asp?mb=4992&mn=12114&pt=msg&mid=3159587
Fish on! PM John Diefenbaker Ha Ha ha ha ha ha ha ha ha ha ha Ha Ha Ha !!
Story on the front page of the Okanagan Sunday from CP said that the Greens could hold as much as 10% of the vote in a federal election.
If it holds water, there are some Greens elected then they (Greens) become vote splitters — really good for the country as a whole.
Most folk realize that Harper doesn’t give a rat’s ass about anything but staying in power with a majority, which will never happen.
Some people are finally starting to see the light — elect an alternative to the mainstream parties and they hold the balance of power. About bloody time!
Re: today column — some very good points:
“In choosing Mr. Carney, the Ottawa establishment has raised many eyebrows and selected a man many millions of Canadians will see as inextricably linked to Mr. Flaherty and the current prime minister, Stephen Harper.”
It makes good sense for Harper and Flaherty to hire one of their lackeys — they tell him whatthey want done and he does it, without question! This is one reason why change is necessary.
“Not only is he the youngest governor since the first one 73 years ago, but he has scant central bank experience. . . .
He has spent one year as deputy governor at the Bank of Canada. Paul Jenkins, by contrast, has 34 years experience there.”
Similar to having a two-year-old in a major position of responsibility, while the parents abdicate their own because someone else tells them they are no longer needed, or they figure that the child is mature enough to take care of himself!
The further this country sinks into the morass of so-called power-hungry leaders, the more the Marx Brothers seem to be running the show. This is how utterly pathetic our system has become.
Time for a very nice pre-xmas present for the silent majority — a federal election where the CRAP is finally booted through the OUT DOOR!
On vote-splitting: MR. Harper will be praying 10% of the electorate support Elizabeth May. The Greens will still only win one or two seats, and much of that unconcentrated Green support could come from Liberal candidates, allowing more Conservative MPs to get over the bar. All voters should be aware. — Garth
Garth,
Your blog raises the disturbing question “Why would Mr. Carney want the job as Governor of the Bank of Canada (GovBoC?) Clearly Mr. Carney is a very smart dude, and if he wished he could be making hundreds of millions a year. Instead he’ll be making only hundreds of thousands. Why has he plateau’d himself at the relatively green age of 41-something?
Well, money isn’t everything. I accept that. But economic value is Mr. Carney’s Baal. His attitude seems to be “The job of government is to have institutions which promote, even support, wealth creation. And if the government has to crush $25 billion of savings, including retirement savings, to help a few individuals have greater control over certain sectors of the economy, that’s okay because in the end the economy will have more wealth… or will once the sobbing of some old people has died down.†This wealth creation idea, though, ignores the fact that the increasing wealth will be increasingly concentrated in fewer hands.
Given this scanty background, I suggest that Mr. Carney’s role as GovBoC will be to get and keep inflation under 2%. “Hoorayâ€, we say! Or do we. When inflation is below 2%, interest rates will also be low. Most people will need to save more and work longer before retirement. Unless pension funds become more invested in equity, the pension funds will go into deficits, and companies will have to ante up the shortfall. But if pension funds have more equity investments, they will be okay. And more so in Canada, because now there is much less competition from individual investors for the businesses that generate stable cash-flows.
When inflation is below 2%, money will be cheap, and private equity and foreign investors will be able to borrow massive amounts of money from Canadians to buy up Canada.
Ah… am I having a senior’s moment, or didn’t James Bond already make this movie?
This point that Mark Carney was making about productivity is just a fanciful dream type argument that has resonance with the great unwashed. However resonance should not take center stage over facts. Two studies have proven unequivocally that this argument of Marks is totally spurious. Just read the PricewaterhouseCoopers study (see attached) entitled “Income trusts are efficient at investing, growingâ€. This study is an exhaustive study of ALL 250 trusts and concluded : “trust have been making an important contribution to the economy, investing their capital and growing their businesses at impressive rates. A study of the five year performance of trusts reveals that sales, net income and capital expenditures grew significantly during the period 2000-2005 even as the trust were returning cash to their investorsâ€
Kind of makes a mockery of Mark’s lame argument. But then he’s not a global accounting firm is he? Nor is he someone who is open to the facts. He has been actively involved is hiding the facts behind redacted documents, and recognizing the potential damage of that, demanded them back. Go to 18 Pages of Blacked Out Documents at http://caiti-online-media.blogspot.com/
On vote-splitting: MR. Harper will be praying 10% of the electorate support Elizabeth May. The Greens will still only win one or two seats, and much of that unconcentrated Green support could come from Liberal candidates, allowing more Conservative MPs to get over the bar. All voters should be aware. — Garth
So, if the Alliance and PCs realised they couldn’t win because they were splitting the Tory vote, how long will it take for the Libs. and Greens to realise the same? One election, two?
Better start talking now, because Harper has to go and the sooner the better!
The real question is when will Carney yell ‘Hey Ralph?’ This will be a short Honeymoon I think!
DavidW,
I was following what you said until you mentioned that the Board of Directors recommends who should be the Governor. Did you not realize that Harper replaced eight of the twelve directors of that board? I got the impression Harper got tips from former Prime Minister Mulroney because that’s what Mulroney did…he introduced extra Senators into the Senate to ensure the GST legislation was passed. Mulroney stacked the deck just as Harper did when the recommendations from the Bank’s board were to be forthcoming.
I’m told this new governor has no expertise on trading floors. As the economy changes to commodities, wouldn’t experience in the trading area be vital for a Governor of the Bank of Canada to be conversant? Seems to me, Carney is the wrong man for the job Youth beats experience for Bank of Canada top job
Laughable that the board picked him, when eight of members were selected by Harper. L0L Harper’s fingers are in every pie.
This old dog learned a new term to-day: “BOHICA” – Bend Over Here It Comes Again. Yup.
Bloomberg reported it:
“Carney, who becomes the youngest central banker among G-7 countries, was appointed by Harper’s Cabinet based on a nomination from the bank’s board of directors. Harper gained sway over the board by replacing eight of its 12 members since taking office in 2006, including several directors with ties to his Conservative Party.â€
What a con!
Nepotism, croneyism – this is “accountability” Harper style. For more chilling insights into Mr Carney, check out http://caiti-online.blogspot.com/2007/10/limited-evidence-suggests.html
We need an election NOW!
One of the things that worries me the most about Carney was his involvement in Russia during the restructuring of the Russian economy after the fall of communism. The vulture capitalists that arrived from the west to transform the economy caused a disaster for most ordinary Russians and the process was led by rampant corruption.
Oct.7,2007:Canadians will now see how Putin and the Russianshave stolen billions from their citizens to make a few billionaires.Our new Governor will show the Canadiaqn government how it is done. Mr. Carney has no right to be the Governor of the Bank of Canada He knows zilch about government monetary policy except to punish the less affluent to make the rich, richer. I blieve that under his guidance, Canada and Canadians will lose their good reputation and will sink to status of a third world country. If the Liberals, NDP and Bloc co-operate, they can request that he be replaced by Mr. Jenkins who is the capable one to replace Mr. Dodge. When the government interferes in the running of the Bank of Canada, we become no better than some of the dictatorships in Africa.
Seems as if Bill Maher is now politically correct and has changed his tune about 9-11.
http://www.rumormillnews.com/cgi-bin/forum.cgi?read=111002
From a small investors point of view , I find the nature of Mr Carney`s appointment to be most disturbing.
On one hand we have Mr Flaherty as finance minister–the one man who caused more tax leakage by his policies than anyone else in Canadian history–his “Tax Fairness Plan” has caused mass devaluation of trusts & certain corporations who had threatened to become trusts–the result has been the buy-out of several of these entities by private money or by pension funds which as a result of their buy-out structures , will pay not a cent of tax–we are talking just under 2 billion dollars of lost tax revenue so far per year.
Now on the other hand , we have our “new” governor (similar to our “new” government I suspect)–this man had a hate on for trusts since the time he worked for Goldman Sachs–he has worked nearly exclusively with Mr Flaherty to dismantle the trust structure here in Canada.
As a result of his complicity with this file , he has to assume some of the responsibility for the government tax losses due to the implementation of the TFP.
I know the Conservative posters will say that the TFP was a great piece of legislation–they have harped on this theme for several months now without being able to prove that tax leakage due to trusts actually existed in the first place (18 blacked out pages comes to mind).
Because of his close involvement with the trust issue , Mr Carney needs to be brought up for parliamentary review so that he & his policies may be scrutinized — his close ties to the PMO & Mr Flaherty have to be justified.
The unfortunate thing is that probably the PMO & the SPP have Mr Carney & income trusts right where they want them.
Dr Mike.
RE: vote splitting
Here in Quebec, for almost 3 decades, we have had the unfortunate situation of being forced to vote for a federalist party (Libs) or separatist party (BQ/PQ). For a long time this has supported the Libs here, and prevented anything else like Green, CON, or whatever from getting a foothold.
For years, instead of being forced to vote FOR something I did not agree with, or vote against a party wanting to separate, I might choose a “protest vote” of Rhino, or Marijuana Party, and occasionally Green. After all, it is important to vote – our duty in democracy – and let the powers know that their option was not for everyone.
It seems that this unpleasant situation has now spread country wide. Garth, your comment is all too poignant – a vote split could have the disasterous result of the Harpercrite Dictator gaining seats where vote splitting is significant.
Does this mean we now MUST vote Liberal in order to stop the Americanisation of Canada?
It would be so nice to actually vote FOR a Party rather than being forced to vote AGAINST something. Please note, Garth, that your tone is more “AGAINST CONS” than really putting forward a positive option. Unfortunately, I must agree with you on this one, this time.
The ONLY solution I know of is Proportional Representation. If anyone else out there has another option, please bring it forward. We MUST STOP the risk of vote splitting resulting in another facist government in our allegedly democratic country. (before you CONS go all freaky, look up facist on the net or in a dictionary. It applies quite well to Harper’s “new government”)
Sad to say, I will probably vote Liberal rather than Green, as Harper scares the s**t our of me. The tone of the CON posters here worries me a great deal, if they are indicative of those following the doctrine – so much hate… so much ego-centricity… so little concern about our democratic roots… so little concern about our planet.
Harper must be stopped. It is not a case of CON vs LIB; it is a case of democracy vs fascism.
SAVE OUR CANADA!!!
Another Yank who has his priorities screwed up BIG TIME.
http://www.wakeupfromyourslumber.com/node/4000
OOOPs!
Spelling error
That would be Fascist not Facist…
\
I’m sooooo enmbarassed…
On vote-splitting: MR. Harper will be praying 10% of the electorate support Elizabeth May. The Greens will still only win one or two seats, and much of that unconcentrated Green support could come from Liberal candidates, allowing more Conservative MPs to get over the bar. All voters should be aware. — Garth
On the other hand, former Progressive Conservative voters such as myself should have no problem voting for the Greens since our votes would formerly have gone to the Conservatives.
As you know yourself, former PCs have far more in common with the Green’s than with the new Conservative Party. By voting Green we would help them keep their federal funding and maintain an alternative to the old parties. If they won a few seats in a minority government that might give them considerable power to move the environmental agenda ahead.
That could easily be achieved by strategic voting for the Greens in specific ridings. Many NDP supporters would also be comfortable with the Greens because they tend to be less ideological.
IT For Income Trusts
Remember, Remember
The 1st Of November
The Conservative’s Income Trust Treason And Plot
I Know Of No Reason
Why The Income Trust Treason
Should Ever Be Forgot
My god’s bigger ‘n better than your god!
For reference only, the opposite of God is Goddess. IT (capital letters) does not have an opposite, is neither male nor female but rather, an impersonal being, is not worshipped, has little interest in the lower psychic regions and not much more in our temporary clay temples (phsical bodies).
http://www.worldnetdaily.com/news/article.asp?ARTICLE_ID=58026
“Mr. Carney, who is considered by many to be the heir apparent at Finance to deputy minister Ian Bennett, was a key bureaucrat in the drafting of Mr. Goodale’s 2005 budget in February. ”
“Surely members of Parliament have a role and a duty to provide oversight on this appointment, particularly since it seems to be a political one.” posted by Garth Turner on 10.07.07 @ 4:01 pm
So what political party is he affiliated with? Where do his loyalties lie? Flaherty or Goodale?
If he worked for both of them how can you accuse Harper of patronage appointments.
You are so partisan Garth.
Question: have you renounced Brian Mulroney as well? He supports Harper you know.
“Bloomberg reported it:
“Carney, who becomes the youngest central banker among G-7 countries, was appointed by Harper’s Cabinet based on a nomination from the bank’s board of directors. Harper gained sway over the board by replacing eight of its 12 members since taking office in 2006, including several directors with ties to his Conservative Party.â€
What a con!
By Canuck on 10.07.07 6:40 pm
Has anyone else noticed that all parliamentary committees tend to be stacked against “fairness”–I have yet to see a committee that has been equally represented by all parties in parliament.
Does this not go against the principals of democracy —-whoever manages to appoint the most members gets things their own way–it matters not one wit if a policy or a person is flawed & not the best choice–if the group has the most like-minded members , then they make it their choice.
Come to think of it , even if a committee makes a decision our present “new” government does whatever it wants anyway.
The Finance Committee majority report on income trusts made several recommendations , all of which were ignored by the Harper government.
Other committees were rendered useless by having Conservative chairpersons storm out when things were not going the government`s way.
Also , delay tactics were employed in committees where the chair was not Conservative & there was no one in a position of authority to storm out–The several hour delay while MP Joe Preston talked about his pens comes to mind.
Maybe we need something similar to the “Tax Fairness Plan” , something called the “Committee Fairness Plan”.
Well , on second thought maybe not –look where the first “Fairness Plan” got us–screwed again!!!!!!!!!
Dr Mike.
C.B. Innes said:
“One of the things that worries me the most about Carney was his involvement in Russia during the restructuring of the Russian economy after the fall of communism”
Does this make you feel better?
Russian Privatization and Corporate Governance:
What Went Wrong?*
September 1999
Bernard Black, Stanford Law School
Reinier Kraakman, Harvard Law School
Anna Tarassova, IRIS (Institutional Reform and the Informal Sector),
University of Maryland, College Park
Abstract
In Russia and elsewhere, proponents of rapid, mass privatization of state-owned enterprises
(ourselves among them) hoped that the profit incentives unleashed by privatization would
revive faltering, centrally planned economies. Instead, the Russian economy has shrunk
steadily since 1991 and suffered a major collapse in 1998, which exposed deep structural
flaws in the privatization effort. We offer here some partial explanations. First, rapid mass
privatization of medium and large firms is likely to lead to massive self-dealing by managers
and controlling shareholders unless (implausibly in the initial transition from central
planning to markets) a country has a good infrastructure for controlling self-dealing. Russia
accelerated the self-dealing process by selling control of many of its largest enterprises
cheaply to crooks, who got the funds to buy the enterprises by skimming from the
government, and transferred their skimming talents to the enterprises they acquired.
Second, profit incentives to restructure privatized businesses and create new ones can be
swamped by the burden on business imposed by a combination of (among other things) a
punitive tax system, official corruption, organized crime, and an unfriendly bureaucracy.
Third, while self-dealing will still occur (though perhaps to a lesser extent) if state
enterprises aren’t privatized, since self-dealing accompanies privatization, it politically
discredits privatization as a reform strategy and can undercut longer-term reform efforts.
A principal lesson is that developing the infrastructure to control self-dealing is central to
successful privatization of large firms — as important, and in the early stages, perhaps more
important than privatization itself.
Please address comments to: Professor Bernard Black
Stanford Law School
Stanford CA 94305
bblack@stanford.edu
QUOTE: “While the unintended consequences of the decision to tax and destroy income trusts continue to shake the financial community and cost Ottawa tax revenues, it is proper that one of the architects be so rewarded and empowered?
In my opinion, the results of the new tax treatment of income trusts, was absolutely INTENTIONAL and INTENDED. Harper opened the sovereignty vault of Canada up; allowing state-owned foreigners and foreign private equity to be able to stick their greedy hands into what rightfully belongs to Canadians and destroy the tax base that supports our entire social system (healthcare, education etc), that were made- in- Canada, for and by Canadians. The INTENDED consequences ARE to REMOVE the billions of dollars in tax revenue so that healthcare, education, environment CAN’T possibly be affordably funded anymore. This is necessary in achieving the implementation of a North American union. But, in the mean time, the 2000 people in the world that really matter, get looked after first.
Thanks for a full overview, Garth, I now little or nothing about finnaces at this level. But I do know leadership, and long time experience. The word is PMSH is replacing General Hillier (CDS) with a jr General he likes, rather than one highier up with experience.
I sse trouble in Demark…..could there be trouble in Canada? This can only be the tip of the iceburg….May heaven help us if this man get’s his way.
Every bill will be a NCV as he will rule as if all Canadians voted for him.
Believe it or not? your vote, your country, your choice, your gamble, so please think, think, think.
Hello Garth,
So Carney is source of the “tax leakage” lie. How ironic that Canada found a way to collect more taxes from happy taxpayers (via the income trust model) only to toss it out for the result of collecting less revenues from unhappy ones.
And all in the name of “tax fairness”.
What a joke…!
The unfairness was never between the taxation of corporations and trusts. The unfairness is in the blatent subsidy the government gives to bankers by allowing corporations a tax deduction for interest paid but NOT for dividends paid.
This has always been the dirty underbelly of traditional capitalism. The income trust model had hosed it down. So the bankers whined.
Now Harper, Flaherty, and Carney have hosed down all Canadians…!
Canada has been hijacked.
I’m sooooo enmbarassed…
By maybe Rhino? on 10.07.07 7:23 pm
Hi there, maybe Rhino? — Charles-Kelowna here.
If you have the opportunity, listen to the Monty Python sketch “Are You Embarrassed Easily?”.
It really is hilarious — it’s on their double CD released in the mid-90s, not on the TV series.
Cheers! Charles
Jim, do you think it is not a good idea to provide oversight to an appoint that is so critical to healthy functioning of the Canadian Economy? BoC is not something that should have any political hooks attached to it, or even the appearance of any possible political hooks. Financial and money markets react rather poorly to such possiblities, even if they are only speculation.
The Governor of the BoC should have the unanimous support of the major Parties in the HoC.
He should have been fired for his involvement in the income trust debacle, and the resulting loss of billions of dollars of tax revenue.
I guess sending him to the BOC is one way of getting ride of him!
Not the one I would favour.
By Robert Gibbs on 10.07.07 7:39 pm
Or, ‘Remember, remember the Fifth of November’ as ‘V’ would say.
I have this vision of 100,000 Candians marching on Parliament Hill all wearing Garth Turner masks, and black leather.
I shall go to sleep tonight contemplating the beauty of that vision!
Good night, and HAPPY Thanksgiving!
Garth – you are being absolultely dishonest. The PM, Flaherty et al had nothing to do with selecting Carney.
The Bank of Canada is arm’s length and THEY hired an arm’;s lenght recruitment agency to search for a replacement for Dodge.
If you watched the news conference they went into great detail about the process. Carney beat out hundreds for his background, expertise and whatever else criteria they rated candidates on.
They say he was recruited by merit. Now you are slandering him based on what? Your own bias about IT’s? This decision was the right one for all of Canada. A tough one. A neccesary one.
You and your whining special interest self serving only think of yourselves IT complainers have no crediblity on this issue.
Re: article posted by Brent Fullard on 10.07.07 8:23 pm
I can’t see why this would make me feel any better!!
It is interesting to note that Carney’s career with Sachs in Moscow has been conveniently left out of the official releases of his biography and the media reports.
Anyone who knows about the disaster that Sachs caused in Russia and the corruption involved, would certainly have questions about Carney and his role in the whole mess.
By jim on 10.07.07 7:53 pm
Exactly Jim. I don’t think there’s any depth to this at all. I think Garth just hates the guy because, well, he got the job under a CPC watch.
Sides, Liberals can’t throw stones where the BoC is concerned. Remember, not long ago, Chretien had the manager who tried to call in a bad debt against Chretien’s friend FIRED! Talk about controlling everything!
I do wish my friend Mr. Garth would not feel the need to try to discredit everyone who now has any involvement with the government of my country.
It’s getting a bit lame. Garth needs to ride more and think less in my opinion. L
You have confused the Bank of Canada and the Business Development Bank of Canada. Whatever, right? — Garth
The vulture capitalists that arrived from the west to transform the economy caused a disaster for most ordinary Russians and the process was led by rampant corruption.
C. B. Innes on 10.07.07 6:48 pm
Did you know who showed up on Vlads door step to represent the interests of western investors and shareholders?
John Cretien.
Let’s wager a bet!
The Harper proposals will be:
a) no inheritance taxes – meanwhile, most inheritances have already been stolen or are in the process of being stolen from the average Canadian.
b) no capital gains taxes on principle domiciles – but give it enough time and capital gains will be implemented on principle domiciles when the value of them gets back to 1989/90 values.
And as to the comment from Maybe Rhino:
The referendum on proportional representation (MMP) is ONLY a PROVINCIAL referendum. Nothing to do with Federal.
Federally, it is very important to not even have a minority conservative government elected. I think we can do that! We’ll just get people educated about how the system, at this time, REALLY works. So everybody, let’s get busy! DO NOT let your vote be spit – uh, sorry, I meant to say split. Ideals are very important, but we have to go through the baby steps first, so that we can achieve what we desire.
Mary,
At 8:47 p.m., you said “In my opinion, the results of the new tax treatment of income trusts, was absolutely INTENTIONAL and INTENDED. Harper opened the sovereignty vault of Canada up; allowing state-owned foreigners and foreign private equity to be able to stick their greedy hands into what rightfully belongs to Canadians and destroy the tax base that supports our entire social system (healthcare, education etc), that were made- in- Canada, for and by Canadians.â€
I agree.
Government policy exists to achieve an effect. The effect of the 31.5% tax is to make it economically painful for Canadians to own and manage Canadian assets, and less painful for Canadians to sell-out to foreigners. Concurrently with the 31.5%, the Harper Conservative Party passed legislation that allows foreign investors to remove Canadian taxable income from Canada tax-free. Policy exists to achieve an effect. If the effect is the sell-off of Canada to foreign investors, then the purpose of the policy was to sell-off Canada.
But why? Why do we have people at the highest level of the government who are weakening Canada? What’s in it for them? I have to agree with your answer: “destroy the tax base that supports our entire social system (healthcare, education etc), that were made-in-Canada, for and by Canadians.†What’s in for them? They will be kindly taken of, I think.
I read today an allegory that simplifies this picture. When you raise the level of the lake, you drown that poor slugs that are shore-bound. You drown those who are not able to float up to a higher level of taxes payable.
But of most interest is the role Mark Carney played in convincing the minister of finance to tax income trusts. This was a move that would result in about $20 billion being lost by individual investors, roughly $25 billion in Canadian corporations sold to foreign investors and the loss of almost $1 billion a year to Ottawa in tax revenues.
*********************************
Mr. Flaherty, presumably with the backing of Mr. Carney – who had a great deal to do with the file – claimed at the time the move was necessary to stop an existing and potentially greater tax leakage to Ottawa. However, the proof such a leakage existed was never made public by the department of finance, and subsequent events have left most informed observers believing the tax loss to Ottawa caused by the trust implosion will be far greater than any leakage contemplated by the minister or Mr. Carney.
*******************************
Ottawa has aleady lost a bundle in tax revenue, so why did Carney have to convince Flaherty to tax ITs? What is in it for Carney? Smells fishy to me.
One of the main reasons for the surge in the loonie is simply the decline in the American economy. After all, here in Canada we’re not doing things much differently than we were a year or more ago.
So it seems as if Carney, Flaherty, Harper and the top power brokers are working in cahoots with the US and possibly the Mexican governments in order to put the three countries on a level playing field, after which the NAU and SPP can be introduced, with little or no fanfare. Remember the link I posted a night or two ago, saying the NAU was basically a done deal?
How very convenient, at least for the parties in power at present. I read earlier on rense.com (I think) that dubya and his cronies are already grooming Hilary Clinton (a female clone of dubya) to take over the presidency from him next year.
Meet the new boss . . . same as the old boss. The more things change, the more they stay the same.
But what the hell? We’re retired old farts and thoroughly enjoying what’s left of our lives!
The article is from May 2006, but it is worth looking at again.
http://rense.com/general78/banker.htm
Lorraine, Lorraine, sweet Lorraine, please listen to your words..
Carney beat out hundreds for his background, expertise and whatever else criteria they rated candidates on.
Hundreds, hey, show us, say the short list of say about the top 25! Then name the Top 10!
Must be tired Lorraine, all that cooking for your Thanksgiving meal. It’s O/K….we all undersood, it was just an overview. Note Garth said who knows he might do a good job? You seemed to have missed that point.
Shame on Harper.Shame on Bernier.
Lies.
Upbeat Bernier contradicts UN reports
GRAEME SMITH
From Monday’s Globe and Mail
October 8, 2007 at 12:22 AM
http://www.theglobeandmail.com/servlet/story/RTGAM.20071008.wafghan08/BNStory/Afghanistan/home
Remember, Remember
The 1st Of November
The Conservative’s Income Trust Treason And Plot
I Know Of No Reason
Why The Income Trust Treason
Should Ever Be Forgot
By Robert Gibbs on 10.07.07 7:39 pm
And on Nov 5th, all around the country (England), bonfires are lit and effergies of Guy Faulkes, the person caught in the original “treason and plot” are summarily thrown on top.
When is the vote on the Throne Speech anyway .. maybe Nov 5th?
Harper likes 60′s music – some thing never change:
Eve Of Destruction
By Barry McGuire, 1965
The eastern world it tis explodin’,
violence flarin’, bullets loadin’,
you’re old enough to kill but not for votin’,
you don’t believe in war, what’s that gun you’re totin’,
and even the Jordan river has bodies floatin’,
but you tell me over and over and over again my friend,
ah, you don’t believe we’re on the eve of destruction.
Don’t you understand, what I’m trying to say?
Can’t you see the fear that I’m feeling today?
If the button is pushed, there’s no running away,
There’ll be noone to save with the world in a grave,
take a look around you, boy, it’s bound to scare you, boy,
but you tell me over and over and over again my friend,
ah, you don’t believe we’re on the eve of destruction.
Yeah, my blood’s so mad, feels like coagulatin’,
I’m sittin’ here, just contemplatin’,
I can’t twist the truth, it knows no regulation,
handful of Senators don’t pass legislation,
and marches alone can’t bring integration,
when human respect is disintegratin’,
this whole crazy world is just too frustratin’,
and you tell me over and over and over again my friend,
ah, you don’t believe we’re on the eve of destruction.
Think of all the hate there is in Red China!
Tehn take a look around to Selma, Alabama!
Ah, you may leave here, for four days in space,
but when your eturn, it’s the same old place,
the poundin’ of the drums, th pride and disgrace,
you can bury your dead, but don’t leave a trace,
hate your next-door-neighbour, but don’t forget to say grace,
and you tell me over and over and over and over again my friend,
ah, you don’t believe we’re on the eve of destruction.
Heavy. — Garth
You and your whining special interest self serving only think of yourselves IT complainers have no crediblity on this issue.
By Lorraine on 10.07.07 10:01 pm
Do you know how silly your arguement looks if in fact Harper did replace 8 of the 12 board members?
Dick Cheney ex-director of CFR talks to David Rockefeller
The real robber barons behind North American Integration and the Harper agenda of leveling the playing field in North America to allow this to happen!
David Rockefeller “The Boss”.
Dick Cheney “The Under Boss”.
Stephen Harper “The Canadian Capo”.
Mark Carney “Consigliere”.
Jim Flaherty “Soldier”.
http://www.youtube.com/watch?v=BbnpN07J_zg
Forget all the BS…This says it all. Politicians: Just shut up and cook your turkey
You have confused the Bank of Canada and the Business Development Bank of Canada. Whatever, right? — Garth
Oops, yes, my bad. However, does that make it any better? You remember the story, don’t ya? I’m sure at the time you must have had lots to say about it. What was that?
Did you get stuffed yet? Happy Thanksgiving. I hope your feast was of good Ontario produced food!!!
L
Just another Turner opinion piece and all his peons run with it. What a bunch of clap trap and electioneering. But keep it up Garth your leader will have to decide whether he wants to bring the government down. personally i don’t think he has the guts to. But we will see and I keep saying bring it on..
I stopped accepting dares when I was thirteen. You’ll understand in a few years. — Garth
Lou Dobbs: North American Union Orwellian Brave New World
http://www.youtube.com/watch?v=H65f3q_Lm9U
North American Union Discussed on FOX
http://www.youtube.com/watch?v=7mzJro8F44E&mode=related&search=
Nice picture..notice the hand covering the black magic marker used on the last IT report.
Another Carney for the CRAP Carnival.
Charles Oxley,
At 12:25 am, you said “One of the main reasons for the surge in the loonie is simply the decline in the American economy. After all, here in Canada we’re not doing things much differently than we were a year or more ago.â€
I agree. My little corner of Canada is basically the same as it was one year ago, except for the massive hit on my savings by the Finance Minister under the man who before he became Prime Minister promised in writing to “Stop the Liberal attack on retirement savings and preserve income trusts by not imposing any new taxes on them†(page 32, Conservative Party of Canada, Federal Election Platform 2006). Well Stephen Harper did stop the Liberal attack. He started the Tory attack on retirement savings. Now the words “preserve income trusts by not imposing any new taxes on them†have clear and certain meaning, but enough of all that.
Mr. Harper and Mr. Carney have help; specifically well-placed toadies in the Canadian financial press. Reading some of them can he harmful to your financial well-being. For example DEREK DeCLOET, Globe and Mail Update, 05-Sept-07 wrote the piece “Can Carney break the 2-per-cent mindset?†Notice in the following how DeCLOET uses pieces from very different sources to make a wrong-headed conclusion.
“Yet there are compelling reasons to consider knocking the target lower. Boomer demographics are part of it – most of them (except for civil servants) will be hitting 65 with pensions that are not indexed to inflation, or no pensions at all, notes University of Western Ontario economist David Laidler in a recent paper for the C.D. Howe Institute. “You can make a pretty strong case that 2 per cent is too high,†says Bill Robson, the institute’s president.“
If you’re a senior, 1.5% inflation will mean 3% on your fixed income investments, and you’ll income from need $1 million of investments (if combined with CPP and OAS) to have a lower middle class income. With income trusts, on the other hand, you’d only need about $350,000 to enjoy the same quantum. So you see DEREK DeCLOET is no friend of retired people. He might even be an enemy of seniors inside your morning newspaper. But you judge that for yourself.
DEREK DeCLOET is a very good friend of his conglomerate employer and foreign investors. When inflation is at 1.5%, they will be able to borrow huge gobs of money from Canadian banks to buy-up Canada where they will have a capable workforce with many aging citizens who cannot afford to retire. Low cost of money, and compliant workforce. Who wouldn’t want to invest in Canada? Even Canadians might, if they had a free and efficient equity market.
Diplomats face communications crackdownoh, oh, the Harper dam sprang a leak!
—–
Good thing, Christopher Westdal, is a retired veteran diplomat, or his ass would be grass.
And to my fellow Canuck’s, I made a card yesterday:
Have a great day. I’m going swimming before our family turkey dinner…it marks a first that Thanksgiving has reached 90 degrees.
Maybe Rhino?,
pragmatic broken record here, taking up on your 7:19 last night –
Two problems with our current “winner take all†electoral process: lack of fair representation of all votes cast, and votes cast on the basis of voters’ ignorance and credulity. Proportional representation would solve the first problem, but leave the second “as isâ€.
Which problem is the worst? Your nickel, but we would not see some of the crap we have seen in government if voters really had known what to expect and what their votes were going to enable. If we change the “winner take all†to proportional representation and allow the “licence to lie†to continue with usual efficacy, we will only fuzzy the picture even more by opening the game to electoral fraud by additional parties.
That’s the real problem, isn’t it? Elected representatives and governments who say one thing and do another, or do something that was not mentioned at all in election platforms. With proportional representation, we would rely on other parties elected on the same shaky premises to provide the checks and balances we think we need. That’s progress?
What if voters were to take the game out of the hands of political scammers? What if they refused to stay uninformed, if they demanded to know just what political candidates and parties had in mind and were going to do if elected, then held them to account if they didn’t?
There ought to be a law requiring politicians to be bound by election promises under penalty of recall or lawsuit, but there isn’t, and isn’t likely to be ever. The second possibility is to approve of the actions of elected candidates and governments by voting for their extension in power, or to reject them by voting to assure their replacement. In other words, do what you said you were going to do to our satisfaction, or you’re out at the next opportunity. Is that not the point of the whole democratic process? It is up to us, the voters, to know what we are doing, and to ensure that the people we elect do as we want. If the people we elect know that they have no tenure but at our pleasure, they will deliver because they want to retain power. But we have to educate them consequently and consistently in the school of hard knocks. The real electoral problem is us, not the “winner take all†system, and we won’t change if another system is adopted.
That’s my proposal for saving our Canada. I’ve said it before, and it’s been criticized before as perpetuating the “revolving door” of governments without affecting those who are in
the door. But we have not changed our “input” yet, we are content to vote on the basis of lack of information, or to accept mis- or disinformation. That is where Garth’s digital democracy might lead to the chain reaction to change how we vote.
By the way, Jeffrey Simpson has a dispassionate summary of the pros and cons of MMP at http://www.rbcinvest.theglobeandmail.com/servlet/ArticleNews/PEstory/LAC/20071005/COSIMP05/Columnists/columnists/columnistsNational/3/3/5/
Failing grades for booming Calgary
Seems the Calgary Herarld has a little reality check published for the Albertans thinking they have achieved Nirvanna!
Canuck,
Happy Thanksgiving to you too. I swam in the Ottawa River three days ago, and
thought of the ’80s, when the first snow in Ottawa used to fall in the first week of October.
Garth,
So now you don’t like this appointment? Well you are right, he will be accountable. Unlike the Liberalsw. Before you atart your l;ittle whine Garth, where is all of the money that thew Liberals stole from CANADIANS??? I’ll tell you what, the Liberals come clean on Adscam, supporting terrorism, screwing Candians over on Kyoto, seeling seats on the Federal Bench,…. I’ll support them. Until then they are nothing but liars, theives and cowards. They deserve you Garth…
Great election fodder. I smell CRAP behind the loss of Senior’s retirement savings!
http://caiti-online.blogspot.com/
latest poll for MMP representation
With only 26% voting for it, it doesn’t stand an earthly of becoming reality.
The Prime Minister owes Ontarians 10 MORE SEATS in the redistribution. All Ontarians should join with Premier Dalton McGuinty to have Bill C-56 amended. Harper would love to deprive Ontario of its collective voice. Get on board and send an e-mail to your MP. Now that I think of it, you might include the specific instruction WE DEMAND our [Ontario's Entitlement] to the per capita on HEALTH CARE. All the other provinces are sharing equally, but Flim-Flam Dim-Jim Flaherty seemed to think the people on Ontario would not complain about the UNFAIRNESS. Get ON those MP’s and shake the tree.
http://www.premier.gov.on.ca/news/Product.asp?ProductID=1702
Hey Jeff,
“arth, where is all of the money that thew Liberals stole from CANADIANS???”
I thought Harper promised to investigate this and recover the monies in question,… that was like 18 months ago,… Maybe you should check with Harper and ask why he hasn’t followed through?
Garth,
On our street we are still wondering about liberal preference for age of consent laws.
We have asked you before.
Why is it that liberals think that it is OK for grown men to have sex with 14 year girls.
Do liberals follow little girls around asking 13 year old girls when their birthdays are.
Good morning to one and all — it’s a crisp, sunny beautiful day here in Kelowna. Tomorrow is supposed to reach 21C — THONG TIME FOR ME!!
Today’s Dilbert comic strip is right on the money, so enjoy!
http://www.dilbert.com/
By Herb on 10.08.07 10:38 am
Herb, an appreciated response.
I believe that Recall is a viable option, and one that could be examined closely.
Unfortunately, the rest demands reducing the apathy found in the general populace. At least P.R. “might” get more folks involved, and their vote would count for something.
An ideal solution would the the N.W.T. approach of ALL INDEPENDANTS, with no official parties. I canot think of a better way to get Members responsive to their constituents. However, on a country-wide format, it would probably go to pieces, and little would get done.
What are we to do? Something must be done…
I have often remarked that Stephen Harper and Paul Martin has the same focus when it comes to the economy and who should benefit from government policy. Carney arrived on the scene during the Liberal Administration. One might characterize his arrival as part of the revolving door between government and global capital interests.
It is important to understand what happened in Russia and the role of Mark Carney and of our own political leaders in what happened.
When Gorbachev came to power he recognized the problems within the country and began to reform the system gradually bringing in market reforms. His intention, according to his own words, was to gradually transform Russia into a democratic socialist society similar to Sweden. Gorbachev was shocked to find out that the G7 opposed his plan, including the Canadian Prime Minister of the day, Brian Mulroney. They wanted an immediate and rapid transition to capitalism. Some business publications went so far as to advocate the Pinochet approach to violently smash any resistence.
The attempted coup against Gorbachev in 1991 eventually brought Yeltsin to power. Yeltsin adopted the G7 approach and in January 1992 began the rapid reforms based on economic shock theory. This theory claimed that the best thing was to rapidly bring about radical reforms and while the result would be immediately devasting the “freed market” would quickly correct itself in a few months (Yeltsin promised six months of hardship and then the market would readjust). Stephen Harper himself advocated the same approach for Canada in 1994.
The adoption of the theory meant that prices were freed, subsidies to industry slashed with state assets transferred to a class of Russian oligarchs through a system which is referred to as “self-dealing.” Many of those who benefited were former communist politicians and their families. Remember that in communist societies all capital assets are publicly owned and somehow those assets had to get back in the hands of private interests. In some countries that transition was accomplished by selling those assets largely to foreign interests but initially not in Russia.
The result of this radical approach was that inflation reached 300 per cent a year, bankruptcies soared, and production fell. The general population had little or no assets to help them weather the storm.
At this point Yeltsin hired Goldman Sachs to bring in new investment from outside and establish a system that would ensure reasonable returns for foreign investors. The Russian assignment was considered a plum in investment banking circles according to a 1992 article in the New York times.
Russia was suddenly open to short-term speculative investment and currency trading with few rules. Mark Carney was one of the Goldman Sachs employees tasked with “globalizing” the Russian economy.
The promised automatic correction did not take place. Yeltsin had to use the military to maintain control over both the public and the elected Parliament. Over the next decade the results were a disaster for ordinary Russians. Poverty and stress led to an increase in death rates and lower birth rates. Life expectancy for men declined by seven years at one point. Infant mortality increased by 30 per cent between 1992 and 1995.
Yeltsin managed to hold on to power with the support of western governments, the oligarchy he had created, and the foreign investors brought in by Goldman Sachs.
Eventually Yeltsin was forced to hand over power to Putin in 1999.
We have no idea what kind of a role that Mark Carney played in impoverishing ordinary Russians. We do have evidence that he appears to have little concern about the impact of financial policy on real people. We can suspect that his dislike of Income Trusts has something to do with the interests of the investment banker class. His concern was that Income Trusts returned too much profit to investments as a form of income for consumer needs rather than for reinvestment.
If our monetary policy continues to follow that direction it means that investors should not expect their investments to general income. They will have to depend on those assets increasing in value and then selling them to gain the necessary income with all the capital gains issues involved. Those people depending on investments for retirement needs have a great deal to worry about.
. . . Guy Faulkes . . .
By James- Chatham on 10.08.07 7:26 am
Hi James, Charles here. It’s been decades now, but is it spelt “Faulkes” or “Fawkes”? I can’t remember.
By Blog Smacked on 10.08.07 10:05 am
Hello Blog Smacked. I won’t comment on something I know little or nothing about (ITs). All I will say is that our CFP invested our portfolio, mostly in Canadian Equity mutual funds, which over a decade now has increased quite nicely.
However, with the direction the feds are taking us now, and reading other posters’ comments here, eventually we will sell our home and rent a condo or townhouse. The older we get, the less in the way of material things we want to own.
As to the possibility of inheritance tax, I saw a story (may have been on 60 Minutes or something similar) about a retired couple, with a large family who had good investments.
Rather than leave everything to be divided equally among their children (which requires executors and lawyers), instead the couple would pay off the mortgages, upgrade and improve their childrens’ homes, provide for the grandchildrens’ post-secondary education — all while they were still alive.
So the retired couple did spend the childrens’ inheritances — all on their children! The government ended up getting very little. It also helps if one can pre-pay his own Celebration of Life (funeral) and as many expenses as possible.
By Canuck: Thank you for the card. It is always good to see a different part of our country!
Garth, You had a post titled How to be a Bad M.P. Is it good for an M.P. to post frivoluous attacks on former colleagues?
Okay Folks,
You are going to love this one for sure! Sounds a tad nutbar at first, but from a psychology viewpoint it makes sense. When people think they know the parameteres they try to push them, but when they are unsure they do exhibit more caution.
Expert proposes ‘naked streets’ for Toronto
Oh, and no, we are not talking Streakers running around. LMAO!
Details from http://www.stockhouse.ca of the October 31st, Halloween march.
There will be a remembrance on Parliament Hill, being this is the first anniversary of Harper’s broken promise to preserve the income trusts.
For all of us, regardless of our age, that demand truthfulness and honesty from our government. We will meet at the Justice Building on Wellington Street, 12:30P to 1:00PM
Arrive on Parliament Hill 1:00PM
Remembrance march on Parliament Hill 1:00PM to 1:30PM
Then get checked through security and go to the visitors gallery for question period.
The reason for the long period between 1:30PM and question period is that protestors are given extra attention by security.
Bring clothing that is suitable for the weather conditions.
We should not bring a sign with a stick as this maybe deemed as a weapon by security.
This is more than about Income Trusts. It is also about the lying that Harper has done during the last campaign and continues to do at every opportunity. If this type of behavior is unacceptable to you, then this will be a good time to express that feeling.
There are just too many decent MP’s on the hill that we have to put up with the likes of Harper and Flaherty.
Please give this serious consideration, bring your wife, family, girlfriend and lots of friends.
For those of us that have trouble walking there is a shuttle bus that runs from the Justice Building to the Centre Block and back. It runs about every five minutes and it is free.
Pass this email on to everyone that you know.
Please let me know if you are coming. We need a good showing.
Thank you,
David Marshall
1-613-938-0810
email grumpymarshall@sympatico.ca
Cornwall, Ontario
By Milton man on 10.08.07 12:54 pm
Idiot savants, like yourself, need not worry about the Liberal BENT on the subject of premature females.
The ‘savant’ term means that you might have a ‘special trait or talent’ What’s yours, beyond the idiot part?
There will be a remembrance on Parliament Hill, being this is the first anniversary of Harper’s broken promise to preserve the income trusts.
Please let me know if you are coming. We need a good showing.
Thank you,
David Marshall
1-613-938-0810
email grumpymarshall@sympatico.ca
http://www.pshrink.com/humor/EnronEmployees3.JPG
DEFINITELY APPROPRIATE TO THE PRESENT TIMES. The ‘fleecing’ of seniors by Harper and Flaherty … Substitute SENIORS, add a few wrinkles, and there you have it! Besides, I love a parade.
Rather than leave everything to be divided equally among their children (which requires executors and lawyers), instead the couple would pay off the mortgages, upgrade and improve their childrens’ homes, provide for the grandchildrens’ post-secondary education — all while they were still alive.
By Charles Oxley on 10.08.07 2:11 pm
The PRACTICAL CHOICE … Why let them ACHE when you’re in a position to ease the burden?
David Marshall,
OMG…please promise that seniors won’t march naked as jaybirds in Ottawa!!!
If that’s the plan you have, I’ll pray for an early snowfall.
Sorry, I can’t make it to Ottawa, but I believe in what you’re doing and hope you get a good turnout. Peaceful dissent is part of democracy. Voters in federal elections over the age of 58 represent 75% of their group–they strongly believe in exercising their franchise, hopefully much to Harper and Flaherty’s eventual chagrin.
Garth, you say this:
The Bank of Canada was to be autonomous form Ottawa, run by a Governor who answered to nobody. Even the minister of finance. Even the prime minister.
However, the Bank of Canada Act states the following, I guess added after the Coyne Affair by the Libs:
GOVERNMENT DIRECTIVE
Consultations
14. (1) The Minister and the Governor shall consult regularly on monetary policy and on its relation to general economic policy.
Minister’s directive
(2) If, notwithstanding the consultations provided for in subsection (1), there should emerge a difference of opinion between the Minister and the Bank concerning the monetary policy to be followed, the Minister may, after consultation with the Governor and with the approval of the Governor in Council, give to the Governor a written directive concerning monetary policy, in specific terms and applicable for a specified period, and the Bank shall comply with that directive.
Publication and report
(3) A directive given under this section shall be published forthwith in the Canada Gazette and shall be laid before Parliament within fifteen days after the giving thereof, or, if Parliament is not then sitting, on any of the first fifteen days next thereafter that either House of Parliament is sitting.
R.S., c. B-2, s. 14.
I’m not sure our BOC is comparable to the Fed in terms of independence, because. It was nationalized in 1938 by Liberal Prime Minister William Lyon Mackenzie King with the support of the CCF, who said, “Until the control of the issue of currency and credit is restored to government and recognized as its most conspicuous and sacred responsibility, all talks of the sovereignty of Parliament and of democracy is idle and futile… Once a nation parts with the control of its credit, it matters not who makes the laws….Usury once in control will wreck the nation.” Gerald G. McGeer was also an impetus behind nationalizing the formerly private BOC, created in 1935 as you stated.
However, I don’t think lack of independence counts against the BOC, since the Bank of Japan and People’s Bank of China’s actions certainly helps their exports and trade surplus.
And yes, Mr Carney’s involvement
Goldman-sachs is hugely relevant, and not altogether a good thing.
C. B. Innes discussed G-S’s role in destabilizing Russia’s economy. Let’s look at who’s been at the helm of the United States’ destabilizing economy for the past eight years: Goldman-Sachs executives. Eg., Henry Paulson, then CEO and Chairman of Goldman Sachs, now US Secretary Treasurer, who has gone around to all the central banks begging them to save the US dollar. Paul O’Neill, formerly of the US Treasury, was fired in 2002.
All one needs to know:
http://www.investorvillage.com/thread.asp?mb=4245&pt=m&pm=156926&nm=156950&sync=1&tid=3060830 “”Goldman’s Quasi-Monopoly Earnings Report — GoldmanSachs Rules the Financial World”
Goldman’s Quasi-Monopoly Earnings Report
Goldman Sachs (GS) – you know Goldman Sachs. They came out with an earnings report today. But first a little background.
Goldman gave us Robert Rubin, former Chairman of Goldman. He is the gentleman President Clinton called on to be Secretary Treasurer of the United States in 1995. During his tenure he orchestrated the bailout of Mexico, Asia, Long Term Capital Management, and Y2K. He is no stranger to moral hazard. His actions show that he actually embraced it. I think he was also responsible for Federal Reserve Chairman Greenspan to change his ways. After Greenspan uttered those famous words – “irrational exuberance†and knocked the equity markets for a loop in 1996, Greenspan became much more respectful of those that kept him in power. I thought that Greenspan meant what he said at the time with strong foundation, but his actions afterwards where of a different tune. Enough so that he bowed to the whims of both the Clinton and Bush administrations, taking irrational exuberance to bubble proportions.
Goldman also gave us John Thain. John is now CEO of the New York Stock Exchange. Mr. Thain helped to complete the reverse takeover of the NYSE by Archipelago in 2005. As you may have guessed – Archipelago’s largest owner – Goldman Sachs.
Well, who is the current Secretary Treasurer of the United States? It is Henry Paulson, former CEO and Chairman of Goldman Sachs. Mr. Paulson took the reins in early 2006. Yet another Goldman guy.
Everyday the Federal Reserve operates an open market operation to add and subtract liquidity from our financial system. This is where the big NYSE member banks go to get additional funds. I can’t think of another person that may be more important to a financial firm like Goldman Sachs on a daily basis. I am sure the Federal Reserve looked far and wide for someone to run this very important unit as it oversees domestic open market and foreign exchange trading operations as well as the provisions of account services to foreign central banks.
…
http://www.tickerforum.org/cgi-ticker/akcs-www?post=9186
I’d like to know what exactly GS’s role in the continuing subprime and toxic CDO mess is. Until that’s found, I don’t feel comfortable trusting them with the levers of government.
By PYOTR PETROBITCH on 10.08.07 3:29 pm
Good it has a caption or many would think it was a concert featuring the ‘Bare Naked Ladies’ and various escorts. LOL
Talk a ‘Pride Parade’, eh? (Leaves humming ‘The Flash!)
By PYOTR PETROBITCH on 10.08.07 3:17 pm
Hey, he fills a traditional role for his Village. Be glad he is not unemployed. LMAO!
By PYOTR PETROBITCH on 10.08.07 3:29 pm
Inagine this 500,000 ‘Seniors’ all pissed off and reliving the ’60′s?
CREATION of CRAP
http://img400.imageshack.us/img400/7351/harpercreationgifvl1.gif
Garth .. do you know the whereabout of Stephane Dion this Thanksgiving weekend?
There seems to be no sightings of Dion since he canceled his Arctic trip last week and came back to Ottawa.
All we get on the MSM are Ignatieff and Coderre in the news. Strange.
By PYOTR PETROBITCH on 10.08.07 3:17 pm
Hey, he fills a traditional role for his Village. Be glad he is not unemployed. LMAO!
By Bill-Muskoka on 10.08.07 4:28 pm
He’s from Oakville, not Milton.
He’s been described as the village idiot before, by the Toronto press. Wait’ll he launches his campaign!
According to Garth, he was a no-show at NAU SPP political discussions too.
By PYOTR PETROBITCH on 10.08.07 3:29 pm
Inagine this 500,000 ‘Seniors’ all pissed off and reliving the ’60’s?
By Bill-Muskoka on 10.08.07 4:30 pm
I can recall Woodstock very well with the music, mary-jane, doobies and Michael MacDOnald. It was a fun time with the establishment trying to suggest we were totally EVIL … which is usually the inter-generational complaint.
It seems Garth’s idea of free speech is very selective. Whats the matter Garth? I guess it is OK for you to attack others but they can not attack back. So much for free speech and whine about Harper muzzling his MPs. Well my friend that is no way as bad as you muzzling members of the public which I am one. So what happened to my grow up post Garth. Hit a sore spot did I.
By PYOTR PETROBITCH on 10.08.07 4:56 pm
Every Village needs at least one. We have three here. LOL They take turns.
By PYOTR PETROBITCH on 10.08.07 5:00 pm
Yeah, anything related to change is automatically EVIL! Especially things like MMP, which will bring needed change.
Compared to the total crap they call music today, we were pretty much angelic.
We need some good balladeers like Gordon Lightfoot to carry a message beyond the Rappers, the Death Metal morons, etc.
I am still laughing at the vision of all those body pierced, tattooed one day to be grandparents who will have to explain their ‘youth’ to their grandchildren.
Milton Moron,
re your 12:54, let go of Garth’s leg! Sean P. Hogan is the official neo-Con ankle-biter on this site.
Behind the scenes at CRAP ATTACK HEADQUARTERS.
Steve: “Listen Jim, I was counting on you getting that IMF post before we head into an election.”
Jim: ” Me too damn it, I thought I was a shoe-in but an Italian got it.”
Steve: “Jim, I’ve got Bay Street breathing down my neck, Seniors pissed off and Atlantic Canada and that Wheat Province hampering my majority chances”
Jim: “But Steve, the people at the hockey rinks , race track and the coffee shops are all telling me I am doing a great job!”
Steve: ” Jim, no need to YAK anymore, I’ve got an opening for Canadian Ambassador to Mongolia”
We have three here. LOL They take turns.
By Bill-Muskoka on 10.08.07 5:11 pm
I just know TONY has got to be one! Do the other 2 fulfill some useful function?
We need some good balladeers like Gordon Lightfoot to carry a message beyond the Rappers, the Death Metal morons, etc.
I like Gordon … Am happy his medical problems got sorted. The Eves government passed a law to remove education from property taxes. The Problem … The majority of homeowners would receive $475, while people like Munk, Lord Thompson and Lightfoot would receive a reduction ranging from $17.5K to $23K … I heard Lightfoot launch himself into ”I’m not saying that I’m sorry” … and only one Tory MPP thought it was wrong. Tells you about the mindset of those people. John Tory is still runnning around trying to ”phish” for votes until the last minute. Joyce Savoline, in Burlington has mounted a campaign chock-full of advanced platitudinous pap. She’s a goner, I hope. She NEVER MENTIONS DOWNLOADING … and the AMO stated CRIPPLING shortfall of $3.3 BILLION.
She delivered 18,000 petitions with the then-mayor Mulkewich, and I guess, she completely forgot about WHO DID IT TO WHOM … and joined the PROFESSIONAL CRIMINALS’ PARTY.
Mark Carney’s accomplishments:
A record to be proud of?
I just know TONY has got to be one! Do the other 2 fulfill some useful function?
By PYOTR PETROBITCH on 10.08.07 5:29 pm
Sorry to disappointment, but he failed to make the Cut! So, we sent him to Harper instead.
To qualify as a local VI they must speak to the sky, make lewd gestures at pretty, or not, women, and walk or ride a bicycle.
They are interesting to listen to arguing with themsleves, and losing the arguement. Much like several commenters here, eh? LOL
As the Hippo in the Tutu illustrates…No one is completely worthless, they can always serve as a Bad Example.
As to the three locals, yes they keep the OPP busy repsonding and away from Kop Kibbles at Tim’s.
By Van on 10.08.07 5:06 pm
I agree with Van. Free speech is discretionary on this blog.
Compared to the total crap they call music today, we were pretty much angelic.
By Bill-Muskoka on 10.08.07 5:15 pm
I find some of the music today is very good. City and Color is a one-man band — Dallas Green (Dallas — city; Green color) and he turns out some great stuff (song attached).
http://youtube.com/watch?v=btjhdHX8pMo
Pachelbel’s Canon in D is just as beautiful a piece of music as the opening 3:54 of Pink Floyd’s “Shine On You Crazy Diamond”.
Remember Pink Anderson and Floyd Council, two US musicians? Syd Barrett liked their music so much, he started his baand “The Pink Floyd Medley” in the early ’60s in Cambridge, England.
There are also plenty of other really good musicians / artists (not headbangers!) who are worth listening to.
————————————
Milton Moron . . . Sean P. Hogan . . .
By Herb on 10.08.07 5:16 pm
Maybe I’m out of touch with the reality of life down here, but I remember “Milton Gal” and “Sean P. Hobo”.
Have they undergone sex changes as well as being garden ornaments (aka trolls)?!
By Charles Oxley on 10.08.07 2:11 pm
As to the possibility of inheritance tax, I saw a story (may have been on 60 Minutes or something similar) about a retired couple, with a large family who had good investments.
Rather than leave everything to be divided equally among their children (which requires executors and lawyers), instead the couple would pay off the mortgages, upgrade and improve their childrens’ homes, provide for the grandchildrens’ post-secondary education — all while they were still alive.
So the retired couple did spend the childrens’ inheritances — all on their children! The government ended up getting very little. It also helps if one can pre-pay his own Celebration of Life (funeral) and as many expenses as possible.
Charles – my PIL in France did a similar thing. My MIl inherited, from her parents, quite a tidy sum of money -like their food but at their age don’t have any desire to acquire anything else. In France inheritance tax is quite high, and even higher for those who live outside of the country. Anywho, they started many years ago to give their 3 sons the max they could each year. We paid off our house in about a 3rd of the time and invested. They have also, for inheritance reasons, turned over their house to their children, with the right to live in it until they move out. Then the children will own it and the parents will never be able to reoccupy it. Don’t totally understand it, but it was done to avoid inheritance taxes. We’re only allowed to bring in $10K each year without declaring it. They have also set up accounts for their grandchildren.
BTW, my Mom lived with us for 4 years shortly after we were married. She then went into a nursing home for about 2 years – still have guilt trips about that. We all took turns and had her stay with us every weekend. She died at 85. Before she died, she arranged and paid for cremation, memorial service, etc. as she did not want to ‘burden the family’. Hope I get the chance to do likewise.
Just talking to my DH and I’m going to change my will.
By Van on 10.08.07 5:06 pm
I agree with Van. Free speech is discretionary on this blog.
By Marc on 10.08.07 6:28 pm
Garth still allows you to spew your garbage here contrary to many of the Blogging Tory sites which just delete any comments contrary to their POV. You guys are nothing but hyprocrits and desperate. I know you’d love it if most of the electorate were as intellectually numb as you con trolls are.
It is becoming increasingly clear who is running the show at the White House, and it ain’t dubya, it’s cheney.
http://rense.com/general78/kene.htm
As to the three locals, yes they keep the OPP busy repsonding and away from Kop Kibbles at Tim’s.
By Bill-Muskoka on 10.08.07 6:12 pm
Hey, I’ve seen that myself … two cruisers side-by-side, coffees on the dash, with their choice of pastry in their hand with several in backup position. Great life if you’re not diabetic.
The key word here is ‘could’ — the dollar may or may not go down, but judging by the way the MSM isn’t allowing Ron Paul much space at all, he may be right on this one.
http://www.prisonplanet.com/articles/october2007/081007_dollar_collapse.htm
Hey, I’ve seen that myself … two cruisers side-by-side, coffees on the dash, with their choice of pastry in their hand with several in backup position.
By PYOTR PETROBITCH on 10.08.07 7:13 pm
The police are getting so feed up with this type of stereotyping on thursday they going to hold nation wide meeting at tim hortons to discuss it
Garth .. do you know the whereabout of Stephane Dion this Thanksgiving weekend?
There seems to be no sightings of Dion since he canceled his Arctic trip last week and came back to Ottawa.
All we get on the MSM are Ignatieff and Coderre in the news. Strange.
By Linda on 10.08.07 4:37 pm
Linda – are you by any chance Leesa or Lorraine in disguise. Your question s) are posed the same way as those sad, whining wingnuts.
Curious Garth, if she has the same IP addy as they do. If not Linda, I’ll apologize in advance.
The police are getting so feed up with this type of stereotyping on thursday they going to hold nation wide meeting at tim hortons to discuss it
By got rope? on 10.08.07 7:20 pm
And, typically, Tim Horton’s will be front and centre claiming they strongly support police … While they enjoy every advantage from the standpoint of a photo-op advertisement and the appearance they are civic minded. Tim Bits all ’round for these guys. Locally, when it was mentioned that police were never available when needed, the mayor and others on council suggested they maintain a storefront with two constable on bicycles.
This is one of the best ideas I’ve seen in a number of years!
http://rawstory.com/news/2007/Post_editor_says_Bush_Gonzales_should_1008.html
It is becoming increasingly clear who is running the show at the White House, and it ain’t dubya, it’s cheney.
http://rense.com/general78/kene.htm
By Charles Oxley on 10.08.07 7:11 pm
Charles – its always been Cheney, along with Rummmy, et al. Dubya is just a pawn – totally lacking in brain cells.
Slighly OT – Maybe I was naive, but I used to enjoy Barbara Frum’s interviews of political leaders – back in the day’s when journalists actually asked (interrogated – for lack of a better word right now) questions. To me she was some lady. I wonder if she is rolling over in her grave because of who her son has turned out to be. Correct me if I am wrong.
Again, there COULD be more to this than meets the eye.
http://www.ft.com/cms/s/0/474a42be-7506-11dc-892d-0000779fd2ac.html
Charles Oxley,
re your 6:44, no sex change and no change of position in the garden.
We used to have Halton John and Milton Man trolling separately with similar uninspired neo-Con comments. Since there was no daylight showing between them, I collectively dubbed them Milton Moron.
Sean P. is, well, Sean P. We know what to expect.
As to the three locals, yes they keep the OPP busy repsonding and away from Kop Kibbles at Tim’s.
By Bill-Muskoka on 10.08.07 6:12 pm
Hey, I’ve seen that myself … two cruisers side-by-side, coffees on the dash, with their choice of pastry in their hand with several in backup position. Great life if you’re not diabetic.
By PYOTR PETROBITCH on 10.08.07 7:13 pm
Bill and PP – IIRC our municpality ‘banned’ the police force (mostly RCMP) from going to Tims’ during their beat. They became a laughting stock here & people were outraged.
My DH, over the years, has known a lot of RCMP officers and many ain’t’ you’re stand up citizens.
Why is it that liberals think that it is OK for grown men to have sex with 14 year girls.
Do liberals follow little girls around asking 13 year old girls when their birthdays are.
By Milton man on 10.08.07 12:54 pm
This could have passed months ago except the CPC wanted all or nothing so 14 year olds are your problem, not the Libs, all because everything has to be your way…So you are responsible for the next 14 year old!
Pyotr & GR,
I love the line in “MIB, where Will Smith responds to Officer Pudgebutt who says ‘I’m twice the man you are.’ and Will says You’ve got that right you pudgy B-st–d!’
Seriously, though, the OPP does one great job, and I know many of them…That is where the ‘Kop Kibbles’ came from, or was it Toronto Police Service? LOL
By Charles Oxley on 10.08.07 6:44 pm
Personally, I quit listening to it. There are a few stations that play some real music, but the new stuff has been dribble for two decades IMHO.
Especially the female vocalists who all try to speak as they try to sing. Like, make a choice, eh!
BTW, Air Farce Live was hilarious tonight.
Great life if you’re not diabetic.
By PYOTR PETROBITCH on 10.08.07 7:13 pm
Is it any wonder the police are falling short on recruitment. My nick would be Doughnut Dan if I had to deal with this mess..
Chad Skelton
Vancouver Sun
Friday, November 18, 2005
Since 1962, the “clearance rate” — the percentage of cases solved by police — has dropped from 90 per cent to 70 per cent for homicides and from 25 per cent to eight per cent for break-and-enters, according to the study.
But during that same period, the number of reported crimes has increased seven-fold — due in large part to a dramatic increase in property crime.
Mon Apr 2, 2001 4:19 pm
Canadian House of Commons on Monday March 26th by P.C. M.P. Greg Thompson from New Brunswick.
Violent youth crime is up 77% in 10 years.
Violent crimes by girls is up 127% since 1988.
I support the RCMP 99%, simply, don’t step foot on MY land without phoning first!
. . . but I used to enjoy Barbara Frum’s interviews of political leaders – back in the day’s when journalists actually asked (interrogated – for lack of a better word right now) questions. To me she was some lady.
By KPN on 10.08.07 7:40 pm
Spot on, KPN. In those days, journalists were expected to ask tough questions, and keep pushing for and getting real answers.
Nowadays, it’s ask a bunch of questions, but get the same answer time and again.
If Woodward and Bernstein (with eventual help from “Deep Throat”) had not investigated the “rumour” that something had happened at the Democratic HQ in Watergate, tricky Dicky would never have said on TV “I am not a crook”.
In the late 1940s, W.P. Blatty, who was a student of journalism at the time, was among thousands of people who had “rumours” of a possessed or haunted boy, somewhere in Maryland, but nothing more than that.
Blatty was interested enough to want to pursue the matter further, but couldn’t get anywhere because the first Jesuit priest — the main Exorcist — ended up in a mental hospital for a year or more.
He didn’t give up, however — in the mid-60′s, he returned to Maryland, found the Jesuit priests and this time wouldn’t let them off the hook. Finally, the book, followed by the film and then the second film were released.
Good, solid investigative journalism — doesn’t exist today, and more’s the pity.
I support the RCMP 99%, simply, don’t step foot on MY land without phoning first!
By Dane Wintermute on 10.08.07 9:10 pm
That would be excepting growing Wacky Weed, manufacturing drugs, burying prostitutes in your back 40, habouring fugitives, weapons, and generally committing other crimes. Remember…Do it, and they will COME…Warrna tin hand.!
Unless, you are an American, then they ignore such trivialities and ship your arse to some foreign prison in the wee hours of the night.
Linda – are you by any chance Leesa or Lorraine in disguise. Your question s) are posed the same way as those sad, whining wingnuts.
Curious Garth, if she has the same IP addy as they do. If not Linda, I’ll apologize in advance.
By KPN on 10.08.07 7:26 pm
Nope, I’m just wondering what’s happened to Dion because it’s awful quiet and there is nothing in the news about him.
There are rumours Dion is going to resign soon so I’m wondering if Garth knows anything.
Oh, rumours. Well then, we surrender. — Garth
Warrant in hand.!
That is. Sheesh Tired eyes and typos are real companions. LOL
By got rope? on 10.08.07 8:38 pm
No surprise there. Today’s youth know few real consequnces for their actions. They are, as the Eagles say ‘Victims of this. Victims of that!’ You know?
Mr Garth TurnerMP,
If anyone is interested.
Conspiracy theory,
‘ENDGAME’, an Alex Jones Film.
http://www.endgamethemovie.com/index.html
Talk of New World Order/old world order.
80% of human extermination.
With links and more info.
like Goerge Hunt exposes elitist depopulation agenda al ’92 U.N. UNCED earth summit. 37min vidio.
Mark Carney is a real piece of work. Him and his tax leakage conspiracy and the contagion known as the Tax Fairness Fraud. Does this guy really think he can con an entire nation, journalists included?
First he lies. Then he conceals. Then he fabricates. Then he redacts. Then he recalls (see below) . Sounds like the perfect candidate for Governor of the Bank of Canada…..or the Kingston Pen.
Here’s his recall notice seeking the return of the information that was formally released under an Access to Information request. Obviously far too blatantly incriminating and revealing of the tax leakage lie for Mark’s tastes and future ambitions. Does this guy occupy the real world as this is simply another Keystone Cops episode like the infamous Public Hearing testimony of “I guess if we were incompetent we wouldn’t admit to it …….we’re just asking for the highly incriminating blacked out documents to be returned immediately……….or faxed back if that’s faster and easier:
Department of Finance Ministère des Finances
Access to Information and Accès à l’information et
à la protections des
Privacy Division renseignements
personnels
L’Esplanade Laurier, East Tower L’Esplanade Laurier, Tour l’est
140 O”connor Street, 21st Floor 140 Rue O’Connor, 21ième étage
Ottawa, Ontario K1A 0G5 Ottawa (Ontario) K1A 0G5
Facsimile (613) 947-8331 Télécopieur (613) 947-8331
Our File Notre référence
A-2006-00356 / rd
Mr XXXXXXXXXX
ZZZZZZZZ, Avenue SW
Calgary AB T2P 0J9
Dear Mr XXXXXX:
This letter is regarding your request received Janurary 24, 2007
under the Access to Information Act (Act) for documents pertaining toL
Piggy back on A-2006-00291
Subject:
A copy of the report and backup data that the Finance Minister cited
on October 31, 2006, wherein he claimed that existing income trusts
have or will cost the government $500 million in lost tax revenues
($800 million if BCE and Telus were to convert).
Subsequent to the Department of Finance’s December 21, 2006 release
of information to you, the Privy Council Office Counsel has confirmed
that portions of the released information, namely pages 1-5 and 9-21,
are confidences of the Queen’s Privy Council for Canada.
We would like to ask for your assistance in returning these pages and
also that this information not be disseminated further. If you have
any questions regarding this request, do not hesitate to call me at
613-992-6923.
Yours sincerely,
Kathy Wesley
Director
C.B. Innes -
That was a fantastic post. Thank you. I just finished reading the chapter on Russia in Naomi Klein’s new book, and your summary was spot-on.
Would you be willing to let me post it verbatim on my blog? Credited, of course.
Please email me at runesmith@ica.net and let me know.
Ad in today’s Edmonton Journal:
Dion will be having a “Town Hall” in Edmonton this Wednesday, October 10th at a community league hall here, (same day as the Ontario election?), if he shows up.
Methinks he is coming to this bastion of conservatism to “TEST DRIVE the NEW DION” that has been created for him by the old Chretienites who have now taken over (regained power?) of the backrooms of the Liberal party.
John Rae of PowerCorp is heading the team and Dion is obviously now a PUPPET to PowerCorp just like in the good old days.
I find this disturbing:
Arrest `won’t stop’ refugees
Oct 08, 2007
Sidhartha Banerjee
MONTREAL–Cracking down on refugee advocates is unlikely to stop an influx of refugees at the Canadian border, says an American immigration consultant who was arrested last month at the Quebec-New York state border and charged with human smuggling.
Janet Hinshaw-Thomas, a 65-year-old refugee advocate from Chester, Pa., says perhaps some humanitarian organizations that previously thought they could operate without fear of legal reprisal will think twice before helping people who are seeking asylum in Canada.
But with the current immigration situation in the United States, people will continue making a bee line for the Canadian border, with or without the help of intermediaries.
“I can’t believe that people are not going to approach the border; they’ll just pay other people to get up there,” Hinshaw-Thomas said in an interview.
“It’s not going to stop it, but it’s going to stop an orderly process.”
There has been a recent influx of Mexican and Haitian refugees in Windsor, Ont., from the United States where the Immigration and Naturalization Service are in the midst of a clampdown on illegal immigrants.
“The deportations in the United States of Haitians as well as other people have gone up tremendously and people are living in great fear,” she said.
Hinshaw-Thomas, who was arrested on Sept. 26 in Saint-Bernard-de-Lacolle, Que., as she helped 12 Haitian nationals cross the border, says a series of miscommunications on both sides led to her arrest. In 19 previous trips by people from her organization, no one had ever been arrested or stopped.
The grandmother of four is due back in court in Saint-Jean-sur-Richelieu on Nov. 30.
Source
—–
Background of the arrest
—–
Why is Canada prosecuting this woman who makes no money transporting people to the border? Does intent and motivation mean nothing? She believes she’s helping people to escape to a better place much like people who helped slaves cross the border to escape the injustice of southern state slavery.
We have no idea what kind of a role that Mark Carney played in impoverishing ordinary Russians.
If our monetary policy continues to follow that direction it means that investors should not expect their investments to general income.
By C. B. Innes on 10.08.07 1:34 pm
CB take off that tin foil hat. Carney was sent to Russia because they needed capital.
Our biggest central Canada economy killer since 2992 is the lack of international investment. It must be a coincidence that they started pulling out when Annie nixed the report `For the Sake` regardless investors and jobs started leaving in 2002. Investment went to 0 more than 2 years ago. We are now living on globally priced commodity prices which are always boom and bust and the boom is over. Carney was brought in to restore investor confidence in Canadian industry, nothing more.
He will fail so your predictions are self fulfilling prophecies.
More discussion of Goldman-Sachs and it’s relationship to the government of the US that probably bears investigation: http://www.foxnews.com/story/0,2933,197554,00.html
Goldman Sachs Executives Gifted With Public Purpose
Tuesday, May 30, 2006
By Greg Simmons
WASHINGTON — Wall Street powerhouse Goldman Sachs has a long list of alumni who have gone onto government service, and it looks like it’s about to give up one more of its protégés with the nomination of Chairman and CEO Henry M. Paulson Jr. to head the Treasury Department.
The move won’t be uncommon for Goldman Sachs employees. At least among its financial competitors, Goldman Sachs appears to be head and shoulders above the rest when it comes to putting former employees into the halls of government. For years, résumés around Washington have sported the company name, and those with the job experience have gone on to positions as Cabinet officials, agency analysts, advisory board members and even U.S. lawmakers.
Government and business serve two separate functions, and I’m a bit wary to marry the two, considering history in the 20th century, without investigation…
Ah yes, this is just wonderful:
http://www.foxnews.com/story/0,2933,197554,00.html
Langevoort said the broad influence of Goldman Sachs’ alumni comes down to know-how: The company, along with the other leading worldwide financial institutions, is revolutionizing financial markets, seeking to break down international barriers to trade while finding new ways to market debt.
We all know how well that turned out with subprime lending. Bravo GS!
CB previous post should read 2002 not 2992
“He will fail so your predictions are self fulfilling prophecies.”
The seriousness of the situation warrants a deeper look at investment = productivity gains = economic explanation with opposite direction having an opposite effect.
I think I can return the favor of your lengthy explanations of the who what where and why of ideologies with my personal observation of the inner culture of the financial world. I suspect the full day for 6 months I spent in my brokers office is much more valuable that a degree.
Day to day business is all about money, how this company or property should perform spinning out everything from the reports or prospectuses to analysts charts and graphs to ratings.
You mentioned that companies have little incentive to be good corporate citizens which means corruption has little opposition. During my financial education from the inside the results of little or no incentive is more noticeable than from outside. This lack of incentive as viewed from the inside isn`t noticeable, not because it isn`t there but it`s viewed differently inside the institution. Inside it`s all about winning and money is the proof. If the best plan takes you off the path it`s not considered breaking the law it`s considered taking a risk to win.
It`s a different culture and although I wash off the sugar coating and call it corruption which it is in some cases but the majority is the culture of winning. It`s not about money trumping the rule of law, it`s the culture of winning and the`re good.
Investment started leaving Canada in 2002 along with jobs in central Canada. The level went to 0 over 2 years ago and is now in a negative flow. There have been high level meeting on how to restore investor confidence for over almost 2 years without enough results to hold it at 0.
If you look at the list of economic and social issues I`ve listed you would have to agree these are not the things international investors are looking for as a viable and sustainable investment.
Perhaps PMSH is hoping the credibility of Mark Carney among his peers will lend enough credibility to Canada to restore investor confidence. Think we should tell him the`re international investors, promises don`t mean much.
That`s why I say your predictions are self fulfilling prophecies, after the past two years of effort producing only a negative effect, still without so much as a plan from anyone in authority, it can`t turn out any other way. He will fail.
Linda – are you by any chance Leesa or Lorraine in disguise. Your question s) are posed the same way as those sad, whining wingnuts.
Curious Garth, if she has the same IP addy as they do. If not Linda, I’ll apologize in advance.
By KPN on 10.08.07 7:26 pm
Who’s the control freak now? Are you the new blog cop KPN? I haven’t noticed any where that Garth has appointed you to the post.
Hi James, Charles here. It’s been decades now, but is it spelt “Faulkes†or “Fawkes� I can’t remember.
By Blog Smacked on 10.08.07 10:05 am
Me, Either!
Neighbours question Mounties’ response to shooting
http://www.theglobeandmail.com/servlet/story/RTGAM.20071009.RCMP09/BNStory/National
Think of Mayerthorpe and four dead RCMP officers. The perpetrator terrorized the community over a 10-year timeline. After the dust cleared, the RCMP launched a self-investigation. I never really heard what the outcome was. Now this … There’e every likelihood immediate medical attention might have saved this officer. Please don’t get me wrong … I would go to the wall for any member of any police force.
Who’s the control freak now? Are you the new blog cop KPN? I haven’t noticed any where that Garth has appointed you to the post.
By THE SHADOW KNOWS on 10.09.07 5:43 am
Your only appointment has been “Trailer Trash” so stuff it!
Rope,
The figures that I have seen from Stats Can suggest that the outflow of capital actually started in 2000.
Most of the money that has come in to Canada from outside over the past two or three decades has been takeovers not new investment and little new money was put in the enterprises to expand or upgrade or to create new enterprises. I did some research on this a couple of years ago and the bulk of so-called investment came from takeovers.
These takeovers were made easy by the low dollar. The tendency was then to run the enterprise until new investment was needed to make it viable and then it was closed and anything of value moved offshore. In order to complete, Canadian owners did not upgrade their own enterprises and now they are also being moved offshore.
Enterprises that once provided long-term jobs were replaced with more moveable, lower paying jobs such as call centers and retail. The former are also being off-shored at a rapid rate.
Those who sold their enterprises to foreign interests in turn were encouraged to invest outside the country by both financial interests and even government.
As good jobs leave and are replaced by lower paying jobs the bulk of the population sees their incomes stagnate or fall. Eventually people will not have the discretionary income needed to to maintain their standard of living and they either rely on credit or begin to cut back on purchases.
The same process has happened in the United States but it is even more advanced there. The solution to the problem has been to expand the military defence establishment and engage in on-going conflict, something that is not sustainable.
It looks like the new Conservative government here in Canada is moving in the same direction.
Much of the financial wheeling and dealing that goes on adds nothing to the economy. Instead, financial assets get pushed around in a non-productive shell game.
The figures that I have seen from Stats Can suggest that the outflow of capital actually started in 2000.
C. B.on 10.09.07 9:04 am
The tech boom sucked up a lot of available capital so activity at that time was the normal global ebb and flow. Loss of investment levels as compared to other countries became noticeable in 2002.
“Eventually people will not have the discretionary income needed to maintain their standard of living and they either rely on credit or begin to cut back on purchases”
This is already well under way. Credit is maxed out reducing consumer spending causing the `credit crunch`, retail numbers out today.
“The same process has happened in the United States but it is even more advanced there.”
It`s a difficult comparison, exports contribute to 80% of our GDP while the US economy is 80% commerce. I agree a contraction in consumer spending could affect anywhere from 10% to 25% of the US economy and will have a serious and adverse affect however importing cheaper goods has so far expanded their economy faster than exporting jobs has contracted it. Because their economy is commerce based they have the ability to transfer economic activity from one area to another.
The ripple effect will have a far larger effect on ours simply because any contraction will directly affect 80% of our economy with no other arena available. The old saying of the US getting a cold while we get the flu will hold true yet again.
“The solution to the problem has been to expand the military defense establishment
It looks like the new Conservative government here in Canada is moving in the same direction.”
Personally I don`t see expanding our military as a viable option to `the flu` nor do I see Mr. Carney as a solution to restoring investor confidence in Canada. Investors are not voters, There is no financial distinction in defining promises and rumours.
On the thread topic Mr. Carney will have as much luck selling a promise to investors as a rumour.
Sry everyone, retail sales out Oct 12th, not today.
By KPN on 10.08.07 7:07 pm
Like I care what KPN thinks of me. S/he is just a Liberal troll who laughs and mocks at people not as fortunate to have such a fine physique as him/herself.
Rope,
With such a heavy reliance on commerce it is likely that the media and other establishment institutions are down playing the declining confidence in the American financial industry is crucial. Yet that confidence is evaporating internationally.
The global commercial system is totally dependent on transportation and low energy costs for that system. Your concept in that light would help but as far as I can tell it is only good for land transportation and for the busy corridors once the technology is developed because of the cost.
As government uses the carrot to lure farm production into energy production the cost of food will begin to undermine the rest of the economy. The whole system is still too dependent on energy, and the release of green house gases, even if your system became feasible.
When we put too much capital into one element the system moves out of balance and things start to collapse. This is what may be happening in North America with the focus on commercial and money markets.
CB, your analysis is correct. Along with a good analysis we also need good solutions.
Linda – are you by any chance Leesa or Lorraine in disguise. Your question s) are posed the same way as those sad, whining wingnuts.
Curious Garth, if she has the same IP addy as they do. If not Linda, I’ll apologize in advance.
By KPN on 10.08.07 7:26 pm
So, where’s the apology? Do you always insult people just out of the blue? I am a very busy person, but when I post I use my own name. Even when the situation calls for a different ‘name’ I always sign off Leasa or ‘L’. I know it’s very hard for some arrogant people, self absorbed people to even fathom the idea people have different view points. Get over yourself.
L