Canada's banking system demonstrates the virtues of interventionist and flexible government regulation and public ownership. These features long pre-date the election of our current government.
Jim Flaherty and Stephen Harper are worried about America heading off towards the "fiscal cliff". They do not seem ashamed that Conservatives' spending cuts propel Canada in the same direction.
Sep 4, 2012 to Sep 5, 2012
Bloor Hot Docs Cinema
506 Bloor Street West, Entry By Donation (suggested 2$-5$)Toronto , ON
Canada43° 39' 55.2348" N, 79° 24' 37.638" W
Join Cinema Politica for a documentary screening of Portrait of Resistance.
The self-congratulatory myth of Canadian exceptionalism is an act of willful denial. All that bragging about our banking sector's resilience is no guarantee about the future.
B.C.'s newly elected government introduced P3s in 2002 with the creation of Partnerships BC. It was largely based on the British Private Finance Initiative (PFI) model which has run into problems.
Before we get too carried away with scary debt stuff, consider these two indicators of the fundamental fiscal fragility/stability of Canadian governments.
If you'd like a titillating read this summer, let me propose Debt: The First 5000 Years, by David Graeber. It's a book that dares to question "the very assumption that debts have to be repaid."
The Barclays scandal is not a conspiracy made by radical anti-capitalists determined to destroy the world. It is a sad story, revealing symptoms of a chronic disease.
It may not be in the power of a small southern European country to save itself from the fiscal and economic challenges stalking the western world.
Seen in isolation, Finance Minister Flaherty probably did the right thing in seeking to safely deflate the housing bubble and lower the growth of household credit. But he did it very late in the game.