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Carrick Wood's avatar

This sounds really good, Fred ,like extremely good. My only concern and I think it’s legitimate is that we have been reading so much about the people with the private capital often referred to as “Epstein class“ and many of those people are the same ones who support Trump‘s whack a doodle initiatives and are interested in autocracy building.

How do we invite the capital in without opening Canada’s financial underbelly to the jaws of the oligarchy?

It seems to me that there are going to have to be tough decisions in terms of ethics, and full sovereign control of how that money gets spent in Canada. For example, not contributing to write wing conservative, hate mongering, etc.

I’ve been reading elsewhere that Canada is a very disturbing concept to the people who support Putin and Victor Orban and other dictators because we are a functioning democracy and we are doing well right now. That means we’re also at target.

So not to be a wet blanket, but I think that proactive caution is warranted. I’d be interested in your view.

Peter Owen's avatar

Well put indeed.

And Norway should be both an encouragement and a warning. At the start of the oil age in the North Sea we invited foreign capital, but with strong guard rails ready. It worked. Also, our sovereign wealth fund was started on time, all parties agreed.

The last six years are a warning. A group of central political broilers from what were the two dominant parties have filled admin positions with "their" people. They are siphoning off wealth to themselves. They are weakening the guard rails. They are imposing sudden changes in taxation scaring off foreign capital. They are securing cooperation of "friendly" billionaires through wasteful subsidies, the rest are escaping. They are purposefully weakening the NOK through selling off in unnecessary timing and volumes. That empowerishes ordinary leople and small/medium businesses. Then interest is hiked although the key factors to inflation is imported through energy prices and weakened NOK.

Public spending is balooning but mainly in bureaucracy and subsidising of areas where we have no strengths.

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