Papal Prod: Rapid Results
No sooner does the Pope issue his encyclical on the needfulness of a renewed and totally altered global financial system, than the world of finance sits up and takes notice. Oh, not the financiers, technocrats and professional economists who weren't able to see the financial collapse coming to bring us a miserable recession, but the leaders of the industrialized countries meeting to bleat and to crow and to promise they'll do better in future.
Canada, for example, is in fairly good shape and steaming ahead to full recovery, albeit with a nasty deficit hanging over our near future. But it is manageable, and we will do nicely once full recovery has been achieved. We are not anxiously required to offer increased and additional fiscal stimuli like Britain and the United States, concerned that insufficient amounts have not yet stimulated domestic demand.
In the interim, Canada has signed a deal with the International Monetary Fund for emergency purposes. Whereby the IMF, if required, can count on $10-billion from Canada, at $770-million a week to assist emerging economies and developing countries with access to capital required throughout the economic crisis. That sound all right, Pope Benedict? We're chugging along on free enterprise and capitalism's promissory note.
And Prime Minister Stephen Harper is urging his G8 peers to emulate Canada, ensuring that stimulus spending initiatives move speedily ahead to benefit their countries, hit far harder than Canada by the global downturn. While the Official Opposition in Canada faults this Conservative-led government for failing to anticipate the global financial collapse and make preparations for it beforehand, it is abundantly clear Canada did not suffer the collapse most other countries did.
It takes time for the interest-rate cuts and government spending to impact its way into the real economy. Canada's Conservative government made good on an election promise to lower the GST, and give Canadians a tax break. They also spent quite a lot of money, prodded by the Liberals and the NDP to sprinkle largess at their favourite projects, some of which the Conservatives were willing to do, having little other choice under certain coercive circumstances.
So despite the emotional political finger-pointing and the blame-game that opposition parties in Canada love to indulge in, claiming they could do far better than the incumbent government with both hands tied to their feet and standing on their head, it's nice that the International Monetary Fund has declared this country set to outperform neatly all other industrialized countries this year and next.
Nice that China and India are standing impatiently in line to receive Canadian-produced raw goods, just adoring our natural resource-extraction industries. They, the developing countries are developing at a rapid pace, despite the global downturn, and promise to continue doing so, increasingly. Will that do for a start, Pope Benedict?
Canada, for example, is in fairly good shape and steaming ahead to full recovery, albeit with a nasty deficit hanging over our near future. But it is manageable, and we will do nicely once full recovery has been achieved. We are not anxiously required to offer increased and additional fiscal stimuli like Britain and the United States, concerned that insufficient amounts have not yet stimulated domestic demand.
In the interim, Canada has signed a deal with the International Monetary Fund for emergency purposes. Whereby the IMF, if required, can count on $10-billion from Canada, at $770-million a week to assist emerging economies and developing countries with access to capital required throughout the economic crisis. That sound all right, Pope Benedict? We're chugging along on free enterprise and capitalism's promissory note.
And Prime Minister Stephen Harper is urging his G8 peers to emulate Canada, ensuring that stimulus spending initiatives move speedily ahead to benefit their countries, hit far harder than Canada by the global downturn. While the Official Opposition in Canada faults this Conservative-led government for failing to anticipate the global financial collapse and make preparations for it beforehand, it is abundantly clear Canada did not suffer the collapse most other countries did.
It takes time for the interest-rate cuts and government spending to impact its way into the real economy. Canada's Conservative government made good on an election promise to lower the GST, and give Canadians a tax break. They also spent quite a lot of money, prodded by the Liberals and the NDP to sprinkle largess at their favourite projects, some of which the Conservatives were willing to do, having little other choice under certain coercive circumstances.
So despite the emotional political finger-pointing and the blame-game that opposition parties in Canada love to indulge in, claiming they could do far better than the incumbent government with both hands tied to their feet and standing on their head, it's nice that the International Monetary Fund has declared this country set to outperform neatly all other industrialized countries this year and next.
Nice that China and India are standing impatiently in line to receive Canadian-produced raw goods, just adoring our natural resource-extraction industries. They, the developing countries are developing at a rapid pace, despite the global downturn, and promise to continue doing so, increasingly. Will that do for a start, Pope Benedict?
Labels: Economy, Government of Canada, World News
posted by Pieface | 7:54 PM
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