Whatever you do, don't tell Canada's grubby gang of Con climate change deniers anything. For I doubt they could survive the shock.They want us to believe that fighting global warming is too expensive, not worth it, and bad for business.And of course, that Justin Trudeau's job killing carbon tax is the worstContinue reading
An essential but perhaps overlooked way of looking at the economy is a sector financial balance approach. Pioneered by the late UK economist Wynne Godley, this approach starts with National Accounts data (called Financial Flow Accounts) for four broad sectors of the economy: households, corporations, government and non-residents. Here’s howContinue reading
Last month I published a full-length article in the “The Monitor” magazine providing a “how we got here” analysis of the Ontario electricity sector and some options for the next Government. Since then, two things have changed: first on May 31 two investigative journalists, Carolyn Jarvis and Brian Hill, wroteContinue reading
As you may have heard, Stephen Harper is finally gainfully employed again, after getting paid to do nothing for so long.
And although he hasn’t yet asked Big Oil for a job, he’s clearly got plans to become a very rich man.
For not only does he have his own consulting business, he has joined Dentons the world’s largest law firm.
Which as you can see has made him very, very, happy.
Read more »
With an agreement reached on the Trans Pacific Partnership, the 12-member trade and investment treaty, opinions began swirling about what the deal means for the future of Canada. Plenty of facts have been bandied about in an effort to clarify the TPP’s significance: 12 Pacific Rim countries, 800 million people,Continue reading
Here is the link to buy a new book, Canada After Harper, edited by Ed Finn and with an introduction by Ralph Nader, just published by Lorimer. Most Canadians know that Stephen Harper has had a tremendous impact on the country since becoming prime minister in 2006. But few haveContinue reading
A new scandal blew up at the CBC this week when the website Canadaland published an exposé charging that Amanda Lang, the broadcaster’s senior business reporter and host of The Exchange, tried to sabotage an investigative story the CBC produced about abuses committed by the Royal Bank of Canada (RBC)Continue reading
I can’t remember the last time I laughed out loud when I saw election results. I almost spat a mouthful of my breakfast across the room. Almost nobody expected Ontario’s Liberals to win a majority, least of all the NDP’s Andrea Horwath. Her decision to pull the plug on theContinue reading
You have to wonder what Andrea Horwath was thinking. By bringing down the Ontario government a week ago and launching an election as a result, the NDP risks opening the door for the provincial Tories reclaiming power. Which would be a disaster for working people across the province, let aloneContinue reading
Today’s National Balance Sheet Accounts indicate that the amount of cash held by private non-financial corporations in Canada soared from $591 billion in the third quarter of 2013 to $626 billion in the fourth quarter of 2013. Corporate Canada’s accumulated stock of cash now exceeds the federal government’s accumulated deficit,Continue reading
Today’s fourth-quarter report indicates that PotashCorp paid “provincial mining and other taxes” of $194 million on potash sales of $3 billion in 2013. In other words, Saskatchewan’s resource surcharge and potash production tax amounted to just 6.5% of the value of potash sold. Adding the basic Crown royalty (which PotashCorpContinue reading
Canadian economic commentators often worship small business as the supposed source of economic dynamism and growth. This cult of small business has greatly influenced public policy, with federal and provincial governments giving huge tax preferences to small corporations. But new Statistics Canada research finds: “The gap between the levels ofContinue reading
Earlier this week, PotashCorp laid off 440 workers in Saskatchewan. Here are the closing paragraphs from today’s front-page story reporting a letter from Premier Brad Wall asking the company to consider reducing its dividend payments to shareholders in order to maintain jobs in Saskatchewan: Regina economist and former NDP leadershipContinue reading
The Progressive Economics Forum (PEF) normally hosts sessions at the Canadian Economics Association’s annual conference. But the House of Commons finance committee threw most of the union economists testifying in its pre-budget hearings onto the same panel on November 21. I began my testimony as follows: In addition to myContinue reading
On Thursday’s Lang & O’Leary Exchange (at 24:45 in this CBC video), I noted that while the Government of Canada just signed a deal with Kazakhstan allowing Cameco to invest more in that country’s uranium industry, the Government of Saskatchewan recently slashed its uranium royalties to encourage Cameco to investContinue reading
Back in 1998, I wrote a lengthy investigative feature for The Financial Post about Canada’s signals intelligence agency, the Communications Security Establishment (CSE), and its post-Cold War role. You can read it here: http://circ.jmellon.com/docs/pdf/trolling_for_secrets_economic_espionage.pdf The CSE and its sister signals intelligence agency in the US, the National Security Agency (NSA),Continue reading
Another year, another dead Canadian tech giant. Blackberry was sold yesterday for scrap to the Toronto private equity firm Fairfax. The purchase price of $4.7 billion is essentially valued at its cash of $2.6 billion and the value of its patents. Blackberry’s active businesses are being valued at essentially nothing.Continue reading
This is an experiment. I’m writing an essay based on my latest Metro Morning column. Each of these columns take hours of prep, so I thought I’d convert it into prose to see if it’s worth it. Would love your feedback. The rise and fall (and rise?) of BlackberryContinue reading
Last fall, Greek magazine editor Kostas Vaxevanis published in his magazine Hot Doc a list of 2,000 wealthy Greeks who were hiding taxable savings in the Geneva branch of HSBC. The list had been furnished years earlier by the then French finance Minister Christine Lagarde to the Greek government, who did nothingContinue reading
Interestingly, the day after the new Bank of Canada Governor gave a speech distancing himself from his predecessor’s “dead money” comments, Statistics Canada released a significant downward revision to the usual measure of corporate cash accumulation. The cash holdings of private non-financial corporations reached $594 billion in the fourth quarterContinue reading