Is there a cooler leader in the world right now than Justin Trudeau?
At a time when the U.S. elections look like an episode of The Real Housewives of New Jersey, Canada’s prime minister shines like an elegant movie star, emanating both charm and intelligence to a world in desperate need of both.
Trudeau can break your nose with a vicious right hook that he developed as an amateur boxer. And he can do a perfect yoga pose on a Parliament desk. But he still comes off as a remarkably well-adjusted, normal man with a beautiful, loving family.
Since taking office in November 2015, he has shown an innate respect for women by creating the most diverse cabinet in the Western world. And as defender of liberal (with a small l) Western values, he has spoken passionately at the U.N. in favor of tolerance in the world.
In short Justin Trudeau is everything that our own leaders are not.
Little wonder then that a photographer caught Duchess Kate Middleton openly flirting with him even though she’s married to a real prince, who’s even an heir to the British throne. The photo blazed its way through Facebook a few weeks ago to the amusement of almost everyone.
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Credit: CTV News In April 2013, then-Member-of-Parliament Justin Trudeau showed off his yoga skills during a break at the Canadian legislative house. |
But Trudeau is also different in another, much more important way. Unlike the rest of the G-10 counterparts who have prostrated themselves at the altar of austerity for the past eight years, Trudeau has taken a decidedly renegade path of increasing deficit spending in order to jump-start the Canadian economy.
When oil prices collapsed into the 20s, the Canadian economy looked doomed. Resources make up 25% of direct Canadian GDP and they make up 40% of the economy indirectly. Things looked so bleak that yours truly went on Canadian TV and blithely predicted that the wave of Canadian corporate bankruptcies and the implosion of debt would soon send the loonie to 60 cents on the U.S. dollar.
And yet not one of those fears materialized. The rebound in oil certainly helped to staunch the bleeding in the resource sector, but the rebound in Canadian growth has been much better than the oil numbers would suggest. Last month Canadian employment skyrocketed to 65K new jobs versus the predicted 8K and that was on top another 26K the month prior. That’s equivalent to nearly 500K U.S. jobs per month, and it certainly shows that the Canadian economy is far more resilient than most analysts thought.
A big part of the revival Up North is that Trudeau has propped up aggregate demand by increasing transfer payments and by increasing spending on infrastructure. Although critics have decried his budget as overly ambitious, policy makers in G-10 are watching the Canadian experiment intently. No less an authority than The Economist wrote that “others could benefit from Canada’s bravery” when it comes to fiscal stimulus.
Unlike other major central banks that faced the Sisyphean task of stimulating growth single handedly for the past eight years, the Bank of Canada does not have to carry the burden alone. Mr. Trudeau’s expansionary fiscal policy has allowed the monetary authorities to keep rates steady and to contain the housing bubbles in British Columbia.
Tomorrow, the BOC is likely to reiterate its message of restraint. And that is likely to put the bid in the loonie against the greenback as well as its antipodean counterparts the Australian and the New Zealand dollars as Mr. Trudeau’s anti-austerity program leads the way toward a broader policy change in the G-10.
If he succeeds in showing that Keynesian economics deserves another look, Trudeau will have upended the economic orthodoxy of the past eight years and he may spur greater growth across all of the G-10 universe.
Happy Trading,
Boris Schlossberg
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He take Canada down the same path as his father to the IMF watch list; he’s all about big government and big spending.
Another knee-jerk thoughtless reaction to an apparently well working policy.
We spend the summer in Canada at our summer place. We listen to the direct opposition of many Canadians who cannot bear the thought of even higher taxes (their taxes are already VERY high). From what we have seen and heard the ‘honeymoon’ with Mr. Trudeau is over. Canadians overall are NOT happy with his attempts to spend them into the poor house.
Robert,
Canadian tax rates are relatively high however in comparison with the EU for example are lower. most Canadian’s relative exposure to tax rates is vs the US, hence the complaints you hear. The flip side is that nobody gets denied top notch healthcare, tuition rates at world class universities are fractional in comparison with all but state colleges.
I am one of those that thought Justin might be reaching too far, but in all honesty it will come down to the execution. Many Canadians do not understand the fact that scale has so much to do with cost. Canada will never have the same scale as the US and I have decided as have many that what we have is pretty damned good and responsible financial leadership. 2007/08 financial crisis was never as bad there as in the US because of that leadership because the leverage ratios in Canada are legislated at a far lower rate.
Canada’s ‘top notch healthcare’ as you put it is actually not so top notch as most say… In fact, unless you have a broken bone (and even then physio-therapy is not covered at least in ontario) then you may be out of luck.. It is so bad that In a 2005 ruling of the Canadian Supreme Court, Chief Justice Beverly McLachlin
wrote the above title against existing bans on privatized … “Access to a waiting list IS NOT access to health care…’
My mother died because of the health care (or lack of it) in Ontario. Her ambulance was diverted to pick up a second patient enroute, rather than calling out another ambulance… By the time they reached the hospital 40 minutes later, she went into cardiac arrest. Taxes are indeed waaaayyyy too high…
True. You can’t have “free” AND “top notch” healthcare. people still live in a world where they think they can have everything. And why does the author call Keynesian economics “courageous”? Couldn’t a 10-year old girl run the government that way? Got a problem – spend some money on it. This is silly season. The next 10 years will move the world toward communism. For those who doubt, look at the increase of GDP caused by govt spending. The lobster doesn’t realize what’s going to happen when he first enters the pot of water. But the outcome is sure. And it’s not good.
In Canada we have finally paid of most of the debt his father created in the 70’s.
The reason we faired so well in 2007- 2015 we had a Conservative Prime Minister who
was an Economist, and he had a lot to do with getting us through this critical time.
Trudeau, real has hurt seniors in particular, he cancelled the income splitting couples enjoyed and cancelled 5,000 of the the Tax free savings account savers enjoyed.
You watch he will raise the taxes to pay for the 30B deficit he has created.
The Healthcare system is not as top notch as you might think. Over 45,000 have had to seek medical help out of Canada as the waiting list for some surgeries is 2 years.
I thought he was getting overripe.
Sounds more like a conservative.
Are you suggesting that we accelerate our present out of control spending and federal government growth? More worthless fiat money? Down the road to Zimbawe?
Try cutting spending on your bloated and out of control military offense spending and spend it on the people who pay their taxes.
joan you already have the first part of your statement the second shoe has yet to drop.
PM Trudeau has streamlined the permitting process for resource development and is promoting investment. US Government has killed resource development and is promoting market investment versus business investment (low rates). So while Canada is reaping rewards, US has had to overcome Government impediment. The best way to increase business investment, rebuild the middle class, and the tax revenue from that base is to: 1) streamline excessive regulation; 2) world central banks coordinated increase of rates; 3) and remove excessive taxation on overseas profits.
What have you people been smoking. The yearly deficit he promised to be at $10 billion per year has now ballooned to $35 Billion per year and growing; growth is stagnant, (where do you get your stats from??). The only thing that has grown is the government. He is just like his old man, he never met a deficit he didn’t like and the bigger the better for him. Where do you guys get your news from, Trudeau’s email?
Right on, guess they are on that pot Justin is bringing in. Justin spent 6.3 billion dollars in the first 100 days in power, only 300,000,000. within Canada. He spends like a drunken sailor, and is busy taking selfies, and photo ops. Nothing great going on in Canada.
Your obviously not from Canada. Just check out our tax regime. Hopefully this isn’t the best that Weiss has to offer.
He’s trying to copy Obama to see if he can break Canada as Obama has doe to the USA.
Amen
What is this, the “mainstream” media? MSN? Yahoo? Justin Trudeau is an empty-headed nitwit whose only claim to fame is having the vile, despicable Pierre as his father. His policies are just warmed over (and failed) leftist ideas that are doomed to fail yet again. Like his father, he is a creation of the media, and Canada will suffer.
That’s really what I wanted to say !!!
It will be a sorry reckoning when the likes of Trudeau, Obama et al are brought to task for their childish, arrogant, wasteful actions that increase citizens on food stamps and welfare by more than 100%; increase projected $10B deficits IMMEDIATELY to $30B (with $100B to come); increase indiscriminate and non-vetted immigration by untold thousands; increase spending on totally open-ended Cap & Trade plans (with NO accountability) and on and on and on! The biggest problem will be it will NOT be their kind that will be brought to task – it will be the poor, hard-working and totally defenseless employed (and SELF-employed) taxpayers. We learned decades ago that we can NOT spend our way to prosperity -only now it it billions and trillions – NOT millions. Pity the youth!!
Boris:
Check your facts ! The money is actually being spent on real infrastructure projects, not EIS, Consultants,regulatory permits, etc, etc. By clearing the path from these extensive wastes of time and resources things are actually being built.
If you analyze the US money expenditures most of it goes to nebulous “consulting and permitting” costs
And to your out of control Pentagon spending.
Little Pierre has one goal in life and that is to screw up more than his Daddy, Years ago his Daddy sent seven million dollars worth of rare Charolais cattle to Africa so they could improve their beef herds and feed the people. Idi Amin had a barbecue.
Little Pierre had to outdo Daddy so within weeks of being elected he pledged seven BILLION dollars for the African warlords to split up.
Little Pierre is an intellectual lightweight as he and his wife are nothing more than Obama wannabees. He would love to have Barrack’s vacation budget and she envies Michelle’s clothing allowance.
What research did you do to determine Trudeau is smart . A grade 1 school teacher leading a country??
US and Canada = apples and oranges
If our Congress showed half the good sense of the Canadian Parliament, we could have a great increase in needed infrastructure spending which would stimulate the economy.
I’ve been saying the infrastructure thing for 8 years, but instead of directly creating high paying jobs in construction, etc., all they do is try to create jobs INDIRECTLY playing with interest rates and printing money.
Your admiration of Justin Trudeau is sadly misplaced. Since assuming office JT has spent most of his time in front of the cameras perfecting his image neglecting the role of government and leaving it to the power brokers to run the country. JT lacks the intelligence to understand the complex issues and responsibilities of a Prime Minister but as a pretty-boy media star there is no question he is a huge success. Meanwhile the country teeters on economic collapse 120,000 jobs lost in Alberta alone this year; postal workers increasingly dissatisfied threatening strike action, and national & provincial debt and tax loads increasing at exponential rates. proportionately Canada will soon have a per capita spending+debt greater than that of the US. Quebec alone makes Greece look a safe bet. As a Canadian observing the US election debacle I would take Trump over JT in a heartbeat.
you’re 100% correct
We will leave the running of the countries to you and Trump because you can obviously do better. We will lose more businesses and jobs, put more people in the streets. So lets give everyone a handgun (to defend themselves when they try to survive in getting food and shelter for their families) or we can give all the money that Trudeau and the government are spending to you, and do away with these high taxes. Stop snivelling and back your elected Prime Minister as he is doing the best he can with what he was left with and the state of the economic world. If you have the answer to the global problems then step up and give everyone the answer as you are smarter than the rest of us. We would really like to hear it, Be a hero
I spent a year in Quebec between 1975-76. I was there when the referendum went down for the Party Quebecois. Singing and dancing in the streets. My impression was that Canada was an example of healthcare (much like Scandinavia) for the U.S.
My boyfriend took me with him to his medical appointments. He said the medical care system was strong. I loved his Social Service card…the background on the card showed the Canadian wilderness. He brought me to Ottawa to see if I could become part of the system. Lo and behold…all I would have needed at the time was the signature of two Canadians to establish landed immigrant status. His parents would have signed for me…he obviously would have and his brother was a lawyer. Ah, the ignorance of youth.
What is so great about a 7% unemployment rate in a relatively sparsely populated country with enormous natural resources? He has opened up the floodgates with regard to Muslims and increasing transfer payments does not lead to economic success. Only real economic growth and business and job creation does that. He is simply taking the path that destroyed Venezuela and wrecked the Argentinian and Brazilian economies. The immigration policy will lead to the same lawlessness we see in much of Europe.
Deficit spending can clearly help an economy in the short term – more money, better economy. It’s borrowed from the future though. That means it can only be temporary and must be paid back.
Spending on infrastructure is a good way to do what government HAS TO do anyway, and infrastructure benefits all commerce.
Transfer payments are an experiment whose outcome is unknown. I’m sure individuals make better micro-economic decisions than a bureaucracy. But it is politically impossible to stop, so I’m confident it will fail to be temporary (and thus be bad overall).
The meaning of “Keynesian economics” to the common man is “unrestrained government deficit spending.” By that definition, I don’t think Canada will succeed in the long run.
But governments around the world looking for a way to buy votes will grasp at any straws, I’m sure.
Austerity was counterproductive- wasn’t it obvious all along? Why on earth impose it?
So when did we try austerity? We have been spending like madmen forever!
We tried austerity in the 1970’s and if failed miserably!
It is surprising to hear anyone advocate Keynesian economics outside any public university in the United States. The United States has constantly increases transfer payments and what we have is a greater number of poor people and a higher deficit. Maybe the next article should be on the merits of socialized medicine and how Canadians are happier because health care is FREE!
Healthcare is not free, it consumes over 40% of what you pay in taxes, so if you pay 50,000
per year in taxes you are paying 20,000. for healthcare. And how would you like to wait 2 years for a knee replacement. That’s the usual, and only part of the story.
Wow! If it were this simple, why isn’t everyone doing it? But, wait, they were doing it and gave up. One item forgotten, in the piece and comments, is currency, which has declined about 30% vs. the USD. Consequently, large improvement in trade balance, even with low oil prices, mostly at expense of the US, I would imagine.
If Canada’s little l is so attractive please move there and injoy yourself. Have fun.
Boris obviously prefers beauty and brawn to brains. Trudeau presents well but his policies will drive Canada into more debt – something that Boris’s colleagues warn about. There has been very little beneficial infrastructure spending to this point. What Canada needs is to get pipelines built; promote R&D and education in future technologies and adopt a more entrepreneurial spirit in its business people.
Trudeau leads the tax, and spend liberals, the same as his father.
Ontario where I live, has the highest power rates in North America, and the highest debt per capital in the WORLD!!
For a province of twelve million people, we have over 300 BILLION $ of debt!!! That’s Billion with a “B”.
While Ontario has approx C$300 billion in debt the province’s gross domestic is C$722 billion (source Wiki). If Ontario was a country it would have the 20th largest economy and its debt would be less than 42% of GDP which is less than Germany, Japan, UK, Canada, Switzerland, etc.
As a person who lives in the greater Toronto area and has a commute of 1 hour to drive 13 miles during rush hour I am more than happy to see the government make improvements in public transportation & highways than to live with the status quo.
What happens to your figures when you add Ontario’s share of the Federal debt? You cannot compare Ontario with countries like Germany and the UK without taking the Federal obligations into account. As for Japan well Weiss readers know full well what the analysts at Weiss think about their situation.
This is the first time I have read any responses to your analysis and this is my first response. You are so misinformed about our pretty boy Prime Minister that I have to set you straight. The many negative comments above must give you an idea how wong you are about our drama teacher (drama teacher because that is the only job he has ever had). Come to Calgary Alberta for a couple of days, become educated, and then write a more informed report. He does have nice hair though, and maybe that is why you got this wrong.
How can you pronounce Turdeau a victor when all he has done so far is to reap the benefits of the past governments? Wait for a few years when his actions come home to roost. The only thing he has going for him is his father’s name. He is a media darling because he speaks their language. Here in BC we are successful only because of Chinese money. Turdeau will destroy us here too in time.
Boris, really? Big government runs deep in your blood bro. Your angst at Brexit was palpable and now the support for “spend till your rich” philosophy that is failing worldwide. Government is not the savior of all. People with good paying jobs and freedom to pursue their own paths: that is each man’s hope for the future as we walk this planet together.
Boris, what you’re missing is the key difference between Necessary Spending, and Stimulus.
The purpose of Stimulus, is to create the false and fraudulent impression, that useless activity has some sort of social value, for which someone deserves to be paid.
The purpose of Necessary Spending, is to make things or perform services that someone needs.
By repairing infrastructure that needs rebuilding, the Trudeau government took advantage of high unemployment and a surplus of unused building materials, to build things that would cost taxpayers much more money to build, if they waited for a budget surplus to accumulate.
Private-sector firms that have capital available, do exactly the same thing…they build when it’s cheap to build, because when prosperity hits and factories are busy, a factory that’s already built, makes money. One that’s under construction, misses the opportunity.
Funny, you don’t spend 1.2 trillion dollars per year protecting yourself from your own inane Foreign Policies and you have enough to spend on things that work. The greatest impediments to our prosperity are our Pentagon and State Department. Reagan was right Government is the problem.
JT IS AN OPTIMISTIC CHILD trying things that traditional Politicians know better. He will deal with reality eventually we hope. Its time that the warring Globalist were put on a shelf. and retired. Iceland has successful political and economic systems to evaluate. Russia was our friend, and a customer for our grain until Monsanto destroyed our farm land. JT might fix the mess if given a chance.
As a naturalized US citizen originally from Canada I can honestly say you are out of your mind. We go back there every summer and the damage he is doing to the country is on the same level as Obama has done to ours. President Obama was a community organizer and Prime Minister Trudeau was a part time drama teacher. Figure it our from there.
Don’t forget that Little Pierre like his daddy are trust fund brats, neither had to actually work a day in their life. Where did the trust fund originate you ask?
Little Pierre’s grandfather made a ton of money in the oil business in Quebec and set up those trusts. Think about it. Their life’s comforts come from the industry that Little Pierre and his Daddy before him dedicated to destroying. No honour here.
What disingenuousness- for most of you the poor don’t matter only your own pocketbooks! Stimulus works and has been proven many times over- as long as the funds go into the hands of the people- not the military or the wealthy. When the people spend everyone benefits! And by the
way Trudeau is very popular in Canada- read the polls!
Keynsian has always worked. That’s why repubs hate it. One advantage Trudeau has is he doesn’t face the obstructionist cabal that a dem president does in our country. It is of course common sense to spend to soften down cycles and pay down the debt during prosperity. We have a problem of not paying down due to the fact that corporations are only paying 1/3rd of the revenue they used to pay and the super wealthy are paying less than Buffet’s secretary, with lots of Trumps paying nothing thanks to non cash write-offs like depreciation. As long as lobbyists write the tax code and corps can write off obscene amounts of executive compensation, we will keep struggling.
yep not often an individual with no qualifications unless you consider a couple of years teaching DRAMA in grade school and what 4 years as an elected Member of Parliament gets to ruin what was and could be a great country. He campaigned on a $10.0 billion dollar deficit. It is now estimated at over $64 billion and will continue to grow I’m sure. however I’m sure his fortune is safe – in the Caymans or wherever so not to worry Right? With all the selfies and all – yes the mainstream media love him and unfortunately many voters believe the media. did I hear TRUDASIANS!!
The critics started ranting, with typical hyperbole, just days after Trudeau took office, and their perspectives haven’t expanded at all since. Give him and his party time, please. Overall, Canada is doing just fine, thank you. Yep, the economy took a hit with lower oil prices. But that was confined largely to Alberta (which counted too much on its resources). “Opened up the floodgates to Muslims” is ridiculous hyperbole. “The country teeters on economic collapse” is even worse hyperbole. “Spent most of his time in front of the cameras perfecting his image” is more hyperbole. Yep he’s been out there all right, in front of the cameras, promoting Canada and his party’s ideas and platforms and yes, being a politician–that’s we hired him for. A “pretty boy”? Perhaps but overall he has the support and confidence of the country until we see that the ideas aren’t working. That takes time to know. Let’s wait and see. In the meantime, Canada remains strong.
Obviously, not all Canadians share your delusions. You’ll find his name in the dictionary under “superficial”. The author of this piece has been similarly duped.
Sorry, but PM Trudeau is no leader that shines. He is a joke to this country and he has done nothing deserving of praise to stimulate our slow economy. He has ignored investing money into his own country and infrastructure that is falling apart, yet has no problem sending millions perhaps billions, overseas to aid in ‘infrastructure’ in foreign lands. He spends more time taking selfies and being in the media limelight than he does doing his job. He has an unlimited credit card and has no regard of the cost to taxpayers or how we will pay it back, has no regard for our oil & gas industry, has no regard for the thousands of oil and gas workers that are out of work, is dragging on for months anything to do with bringing new pipelines into Canada so we can export one of our natural resources more efficiently and affordably, if it does not benefit the east & Quebec he is against it, AND is ramming a nationwide carbon tax down our throats making our exports and doing business more costly and less competitive. And in regards to his gender balanced cabinet, another joke. Put those people in office that have experience and who are best suited to the job, not because you need to balance the cabinet with boys & girls equally! JT is spoiled, entitled and clueless and only got votes because he promised to legalize pot and ‘he has great hair’ – that doesn’t say much about the intelligence of the voting Liberals in Canada. Counting the days to another election when he will be voted OUT!
Hi Boris,
You couldn’t be more wrong about Justin Trudeau. I’m a Bulgarian Canadian who has lived in Canada for the last 30 years.
Justin has not done much in his live. He was a teacher for 2-3 years before he became a prime minister. Prior he was a bungy jumper and yoga instructor.
within a year he took office he has spent an enormous amount of tax payers money and didn’t create one job. His policies are disastrous for Canada. Though Canadians are nice people. They apploud him for everything he does. Justin is good for everyone. He spends other’s people money well
Well stated.
Hey Boris — you’re not from Canada so you can be forgiven for your misplaced enthusiasm for Trudeau. Many in Canada have buyer’s remorse for electing Trudeau with a majority win. But of course you won’t hear this in the Liberal-leaning MSM. Unfortunately the culture in Canada is overtly PC, and it’s only gotten worse with Trudeau. What we need is an external shock (i.e. a Trump win) to shake up and expose the corrupt PC establishment.
In 2014, the Federation of Canadian Municipalities has estimated that Canada’s municipal infrastructure deficit is $123 billion and growing by $2 billion annually. A recent Conference Board of Canada report undertook a detailed examination of the impacts of infrastructure spending on job creation and found that for every $1.0 billion in infrastructure spending, 16,700 jobs were supported for one year1. Moreover, these jobs are not just concentrated in the construction sector, as manufacturing industries, business services, transportation and financial sector employment also benefit from the spillover effect of infrastructure spending.
Canada’s infrastructure is crumbling due to chronic underinvestment by all levels of government for a course of decades. Do we continue along our current path and ignore the problem or do we take advantage of the record low interest rates and invest now for the benefit of all tomorrow. For those who say we should not borrow money today and pass the debt to our children tomorrow I would counter that bridges, roads, public transits, parks, etc that will be fixed or built will also be left to our children and our grandchildren.
I have no qualms to pay a bit more in taxes if the increase government expenditures will buy me better roads to drive on, better public transportation, better parks, cleaner water, etc. In my opinion it’s a lot better than having a government balancing the books, but having a quality of life that is the equivalent of a developing African country or what happened in Flint Michigan because the infrastructure that was built decades ago worn out is not being replaced.
I’m from Switzerland, the homeland of Calvin (not quite but well…) and Zwingli. We just built the longest tunnel in the world. No debt, everything was financed, in budget, in deadline. That’s what we’ll give to our children, no debts and top notch infrastructures. And all this without oil, gold, uranium, just granite and water. I’m flabbergasted by the moral weakness shown in North America. You’re in decadence, overweight and in need to start working out.
The apple doesn’t fall far from the tree. His father thumbed his nose at the west and started the NEP. Justin is thumbing his nose at all of Canada and is implementing the NEP ll. The Liberals know only one thing, “Tax and spend” and “rack up big debts”. They don’t have to worry about debt – let future generations worry about that. Fiscal resposibility is not in their vocabulary. The left machine are masters at convincing the public that they know what is best for Canadians and they can spend our hard earned money more wisely than we can – yes, right into their own pockets.
& then when our heirs & children have woken up to a fully fledged police state, because of our own government creating the prob in 1st place, they will not know what to do because of their own parents subjective upbringing of them. Successful families have successful children… TRUMP
Your missive reads more like an Entertainment Tonight celebrity profile with no real content. I can’t believe you are associated with Weiss promoting more government and embracing the Canadian carbon tax. As a paid subscriber to numerous Weiss Publications I was horrified at your comments and find them in direct contrast to your peers’ views at Weiss who seem to have a more realistic view of what government does to ALL markets. You should read their stuff; you might learn something.
Justin spends money he doesn’t have to make Canada look more successful than it is. Any of us can borrow and spend and look great while we’re doing it, but the day does come when the debt has to be paid back with interest. Everyone enjoys spending the borrowed money. It’s paying it back that’s not fun.
I’m a Canadian. What’s wrong with government infrastructure? The US did it in the 1930’s during the Depression.
I think it was Eisenhower who built most of the highway structure during the 1950’s when there were plenty of decent paying jobs and taxation was also reasonable, why most families could even take a 2 week family vacation. Compare that to day where most people like governments are heavily in debt, a hugh difference.
Prior to 1929 there ere no taxes at least in Canada. Why do we need taxes anyway the more you give to governments with no skin in the game they will spend spend.
Spending money you don’t have and that you never made. Politician is such a cool job. Albeit difficult because now you have to be cute, charming and be able to do the plank in front of your comrades. Anyway, Calvinist opinion appart, money is flowing in, go long. It will last what it will.
Sorry, but “Justin” (as the millennials refer to him) is not as impressive as Boris thinks he is. Most people who voted Liberal last election (like the PM of the current year), didn’t know jack about economics: all they were doing is voting against that “racist”, old white man (Harper).
No one dares to tell the truth??? He used the same methods as Hitler did !! You all check it out! Hitler saved Germany with the same infrastructure projects! Now this is NOT to make him “like” Hitler, just an interesting fact! BUT, why not if it works? Good luck Canada and hope at least you don’t become a 3rd world country like the US.
Well Boris, not (m)any agree with you. Nor do I. And no one even mentioned what he just did to kill our real estate market. Fun times.
Does Canada have a several trillion dollar budget deficit? How is Keynesian economic
philosophy going to resolve the world wide multi trillion dollar debt? It doesn’t seem to
have so far.
At first I was excited to see him get into power replacing the Conservative pro-US Harper. But now the more I see his actions and policies he seems more and more like just another puppet of the globalists: pushing for carbon taxes, crazy deficit spending that will only get us owing our future to the international money cabals and starting to get involved more with US and UN policies abroad, especially in the middle east and the most worrisome: towing the American line and blaming Russia for events that are not theirs to be blamed…just another pawn of the US where as in the Prime Minister Chretien days we made our own decisions!
The author should follow up a year from now and find out if gdp has actually improved. The prime minister’s policy have not produced the growth you are touting – please check the facts and economic data around GDP. I agree with many of the people who questioned a lot of the statements made in this article. Please also note canadas unemployment rate stands at 7% much higher than the US and have incrThe recent high job creation number are temporary
There is plenty of road to Canada.
I assume this is some kind of a joke worshiping this commie up north? Was this a stab at your readers to see if we are awake? Keynesian policy has failed every place it has been tried. Good luck with that!
john eastman
I played golf with a Canadian teacher who had a much better handle on the powers that be in Canada. He said their conservative party is more liberal than our liberal party. Big government rules. I remember an article buy Boris talking about Obama being somewhat of a tight wad with spending. Obviously our close to 20 trillion debt escaped his attention.. Funding mass amounts of refugees. 35% corporate tax driving our corporations and jobs to other countries. Ridiculous regulations killing small business. Obamacare! I know a homeless woman who is considered a criminal because she cannot afford the $95 a month she owes with obamacare. He is costing us billions daily with his bogus global warming. 31 thousand 4 hundred 87 scientists in america agree global warming is a hoax. google it! Go to youtube…Muslim world reacts to Obama’s latest speech.
And that is likely to put the bid in the loonie against the greenback as well as its antipodean counterparts the Australian and the New Zealand dollars.
A great example of gobbledygook. The currency pairs can go up, down or sideways. Boris, what do you mean?
Boris
People form opinions but from what source do they gather their facts.?
As a born and bred Canadian, I do feel you need to change your source of info gathering. I don’t understand or perhaps I do in a way, that all the people with the so called high educations have lead our countries to the brink! Everyone seems the answer to all this mess is to keep spending?????? Really, so who changed the addition from 1 plus 1 = 2 to 3? Trudeau is just following the leaders of all the other countries… following did you get that! Leaders don’t follow they lead! Make tough choices I mean really tough, like getting rid of a lot government jobs! I know not popular among mainstreamers but necessary ! Slashing taxes, we are already at 50% or higher in some cases! That’s not a misprint! Now a carbon tax is come calling!!!!! That Boris is what Trudeau looks like so far! Those are facts .
Deficit budget financing is risky. It assumes that the economy will do well soon, to cover the debt. Simple as that. But Canada leans heavily on exporting it’s resources. So the assumption is that THE WORLD economy will do well soon.
I say JT is way out on a limb.
Justin Trudeau is going to finish the job his father, Pierre Trudeau, started…………enslaving Canadians for generations to come. A trust fund kid in charge of the economy of Canada …….how sad and ridiculous is that?
Trudeau is able to be so generous because Harper (the Austerity King) had made all the hard decisions and had restructured the Federal cost structure (& contained the Government Debt) when the world economy was in good shape.
Compare Canada’s Federal Debt /GNP ratio to those of most developed countries
Apart from the Scandanavian countries, all developed countries did not clean up their act during the years of plenty and so are not in a position to be so generous now
Colin Powell once said, we stand on the shoulders of those who come before us. Trudeau is simply lucky over the one who came before him
He maybe good at Yoga, but leading our country he is NOT. What a disaster.!
The hunt for money by growing govt will bring down Canada, just as in Europe, Japan, and the US. Who are Canada’s customers?
Certainly you can see the growing distrust of govt. Is this good or bad for capital formation? What happens to interest expense as rates rise due to this risk of soveriegn defaults? The biggest bubble that is getting ready to pop by 2018 is govt debt, meaning what we are witnessing is Peak Govt. You are buying to top.
I think you should move to Canada!
Spending other people’s money to grow government is never a good idea. It is merely sacrificing long-term failure for short-term results.
Wow Boris. Another controversial article that appears to have been published before it was ready to be read. Readers want to know the facts in order to develop appropriate views. If you were a major league baseball player, you’d be batting about .200 and hit before the pitcher. The manager would be looking to call in a minor leaguer to replace you.
You voted him in, the name should have been a tip off.
When it comes to Justin Trudope you have no idea what your talking about.
Having dual citizenship doesn’t help; after reading this, Canada is my second choice to live. For two reasons: 1. Canadian veterans have limited benefits (ala Agent Orange) and 2) National healthcare creates long lists (by design? i.e. always someone to see if they don’t die before the appointment.).
The degree to which the dominant ideology of the investment class has taken hold of the thinking of most here is genuinely frightening. It’s like 2008 never happened. Like half of the U.S. budget isn’t spent on guns instead of butter. This not even including the $4-$7 TRILLION is not being spent on the endless war for yesterday’s fuel. Like no one has noticed that since 1970 the U.S.’s increasing reliance on war and financial instruments has enfeebled the real economy. Has beggared the future for the sake of the banks and the investor class.
In the run up to the greatest economic event of our lifetime I was reading Steve Keen, Mike Hudson, Dean Baker, Mark Weisbrot, Nouriel Roubini, Nassim Taleb, in addition to the analysts at Weiss. And what do all of these analysts have in common? They are not blinded by the ideology that has swept through the field of economics since the abrogation of Bretton Woods. Edelson is correct that the level of debt will cripple our economic systems. Not because Keynesian economics doesn’t work, but because military Keynesianism doesn’t work. Not because governments cannot run debts to the benefit of the economy and the quality of life of its citizens. But because it cannot do so to prop up the parasitic rentier class without hollowing out the economy and ultimately bankrupting the country.
What is also missed in the chest beating and propaganda bleating of those proclaiming the coming failure of Canada’s economy. The ongoing global ecological degradation and water shortages will drive all those who can afford it to move to countries not as degraded. Canada will be first among these countries. This flow and the flow of money looking for safety will ensure that Canada is among the very last of the countries to suffer what Mr. Edelson properly forecasts. I.e. The chickens coming home to roost.
The U.S. is still the world’s greatest economy. With spectacular resources and a vibrant hi-tech sector. (Due entirely to government spending – Pentagon and University) Most importantly it is still has the enormous advantage of being the world’s reserve currency.
FROM A CANADIAN for over 70 years..I do not think you have a clue about Canadian politics or the way that real Canadians feel about Justin Treaudeau or his extravagant spending of our tax dollars and his lack of transparency in political decisions that involve the country.
Justin Trudeau Is the worst prime minister canada has ever had He was a camp counsellor
a job that he was more qualified for, certainly not as a prime minister of Canada this article
is Pure Liberal Propaganda !!!
“Unlike the rest of the G-10 counterparts who have prostrated themselves at the altar of austerity for the past eight years, Trudeau has taken a decidedly renegade path of increasing deficit spending in order to jump-start the Canadian economy.”
Renegade??? Most of these countries are in serious debt from your glorious ideas of deficit spending. The end of this story is FAR from over. These actions will not be considered “renegade” …..but STUPID.
Obama alone has doubled the National Debt of the U.S. to $20 Trillion. And the first $10 Trillion of that had been accumulated since Geo. Wash. He is NOT a smart renegade…he is a damned fool.
Boris,
I follow you online, but now I question how can any financially responsible Canadian ir American for that matter trust your advice if you so admire someone so irresponsible and immature as young Trudeau?
Do not judge a book by its cover. Trudeau is a joke for politics and an impending disaster for Canada. Boris, start writing articles about things you understand, you are clueless as to what’s happening in Canada and even more clueless about the lack of competency and capability of Trudeau to do the job. Sincerely, a proud Canadian.
Trudeau can do one thing to recover economically: have everyone / business pay their taxes. JOB DONE.
Boris, you are showing a complete lack of understanding of Canada.
Trudeau`s father drove a huge wedge between western and central Canada. He started deficit spending. He was for the province of Quebec. Junior is no different. English signs are illegal in quebec.
French immersion schools are in every province. There are NO english immersion schools in quebec.
In Canada we have transfer payments between the provinces. Of $15B total, $10B went to quebec. Look it up!!! The quebec companies are gaining ground across Canada. Gee, I wonder where they are getting the money? Look at Bombardier!! Look at the media!!
Under the governments guidance and wisdom I spent years learning French.
I used it once.
I tried to order a glass of white wine in Paris, and they couldn’t understand me
or didn’t want to.
I left embarrassed.