Two recent reports are warning that the over-valuation of oil, gas and coal reserves could lead to a “carbon bubble” that would have the same type of impact on the economy as the 2008 financial crisis.
Ironically, the use of the Temporary Foreign Worker Program for one of the people being trained to replace Canadians employed by RBC is just the tip of the iceberg.
The impending layoffs of technology workers at RBC show how easily Canadian companies can outsource jobs to other countries and how widespread it has become. It has also made it clear how, instead of discouraging companies from moving jobs out of Canada, government policies make it easier.
In a recent opinion piece, Dr. Feridun Hamdullahpur, president and vice-chancellor of the University of Waterloo, suggested three measures to improve innovation in Canada. All require involvement of government or public institutions.
Among the complaints about the Keystone XL pipeline is that it will further limit Canada to being an exporter of low value raw materials for others to make money processing. A Globe and Mail article on the impact Keystone is expected to have on oil refineries near Houston provided yet another reminder of how refining Canadian oil will help the US economy.
Even though Norway's petroleum fund was created 20 years after the Alberta Heritage Savings Fund, it is 41 times the size. It has $664 billion in assets and is growing rapidly. In contrast, the Alberta Heritage Savings Fund has only $16 billion.
A corporate lawyer specializing in international trade and affiliated with the C.D. Howe Institute questioning the value of the trade deals Canada has been signing with other countries seems unlikely. But it's happened.
Canadians for a Modern Industrial Strategy (CMIS) brings together people from labour, business, and the community who believe our economic success and social well-being depend on adopting a proactive industrial strategy.
Copyright 2013 Canadians for a Modern Industrial Strategy