I wrote what follows just about when President Obama was celebrating the most expensive inauguration in American history. I had been hearing him talking about reviving the U.S. economy by spending money on infrastructure which today keeps being offered in Canada as a way of improving Canada’s economy. But as usual no one but Donald Trump says anything about how Asian manufacturing of the goods imported into the West is diminishing the West’s capital. Today David Dodge now working for an investment company grudgingly accepts his BNN interviewer’s mention of infrastructure as a way of improving Canada’s GDP. But Mr. Dodge also talks about culture and of bringing creative people into Canada, and that old chestnut from the 70’s improving productivity, but never mentions our selling off steel and manufacturing companies like Massey Ferguson, and retailers like The Bay, Eatons and Simpsons. And no one: financial expert, journalist, politician or David Dodge has said anything about the sale of Canada’s Crown Corporation when its stock got cheap to that Colorado man from Sun Oil, Rick George.
Tuesday, 6 January, 2009
Infrastructure, Credit, Internet
Infrastructure now includes broadband and computer/internet systems.
Credit crunch means difficulty obtaining investment for broadband computer Internet companies.
Current economic troubles are the result of the third major oil shock as rising energy prices act as a tax on spending/consumption leading to tight credit. When the campaign for infrastructure renewal is over, crumbling bridges, school buildings and pot holes will remain while technology will maintain its shiny transparency.
Since talk of a credit crunch started in September only two commentators mentioned the possibility that the recent climb in oil prices have had an influence on our declining economies, and one of these was shouted down with talk of the shortage of credit alone as the cause of our economic woes and not increasing energy costs.