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  •  See http://www.newsweek.com/id/183670 (2+ / 0-)
    Recommended by:
    SpinMeNot, lgmcp

    Fareed Zakaria in Feb 16/09 issue of Newsweek.  Many nice things about Canadian financial stability.  

    The Canadian economy was in sad shape in the early '90s.  Huge deficits and national debt.  Jokes about the Canadian peso.  The Progressive Conservative gov't of Brian couldn't bring themselves to bite the bullet and suffered the most humiliating defeat in Canadian political history (in '94, I think).  They had two only Members of Parliament.  (Imagine Washington with two Republican Congresscritters.)   This gave the Liberals under Jean Chretien a huge cushion and they started turning the federal government finances around.  It was very painful but we all knew we couldn't keep on as we were.  The pain was worth it and until this January we had run budget surpluses for ten years straight.  You guys should take some comfort from this.  

    •  I do take some, thanks (0+ / 0-)

      So, a sharp eye to regulatory oversight, generous government investment in ailing sectors, and fiscal prudence leading to budget surpluses WHILE maintaining an adequate social safety net?

      How EVER could this be?  

      Taxing the rich, perhaps?  A touch of restraint in corporate profit-taking?  Cultivation of favorable international relations? Stringent avoidance of military adventurism?

      What else?  I'm all ears!

      "The extinction of the human race will come from its inability to EMOTIONALLY comprehend the exponential function." -- Edward Teller

      by lgmcp on Thu Feb 19, 2009 at 08:55:28 AM PST

      [ Parent ]

      •  What else? Drastic cuts to the social safety (1+ / 0-)
        Recommended by:
        lgmcp

        net, unfortunately.  Plus massive cuts in defence spending which made us look a bit like an international joke.  Plus letting the value of the Canadian dollar drop to make our exports more attractive (and make two Canadian NHL teams relocate to the U.S.).  As I said, it was painful.  

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