Wednesday, August 26, 2015
Living (Usually Broke) in Harper's Petro-WonderLand
Shifty Harper constantly blames setbacks to Canada's economy on problems abroad. It's his "heads I win, tails you lose" ploy and it usually works with the gullabillies who form a critical part of his base.
With almost two months remaining in the election campaign, we can expect China's market meltdown to send Harper squealing like a porker about how the economic blowback hitting all petro-states isn't our fault. Blame China.
Me, I'll blame Comrade Shifty for his "oilfields first" policy that even had his minions changing "tidewater, tidewater, tidewater." China's ship may be sinking, so to speak, but it was Harper that lashed Canada's dinghy hard alongside.
The perils and pitfalls that beset petro-states have been well chronicled, especially the boom and bust cycles. I'm sure the lessons haven't been lost on Alberta's sophisticates but, since Peter Lougheed left this mortal coil, Alberta hasn't been burdened with a surplus of intellect.
Norway is Alberta's constant shame. They listened to Peter Lougheed's caution. They adopted Plan Lougheed. They're rich. They have the largest sovereign wealth fund on Earth. Alberta rejected Plan Lougheed, even though it was written just for them. Alberta doesn't have Norway's sovereign wealth fund. Alberta has debts and deficits. And if the last three petro-busts have taught us anything, if and when the good times return, Alberta will do it again. Kind of makes you wonder why we should trust those obvious mental defectives to run bitumen pipelines across our province.
For what China's meltdown could mean to Canada, there's this handy piece from ForeignPolicy.org - "China's Meltdown Spells Even More Peril for Petro-States."