Canada eyes stimulus as Europe crisis spreads


mentalfloss
#1
Canada eyes stimulus as Europe crisis spreads

TORONTO (Reuters) - The Canadian government is open to the idea of including additional economic stimulus in its next budget if the European debt crisis threatens to derail the country's relatively successful recovery.

"We stand ready to respond again in a flexible and pragmatic manner if the economic challenges from beyond our shores begin to threaten jobs and the economy here," Finance Minister Jim Flaherty said in a speech in Toronto.

But he added a cautionary note that any new stimulus measures will be targeted. The Conservative government will not abandon its goal of eliminating the budget deficit "in the medium term" and will forge ahead with plans to slim down government spending.

"So while we will act as necessary, we will always ensure that any government spending is targeted and effective," he said.

Flaherty repeated his view that the European sovereign debt and banking crisis is the No. 1 threat to Canada and urged his European colleagues to move aggressively to solve it "in double time".

Canadian banks are so far not endangered, he said. "We're comfortable with their exposure being relatively minor with respect to the crisis in Europe."

Canada's cautious banks did not need government bailouts during the 2008-09 recession and the government's budget deficit is far narrower, at about 1.8 percent of gross domestic product, than is the case in many other countries.

Canada eyes stimulus as Europe crisis spreads | Top News | Reuters
 
petros
#2
Hooray for the CCCP!
 
Tonington
+3
#3  Top Rated Post
I want to hear Tony Clement's opinion. He seems to know a thing or two about targeted spending.
 
PoliticalNick
Free Thinker
#4
Quote: Originally Posted by mentalfloss View Post

Canada's cautious banks did not need government bailouts during the 2008-09 recession and the government's budget deficit is far narrower, at about 1.8 percent of gross domestic product, than is the case in many other countries.

Just for a slight correction. The banks in Canada did not get a direct cash bail-out. What they got instead was Harper and Flahrety using CMHC to buy up $75 billion in uninsured, high risk mortgages. Over the last 3 years many experts consider this has risen to somewhere between $500-700 billion . This means that as these mortgages fail it is the taxpayer eating the loss not the banks. Not a direct bail-out...more of an underhanded, hidden, and secret bail-out.

Canada's 75 Billion Dollar Bank Bailout

The Massive Canadian Bank Bailout By Stealth Sticky Feet: Life Through a Peak Oil lens

Canada's sub-prime mortgage time bomb | rabble.ca

Canada Housing Bubble – Hold Judgement; Don’t Praise Canada’s Banking System Just Yet Sticky Feet: Life Through a Peak Oil lens
 
mentalfloss
#5
Huh.. where are our fiscal conservatives?

I guess they don't want to draw attention to another CPC economic gaffe.
 
petros
+2
#6
Hooray for the CPC! ****ing Socialist lefties.
 
Colpy
Conservative
+3
#7
Quote: Originally Posted by petros View Post

Hooray for the CPC! ****ing Socialist lefties.

Actually, I'm with you on this one...........

Going into debt to stimulate an economy stagnating because of the debt in other countries is like trying to contain a fire by piling brush around it.

Idiotic.

Stimulus DOES NOT WORK.

Ask Obama.

Quote: Originally Posted by mentalfloss View Post

Huh.. where are our fiscal conservatives?

I guess they don't want to draw attention to another CPC economic gaffe.

FISCAL CONSERVATIVES???

In Canada???

Perish the thought!

Quote: Originally Posted by Tonington View Post

I want to hear Tony Clement's opinion. He seems to know a thing or two about targeted spending.

Now that's pretty funny...
 
taxslave
Free Thinker
+1
#8
If the government was actually serious about looking after the economy and taxpayers interests they would immediately eliminate the deficit and work at eliminating the debt. Just as any fiscally responsible person does with their household. NOTE: Taking a cash advance on your mastercard to make the minimum payment on your visa is NOT responsible fiscal management.
 
mentalfloss
#9
It's refreshing to see that we have conservatives that aren't apologists.
 
Tonington
+2
#10
Quote: Originally Posted by Colpy View Post

Actually, I'm with you on this one...........

Going into debt to stimulate an economy stagnating because of the debt in other countries is like trying to contain a fire by piling brush around it.

Idiotic.

Stimulus DOES NOT WORK.

Ask Obama.

Our situation is different than the US. Our debt to GDP ratio is far more favourable, and we are not in any danger of defaulting on our debt servicing payments.

Stimulus doesn't work? It worked in Canada. We were the only G7 nation to recover fully in both total employment and economic output by the final half of 2010. All of the G7 countries used stimulus, and the result was a more shallow dip. The one outlier is employment in the US. Our fiscal situation is far better than that of the US, and far better than that of the Eurozone countries...

Paul Martin didn't bring austerity measures in until the employment levels in the private sector had recovered to pre-recession levels.

Other nations don't have the same choices available that we do.
 
CDNBear
#11
Quote: Originally Posted by mentalfloss View Post

It's refreshing to see that we have conservatives that aren't apologists.

Ah, you right wingers are all the same anyways.
 
mentalfloss
+1
#12
Quote: Originally Posted by CDNBear View Post

Ah, you right wingers are all the same anyways.

Me?

No, I typically favour a tightly controlled economy rather than a free market. That said, I think any stimulus should go directly to families rather than corporations (like banks).
 
CDNBear
+1
#13
Quote: Originally Posted by mentalfloss View Post

Me?

Ya you.

Quote:

No, I typically favour a tightly controlled economy rather than a free market. That said, I think any stimulus should go directly to families rather than corporations.

Nice generalization. To bad stimulus money has been going to social and family services programs too. And well, my family too, through action plan infrastructure stimulus.

Like I said though, you right wingers are all alike, generalize, generalize, generalize...

Maybe you should stick to giving cannuck thumbs up, whining about Loc and trolling. It's more your speed.
 
mentalfloss
#14
Quote: Originally Posted by CDNBear View Post

Nice generalization. To bad stimulus money has been going to social and family services programs too. And well, my family too, through action plan infrastructure stimulus.

Like I said though, you right wingers are all alike, generalize, generalize, generalize...

Maybe you should stick to giving cannuck thumbs up, whining about Loc and trolling. It's more your speed.

Take a chill pill man - I'm just going by what I understand from this article. If some stimulus is in place, the primary benefactor looks to be the banks.
 
CDNBear
+1
#15
Quote: Originally Posted by mentalfloss View Post

I'm just going by what I understand from this article.

A failing you should work on.

Quote:

If some stimulus is in place, the primary benefactor looks to be the banks.

"If", lol. Banks benefiting? LOL!

Canada's Economic Action Plan

And as a repository for peoples money, ya, the banks are always going to benefit.
 
darkbeaver
Republican
+1
#16
Quote: Originally Posted by taxslave View Post

If the government was actually serious about looking after the economy and taxpayers interests they would immediately eliminate the deficit and work at eliminating the debt. Just as any fiscally responsible person does with their household. NOTE: Taking a cash advance on your mastercard to make the minimum payment on your visa is NOT responsible fiscal management.



It would be easier to eliminate venereal disease, globally, then to eliminate Canadian debt. Good debt gets you better while having none gets you bombed into borrowing, submission to the Globalist cut throats.
 
CDNBear
#17
Quote: Originally Posted by darkbeaver View Post

It would be easier to eliminate venereal disease, globally, then to eliminate Canadian debt. Good debt gets you better while having none gets you bombed into borrowing, submission to the Globalist cut throats.

You 1%'ers are so funny.
 
Tonington
+1
#18
Quote: Originally Posted by CDNBear View Post

You 1%'ers are so funny.

Only 1% of the time though...
 
darkbeaver
Republican
+1
#19
Quote: Originally Posted by CDNBear View Post

You 1%'ers are so funny.

How could you possibly appreciate upper crust humour you common rubbish eating omnivore? It's pure unlikely coincident that you came to construct the sentence. My caviar has gotten cold while I've been correcting you you smelly beast.
 
CDNBear
+1
#20
Quote: Originally Posted by darkbeaver View Post

How could you possibly appreciate upper crust humour you common rubbish eating omnivore? It's pure unlikely coincident that you came to construct the sentence. My caviar has gotten cold while I've been correcting you you smelly beast.

No doubt.

I hope you use a wooden spoon. You capitalist pig dog you.
 
mentalfloss
#21
Quote: Originally Posted by darkbeaver View Post

How could you possibly appreciate upper crust humour you common rubbish eating omnivore? It's pure unlikely coincident that you came to construct the sentence. My caviar has gotten cold while I've been correcting you you smelly beast.

 
Tonington
+1
#22
Quote: Originally Posted by darkbeaver View Post

How could you possibly appreciate upper crust humour you common rubbish eating omnivore? It's pure unlikely coincident that you came to construct the sentence. My caviar has gotten cold while I've been correcting you you smelly beast.

You're a confused beaver...you don't eat fish eggs. As for the smell, it's probably your glands.
 
CDNBear
#23
Quote: Originally Posted by Tonington View Post

You're a confused beaver...you don't eat fish eggs. As for the smell, it's probably your glands.

1%'er capitalist beavers do. And with that fat trust fund he lives off of, he likely had his scent glands removed.
 
taxslave
Free Thinker
+2
#24
Quote: Originally Posted by darkbeaver View Post

It would be easier to eliminate venereal disease, globally, then to eliminate Canadian debt. Good debt gets you better while having none gets you bombed into borrowing, submission to the Globalist cut throats.

No debt means independence. True some debt is better than others but no debt and pay as you go is the best. Borrowing to build a new highway with a targeted retirement date is good debt. Borrowing to continue a structural deficit in social programs is bad debt and one that our grandchildren will resent having to pay for.
 
darkbeaver
Republican
#25
Quote: Originally Posted by taxslave View Post

No debt means independence. True some debt is better than others but no debt and pay as you go is the best. Borrowing to build a new highway with a targeted retirement date is good debt. Borrowing to continue a structural deficit in social programs is bad debt and one that our grandchildren will resent having to pay for.

I agree with your debt ideas generally. Debt is the greatest national problem to all nations. However national debt seems to be the bonding agent in the western alliance. If you try to get out of bed with these people you get crushed. I think we're stuck with the increasing debt as long as we're stuck with the international private banking cabal. No debt means independence. Thats the whole truth.
 

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