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February 2002
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Editorials:
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Do you know where your Pension Fund is tonight?
According to a CBC news report, Canadians bought some $34 BILLION in foreign stocks last year. That's roughly $1,000 for every man, woman and child in Canada.
Once again, Canadians allowed (directed?) their pension funds to invest huge sums of money outside of the country, while small business continues to have a tough time raising capital that would benefit the local economy and help create meaningful JOBS in our communities.
Some have argued that people invest where they think their money
will generate the best return.
I'm aware of the rationale that is used to justify sending money
out of our country. What I am not so clear about is the question
of whether anybody understands the implications of what they're
doing - and whether they care.
The way I see it, investing abroad is like betting on the 'other' team and then helping to buy their new skates. Meanwhile, our home team often doesn't have busfare to even get to the game.
By investing abroad (even south of the border) we make sure that our home team will be at a disadvantage, thereby proving us right in not supporting them.
Chicken and egg. Defeatist. Some would even call it unpatriotic, but we're not really strong on Canadian patriotism, are we?
With every dollar we send across the border, we actively contribute to destabilize and to devalue our own currency and the economy. This is true for investments as much as for goods imported or profits sent to head offices abroad.
I guess our attitudes still haven't outgrown our past as a colony. We're still happy to send all savings and profits elsewhere. Our true loyalties are not where we live. We 'mine' this country in any way we can with no thought of the impact on our economic or physical surroundings, or on those who come after us. After all, it's temporary and at the end of the season, we'll set sail for Florida, England, or wherever ...
When it comes to adopting a common currency for this continent, I think the European experience bears close scrutiny. Not everybody benefitted from the exercise. Some countries even refused to join. Furthermore, there was no country in Europe that had quite the status of a virtual economic and cultural appendage that we cultivate with our neighbor.
Think globally, Act Locally!
What do you think? Email
me or join our discussions on the Highway7
forum.
Jurgen
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