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  • True, Lasting Reconciliation November 21, 2018
    For the first time, a report outlines what implementation of the United Nations Declaration on the Rights of Indigenous Peoples could and should look like at the provincial level. This report focuses on implementation in BC law, policy and practices. Fundamental to the UN Declaration is an understanding that government must move from a “duty […]
    Canadian Centre for Policy Alternatives
  • Boom, Bust and Consolidation November 9, 2018
    The five largest bitumen-extractive corporations in Canada?control 79.3 per cent of Canada’s productive capacity of bitumen. The Big Five—Suncor Energy, Canadian Natural Resources Limited (CNRL), Cenovus Energy, Imperial Oil and Husky Energy—collectively control 90 per cent of existing bitumen upgrading capacity and are positioned to dominate Canada’s future oil sands development. In a sense they […]
    Canadian Centre for Policy Alternatives
  • A new Director for CCPA's BC Office: Message from Mary Childs, Board Chair October 24, 2018
    The CCPA-BC Board of Directors is delighted to share the news that Shannon Daub will be the next BC Director of the Canadian Centre for Policy Alternatives. Last spring, Seth Klein announced that, after 22 years, he would be stepping down as founding Director of the CCPA-BC at the end of 2018. The CCPA-BC’s board […]
    Canadian Centre for Policy Alternatives
  • Who Owns Canada’s Fossil-Fuel Sector? October 15, 2018
    The major investors in Canada’s fossil-fuel sector have high stakes in maintaining business as usual rather than addressing the industry’s serious climate issues, says a new Corporate Mapping Project study.? And as alarms ring over our continued dependence on natural gas, coal and oil, these investors have both an interest in the continued growth of […]
    Canadian Centre for Policy Alternatives
  • Pharmacare consensus principles released today September 24, 2018
    A diverse coalition representing health care providers, non-profit organizations, workers, seniors, patients and academics has come together to issue a statement of consensus principles for the establishment of National Pharmacare in Canada. Our coalition believes that National Pharmacare should be a seamless extension of the existing universal health care system in Canada, which covers medically […]
    Canadian Centre for Policy Alternatives
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Archive for 'asset backed commercial paper'

Ontario Electricity Sector VI – Meet the new boss…

The provincial election of June ended 15 years of Liberal electricity policy in Ontario. Anger over high electricity prices continued to be an election issue, contributing to the Liberal loss of power and official party status (reduced from 55 to 7 seats). The PCs have formed Government with 76 seats, while the NDP is official […]

Ontario’s Electricity Sector III: Legislative & Finance Update

My January and April posts on the Ontario electricity sector described how decisions by different Ontario governments gave rise to excess electricity generation with an inflated cost structure, leading to higher electricity prices. Here I discuss the latest development, the Liberal Government of Ontario’s proposed financial framework for its “Fair Hydro Plan” (FHP). In election […]

Intellectual Dishonesty at the Ivey Business Journal

Under the headline a€?Canada Isna€?t Rotten to the Corea€?, the new editor of the Ivey Business Journal, Thomas Watson, attacked my book a€?Thieves of Bay Streeta€? in his inaugural editorial. Although the book hit bookstores almost two years ago, and has faded from view, I found this assault so distorted to what a€?Thievesa€? explores I […]

The Big Banks’ Big Secret

The CCPA today released my report: a€?The Big Banks Big Secreta€? which provides the first public estimates of the emergency funds taken by Canadian banks.?? The report bases its estimates on publicly available data from CMHC, the Office of the Superintendent of Financial Institutions, US Federal Reserve, the Bank of Canada, as well as quarterly […]

Stock Market Swindles Galore

This past weekend (March 31st), Sino-Forest Corp. announced it was filing for bankruptcy protection. The Chinese-Canadian company, once the largest publicly-traded forestry firm on the TSX, collapsed under allegations it was nothing more than a sophisticated fraud and Ponzi scheme. Sino-Foresta€?s demise wiped out about $6-billion in shareholdersa€? value, making it a catastrophe on par […]

The Caisse and the mysterious life of market makers

The political crisis around the Caisse’s dismal performance continues to haunt the political scene in Qu??bec. Urged to explain how up to 40 billion dollars might have been lost during his management Caisse ex-director Henri Paul Rousseau largely blamed the economic and financial crisis, factors beyond his control. Asked why and how the Caisse ended […]

The Meaning(lessness) of Money — Why “Quantitative Easing” Won’t Do What People Think it Will Do

There has been much talk, of late, about the ineffectiveness of conventional monetary policy — i.e., lowering the target for the overnight interest rate to incite borrowing and hence economic expansion — and the need for monetary authorities to consider something more dramatic, like so-called “quantitative?? easing” — the active buying of government debt and […]

Laughing All the Way to the err…Bank

The Canadian Bankers’ Association must be happy.?? They’ve somehow managed to convince pundits south of the border, and even a few here who really ought to know better, that they’ve somehow been able to weather the economic and financial storm with absolutely no help from the federal government. The most recent evidence for this position […]

“Severe and Unusual Stress” — A Definition In Search of A Situation

Well. Finally. Some clarity. Sort of. Earlier this month, Bank of Canada governor Mark Carney made appearances before the House of Commons Finance Committee and the Senate Banking, Trade and Commerce committee to discuss the Bank’s latest monetary policy report . Transcripts are now available and with a little reading-between-the-lines, they tell us a lot, […]

The Credit Crunch Hits Home?

What is going on out in Canada’s wild and woolly financial system? First, the Bank of Canada convinces the Department of Finance and the Conservatives that it “needs” expanded powers to purchase a broader range of securities (see my earlier post for why their arguments are not very convincing). And then, earlier this week, a […]

The Budget and the Bank

Over the years, federal budget legislation has acquired the feel of U.S. omnibus bills (the Farm Bill is probably the quintessential example). To some extent, this is to be expected. Ever since the “disastrous” Trudeau era, the imperial Department of Finance has not-so-quietly re-asserted its domain over the federal bureaucracy. One manifestation of Finance’s power […]

Avoid Blame, Change the Game!

The asset-backed commercial paper (ABCP) debacle: who is to blame??? According to the National Post , ita€?s everybody and nobody.?? I find myself in unusual agreement.?? While I don’t??wish to see likely criminals let off the hook, a better approach out of this mess??is to change the rules of the game. Last August, the Canadian […]

Monetary policy in the time of (financial) cholera

I was on CBC’s The House this weekend on the US economy and its implication for Canada and the federal budget. My co-commentator was Chris Ragan, of McGill and CD Howe. We are in general agreement as far as diagnosis goes, though he seems more optimistic than I about Canada’s ability to stay clear of […]

Levy Institute on sub-prime and US developments

Randall Wray, in a paper for the Levy Institute, provides a nice history of the sub-prime debacle, and connects it to the economics of Hyman Minsky (whose name has resurfaced in the wake of the current connundrum) in Lessons from the Sub-prime Meltdown: This paper uses Hyman P. Minskya€?s approach to analyze the current international […]

Where is Finance Minister Flaherty?

Where is Finance Minister Flaherty? by Doug Peters and Arthur Donner. (from today’s Toronto Star)   (Doug Peters is the former Chief Economist of The Toronto-Dominion Bank and was Secretary of State (Finance) from 1993 to 1997. Arthur Donner, a Toronto economic consultant, began his career as an economist at the Federal Reserve Bank of […]

The Non Bank Asset Backed Commercial Paper Mess

The business pages are covering this rather arcane issue more and more intensively. The Canadian market for so-called non bank asset backed commercial paper or ABCP has more or less frozen up, leaving some $40 Billion in stranded assets. Much of this seems to be held by large pension funds and other large institutions, with […]