Carney’s Last Resort

by David Solway

The Fascist State lays claim to rule in the economic field no less than in others; it makes its action felt throughout the length and breadth of the country by means of its corporate, social, and educational institutions. —Benito Mussolini, The Doctrine of Fascism

Canada’s prime minister is not a serious man. He occupies himself in prancing off on international junkets, five in seven months, participating in left-wing policy conferences of progressive politicians, and enjoying women’s rugby matches in company with his wife. As for attending to the nation’s business, it’s all waffle.

Carney is a serious man only when it comes to his own interests, of course, such as shepherding his investments in Qatar, including the Abu Dhabi National Oil Company. Not bad for a man who wants to destroy Canadian oil and gas extraction and delivery. He has implemented a “historic partnership” with an “ambitious agenda” with the EU, engaging in priorities that commit “Canadian taxpayers to a ‘new world order’ of climate action, digital IDs, “hate law” enactments, EV mandates, internet censorship, carbon taxes, decarbonization goals, and net zero policies.”

These are initiatives leading directly to a state of national receivership. Indeed, in a very real sense, we might say that the Carney/Liberal government is not only anti-Canadian but anti-civilization, threatening the rule of law, limits on state power, freedom of expression, freedom of inquiry, respect for human dignity, and fidelity to the principles of prosperity and private property, of which latter the sanctity of credit and financial independence are critical.

“A decade ago,” writes Michelle Stirling at Western Standard, “Mark Carney gave his 2015 speech to Lloyd’s of London…that analyst Steve Kopitz found was filled with factual errors. Since then, thanks to climate-addled banksters, as out of their depth of expertise as Greta Thunberg, along with the Net Zero ‘climate cartel,’ we have turned our country’s economy and global finance upside down.” As of 2018, HSBC [Hongkong and Shanghai Banking Corporation] refused to finance “new fossil fuel projects like Keystone XL or to cover financing shortfalls for Kinder Morgan’s Trans Mountain Expansion,” thanks in part to Carney’s equally irresponsible and feckless successor as Governor of the Bank of Canada, former head of TD Canada Trust Tiff Macklem.

These pipelines and others, worth billions in investment, jobs, and revenue, “were blocked within the next couple of years by foreign and domestic-funded climate activists,” with the Bank’s approval or indifference. No wonder investment has fled the country. No wonder Canada is plunging over the fiscal precipice like a confederation version of Wile E. Coyote. Carney will be constrained to come up with some way to bail the country out of the bottomless crisis he is currently enabling. Massive cuts in social services and ever-more rocketing taxes are in the offing.

Budget Watchdog Jason Jacques regards Canada’s economic outlook as “shocking,” “alarming,” and “stupefying.” Significant foreign investment in Canada is close to non-existent, and the Liberal government appears to rely instead on using public funds to make necessary contributions to infrastructure. The government has not yet released an official budget, though it is making a fuss about changing its regular schedule. The increasing debt-to-GDP ratio is catastrophic, as is the deficit-to-debt correlation, and indeed, every quotient involving solvency—making Canada an “energy superpower,” reducing unsustainable levels of immigration, new trade relations with the U.S (which are going nowhere), building homes for young couples—is either meretricious or is a paradoxical sign of imminent collapse. “And no man can find site for his dwelling,” to quote Ezra Pound in Canto XLV.

Thus, each move or policy issue that Carney has ostensibly broached is empty of effect; that is, when it is not downright counter-productive or merely another flagrant lie, Carney’s stock in trade. The question that now poses itself involves Carney’s next step after cuts, taxes, false promises, and wildfire borrowing do not prevent economic implosion.