{"id":10708,"date":"2015-08-04T08:24:20","date_gmt":"2015-08-04T13:24:20","guid":{"rendered":"http:\/\/olduvai.ca\/?p=10708"},"modified":"2015-08-04T08:24:20","modified_gmt":"2015-08-04T13:24:20","slug":"perfect-storm-engulfing-canadas-economy-perfectly-predictable","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=10708","title":{"rendered":"‘Perfect Storm’ Engulfing Canada’s Economy Perfectly Predictable"},"content":{"rendered":"

‘Perfect Storm’ Engulfing Canada’s Economy Perfectly Predictable<\/a><\/h3>\n

Years ago Andrew Nikiforuk, citing experts, warned where Stephen Harper’s priorities would lead us.<\/strong><\/p>\n

Economists, an irrational tribe of short-sighted mathematicians, are now calling Canada’s declining economic fortunes “a perfect storm.”<\/p>\n

It seems to be the only weather that complex market economies generate these days, or maybe such things are just another face of globalization.<\/p>\n

In any case, economists now\u00a0lament<\/a>\u00a0that low oil prices have upended the nation’s trade balance: “Canada has posted trade deficits every month this year, and the cumulative 2015 total of $13.6 billion is a record, exceeding the next highest, in 2009, of $2.95 billion.”<\/p>\n

But this unique perfect storm gets darker. China, which Harperites eagerly embraced as the globe’s autocratic growthlocomotive<\/a>, has run out of steam.<\/p>\n

As the country’s notorious industrial revolution unwinds, China’s stock market has imploded. Communist party cadres are now\u00a0moving<\/a>\u00a0their money to foreign housing markets in places like Vancouver.<\/p>\n

Throughout the world, analysts no longer\u00a0refer<\/a>\u00a0to bitumen as Canada’s destiny, but as a stranded asset. They view it as a poster child for over-spending, a symbol of climate chaos, a signature of peak oil and a textbook case of miserable energy returns. Nearly $60-billion worth of projects representing 1.6 million barrels of production were\u00a0mothballed<\/a>\u00a0over the last year.<\/p>\n

A new\u00a0analysis<\/a>\u00a0by oil consultancy Wood Mackenzie reveals that capital flows into the oilsands could drop by two-thirds in the next few years.<\/p>\n

The Bank of Canada doesn’t describe the downturn led by oil’s collapse as a recession because the “R word” smacks of negative thinking or just plain reality.<\/p>\n

Surely lower interest rates will magically soften the consequences of a decade of bad resource policy decisions, Ottawa’s elites now reason.<\/p>\n

Meanwhile the loonie, another volatile petro-currency, has predictably\u00a0dropped<\/a>\u00a0to its lowest value in six years along with the price of oil.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n

\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

‘Perfect Storm’ Engulfing Canada’s Economy Perfectly Predictable Years ago Andrew Nikiforuk, citing experts, warned where Stephen Harper’s priorities would lead us. Economists, an irrational tribe of short-sighted mathematicians, are now calling Canada’s declining economic fortunes “a perfect storm.” It seems to be the only weather that complex market economies generate these days, or maybe such […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3],"tags":[1082,5549,942,103,130,151,1784,4651,6387,604,7825,5499,805],"class_list":["post-10708","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-alberta","tag-andrew-nikiforuk","tag-bank-of-canada","tag-canada","tag-china","tag-commodities","tag-exports","tag-globalisation","tag-harper","tag-ottawa","tag-petro-currency","tag-the-tyee","tag-trade"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/10708","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10708"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/10708\/revisions"}],"predecessor-version":[{"id":10709,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/10708\/revisions\/10709"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10708"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10708"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10708"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}