Part II: Canada the Corporatocracy
Now there is a new Canada. I like to call it Corporate-Canada. It is a Canada run by governments (and be clear – I favour no party here) who consistently sell its people and its resources out for short-term political life and to empower the corporations that really run things. In shortly, Canada is a Corporatocracy. Canadians have been seeing it for years. Just mention overcharging (funny how telecom company’s oopsies in incorrect billing never, ever favours the customer,) or the telecommunications market’s chokehold and collusion on internet prices and you’ve only begun to scratch the surface of how every day Canadians are being treated every day. Internet prices in Canada are among the highest of anywhere in the world, because they “need to pay for the infrastructure”. They’ve been working on that infrastructure for decades now. A look at stocks and CEO salaries tell a different story.
Canada has a history of putting all of its eggs into one basket. For years it was the energy sector, more specifically, oil and gas. Years back, Prime Minister Stephen Harper doubled down on that industry (as that is where his father worked) while doing nothing to diversify Canada’s interests at a time when it was clear those interests needed to be diversified. The industry has received decades worth of subsides and amazing profits. Profits that were once so great that Alberta Premier Ralph Klein sent out “prosperity bonus” cheques to every Albertan to celebrate their wealth. There was no investing that money in the future because the corporations banked on the fact that they would always be treated like Canada’s darlings. Now they sound like a bunch of babies kicking and screaming because the world is changing. Because it HAS to change. Currently, Canada is cooking and burning.
Or how about the banking industry? Ask Canadians about banking fees. Every quarter it seems that Canadian banks keep making record profits, and it’s not surprising with the amount of
nickel-and-diming loonying-and-twonying (toonying?) that is so frequently done for transactions. And good luck doing anything about it. For years Canadian banking practices have abused Canadians, and just wait until those pandemic-era interest rates start to rise… but hey. It makes a healthy economy, doesn’t it? In the short term.
Speaking of putting one’s eggs all in one basket – real estate. Canada has become a world leader in expensive real estate. It makes the economy look strong in short-term election cycles. Full disclosure here: my wife and I have been living abroad for a decade now, because the employment options for teachers were far better overseas. We have been saving to repatriate to Canada for some time, and have a reasonable amount of money to buy a house in a rural area. But Canada’s real estate market has become horrifically unreasonable in the past decade. Let’s find out why.