Economy
Who Do You Bank With?
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The American and Canadian Governments are concerned about the condition our banks have placed themselves into. Various past crises come to mind like the Savings and Loans Crisis and the failure of two possibly other American Banks. The Federal Government has pursued Banks with close ties to the various Drug Cartels in Central and Latin America, Asia, and Africa. Can we trust our banks?
Trust is the one thing that brought about the Great Depression long ago. The public lost their trust in the management of their savings, and the multiple loans approved long ago were called in, forcing small-medium and Large Firms and millions of private individuals to declare bankruptcy. Can that happen again?
Canadian Banks are tied to their American cousins, and the Stock Exchange in New York and Bay Street can certainly lose their trust in a few powerful whales(anchor Stocks), and pow, these stocks, and others will fall until the Federal Government puts a hold on all trading. Traders have shown themselves to be very fickle, and easily wowed or frightened too. The Technology Giants were created, and their owners were made very wealthy by these stock traders long ago, even when some of these giants were not making much profit. Banks invested in all forms of socially acceptable businesses with the hope that profit will be made.
The banking system has many of us by the proverbial you know what, holding our public debt and not afraid to use it against us too. Credit Cards, Lines of Credit are all loans that can be recalled, with demands to be repaid in short order. Banks are not our friends, but corporations making massive beats upon whom to invest and make their pound of flesh, the demanded profit.
Paying off your private or business debt is a clear pathway to a freedom most of us do not know, remember, or can hope for these days. The Banking System can and does sway whole sectors of our economy towards a point in time where the banks can make significantly more profit, such as their investments in The Ring of Fire in Northern Ontario. Where massive profits can be made, you’ll find a bank or two leading the way to development, harvesting, and growth. The little guy is certainly less important to a mammoth corporation like one of our banks. Small profits, collected in mass are good, but difficult to manage. Failure rates these days are high.
Clearly, we need to understand who lends us money, and what our relationship is with these unnamed groups of firms that fall under an umbrella of the banks we know. If you fail to make payments over time, you’ll surely know their name, strategy, and method of flesh extraction. Our future within this North American Market will certainly be chaotic, uncertain, and punishing to many.
Steven Kasab
Bradford, Ontario
skaszab@yahoo.ca
Economy
Quebec proposes making French mandatory for all economic immigration programs – Canada Immigration News
Published on May 29th, 2023 at 07:00am EDT
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Quebec Premier Francois Legault has proposed major changes to Quebec’s economic immigration criteria.
Speaking on May 25 with the Minister of Immigration, Francisation and Integration, Christine Frechette and the Minister of the French Language, Jean-François Roberge, Legault says the changes will ensure that nearly 100% of new economic immigrants to Quebec will know French before they arrive in the province by 2026. This is meant to promote Francophone economic immigration in Quebec.
“As we have seen for several years, French is in decline in Quebec,” said Legault. “Since 2018, our government has acted to protect our language, more than other successive governments since the adoption of Bill 101 under the Lévesque government. But if we want to reverse the trend, we must go further. By 2026, our goal is to have almost entirely Francophone economic immigration. We all have a duty, as Quebecers, to speak French, to transmit our culture on a daily basis, and to be proud of it.”
Discover if You Are Eligible for Canadian Immigration
Knowledge of oral French will be required for adults. This is meant to ensure that those who wish to settle in Quebec will be able to communicate in French throughout day-to-day interactions at work and in their communities.
The changes are part of a new permanent immigration program for skilled workers in Quebec. The province says the Skilled Worker Selection Program will “take into account the diverse needs of Quebec.”
Candidates in the program will be evaluated in four categories that have not yet been made clear, but the province says that three of the categories will require that the principal applicant and their accompanying spouse have knowledge of French.
There will also be revisions to existing programs. For example, the work experience requirement will be removed from the Quebec Experience Program for graduate students from a French-language study program.
Family reunification measures include making it mandatory for the guarantor to submit a plan for reception and integration that will support the learning of French for the person they are hosting.
Immigration is a shared responsibility between the federal and provincial governments. Quebec’s agreement is unique from other provinces in that it can select all its economic immigrants. Quebec does not have the authority to select family class sponsorship applicants or those who arrive in Canada as refugees or other humanitarian classes.
For 2023, Quebec has targeted that 65% of newcomers admitted to the province will be economic class.
Increasing immigration numbers in Quebec
The province is also considering raising the number of permanent selection admissions from 50,000 to 60,000 per year by 2027. This is in stark contrast to Legault’s recent comments that there was “no question” of Quebec accepting any rise in the number of newcomers and publicly rejecting the federal Immigration Levels Plan, which has a target of 500,000 permanent residents admitted to Canada each year by the end of 2025.
These changes also follow Quebec’s Immigration Levels Plan for 2023, where it was announced that the province would move away from plans that forecast only the coming year and begin introducing multi-year plans for immigration by 2024.
Why the changes?
Quebec is unique in Canada as it is the only province where French is the official language. The province is fiercely protective of its language, saying it is vital to protecting Quebec’s unique culture and status.
Legault is the leader of the Coalition Avenir Québec (CAQ) and is currently in his second term as Quebec’s premier, having been reelected last October. One of the main pillars of the CAQ party is to protect the French language in Quebec.
Immigration was one of the key issues in the recent election. Throughout his campaign, Legault said that Quebec would allow only 50,000 immigrants per year into the province as it would be difficult to accommodate and integrate more than that into Quebec society. He said that accepting more than that would be “a bit suicidal.”
Regardless, Quebec, like the rest of Canada, is experiencing a labour shortage as the population ages and the birth rate remains low. A report released last March by the Canadian Federation of Independent Business shows that the province could face an annual shortfall of up to nearly 18,000 immigrants, who would be able to fill Quebec’s labour needs.
Discover if You Are Eligible for Canadian Immigration
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The Turkish leader won the presidency for a third time after a run-off vote on Sunday.
The Turkish lira has plunged to record lows after the re-election of President Recep Tayyip Erdogan, a sign that currency markets are not confident in the country’s economic future after the longtime leader’s re-election.
The Turkish currency weakened to 20.01 to the dollar on Monday after the high-stakes run-off a day earlier.
But Turkish stocks, on the other hand, rose as Erdogan entered a third decade in power with the benchmark BIST-100 index up 3.5 percent and the banking index rising more than 1 percent.
The lira fell to a record low as the country battles a cost of living crisis and depleted foreign reserves.
On the campaign trail, Erdogan pledged to slash inflation to single digits and boost economic growth, a message he reiterated in his victory speech late on Sunday. But analysts said his economic policies are unorthodox and predicted they will lead to more pain for Turks.
“In our view, Erdogan’s biggest challenge is Turkey’s economy,” Roger Mark, an analyst at the Ninety One investment management firm told the Reuters news agency. “His victory comes against a backdrop of perilous economic imbalances with his heterodox economic model proving increasingly unsustainable”.
Hasnain Malik, head of equity research at Tellimer, an emerging markets research firm, told the agency: “An Erdogan win offers no comfort for any foreign investor.”
“Only the most optimistic would hope that Erdogan now feels sufficiently secure politically to revert to orthodox economic policy,” he said.
Interest rate cuts sought by Erdogan sparked a devaluation of the Turkish lira in late 2021 and sent inflation to a 24-year peak of 85.5 percent last year. The president had argued that higher interest rates cause inflation while central banks around the world were raising rates to reduce price rises.
Turkey’s struggling economy, also reeling after the country’s devastating double earthquakes in February, was a major thorn in Erdogan’s prospect for re-election.
The leader has defended his economic policies, reassuring Turks that investment, production, exports and an eventual current account surplus will drive up Turkey’s gross domestic product.
Economy
U.S. economy and new incentives put Canada at disadvantage in Stellantis negotiations, professor says
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Two weeks of negotiations between the federal and provincial governments and Stellantis have failed to produce a new deal for the NextStar EV battery plant in Windsor, Ont. Ian Lee, an associate professor at Carleton University’s Sprott School of Business, says the economic might of the U.S., coupled with the incentives offered in recent legislation, make it extremely challenging for Canada to compete.
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