The Canada Strong Fund – Just Like Victory Bonds
By Richard Dowson - Opinion/Commentary
I never like to pat myself on the back – at least not too often. But I deserve a pat.
Last fall I told a couple of Old Farts – Seniors with Massive Intellectual Capabilities – that Canada should sell ‘Victory Bonds’ to rebuild our country and economy.
That Canada must build pipelines; revitalize ports and transportation networks; modernize infrastructure; start mineral development that has been on the shelf since the 1970s; establish new trading partners and most of all, rebuild the Canadian military.
That takes money – and lots of it.
All because the Trump Administration altered the course of Canadian history, just like WW II altered Canadian history.
Rather than relying on taxes, the government should sell ‘interest paying bonds’ to Canadians and use that money to rebuild.
In WW II Victory Bonds were sold to Canadians to finance the War. Later, we had Canada Savings Bonds.
Why the Urgency?
The Trump Administration. Canada’s over-reliance on the United States as a main trading partner is finished.
Canada is now in a precarious new world.
Canada relied on Americans for far too long. The Canada-U.S. relationship is ‘ruptured’. Canada must change now.
Canada today is like Canada in September 1939, at the beginning of World War II.
A disaster demanded Canada address new economic needs. The economy in shambles. The military was almost non-existent.
War with Hitler demanded the rebuilding of the military. Canada needed money, and lots of itto finance these changes. The government turned to the average Canadian; selling them Victory Bonds. Like it had been done to finance World War One.
“Victory Bonds” paid interest. Canada raised $12 Billion (in 1940 dollars) to fund World War II. “… 52% from corporations and the rest from individuals.” (Canadian Encyclopedia)
Today
Times are volatile. The global uncertainty brought about by the Trump Administration’s zero-sum mindset to future trade agreements must be dealt with – by Canadians.
Recently, the situation was reinforced by this comment: “United States Trade Representative Jamieson Greer told Canadians … they should not expect a return to the way things were.” (Canadian Press)
Canadian Prime Minister Carney has said massive change is needed now. Money is needed to finance these changes. To raise money the Carney Government has established the Canadian Sovereign Wealth Fund.
Here is an outline of the Carney Government CanadianSovereign Wealth Fund, known as the ‘Canada Strong Fund’.
Information from the Government of Canada Website
1 Designed to give all Canadians a direct stake in the Build Canada agenda
2 Leading Canadian companies will help build our energy, transportation and telecommunications infrastructure and future economy.
3 Investing alongside private capital in this growing pipeline of projects and companies, and generating strong, commercial returns for Canadians
4 We (the Government of Canada) will create a new Crown corporation, and its work will be guided by a CEO and a qualified independent board of directors.
5 The government intends to offer Canadians the opportunity to participate directly in the Fund through a new, retail investment product. (Like Victory Bonds)
6 This means that any Canadian who wishes to can invest some of their savings into the Canada Strong Fund.
That Pat on the Back?
I deserve in now for said to Old Friends last fall!!!!
Writer Richard Dowson is a retired educator.
He is known for his frequenting local coffee shops and other places seniors gather.
In a previous life he wrote comedy for CHED in Edmonton.
His views may or may not reflect the views of this publication.