Tiff Macklem, governor of the Bank of Canada, gave a speech on global trade and prosperity to the Saskatchewan Trade and Export Partnership and the Greater Saskatoon Chamber of Commerce on September 23.A decade ago, Mark Carney gave his 2015 speech to Lloyd’s of London, “Breaking the Tragedy of the Horizon” — a speech that analyst Steve Kopitz found was filled with factual errors. Kopitz called it a “failure of analysis.” 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. Macklem pointed out that Canada is a trading nation and that trade is under attack. Really?.OLDCORN: Truth and Reconciliation Day: A national farce masquerading as mourning.Where was the Bank of Canada in 2019 when Friends of Science Society (of which I am the Communications Manager) sent out this press release calling for the Bank of Canada to open an inquiry into the Tar Sands Campaign and the burgeoning climate risk trade war attack on Canada’s resource industry? The Bank of Canada was nowhere to be found. No elbows up for Canada, despite the fact that groups like Greenpeace, BankTrack, and Rainforest Action Network, among others, were running relentless harassment and fossil fuel divestment campaigns against banks.As of 2018, Greenpeace was crowing over HSBC’s new policy to refuse to finance new fossil fuel projects like Keystone XL or to cover financing shortfalls for Kinder Morgan’s Trans Mountain Expansion..As the Friends of Science Society press release revealed at the time, the banking sector was using an implausible climate scenario known as Representative Concentration Pathway 8.5 (RCP8.5). So, maybe Governor Macklem should look in the mirror when he is critiquing Canadians for not being aggressive enough in diversifying our trade partners. The Bank of Canada helped kill our economy with climate astrology. Macklem seems to have forgotten that Alberta oil sands oil, and Canada, were vilified worldwide since about the 1990s, as the Tar Sands Campaign took its street theatre to every high-profile climate event — and every high-profile bank. Did he miss out on the people dressed as polar bears on blocks of melting ice? Greenpeace activists hanging off the Calgary Tower? The activists barring bank doors with plastic pretend pipelines denouncing our “dirty oil?” .EDITORIAL: Alberta teachers turn down a dream deal — and hold families over a barrel.Anyone with an iota of geopolitical acumen knows that the Tar Sands Campaign literally “rubbed off” on every kind of industry and export from Canada in terms of reputational damage. Hard to diversify trade when everyone sees your country as a planet killer.Was Macklem unaware that Canadian/Albertan oil sands export oil prospects spent years in a Kafkaesque “fuel quality review” in the European Union where the EU thought our oil was “too dirty” for them? Once Canada finally got a tiny market share in Italy, and planned to build pipelines like Energy East, Keystone XL, Northern Gateway, and Trans Mountain Expansion, did Macklem not notice that three of these pipelines, worth billions in investment, jobs, and revenue, were blocked within the next couple of years by foreign and domestic-funded climate activists? Northern Gateway was cancelled as an election promise by Trudeau! Most of these climate groups operate as “charities” — thus draining the tax pool for national needs. .You’d think a banker with such a long association with the Bank of Canada would notice the loss of billions of dollars of revenues and the disruption of international market connections. After all, here’s Tiff Macklem in Saskatchewan, talking with some of the hardest-working people in Canada, telling them we “need to chart a new course. We should have been making these changes 15 years ago.” Oh. You mean at the height of the Tar Sands Campaign? .EDITORIAL: NFL gives Trump the foam finger with Bad Bunny Super Bowl halftime pick.Ecojustice vilified the National Energy Board (NEB) to the extent that this organization, which once did independent, highly technical, and economic evaluations of major projects, had its reputation destroyed by a point-and-click campaign. For 60 years, the NEB had set the global gold standard for investment in major projects. In its place? The much-hated “no-more-pipelines” Bill C-69 and the rather subjective Impact Assessment Agency of Canada Process. No wonder investment fled Canada. Half of it was harassed out by the hive and swarm of rabid climate activists; the other half just didn’t want to end up dead in the water like dozens of major projects before them — pumping in about $1 billion in development, like the Teck Frontier Project, only to find themselves “approved,” but on a hamster wheel of enviro-lawfare and public smear campaigns..The Tar Sands Campaign hit all of Canada. Make no mistake. Canada and the Alberta oil sands went from national pride to international pariah; but it impacted Canada’s industrial heartland of Ontario, too. And the BC coast with the tanker ban. And countless areas of mineral or energy development. These have been suddenly or surreptitiously blocked by foreign-funded conservation areas, ever-expanding, tax-subsidized Indigenous Protected Conservation Areas, or blocked off by The Great Eco-wall of Canada — created by layers and layers of environmental protection initiatives. And no, sir. This was not just a protest. It was and is a green trade war.And Tiff Macklem and the Bank of Canada did not notice. .EDITORIAL: Christianity is under siege while Liberals look away.As noted in the Friends of Science Society’s Open Letter to the Office of the Superintendent of Financial Institutions, central banks must abandon the flawed and conflicted “climate damage” function that wildly skews projections of climate damage — that leads to a Shadow Price on Carbon of $800 per tonne. Flawed climate ideology and inept climate risk forecasting in the banking sector have significantly created Canada's downturn.But hey. Elbows up..Due to a high level of spam content being posted in our comment section below, all comments undergo manual approval by a staff member during regular business hours (Monday - Friday). Your patience is appreciated.
