ALL ABOUT O CANADA

[onlooker]

Is this Canuck being too cheeky?  Perhaps yes, perhaps no.  You decide.

~    ~    ~

The 21st century belongs to Canada   By Don Pittis,    February 3, 2010

Is it impolite to claim a second century?

Of course, only Canadians know that our seventh prime minister, Wilfrid Laurier, said "The 20th century belongs to Canada." So perhaps we can sneak another century without anyone noticing.

The fact that Laurier didn't actually say his famous quote might also be a mitigating factor. Here is what he did say in 1904: "The 19th century was the century of the United States. I think we can claim that it is Canada that shall fill the 20th century."

One lesson appropriate to the modern economic situation may be that it is not always a good idea to count out Uncle Sam.

On the other hand, the U.S. has had a good run. At some point our southern neighbour may encounter the fatal sequence that The Economist magazine recently ascribed to Toyota: hubris, undisciplined greed, denial of risk and eventually capitulation.

They've been great customers, but the Americans have been buying on credit. U.S. President Barack Obama tells us he is borrowing $1.6 trillion US this year alone, and adding it to the national debt.

No intelligent Canadian wants to see U.S. capitulation, if just for reasons of self-interest. They buy most of our stuff. But as long as it lasts, borrowed money is also good. That should be no barrier to Canada claiming ownership of the 21st century. But can we really pull it off?

Being big isn't everything

These days China gets the odds on "most likely to own the century." But, hey, big isn't everything. Big populations can cause big problems. Besides, China already owned lots of centuries. Sort of everything up to the end of the Ming.

Small countries have done quite well too, thank you very much. It is easy to forget that Portuguese navigation technology conquered much of the world, for a while at least. The Dutch did very well, too. Japan had its day in the sun. England had an excellent run for a small, damp half-island with bad plumbing.

Cold may not be a disadvantage. Remember Gustavus Adolphus and Genghis Kahn?

And tables turn. Who nowadays would think of Mongolia ruling most of the known world (you were better off if the Khans didn't know about you during the period when their empire was at its peak). Greece may be having a little trouble just now, but for the centuries after Alexander the Great, Greek was spoken from Persia to Egypt. Or else.

All hail Canada, eh?

Now I am not suggesting Canadians should march beyond our borders and start forcing people to eat maple syrup and poutine at the point of a sword. That is not the kind of century ownership we are talking about. Our possession of the next 90 years would be much more enlightened.

But look at the facts. In a world swamped in national debt, our debt is tiny. For that reason international investment fund manager Bill Gross says Canada would be the safest place to invest for the foreseeable future. Except for Germany.

Germany may be safe, but it doesn't have our kind of cultural contacts. Other countries may have clever linguists and good trade relations. But what other country has at least one person with relatives in every country in the world? Germany may have Germans, but so do we. And Brazilians and Russians and Indians and Chinese. That means we'll have relations with the upstart economic power of the BRIC nations sewed up.

Some people have suggested Canada could become the world's top financial centre, as banks come north to escape tough new U.S. rules and taxes. Canada would benefit just like we did from the influx of Vietnam draft dodgers. Same principal, except they'll bring their own money.

That's good, because owning an entire century can be expensive. Have you looked at tuition at American universities lately, for example? With individual states running out of money even public colleges are getting expensive. In California, tuitions are up 30 per cent this year alone.

Affordable education in Canada also means smart young children of immigrants get a chance to become the world's best brains. Surely some of them will stay. And even if our education is not as affordable as some places, so what? Canadians can always borrow against our houses to pay tuition. Unlike our southern neighbour, our houses are still worth as much as we paid for them. So far at least.

Areas to work on

Unfortunately, when it comes to turning all that brain power into innovation, the Conference Board says we are at the bottom of the global pack. But that's not our fault. It's just that all the parent companies of our branch plant companies currently prefer to do their research at home. Who wouldn't?

And resources. We've got oil and nickel and potash. The fact that they are increasingly owned by foreign multinationals shouldn't make much difference. Except maybe when it comes to innovation. And the location of head offices. And labour relations.

But these niggling problems can be overcome. Heck, we did it with our weather. For years people have complained about our cold weather. But now all that's changed. With global warming on the way, being colder than other countries has suddenly become a big advantage. If everything from California to Florida is a windswept desert, we can sell them lettuce.

And speaking of deserts, there's our trump card: We have lots of cool, fresh, water. No one else owns that (yet). It's the cleanest, freshest water in the world, which someone should mention to the people who import all that water in bottles from Italy.

With all those advantages, surely we deserve another century. We deserve it even more than we did in Wilfrid Laurier's day.

But there is one special trick that old Wilfrid knew when he made his grab for the 20th century. To succeed, Canadians should take a lesson from our wise and conciliatory seventh PM. When you're going for a century, and especially after you get your mitts on the darned thing, don't wave it around cheering. That is so un-Canadian.

It's OK for us to smile smugly at one another and know the 21st century also belongs to Canada. Just don't blab it about.

See:   http://www.cbc.ca/money/story/2010/02/03/f-vp-pittis-economy-canada.html#ixzz0hL6RfLpW

[onlooker]

Some thoughts on the 2010 Winter Olympics

Our 2010 Winter Olympics had many first times. 

Canada won 14 gold medals, the most by any country in the 86-year history of the Winter Games. Canada finished with a series of 10 gold medals in the final week of the event; and with a golden goal 7:40 into overtime by Canada’s hockey icon Sidney Crosby, capped by the most coveted one of all -- the men’s ice hockey title.

http://olympics.thestar.com/2010/article/776119--four-seconds-sidney-crosby-s-goal-like-you-ve-never-seen-it

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One of my favourite Winter Olympics event was the dance skating.

On February 22, 2010, Tessa Virtue, 20 year old of London, Ontario and Scott Moir, 22 year old of Ilderton, Ontario made history for themselves by becoming the first Canadians – and the first North Americans, plus the youngest-ever to win an Olympic gold medal in ice dancing.

The Canadian ice dancing duo is known for their innovative lifts, their intricate spins and footwork, their athleticism, and classic elegance.  Much of their allure is their unquestionable chemistry, their ability to capture an audience with their utterly believable romance.

They have not won a world title yet, but they are already being compared to the British duo, Jayne Torvill and Christopher Dean, who have served as the benchmark for all ice dancers since they won Olympic gold in 1984.

See:  http://www.ctvolympics.ca/figure-skating/news/newsid=49724.html

Their three flawless performances can be viewed somewhere at the above site while it is still up. 

I did some research and discover that at a 2008 World Figure Skating Championships, it was their free dance to The Umbrellas of Cherbourg soundtrack which first transcended them from ordinary skaters to extraordinary ones.

See:  http://www.youtube.com/watch?v=GBVli-xfJK0&feature=related

While the rest of Canada was not looking, the dance skating world had already believed them to be the world’s best.

[onlooker]

I really like CTV Olympics’ creative campaign based on the word BELIEVE. 

BELIEVE Vancouver 2010 will unite the country and become a defining moment in Canadian history.

~    ~    ~

The Olympic Games are about stories of courage, heart, commitment, pride and determination. Canada's Olympic Broadcast Media Consortium wants Canadians to BELIEVE in the magic of the Olympic Games and celebrate the awe-inspiring stories of our Canadian Olympic athletes.

See:  http://www.ctvolympics.ca/about-us/believe.html

See:  http://www.olympic.ca/en/news/fans-falling-love-olympic-heroes-well-vancouver-2010/

I think the single word BELIEVE would make a fantastic national unity campaign for Canada.  For Canadians, the word BELIEVE would continue to influence and inspire.

Just think what Lennon did with the word IMAGINE.

The Winter Olympics are long over, but I hope Canadians will not delete BELIEVE from our conscious thoughts.  Canadians have to continue believing in our athletes, in ourselves, in our country if Don Pittis’ article “The 21st century belongs to Canada” is to ring true.

[onlooker]

While I was looking at the US and Europe to determine what will happen next in the current global economic crisis, I noticed that non-Canadians were eyeing Canada as the soundest place to invest, as a place to protect their wealth. They discover and believe Canada has much to offer.  And we do.

Here’s a slide show: 10 Reasons Canada Is Cheering. 
http://www.forbes.com/2010/02/11/canada-olympics-economy-business-sportsmoney-canada_slide.html?partner=nationalpostca

Europe and Canada
See: http://www.tradingmarkets.com/news/stock-alert/cm_cm_europe-s-sovereign-debt-crisis-could-drive-more-investors-to-safe-harbour-canada-cibc-world-marke-770761.html

France and Canada
See:  http://www.ottawacitizen.com/entertainment/France+Canada+connected+heart+head/2553386/story.html?id=2553386

US and Canada

See: http://www.financialpost.com/story.html?id=2572549

See: Volcker lauds Canadian banks    by Janet Whitman  February 02, 2010

http://www.financialpost.com/story.html?id=2514580

If America blocks Chinese investment purchases, then China will mostly look towards Canada for investment opportunities.
See:  http://www.mineweb.com/mineweb/view/mineweb/en/page72068?oid=94728&sn=Detail

If America rejects Canada’s products, then Canada has to goes elsewhere.

See:  Canada looks to China to exploit oil sands rejected by US
http://www.guardian.co.uk/business/2010/feb/14/canada-china-investment-oil-sands

Canada and South Korea
Still in progress.
http://www.ctv.ca/servlet/ArticleNews/story/CTVNews/20091207/harper_korea_091207/20091207?hub=World

Russia and Canada
Russia and Canada have a long standing, respectful bilateral relationship.
See:  http://en.wikipedia.org/wiki/Canada%E2%80%93Russia_relations
~   ~   ~
See:  http://www.businessinsider.com/russian-central-bank-dives-into-the-canadian-dollar-as-its-new-reserve-currency-2010-1

Canada and India
This is a no hype blog, so I am going to include a thorny issue between Canada and India here.  Canada exports asbestos to India.
See:  http://www.thestar.com/business/article/761908--asbestos-worries-dog-charest

But, there are influential Canadians who state this practise is very un-Canadian.
See:  http://toxic-torts.lawyers.com/asbestos-litigation/blogs/archives/3930-Charest-And-Asbestos-First-Hypocrisy,-Now-Outright-Lies.html

Canada and China
Chi-nada well in progress.

Good relationships between China and Canada go back to the days of when Canadian doctor Dr. Norman Bethune became China’s national hero.  This helps in opening good trades relations between Canada and China.
See:  http://chungkingmansions.com/2009/09/dr-norman-bethune-%E7%99%BD%E6%B1%82%E6%81%A9-the-canadian-admired-by-over-a-billion-people-in-china-but-virtually-unknown-in-canada/

See:  Canada-China Joint Statement   3 December 2009
http://www.pm.gc.ca/eng/media.asp?id=3005
 
See:  So resource-rich Canada and market-rich China are a marriage made for the next decade – if the two nations can leave politics out of the pre-nup.
http://www.theglobeandmail.com/globe-investor/e-zines/trade-by-numbers/chinas-growth-is-canadas-gain/article1419888/

Past and future events.

See:  http://www.goldbrookventures.com/EN/history/
See:  http://currents.westlawbusiness.com/Articles/2009/11/20091123_0010.aspx?cid=&src=WBSignon
See:  http://www.reuters.com/article/idUSTRE5BS41R20091229
See:  http://www.mineweb.co.za/mineweb/view/mineweb/en/page67?oid=95079&sn=Detail
See:  http://www.china.ualberta.ca/nav02.cfm?nav02=97174&nav01=49655
See:  http://www.ccagr.com/content/view/66/148/

[onlooker]

I did not vote for the Conservative Party of Canada.  You may agree or disagree with their current foreign ownership policy, but they are attracting lots of foreign investments to Canada.  They may succeed in positioning Canada to weather a looming financial storm. 

Canada and Foreign Ownership

PM Stephen Harper is a confirmed contentialist.  Continentalist believes that foreign ownership would not be a problem for Canada.

See:  Harper to Lead Stimulus Exit, Boost Canada Investment (Update2)   
By Theophilos Argitis and Alexandre Deslongchamps    March 03, 2010

March 3 (Bloomberg) -- Canadian Prime Minister Stephen Harper, outlining his agenda in Parliament, pledged to “lead” global efforts to rein in stimulus spending, and promote growth by opening the country’s phone and uranium industries to foreign investors.

~   ~   ~

Foreign Ownership

Several government-commissioned studies have recommended the country let foreigners own phone companies in Canada, including a 2008 panel report on competition and a 2006 panel report on telecommunications. The Organization of Economic Cooperation and Development has also repeatedly called on Canada to open up its market to foreigners.

The issue of foreign ownership of phone companies came to the forefront in December, when Industry Minister Tony Clement decided to let Globalive Communications Corp., a Toronto-based wireless startup bankrolled by Egyptian billionaire Naguib Sawiris, operate in Canada.

“The studies are in and independent observers have indicated that in order to have an economy that creates jobs, creates opportunity, creates innovation, we do need to have a mix of foreign direct investment,” Clement told reporters in Ottawa.

http://www.businessweek.com/news/2010-03-03/harper-pledges-to-lead-stimulus-exit-open-canada-to-investors.html

[onlooker]

When Canada followed America’s bailout plans for the auto industry in 2008, I wondered if Canada was just a follower nation.  Since then, I am guilty of not paying much attention to the pronouncements of the Canadian government. 

But, in 2010, I noticed that our government have made some dramatic shifts in policies, showing that Canada had developed economic agendas not tied to America.  One of them is to aggressively pursue new businesses in other continents, namely the Far East (an old stomping ground of America).  Canada is no longer waiting for spin-off benefits from an American economic recovery.

See:  A new era for Canada rises in the East      by John Ibbitson   December 8, 2009

It is one thing for pundits and other wiseacres to declare that the Great Recession has thrown the West into relative decline, and the future lies with Asia. It is another thing for a Western leader to say so himself.

But this is Stephen Harper's verdict at the end of two almost-back-to-back trips to Asia that traversed Singapore, India, China and, finally, South Korea.

"I think we have every reason to believe that the markets in the United States and in Europe that have been our more traditional market will probably experience slower growth for some time to come," he told reporters, last evening, after a meeting with South Korean President Lee Myung-bak.

"So the greater opportunity is obviously in the Asia-Pacific region."

This statement is no less remarkable for being completely true. Europe, of course, has been struggling to remain in the present tense for decades. But the United States has powered the global economy seemingly forever, and Canada's prosperity has hinged on our unique access to that economy.

However, even Stephen Harper, a committed continentalist, now publicly believes that our southern economic lifeline is fraying, that the United States will not easily rebound from the debt-driven damage it has inflicted on itself.

See:  http://www.theglobeandmail.com/news/politics/a-new-era-for-canada-rises-in-the-east/article1392258/

[onlooker]

If Israel can be a successful start-up nation in different continents; then surely, Canada can do the same.

See: Israel: Start-up nation

It has few people, no resources and lots of hostile neighbours — so how did Israel become a hotbed of entrepreneurism?

By Dan Senor and Saul Singer

Here are some excerpts from the book:

Why is it that Israel — a nation of only 7.1 million people — has more companies listed on the Nasdaq exchange than China, India, Japan, Korea, Singapore and all of Europe combined? How come, despite its complete lack of natural resources, its perpetual state of war and its ring of hostile neighbours, Israel has the highest density of startup companies in the world (one for every 1,844 Israelis)?

~    ~   ~

Because Israel was forced to export to faraway markets, Israeli entrepreneurs developed an aversion to large, readily identifiable manufactured goods with high shipping costs, and an attraction to small, anonymous components and software. This, in turn, positioned Israel perfectly for the global turn toward knowledge- and innovation-based economies, a trend that continues today.

~    ~   ~

Today, Israeli companies are firmly integrated into the economies of China, India, and Latin America. Because, as Orna Berry says, telecommunications became an early priority for Israel, every major telephone company in China relies on Israeli telecom equipment and software. And China’s third-largest social-networking website, which services 25 million of the country’s young web surfers, is actually an Israeli startup called Koolanoo, which means “all of us” in Hebrew. It was founded by an Israeli whose family emigrated from Iraq.

In the ultimate demonstration of nimbleness, the Israeli venture capitalists who invested in Koolanoo when it was a Jewish social networking site have utterly transformed its identity, moving all of its management to China, where young Israeli and Chinese executives work side by side.

~    ~   ~

Israelis are far ahead of their global competitors in penetrating such markets, in part because they had to leapfrog the Middle East and search for new opportunities.

http://www.canadianbusiness.com/managing/strategy/article.jsp?content=20091207_10019_10019

[sunseeker]

Very interesting Onlooker. What’s there not to like about Canada? Canada has pretty much everything in abundance. BRICS, USA, Japan, Australia, Europe you name it they’re all names on the lips here in the UK. Canada by comparison seems to be marginalised to a great degree and off the radar. I posted something on a UK site early last year on Canadian stocks and it drew little response (except apathy and negativity). However I noticed only last week one person who expressed that they had no interest in Canadian stocks, posting on the subject themselves as though they’d made a discovery (In true Dines style. The Original Canadian Bug type of thing).The highest single country weighting in my portfolio is CANADA. You’re preaching to the converted to me. The part of the post on Israel was interesting. An area that I hadn’t looked into until today.

What country is the most self sufficient as far as resources?

Ans.
 
Israel.

http://wiki.answers.com/Q/What_country_is_the_most_self_sufficient_as_far_as_resources

How much oil/ mineral wealth (of all descriptions) or good agricultural land does Israel have in comparison to Canada I ask myself? If all international trade ceased tomorrow and each country had to survive on its own resources, production, and manufacturing I know which country I’d want to live in (worldwide).

ATB 

[yellowcaked]

Just remember...

Canada is one COLD assed country.

Short growing season, as well.

[onlooker]

There have been plenty of glowing reports on the stability of the Canadian economy.   

See: 

Sunday, June 21, 2009

John Mauldin: This Time It's Different

Fourthly, this is a global problem and primarily one in the “developed” world. I think we will find that much of Europe will be in a worse state of affairs than the US. If there are bright spots in the developed world, I tend to think they will be Canada and Australia/New Zealand. The opportunities are more likely to be in emerging markets, after they adjust to the new normal.

http://scottsinvestments.blogspot.com/2009/06/john-mauldin-this-time-its-different.html

See:   

Investment Outlook              by Bill Gross, February 2010
 
The Ring of Fire
                   

The most vulnerable countries in 2010 are shown in PIMCO’s chart “The Ring of Fire.” These red zone countries are ones with the potential for public debt to exceed 90% of GDP within a few years’ time, which would slow GDP by 1% or more. The yellow and green areas are considered to be the most conservative and potentially most solvent, with the potential for higher growth.

http://www.ritholtz.com/blog/wp-content/uploads/2010/01/ring-of-fire.png

~    ~    ~    ~    ~    ~

Of all of the developed countries, three broad fixed-income observations stand out: 1) given enough liquidity and current yields I would prefer to invest money in Canada. Its conservative banks never did participate in the housing crisis and it moved toward and stayed closer to fiscal balance than any other country.

http://europe.pimco.com/LeftNav/Featured+Market+Commentary/IO/2010/Investment+Outlook+February+2010+Bill+Gross+The+Ring+of+Fire.htm

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See: 

Canadian dollar briefly hits parity

Published On Tue Apr 6 2010

“Canada is the new Switzerland of stability, but with domestic assets the world wants,” said Derek Holt, vice-president of economics with Scotia Capital.

Holt said Canada’s strong fiscal position, sound banks, improving economy and wealth of natural resources make the currency an attractive buy.

http://www.thestar.com/business/article/790801--canadian-dollar-briefly-hits-parity

[onlooker]

HOWEVER, there are pundits who are saying that Canada’s economy has an Achilles heel.  It is our Canada Mortgage and Housing Corporation (CMHC).  The American equivalent of the CMHC is Fannie Mae and Freddie Mac.

First, let’s look at what is the Canada Mortgage and Housing Corporation (CMHC)?

See: 

For over 60 years, CMHC has helped millions of Canadians meet their housing needs. CMHC provides mortgage loan insurance that enables you to buy a home sooner with a minimum down payment of 5%. And CMHC is there with you every step of the way — with information before, during and after your home purchase.

http://www.cmhc-schl.gc.ca/en/co/buho/index.cfm

Next, see following article:

CMHC – Canada’s Breaking Point       July 20, 2009

Everyone here is probably very well aware of who CMHC is. For any international visitors, CMHC was formed as a crown corporation in Canada after World War II to address the shortage in housing. It's mandate was to make home ownership accessible to all Canadians. CMHC primary deliverables is mortgage insurance and mortgage backed securities. Think Fannie and Freddie.

~    ~    ~    ~    ~    ~

On Jan 1 2009 CMHC allowed non regulated financial institutions to issue mortgage backed securities. Furthermore on January 26, 2009 CMHC allowed the securitization of line of credits, non amortizing and amortizing loans and readvanceable loans to also be securitized.

CMHC indicates in its plan that it will insure $813 billion via a combination of mortgage insurance and mortgage-backed securities (MBS) by the end of 2009. Looking at 2008 and 2007, one can clearly see that CMHC has drastically exeeded their planned figures. 812 billion is more than likely a minimum target. At this rate the Government of Canada will be insuring well over $400 billion in securitized mortgages and lines of credit by the end of 2010. It will also have issued over $600 billion in outstanding mortgage insurance.

Even at the zenith of the US housing bubble, prices peaked around $230,000 US while incomes were around $47,000 US. In Canada, incomes are $44,000 and prices are now at $326,613. If I have evidenced to you at this point how risky our lending has been, how are we so different than America? One might even say that we are much worse.

None of this is sustainable. This will all end very badly for our nation and taxpayers in the next couple of years.

http://americacanada.blogspot.com/2009/07/cmhc-and-our-government.html

Here are some charts to examine:

In Vancouver it takes 3.5 average wage earners to buy an average SFD (single family detached house).  In Toronto it takes 1.8 in Calgary 1.5 and in Montreal it takes only 1.1.

http://chpc.biz/Major_Cities_Chart.htm

http://chpc.biz/Mortgage_Affordability.htm#Affordability

Also see: 

Canadian Housing Bubble Trouble still looming
by daniellepark    22 Mar 2010
 

For the past 4 years I have been increasingly concerned about unsustainable trends in the Canadian housing market.

As I have mentioned many times, Canadians have been lulled into a false sense of security by mortgage rates that are now at their lowest level in 75 years. Our government mortgage agency CMHC has been underwriting the vast majority of Canadian mortgages for the past few years. Between 2007 and 2009 CMHC underwrote nearly 90% of all Canadian mortgages. They were able to fund this by issuing Mortgage Back Securities: the same weapon of mass destruction that eventually blew up US housing and credit markets in 2007.

http://www.jugglingdynamite.com/blog/_archives/2010/3/22/4487007.html#1305876

Here’s a March 25, 2010 audio interview with Danielle Park on the CMHC.  It is called “CMHC’s days of reckoning are coming!”:

http://www.howestreet.com/goldradio/index.php/mediaplayer/1594

Also, I believe the Canadian government is trying to cool down the real estate market in British Columbia and Ontario with a tax called Harmonized Sales Tax, effective July 1, 2010.
See:

On March 26, 2009 in its annual budget, the province of Ontario announced its intention to merge the PST and GST to take effect on July 1, 2010.  On July 1, 2010, the sales taxes in British Columbia will also be reformed to merge the PST and GST.

In Ontario, a rebate compensating for the HST will leave the first $400,000 of a new home purchase unaffected whereas the portion of a home above $400,000 will be charged the full HST.
 
http://en.wikipedia.org/wiki/Harmonized_Sales_Tax

And see:

Story Highlights

•   10 Facts about the new BC HST Harmonized Sales Tax of 12% and it’s implications on the British Columbia housing market.
•   B.C. HST will increase provincial and Greater Vancouver house prices significantly.
•   Homebuyers purchasing new homes under $400,000 will pay approximately the same as the current system; new property over $400,000 will cost more even with HST Rebate.

http://www.vancouver-real-estate-direct.com/HST/index.html

Nevertheless, I have a gut feeling that Ms. Danielle Park’s views on Canadian real estate are right on the money.  If the Harmonized Sales Tax fails to cool the Canadian real estate market or another global market meltdown occurs; then IMO, there will be a Canadian real estate / economic crisis.  And we are merely behind schedule with America’ real estate crisis, and it is a fallacy to believe that “It is different in Canada”.

In the future, if Canadian taxpayers have to bail out the CMHC, then it would reveal that our government have learned nothing from America’s Fannie Mae and Freddie Mac fiasco.   

A bailout of the CMHC would reveal our Prime Minister Harper who has a Master’s degree in economics to be naïve and smug; having a myopic vision for Canada’s future.   

[sidewinder]

Only difference I see in politicians anywhere is some of them have funny names.   

[onlooker]

SW’s April 11 quotes:

We still have the more resets coming in RE and commercial RE has not started defaulting (in the USA) in earnest yet.

and

Only difference I see in politicians anywhere is some of them have funny names.

IMO, our Canadian politicians had ample time to observe the cause and effects of the American real estate meltdown and to take effective measures at its CMHC to prevent a similar one in Canada.

So, should a severe Canadian real estate / economic crisis occur in the future; then I will think of our Canadian politicians as the “greater incompetent fools”.   

[sidewinder]

OH Canada is much better positioned than the US IMO.  If nothing else other than a well developed oil industry.  Just a Australia is in a position to take advantage of growth in China because of location and natural resources. 

[yellowcaked]

The only thing I don't like about Canada is that it's cold as ice.

Other than that, I would not mind having land up there.

Winter time up there lasts from about Sep/Oct - April/May.

That's only 5 months for cows to graze...

I mean, what do cows do in the Winter time up there, eat icicles?