Sorry, I’m ahead of myself.
Bank of Canada deputy governor Duguay warned me recently not to get spooked by irrational fear over the economy.
I assure you (and him) I’m more fearful of e.g. diving into the Thames River, something I’ll never do until it’s fit for swimming (let’s not hold our breath on that one).
I’m also fearful Canadians will buy into his recipe for success, which is upside down to my own.
Duguay says, “We are going through a recession and because of fear, consumers are spending less, companies are spending less and that is antithetical to stabilizing the situation."
["Bank governor has upside-down opinions"]
His recipe sounds like business as usual. Participate fully in a market-first, capitalistic, consumer-driven, unsustainable economy, one in which per capita debt is the highest in our history.
If North Americans bail out industries and banks and return to same old - same old, then there is cause for irrational fear after all. [link to full newspaper article]
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The time to shift from market-first to sustainability-first is now.
Reference: The Little Green Handbook [Read This, right margin]
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