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Why Canada Will Dominate The 21st Century (according to Forbes)

 
Anonymous Coward
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02/18/2010 01:48 AM
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Why Canada Will Dominate The 21st Century (according to Forbes)
[link to ca.finance.yahoo.com]

The Canadian century?
by Nathan Vardi, Forbes.com
Tuesday, February 16, 2010
provided by


In 1904 Canadian Prime Minister Wilfred Laurier made this prediction: "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."

Maybe Laurier was just a man 100 years before his time. As the world assembles in Vancouver for the Winter Olympics, the 21st century is shaping up great for Canada.
For starters, Canada has avoided many of the problems that currently bedevil the U.S.—mountains of public debt, a banking system in crisis, the housing debacle and a weakened currency.

Canada's banking system, essentially made up of the Royal Bank of Canada and four other big banks, remained strong during the global credit crisis. With no bailouts, it is the soundest system in the world, marked by a steady and responsible continuation of lending and profits. "Canada has shown itself to be a pretty good manager of the financial system," U.S. President Barack Obama said amid the financial crisis. Was that a touch of envy in his voice?

And it is not just banks that have remained solvent. Canada, with its relatively small population of 34 million, has the lowest debt burden of any G8 country and less than half the per capita debt burden of the U.S.

Bill Gross, who runs Pimco, one of the world's biggest bond managers, recently said that he thinks Canada is the best bet for investment among developed nations. "It moved toward and stayed closer to fiscal balance than any other country," said Gross.

In addition, the Canadian economy, the world's 10th biggest, is endowed with natural resources increasingly valuable in this century—like potash and uranium. New technologies allow for the vast development of the Athabasca tar sands in Alberta, helping make Canada's oil reserves the world's second largest. Yes, there are environmental implications, but Canada is now the biggest supplier of crude oil to the U.S., a lucrative—and enviable—position for any country.

Even global warming seems to be playing in Canada's favor. Melting Arctic ice poses serious concerns globally, but it has also opened northern sea lanes for the first time, as well as the opportunity to search for new natural resource deposits.

The result of this mix of fortune and fiscal prudence: a relatively strong Canadian currency. The loonie has soared against the hobbled U.S. dollar so far this century. That strength has been a problem for Canadian exporters to the U.S., but it is also a source of national pride—and relief—as Canadians watch the financial flailing of their neighbors to the south.

The world is taking note. Canada just hosted the G7 finance meeting way up north in Nunavut and will host both the G8 and G20 conferences later this year. Most important, Canada has welcomed the world to the Winter Olympics in Vancouver and is showing off its accomplishments. Laurier would be thrilled. But not surprised.

[link to www.forbes.com]

10 Reasons Canada Is Cheering Canada has avoided many of the problems that currently bedevil other developed countries like the U.S.--mountains of public debt, a banking system in crisis, a housing debacle, and a weakened currency. As the world assembles in Vancouver for the Winter Olympics, the 21st century is shaping up great for the Canucks:

1. Strong Banks Canada's banking system, consisting essentially of five big banks, is the soundest in the world. No bank bailout necessary--the big Canadian banks have continued to steadily lend and earn profits amid the global financial crisis. As U.S. President Barack Obama said: "Canada has shown itself to be a pretty good manager of the financial system."

2. Low Debt Canada is a bastion of solvency. The country has the lowest debt burden of any G8 country and less than half the per capita debt burden of the U.S. Bill Gross, who runs Pimco, one of the world's biggest bond managers, recently said that among developed nations he would prefer to invest in Canada. "It moved toward and stayed closer to fiscal balance than any other country," said Gross.

3. Strong Housing Market Canada's housing market is so strong people fear it may be a bubble. Housing prices have increased in Canada's six biggest cities for seven straight months and are almost back to their pre-credit crisis highs. Still, the percentage of home owners who have gone three or more months without making a mortgage payment remains low.

4. Oil Sands The Athabasaca tar sands have been mined and steamed by new technologies to create a vast unconventional oil resource. They give Canada the world's second biggest oil reserve. Yes, the development comes with environmental strings, but the oil sands have provided a huge boost for the Canadian economy.

5. Conventional Oil Canada is the biggest oil exporter to the U.S. and about half the oil Canada produced is still the conventional kind. Higher prices have provided an economic renaissance, especially in places like Newfoundland that were previously struggling economically. The Hibernia oil field in the North Atlantic--which already features the biggest oil platform in the world--is set to expand.

6. Cows and Wheat As one of the biggest producers and exporters of agricultural products, Canada has benefited from the strengthening of demand for such products. For example, Canada's rich potash reserves in places like Saskatchewan are key to producing fertilizer needed to boost crop yields to feed the world's growing population. Saskatchewan is also an important producer to wheat.

7. Gold, Nickel, Uranium The mining sector contributes some $40 billion to Canadian GDP annually. Canadian gold, a precious metal, and nickel, one of the more valuable base metals, have been mined in big amounts for decades and have experienced a general rise in prices. In addition, new hot commodities like uranium have made new mining projects ever more popular in Canada. Some of the biggest mining companies in the world are Canadian-based firms undergoing a renaissance.

8. Technology The U.S. has Steve Jobs and the iPhone. But Canada is home to the ubiquitous Blackberry, made by Research in Motion. Canada has also produced the IMAX, the world's largest cinema screen and, on a more serious note, 3TC, the important viral drug used for HIV and AIDS infections.

9. Water The world doesn't have enough of it where it needs it, but Canada has more than it knows what to do with. Canadian hydroelectric power is super cheap and environmentally friendly, fueling industries like aluminum and providing big export revenues from the U.S. This has helped the province of Quebec, which is the sole shareholder of the world's largest producer of hydro-electric power.

10. The Loonie The Canadian dollar has soared against the U.S. dollar so far this century. This has been a problem for Canadian exporters to the U.S., but it makes Canadians feel good about themselves, stirring up feelings of national pride--for good reason.
Anonymous Coward
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United States
02/18/2010 01:52 AM
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Re: Why Canada Will Dominate The 21st Century (according to Forbes)
it'll all be fine and dandy until immigration gets out of control or the USA or Russia comes after their water.

Without a military, they are toast.

They have no debt because they have implicit security from the USA and spend peanuts on defense.
The Monk
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02/18/2010 02:06 AM
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Re: Why Canada Will Dominate The 21st Century (according to Forbes)
it'll all be fine and dandy until immigration gets out of control or the USA or Russia comes after their water.

Without a military, they are toast.

They have no debt because they have implicit security from the USA and spend peanuts on defense.
 Quoting: Anonymous Coward 853139


Thats' right.
Anonymous Coward
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Australia
02/18/2010 02:08 AM
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Re: Why Canada Will Dominate The 21st Century (according to Forbes)
Canada will be the NEW SUPER POWER.
Bluebird

User ID: 730536
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02/18/2010 02:13 AM

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Re: Why Canada Will Dominate The 21st Century (according to Forbes)
Canada will be the NEW SUPER POWER.
 Quoting: Anonymous Coward 894140



Without a military to back that up, it should be interesting.

Maybe we should all sneak across the border and do to them what has been done to us from our own southern border. Sort of even the score a bit.
One of the most important aspects of conspiracy theories is being able to discern when there isn't one.

Oh yeah, like you'd understand anyway.

Where are we going and why am I in this handbasket?. . .J. Handy
Anonymous Coward
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United States
02/18/2010 02:22 AM
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Re: Why Canada Will Dominate The 21st Century (according to Forbes)
CANADA FTW!
Anonymous Coward (OP)
User ID: 894153
Canada
02/18/2010 02:23 AM
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Re: Why Canada Will Dominate The 21st Century (according to Forbes)
Canada will be the NEW SUPER POWER.



Without a military to back that up, it should be interesting.

Maybe we should all sneak across the border and do to them what has been done to us from our own southern border. Sort of even the score a bit.
 Quoting: Bluebird


There's room at my place.

Bring the sunglasses....
TARDIS

User ID: 832032
Canada
02/18/2010 02:26 AM
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Re: Why Canada Will Dominate The 21st Century (according to Forbes)
Canada will be the NEW SUPER POWER.



Without a military to back that up, it should be interesting.

Maybe we should all sneak across the border and do to them what has been done to us from our own southern border. Sort of even the score a bit.
 Quoting: Bluebird


Tim Hortons would benefit greatly.
Anonymous Coward
User ID: 683596
United States
02/18/2010 02:46 AM
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Re: Why Canada Will Dominate The 21st Century (according to Forbes)
CANADA FTW!
 Quoting: Anonymous Coward 894151

shitstream Canadian F
Anonymous Coward (OP)
User ID: 894153
Canada
02/18/2010 02:50 AM
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Re: Why Canada Will Dominate The 21st Century (according to Forbes)
I really wonder how deep the research is for some of these financial articles.

Canada survived the 08 crash only because the Federal government was a minority one.

The Conservatives (Harper) wanted to deregulate the banks just like the USA.

Because they didn't have a Parliamentary majority, they couldn't do it.

The banks didn't get caught with huge default debts.

Also Canadians DO carry a lot of personal debt. Credit cards, store credit, lines of credit.

Not as much as other countries but it is still significant.

To avoid problems like the USA felt after 08, the government has made it harder to buy houses. Before, you could get a mortgage of up to $325,000 on a 5% down payment.

Now you must have at least 10% down, and the maximum allowed mortgage is $310,000.

It is being done to avoid house "flipping" purchases made by people who don't have the cash to realistically pay for a 5 year mortgage. There is a new formula for mortgage eligability.

The Bank of Canada expects interests rates to climb this year.
Anonymous Coward
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United States
02/18/2010 02:55 AM
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Re: Why Canada Will Dominate The 21st Century (according to Forbes)
I think it will eventually be proven that Obama is actually a Canadian infiltrator bent on destroying our country. tounge
Anonymous Coward
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United States
02/18/2010 02:59 AM
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Re: Why Canada Will Dominate The 21st Century (according to Forbes)
I think it will eventually be proven that Obama is actually a Canadian infiltrator bent on destroying our country. tounge
 Quoting: Anonymous Coward 737731


Obama's a Tim Horton's agent and won't stop until there's a Horton's in every WalMart
aldoushuxley

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02/18/2010 03:01 AM
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Re: Why Canada Will Dominate The 21st Century (according to Forbes)
Canada may soon have the wealth of a superpower, but without security she is doomed. A preamble to the North American Union (Canadian wealth, American security, and Mexican labor)?
Life in Lubbock, Texas, taught me two things: One is that God loves you and you're going to burn in hell. The other is that sex is the most awful, filthy thing on earth and you should save it for someone you love. ~Butch Hancock
Anonymous Coward
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United States
02/18/2010 03:05 AM
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Re: Why Canada Will Dominate The 21st Century (according to Forbes)
Crap... I thought it said Candida, I had an answer for that.
Anonymous Coward
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United States
02/18/2010 06:55 AM
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Re: Why Canada Will Dominate The 21st Century (according to Forbes)
Canada ain't gonna do much of shit under the shitload of snow and ice they will find themselves under as a new ice age encroaches. Forbes also named Monsanto as, "company of the year", so I wouldn't put too much stock in their pronouncements.
Anonymous Coward
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Canada
02/18/2010 11:04 AM
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Re: Why Canada Will Dominate The 21st Century (according to Forbes)
Canada may soon have the wealth of a superpower, but without security she is doomed. A preamble to the North American Union (Canadian wealth, American security, and Mexican labor)?
 Quoting: aldoushuxley

With increased power comes increased responsibility... as the U.S. continues to fall, and if Canada continues to grow, I'm sure more money will be spent on defense. Canada is already America's biggest ally in Afganistan.
Anonymous Coward
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United States
02/18/2010 11:11 AM
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Re: Why Canada Will Dominate The 21st Century (according to Forbes)
All that money isn't gonna do them a bit of good when Amerika gets desperate and decides to rob and kill them all.
Anonymous Coward
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Canada
02/18/2010 11:21 AM
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Re: Why Canada Will Dominate The 21st Century (according to Forbes)
Canada will be the NEW SUPER POWER.



Without a military to back that up, it should be interesting.

Maybe we should all sneak across the border and do to them what has been done to us from our own southern border. Sort of even the score a bit.
 Quoting: Bluebird


Only ze women..
Anonymous Coward
User ID: 771597
Canada
02/18/2010 11:22 AM
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Re: Why Canada Will Dominate The 21st Century (according to Forbes)
it'll all be fine and dandy until immigration gets out of control or the USA or Russia comes after their water.

Without a military, they are toast.

They have no debt because they have implicit security from the USA and spend peanuts on defense.
 Quoting: Anonymous Coward 853139


more stupid typical american meathead logic. that comment just reflects how insecure you guys are if a country does better than you guys. i'm sure a invasion of canada is something you guys can support. if you do it will just show how inhumane you guys really are.

[link to www.youtube.com]
Anonymous Coward
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Canada
02/18/2010 11:25 AM
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Re: Why Canada Will Dominate The 21st Century (according to Forbes)
Plan: Crimson

Armor runs up the red river trough Winnipeg and splits Canada in two. Halifax and Vancouver get naval blockade.
Anonymous Coward
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United States
02/18/2010 11:26 AM
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Re: Why Canada Will Dominate The 21st Century (according to Forbes)
Canada?
well better than China any day.
I like maple syrup.
Anonymous Coward
User ID: 894460
Japan
02/18/2010 12:09 PM
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Re: Why Canada Will Dominate The 21st Century (according to Forbes)
I really wonder how deep the research is for some of these financial articles.

Canada survived the 08 crash only because the Federal government was a minority one.

The Conservatives (Harper) wanted to deregulate the banks just like the USA.

Because they didn't have a Parliamentary majority, they couldn't do it.

The banks didn't get caught with huge default debts.

Also Canadians DO carry a lot of personal debt. Credit cards, store credit, lines of credit.

Not as much as other countries but it is still significant.

To avoid problems like the USA felt after 08, the government has made it harder to buy houses. Before, you could get a mortgage of up to $325,000 on a 5% down payment.

Now you must have at least 10% down, and the maximum allowed mortgage is $310,000.

It is being done to avoid house "flipping" purchases made by people who don't have the cash to realistically pay for a 5 year mortgage. There is a new formula for mortgage eligability.

The Bank of Canada expects interests rates to climb this year.
 Quoting: Anonymous Coward 894153


Thank you for posting this. We are in trouble. We are run through the Brotherhood think tank and make NO MISTAKE about it.
Risen

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02/18/2010 12:13 PM
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Re: Why Canada Will Dominate The 21st Century (according to Forbes)
Without a military to back that up, it should be interesting
 Quoting: Bluebird


You don't need a military if the whole planet likes you. Soon as someone attacks Canada you'd see outrage across the globe.
"A man who has not passed through the inferno of his passions has never overcome them." -Carl Jung
Anonymous Coward
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Canada
02/18/2010 12:17 PM
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Re: Why Canada Will Dominate The 21st Century (according to Forbes)
Average Canadian household debt stands at $96,000 (Vanier Institute news release).

Housing is in a crazy bubble - see greaterfool.ca, americacanada.blogspot or whispersfromtheedgeoftherainforest.

Canada is in awful fiscal shape, but the media is owned by the banks (partly via Canwest insolvency, also ad revenue) so they LIE LIE LIE. The Canadian gov't spent $75B buying up crap MBS from the banks & there've been all kinds of quiet backdoor bailouts, they've been telling the banks to lend recklessly, they've been telling the automanufacturers to keep cranking out cars regardless of need. It'll blow up at some point. Soon.
Slushpup

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Canada
02/18/2010 12:18 PM
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Re: Why Canada Will Dominate The 21st Century (according to Forbes)
Read it and weep.. Haha..


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Anonymous Coward
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Canada
02/18/2010 12:19 PM
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Re: Why Canada Will Dominate The 21st Century (according to Forbes)
Canada doesn't have the largest military in the world but don't be fooled there are millions of unregistered guns up here and people know how to use them.

I caught my nerdy liberal neighbor down the street who is so politically correct it makes me puke down at the outfitters last summer buying a handgun that is a restricted weapon up here.

You could have knocked me over with a feather.
Anonymous Coward
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United States
02/18/2010 12:24 PM
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Re: Why Canada Will Dominate The 21st Century (according to Forbes)
good ole knucks..
so maybe you have more then jus maple syrup.
Anonymous Coward
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02/18/2010 12:41 PM
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Re: Why Canada Will Dominate The 21st Century (according to Forbes)
CANADA WILL REMAIN STRONG AS LONG AS THEY DON'T ALLOW AMERICAN nEGROES OR SOMALIS.

However people of color are welcome, just not the pirates or decendants of slaves who want a free ride cying racism, racism, poor me, victim hood mentality.
Anonymous Coward
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Canada
02/18/2010 01:19 PM
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Re: Why Canada Will Dominate The 21st Century (according to Forbes)
it'll all be fine and dandy until immigration gets out of control or the USA or Russia comes after their water.

Without a military, they are toast.

They have no debt because they have implicit security from the USA and spend peanuts on defense.
 Quoting: Anonymous Coward 853139



Sound jealous to me.....the agreement decades ago, was we would forego military operations with the understanding the U.S would "take things over, and watch over our buddies to the North."
Anonymous Coward
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Canada
02/18/2010 01:20 PM
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Re: Why Canada Will Dominate The 21st Century (according to Forbes)
good ole knucks..
so maybe you have more then jus maple syrup.
 Quoting: Anonymous Coward 36898




Yup...we do....lol...
Anonymous Coward
User ID: 796629
Canada
02/18/2010 01:22 PM
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Re: Why Canada Will Dominate The 21st Century (according to Forbes)
Canada will be the NEW SUPER POWER.



Without a military to back that up, it should be interesting.

Maybe we should all sneak across the border and do to them what has been done to us from our own southern border. Sort of even the score a bit.


Tim Hortons would benefit greatly.
 Quoting: TARDIS



Timmy does enough biz without the U.S, but if Americans wish to buy Timmy's java, then maybe TIM HORTONS will become the next Super Power..lol....

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