Great moments in Liberal economics: This is akin to a man who’s in debt borrowing hundreds of thousands to buy stocks.
Prime Minister Mark Carney will announce plans to create a sovereign wealth fund Monday, a day ahead of the spring economic statement, according to a senior government official.
The fund will be used to invest alongside the private sector in major projects that the Carney government has committed to building over the coming years, and the government also plans to create a way for individual Canadians to contribute, the official said.
Mr. Carney will lay out the details of the fund at an event Monday in Ottawa, while Finance Minister François-Philippe Champagne will have a separate event in Montreal.
The Globe and Mail is not identifying the official as they were not authorized to publicly comment on the pending announcement.
A sovereign wealth fund is a state-owned investment account that is typically independently managed.
Maybe they should name it something like “Canadian Infrastructure Bank”.
it is not the Liberal party.
it is the Spend party.
I think most of us heard that Canadian standard of living is below Alabama and slightly above Mississippi. I recently heard that the UK standard of living after Carney’s tenure actually fell below Mississippi.
But the media says we should elect him because he’s an Oxford trained economist or something.
Canada sovereign wealth fund: 1 Taxpayer equity to back private debt. 2 not independent, putting money into Liberal government fantasy projects (climate, railroads to nowhere) 3 benefitting Liberal-donor firms with lucrative work (SNC / Atkins Realis anyone?) 4 more billions of government debt
Personally I think it’s another genius move by Carney. In his wildest dreams I bet he never believed that Canadians were this easily manipulated. I don’t think I’ll ever fully understand what happened to the population of this country, and I’m not talking about all the new to Canada people, this is on the old stock Canadians.
Chanting “Elbows Up!” while doing the chicken dance thingy will do that.
Kanada is a real live case study of Orwell’s 1984.
The purpose of the fund will be to raid the CPP.
Thread Winner!
This is the ultimate Peter Principle Plan.
The government has eye-watering levels of debt, that is getting much worse, and they want to create a “Wealth Fund” out of thin air?
This has Sleight of Hand written all over it.
As MRG said, it was the first thing I thought of, you’re on the verge of bankruptcy, but go ahead and borrow millions more to “invest” in a Hail Mary investment.
Anyone else ponying up their personal funds to invest here, LOL?
That age old question..”Are they really this stupid’?
Are there any Western Canadians still in doubt?
Privatizing the profits of public spending.
By graft.
Socializing the losses,especially for the “private” partners..
This is “Good Government” as desired by our Eastern Comrades.
Carney is Eastern Canada’s man.
The motto of Can Ahh Duh.
“If you have wealth? We will take it”.
Investing in Welfare has worked so well to date.
Stake holder capitalism, like he described in his book. This is the way he applies his economic principles to all corporations. Why should we believe his core beliefs have changed, he adjusts and applies a different way, exactly like the carbon tax.
Nothing has changed, Nothing will change
Stake holder capitalism? Isn’t that Dr. Van Helsing’s investment philosophy?
Another liberal communist – national socialist lie. The use of the word “invest” implies that, at some point in the future, there will be a measurable and positive percentage return on the dollars spent. Hence, it is a lie, because not only will we never, ever know what money was spent and where it went, there will be no ROI – you might as well burn it and save the accountants’ paychecks. It will flow to corporate cartel friends (in the WEF public private partnerships), it will flow back into Liberal insiders’ pockets, and it will be laundered into offshore accounts for Liberal MPs. You will get poorer, the national debt will increase, the value of the Canadian dollar will tank even more, the cost of goods everywhere will increase, all so that the WEF communist utopia can arise from the ashes of Canada. Carney is hoping that things get so bad that the majority of Canadians will cry to the government for salvation from the very people that caused the problems in the first place and he, Dear Leader, can rule with absolute fiat over what remains.
Sic Semper Tyrannis…
I’m old enough to remember this thing called a Canadian Savings Bond.
That was different though as it allowed the tax payer the discretion whether or not to “invest” in the national debt.
This is exactly what it looks like, “creative accounting”.
The fund will be the equivalent of whatever the deficit is, basically it’s a ginormous IOU that the government can add debt to so it doesn’t show up on the books as the amount that is in excess of what was tabled in the budget.
Or put it this way.
In the US when the government runs the risk of running out of money Congress is required to pass a continuing resolution to allow the government to spend more than what it was budgeted for.
This ruse will end when the creditors decide the loans are in danger of default.
Like they did in the 1990’s.
Increase the head count and increase the expenditures.
That just how senior Ottawa bureaucrats roll.
Jesus Wept. What an idiot.
With their Elbows Up, the Canadian Ratfcker population will applaud, thinking he’s even more brilliant than they imagined.
Liberal MPs and their friends are already forming new consulting companies to cash in on the “investments”.
The criminal enterprise of the LPC/CCP/UN/FN is now a form of statism that is half socialist and half fascist. Carney prefers the later half because without cronyism and rent seeking, he wouldn’t know the first thing about running a business in the free market. He is only qualified to gradually actualize the intrinsic value of fiat currencies but his personal vanity project is to combine his background with his pathological climate obsession and egomaniacal gibber-jabbering. He will fail at everything as he is a classic example of those who cannot do and so he either “teaches” or seeks power for its own sake.
“Communism and other branches of collectivism are the cold sores of the disaffected and anxious and there are always new ways to brand them as fashionable.” – El Gato Malo
Maybe they should name it “The Alberta Wealth Fund for Canada”. Or AwtfC.
Steve – likely going to be the latest iteration of n the NEP . Where else can they acquire 25 billion.
A sovereign wealth fund when you are a $trillion in debt is meaningless. Why not just pay off debt? Alberta has $30 billion in its Heritage Fund and $90 billion in debt instead of being $60 billion in debt. Meaningless.
We’ve gone from Trendy to Spendy, or have we?
They’re all the same.
Trudeau used Jagmeet as a prop.
I’d say PP got rid of both.
Now it’s Carney’s turn, he doesn’t need PP.
SOVEREIGN wealth fund?
That is most amusing.
I thought Carnage was a globalist, viz., an anti-sovereignist.
It means transferring wealth to those who are sovereign over you.
Sovereign wealth funds are supposed to be funded out of government surpluses set aside, such as from oil and gas.
After Bill Morneau retired as a Liberal MP, Mark Carney was an “economic advisor to the Liberal Party of Canada” which the ethics officer thinks is alright because he was not on the government payroll for really being in charge of Canada’s disastrous economic policies. He keeps on giving us huge and ever increasing government budget deficits.
He mentioned Norway’s fund as an example. He forgot to mention that Norway’s fund comes from surpluses, not from borrowing.
Norway’s “Oil” Fund. Let’s call it what it is. Also not mentioned, Norway’s government runs a surplus, 10.4% of GDP in 2025, which makes a sovereign fund make sense. Given that the provinces control their natural resources it would be tough for Canada to run a sovereign oil fund – wouldn’t put it past them trying.
It’s already named “Brookfield.”
My cynical suspicion is that the sovereign wealth fund (debt fund, really) will mimic the template of predatory private equity operations and foreign lending. This will backed by federal debt, pension funds and taxes that use public assets as collateral. Once the federal government “investments” fail, the public assets/collateral (public land, resources and taxpayer funded infrastructure) will be forfeited to private equity corporations and foreign government partners like China. Think Belt and Road combined with private equity pillaging and asset stripping of Canada. All Canadians will be left with is the debt.
Carney likes the word catalyze. When he thinks of the Canadian people, in his mind the word is cattle-ize.
My cat looks up at you, cat-all-eyes…
So if I have this right a sovereign wealth fund created by the Liberals to assist Canadians in creating wealth.
“The fund will be used to invest alongside the private sector in major projects that the Carney government has committed to building over the coming years, and the government also plans to create a way for individual Canadians to contribute.” the official said.
Or in other words my tax money handed over to more of the Socialist Dingbats who have previously proven couldn’t run a state funded milk or egg marketing board to provide cheaper milk or eggs to Canadians than the free enterprise system in America. So it’s going to be that kind of sovereignty fund, have I got that right? This will no doubt overwhelmingly appeal to all of the Canadians that lined up for the experimental injection. H. G. Wells was way before his time, Canada is populated with Eloi.
This from BNN: “A sovereign wealth fund is a state-owned investment fund that uses government surplus reserves to invest in financial assets like stocks and bonds but is independently managed.” (I might add, “With files from CTV News’ Chief Political Correspondent Vassy Kapelos.”)
First, the Liberals have proven they cannot produce a “surplus”. So this has to be a joke. The only way they can fund this thing is by overtaxation or printing more money (which creates inflation – another type of taxation). Second, this is the LPC modus operandi: when there is a big government announcement coming up, the day of, or the day before, they make a separate, “big announcement” to deflect from the actual announcement. Third, I think this means they couldn’t bribe another MP to cross the floor to create distraction from the budget update tomorrow, so they had to promise some other fake prosperity to the Canadian public.
I could go on about the crime syndicate running the country, but I am mostly singing to the choir here. Another day, another reason to hate the LPC.
Uh, isn’t the $780 billion Canada Pension Plan Investment Board ALREADY a sovereign wealth fund and the “Canadians sharing in the profits” called Canadian pensioners?
And if a taxpayer-fleecing, market-distorting, crony-corporatist, friend-of-the-Liberal Party-awarding, minimally-accountable slush fund is what the government thinks this country needs, we already have the Canadian Infrastructure Bank, or we could simply revive the Sustainable Development Technology Canada grants, or a host of other corporatist, cash-incinerating boondoggles.
I’m sure a significant percentage of Canadians will think this is a “neat” ideas because they are, after all…Canadians.
Un petit peuple ridicule.
As always, in the government’s “Regulatory Impact and Cost Analysis” all facts and figures are pulled out of someone’s ass.
Marx Carnage: fake economist, fake bank governor, fake CEO and, now, fake PM.
I’m setting up a fund to have King Charles flogged, and calling it the Sovereign Welt Fund!