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18 September 2008

29 August was the 29th day of the second month of the 3rd year of Canadian national consciousness rising to invincibility, as indicated by the following press reports:

29 August 2008

The Canadian Economic Press - Canada's economy doing better than GDP numbers suggest, Desjardins economist says (26 August 2008) Canada's economy is faring far better than the country's gross domestic product numbers suggest, says Desjardins senior economist Benoit P Durocher. It is difficult to believe that Canada's economy is currently on the verge of a recession, Durocher wrote in a research note. 'Except for certain manufacturing industries, we get the impression that economic activity across the country is in pretty good shape,' he said. 'The unemployment rate is hovering close to its historic low, wages are increasing rapidly, and consumer spending and investment are doing rather well despite a recent slowdown.'

The Globe and Mail - Economy edges higher (29 August 2008) Canada's economy rebounded in the second quarter, as consumer spending and surging business profits helped the country avoid a recession. Gross domestic product increased at an annual rate of 0.3 per cent in the three months that followed a first-quarter contraction of 0.8 per cent, Statistics Canada reported. The technical definition of a recession is two consecutive quarters of declining economic output. The GDP report showed that consumer spending grew 0.6 per cent in the second quarter. Corporate profits climbed 8.3 per cent from record commodity prices, the biggest increase since 2004. Imports increased 0.6 per cent in the second quarter, reversing a decline in the previous quarter. Personal disposable income increased 1.1 per cent in the quarter. At a news conference, Finance Minister Jim Flaherty said that he believes solid growth in income and employment should help to support the economy, and that Canada is better positioned than most countries to weather the economic slowdown. Prime Minister Harper told reporters before the release of the report that economic fundamentals such as the labour market remain sound.

The Canadian Press - Canadian average weekly earnings rise slightly (27 August 2008) The average weekly earnings of employees stood at C$789.23 in June, up 0.1 per cent from May and 2.5 per cent more than a year ago. Over the past year, earnings among Canada's largest industrial sectors rose by 3.6 per cent in educational services, 2.6 in manufacturing, 2.5 in health and social assistance, 2.1 in accommodation and food services, and 1.6 per cent in retail trade. Statistics Canada reports the strongest year-over-year earnings growth was in Alberta, at 4.6 per cent, and Saskatchewan, at 3.7. The number of employees increased by 8,000 from May to June, bringing the increase over the last 12 months to 266,900, or 1.9 per cent.

The Canadian Press - Slower economy won't mean government deficits in future: Conference Board (27 August 2008) The federal government will easily manage to avoid slipping into a deficit position and will almost certainly record higher surpluses than forecast, says a new analysis by private sector thinktank, the Conference Board of Canada. Finance Minister Jim Flaherty had forecast a C$2.3 billion surplus this fiscal year, but Conference Board chief economist Glen Hodgson said in an interview that C$5 billion would not be a surprise. 'Federal revenues should have been down nearly C$20 billion in the first quarter, given the measures set out in last fall's economic statement,' said Hodgson. 'Instead, only a (C$1.1 billion) reduction is showing up in the national accounts' for the first three months of the fiscal year. The Department of Finance reported a C$1.2 billion surplus for the April-June quarter. Hodgson said the numbers point to government revenues holding up remarkably well despite an economy that has been basically flat since the beginning of the year. Hodgson said that finance officials continue to under-count the amount of tax revenues generated through increases in Canadian incomes. 'Over the medium term, the board expects that the federal government will be able to continue to generate fiscal surpluses,' the report states. 'In turn, this will create scope to pay down debt, reduce taxes, and/or introduce targeted increases in spending.'

Statistics Canada - Canada's balance of international payments (28 August 2008) The current account surplus with the rest of the world (on a seasonally adjusted basis) expanded further to C$6.8 billion in the second quarter of 2008, led by exports of goods. These gains were mainly attributable to higher prices for several exported commodities, which pushed the goods surplus to C$16.4 billion. . . . The increase in the value of exports exceeded that of imports for the second consecutive quarter. As a result, the second quarter 2008 surplus on goods was the largest since the fourth quarter of 2005. . . . Non-residents' investment in Canadian securities amounted to an unprecedented C$27.6 billion during the second quarter and was dominated by investment in debt instruments. Canadian issuers, largely private corporations and federal government enterprises, were active on global debt markets, and foreign acquisitions of Canadian bonds (C$19.6 billion) reflected this. . . . Foreign acquisitions of Canadian stocks (C$5.4 billion) were up for a second consecutive quarter. The Canadian equity market was the only major world market to post a year-to-date gain at the end of June, boosted by higher energy and commodity prices.

The Canadian Economic Press - Bank of Canada Deputy says inflation likely lower than forecast in July (26 August 2008) In an address to the Canadian Association for Business Economics, Bank of Canada deputy governor David Longworth said the recent decline in the spot and future prices of energy means that the temporary spike in total CPI inflation between now and the first quarter of 2009 should be lower than projected in the July update. Longworth also said short-term credit spreads in Canada have narrowed significantly in recent months, in large part reflecting the healthier state of Canadian financial institutions. Growth in household credit remains robust, due to high levels of employment and increases in wealth and real income, Longworth said.

The Canadian Press - Culture a big contributor to Canadian economy, says Conference Board (26 August 2008) A new study from the Conference Board of Canada, in collaboration with the federal government, argues that culture generated C$84.6 billion in direct and indirect economic benefits last year, or 7.4 per cent of total gross domestic product. 'Traditionally, the culture sector has been recognized for its multi-faceted role in contributing to individual and community development, social cohesion, and quality of life,' the report's lead author Michael Bloom said. 'However, in recent decades there has been growing understanding and examination of the substantial economic contribution of arts and cultural industries and of their central role in the creative economy.' The report argues strongly that creativity in the arts is to be valued because it involves the use of new technologies, such as the Internet, and new industries that strengthen Canada's competitiveness.

From a Canadian Economic Press report on this: 'Not only does the arts and cultural industry make a valuable economic contribution in its own right, it also stimulates creative activity in other sectors of the economy,' said Bloom.

The Toronto Star - What's in store for wind? (25 August 2008) Storage is often highlighted as the one wild card that could level the playing field for wind. An Alberta-based project that recently snagged funding from Sustainable Development Technology Canada 'aims to demonstrate cost-effective 1 megawatt hydraulic wind turbine with 2 megawatts of energy storage capacity.' The Edmonton-area company behind the initiative, Lancaster Wind Systems, says it has come up with a wind-turbine design that draws more power from wind than conventional turbines using 'robust equipment from the oil field drilling industry,' according to the project description. An added bonus: the storage portion can also be retrofitted to existing turbines or wind farms. The University of Alberta and Wind Energy Institute of Canada are partners in the project. Company president Daniel Kenway says the project will demonstrate two megawatt-hours of storage—that is, if the turbine stops spinning a megawatt of electricity can still be dispatched for two hours. But that can be scaled up by 'orders of magnitude' to the point where dozens of turbines on a wind farm can be economically paired with a large-scale storage system, Kenway says. He figures the company's turbine-storage combo could eventually produce electricity with reliability similar to a fossil-fuel plant, either by storing wind energy when it's not needed and dispatching it when it is, or simply smoothing the output from a wind farm by using the storage as a buffer. 'I'm not speaking idly. If there's enough storage so that when the wind is not blowing you can supply for days or weeks, then the necessity of using a carbon-producing means of electricity will disappear.' It is conceivable, he continues, that with the current rate of investment in wind power, 'we could be completely renewable by 2050.'

These are a few of the news reports reflecting Canada's rising invincibility from the growing Yogic Flying groups across Canada and the Invincible America Assembly at Maharishi University of Management and Maharishi Vedic City, USA.

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