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3 November 2008
21 October was the 21st day of the fourth month of the 3rd year of Canadian national consciousness rising to invincibility, as indicated by the following press reports:
21 October 2008
Canwest News Service - Premiers stress unity in face of credit crisis (21 October 2008) Canada's premiers and territorial leaders emphasized the need for co-operation with the federal government, as they concluded a meeting in Montreal on Monday. In a joint statement, the leaders stressed that Canada is well positioned to deal with the situation, perhaps better than any other country. 'Canada's economic fundamentals are sound,' they said. 'Our financial sector, banks, and credit unions are well capitalized and well regulated.' The leaders said they look forward to a meeting with the federal government to discuss the situation and ways to deal with it. 'Canadians are worried about the world economic situation and we want to reiterate our will to work together and with the federal government,' Quebec Premier Jean Charest said. At the meeting, the premiers drew up a list of priorities on which they can take action immediately. They called for prudent and responsible management of public finances, acceleration of infrastructure, and skills development, investment, and continuing efforts to expand trade into new markets, notably Europe and Asia. They also pledged to redouble efforts to ensure full labour mobility across the country and to eliminate interprovincial trade barriers. 'We are one economy,' said British Columbia Premier Gordon Campbell. 'We will not succeed in assuring the quality of life of people if we do not work together.'
The National Post - Economic boom makes Saskatchewan an easy sell (21 October 2008) Saskatchewan government communications staff were eagerly dialing reporters across Canada on Tuesday morning—phrases like 'historic' and 'huge' were tossed around. The superlatives, it turns out, were justified: in his mid-term mini-budget, Premier Brad Wall unleashed the deepest single personal income tax cut in the province's history, the biggest infrastructure spend, and its largest debt paydown. The province's unbudgeted surplus is projected at record-shattering C$3 billion. 'It's a great day to be Premier,' Mr Wall enthused. With the tax-free portion of income tax boosted to C$40,000 for families (the highest of any province), more than 80,000 Saskatchewanians immediately, and retroactive to January of this year, can forget paying a dime in provincial income tax, while households earning a just slightly higher C$50,000 saw their provincial tax bill cut nearly 60%. The government also committed to a 50% boost in infrastructure spending to C$1.5 billion. Saskatchewan was projected in a TD Economics report last Thursday to be 'the sole province whose economic growth rate in 2008 will exceed that of last year', expected to beat everyone for top GDP gains through 2009. 'I'm certainly upbeat on the province,' TD's senior economist Derek Burleton says. 'I think these tax cuts will help to buoy the economy in the short run.' Its most pressing concern, of all things, may be tens of thousands of vacant jobs. The premier's strategy comes with an insurance plan: nearly C$2 billion for the Growth and Financial Security Fund, promising to keep the government in the black.
From a Canadian Press report on this: Premier Wall suggested it was time to spread the wealth from Saskatchewan's booming economy. 'We have more money as a government that belongs to the people of Saskatchewan than we forecast and the amount is not insignificant,' Wall told reporters at the legislature. 'Saskatchewan has been enjoying some unprecedented economic momentum for some time. We've been leading the country in almost every economic category that you can fathom.'
The Canadian Economic Press - Bank of Canada lowers key interest rate to 2.25%, says more cuts to come (21 October 2008) The Bank of Canada Tuesday sliced another 25 basis points from its key overnight lending rate target, dropping it to 2.25%. The rate now sits at half the 4.5% in effect at the start of the year. The bank also hinted broadly that there are more reductions to come. However, the central bank expects Canada to snap out of the downturn relatively quickly, with growth beginning to pick up after the first quarter of next year and hitting 3.4% in 2010.
From a Canadian Press report on this: The central bank noted Tuesday that not all recent developments have been bad for Canada's economy. Positive factors include the recent slide in the value of the Canadian dollar, which will make exporters more competitive in the global market, and efforts by major economies to bail out their banking sectors and stabilize financial systems. The Bank of Canada also said inflation has now ceased to be a significant problem.
The Globe and Mail - Bank borrowing costs continue to fall (21 October 2008) Borrowing costs for Canada's banks are fast returning to a semblance of normality. The cost of a three-month loan between banks has plunged, with the premium over expected central-bank rates plummeting to 57 basis points early Tuesday. That's down 31 basis points from Monday and 44 basis points since Friday. Canadian banks are also able to raise funds from investors at much lower rates than just three weeks ago. The yield on Toronto-Dominion Bank's 4.85 per cent bond due in 2013, for example, has dropped below 4.9 per cent from a high of 5.3 per cent on 1 Oct. For Canadian borrowers, the move is good news. When banks pay less to borrow, they can charge less to lend.
Reuters Canada - Canada's banks lower prime lending rates (21 October 2008) Canadian banks cut their prime lending rates Tuesday afternoon in response to lower funding costs and the Bank of Canada's 25 basis point interest rate cut earlier in the day, giving customers a chance for lower rates on various loans. TD Canada Trust, the domestic retail unit of Toronto-Dominion Bank, led the pack in lowering its prime rate to 4.00 per cent, from 4.35 per cent. Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada, National Bank of Canada, and Bank of Montreal—also dropped their prime rates to 4.00 per cent. Most had been at 4.25 per cent previously. The prime rate determines charges on a host of other loans, including some mortgages.
The Financial Post - $132B Canadian wind scheme proposed (21 October 2008) Canada's top wind energy promoter took to the stage in Vancouver Monday to describe a vision for the future in which 20% of Canada's electricity is blown on to power lines. Canadian Wind Energy Association president Robert Hornung urged Canada to build 22,000 wind turbines over the next 17 years at a cost of C$132 billion. This would add 55,000 megawatts of wind generation in a country that currently has 2,500, and an entire globe that now has 94,000.
The Toronto Star - Toronto 4th in world for culture (21 October 2008) Toronto ranks as the world's fourth best city to experience culture, behind only London, Paris and New York. Washington, DC-based Foreign Policy magazine's inaugural Global Cities Index assesses 60 major cities around the globe in business, human capital, culture, global political influence, and the centrality of the city to global information flows. Toronto also fared well as a place of international learning, ranking as the 13th best place to take a university degree.
Canwest News Service - Toronto places 10th in global cities rankings (21 October 2008) The influential international relations magazine Foreign Policy has ranked Toronto as the world's 10th most global city. In their first-ever Global Cities Index, the editors at Foreign Policy, along with A T Kearney, a global management consultancy firm, and the Chicago Council on Global Affairs, described global cities as symbols of 'power, sophistication, wealth, and influence. To call a global city your own suggests that the ideas and values of your metropolis shape the world.' The journal pointed to Toronto as a 'lifestyle centre,' along with Los Angeles, saying, 'They attract worldly people and offer cultural experiences to spare.' Ontario's capital city also placed 10th in the human category, for its ability to 'act as a magnet for diverse groups of people and talent. This includes the size of a city's immigrant population, the number of international schools, and the percentage of residents with university degree.'
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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