So much for the spin that this is only a 'technical' recession. It is now official....
"While Canada's economy evolved largely as expected during the summer and early autumn, it is now entering a recession as a result of the weakness in global economic activity," the bank said in a statement.
It was the first clear admission by the bank that Canada is joining most major economies in sliding into recession, typically defined as two consecutive quarters of contraction, although Governor Mark Carney had hinted at it last month.
Funny but we have been in a global recession since September of last year, when the first British mortgage bank Northern Rock crumbled .
The past year has been one of collective denial by the powers that be.
And now they are suffering a collective flashback.
For example, the last time Canadian interest rates were as low as they are today was in 1958 when Canada was emerging from recession. The economy, valued at about $32-billion at the time, was carried higher by a huge investment boom throughout the mid-1950s. Growth rates reached as high 9% in 1955 and 1956.
Then the boom went bust. The unemployment rate, which was 3.4% in 1956 hit 7.2% in 1961; growth slowed to about 1% as business spending fell off a cliff.
SEE
Neo-Cons Have No New Ideas
Back To The Fifties
Here Come the Seventies
Wall Street Mantra
tags
Canada, Flaherty, politics, Conservatives,consumer spending, tax-credit, Stelmach, economy, government, Conservatives, Harper, recession, Conference Board of Canada, consumer confidence, Economy, asset-backed commercial paper ,, goldhomes, mortgages, housing, bubble, US, economy, oil prices, sub-prime mortgage, Wall Street, crash, recession,Bernanke, Inflation, Staglation, Stock-Market, US, Federal-Reserve-Chairman, Oil, gold, commoditiesSmoot-Hawley, protectionism, tariffs, Herbert Hoover, U.S., U.S. economy, Canada, Great Depression, John McCain, market crash, free trade, Republicans, recession,
Wednesday, December 10, 2008
Chrysler Black Mail
Chrysler is blackmailing Canada.
In its submission to the federal government, Chrysler compared plants in Windsor and Brampton, Ont., with American facilities that could assemble the same models, and noted it had spare capacity in the United States - a comment that some in government saw as a veiled threat to shift production if Canada does not provide emergency assistance.
Meanwhile the Harpocrites offer no new solutions to the auto crisis instead they offer workers the same old same old;
Mr. Clement met with senior officials from the Canadian Auto Workers union, including its president, Ken Lewenza. Mr. Clement has urged the union to be "part of the solution" and has suggested they may need to take a cut in wages and benefits to keep jobs in Canada.
The solution to the auto crisis is not more concessions from workers nor bailing out the Big 3. It is to socialize them under workers control.
SEE
There Is An Alternative To Capitalism
Auto Solution II
We Own GM
Auto Solution
tags
MGuinty, GM, concesssion bargaining, unions, trade union, Marx, Ontario, Corporate Welfare, Canada, cars, automobilie, production, taxes, tax credit, investment, environment, hybrid, self-valorization,, self-management,, workers control,, autoworkers,, KEN LEWENZA,,CAW, Big Three Auto,, libertarian socialism, automobile, Chrysler, Tony Clement, business unions, auto parts, workers, layoffs, plant-closings, workers-control, unions, labour, Canada
In its submission to the federal government, Chrysler compared plants in Windsor and Brampton, Ont., with American facilities that could assemble the same models, and noted it had spare capacity in the United States - a comment that some in government saw as a veiled threat to shift production if Canada does not provide emergency assistance.
Meanwhile the Harpocrites offer no new solutions to the auto crisis instead they offer workers the same old same old;
Mr. Clement met with senior officials from the Canadian Auto Workers union, including its president, Ken Lewenza. Mr. Clement has urged the union to be "part of the solution" and has suggested they may need to take a cut in wages and benefits to keep jobs in Canada.
The solution to the auto crisis is not more concessions from workers nor bailing out the Big 3. It is to socialize them under workers control.
SEE
There Is An Alternative To Capitalism
Auto Solution II
We Own GM
Auto Solution
tags
MGuinty, GM, concesssion bargaining, unions, trade union, Marx, Ontario, Corporate Welfare, Canada, cars, automobilie, production, taxes, tax credit, investment, environment, hybrid, self-valorization,, self-management,, workers control,, autoworkers,, KEN LEWENZA,,CAW, Big Three Auto,, libertarian socialism, automobile, Chrysler, Tony Clement, business unions, auto parts, workers, layoffs, plant-closings, workers-control, unions, labour, Canada
Bank Rip Off
Gosh folks are surprised that Canada's Big Six banks are greedy and won't pass on the interest cut to you and me. Bank slashes key rate to 1958 level
Six Canadian Banks Fail to Match Central Bank Cut (Update6)
Big banks keep slice of deep rate cut
Big 6 lag behind central bank's lead
Bah humbug to banks’ greedy actions on rates
Why I am shocked, shocked I say, shocked that the media and pundits expected these greedy bastards to act like good corporate citizens. After all the last time Carney cut the interest rates, only a month ago, they didn't pass them on. And despite Flaherty and Harper bailing them out to the tune of $75 billion, the banks increased interest rates and service charges on credit cards and have refused to loan money to credit agencies like GMAC and Ford Credit. When you give these guys money with no strings attached they use it to increase their profit and to pay off their bad debts and criminal activities.Of course Mark Carney knows this he used to work for Goldman Sachs. Flaherty knows it too. When the bank and commerce committee met to review credit card and bank card user fees and interest rates they got the cone of silence from the bankers.Truly this is a case of throwing good money after bad.
And while they will claim they are looking after the interests of their shareholders remeber who that is , why you and me of course with our mutual funds, our CPP and other public pension funds who are institutional investors in the banks. In fact we own them.
Time to socialize the banks along with the auto industry under workers control, the only solution to this crisis of capitalism is socialization of capital.
SEE:
Back To The Fifties
UBScandal
Pension Rip Off
Credit Card Rip Off
Canada's Billion Dollar Rip Off
Bank Union
Service Charges
Find blog posts, photos, events and more off-site about:
criminology, corporate-crime, white-collar-crime, sociology, hedge funds, scandal, criminal-capitalism, workers, employees, theft, crime, layoffs,, Canada,, banks,, banking,, BMO,, natural gas,, Bank of Montreal,, Banks,, Canada,, bank, Royal, Bank-Of-Nova-Scotia, banking-regulations, disclosure, Bank of Canada, dollar, Canada, deflation, loonie, exchange-rates, 1961, Diefenbuck
Comes Back And Bites You
Is this why the highest ranking officer of the ISI abruptly decided not to travel to India after the Mubai attack. Do ya think?
The war in Kashmir like America's secret wars, is a ghost war, with Pakistan funding armed struggle groups who they don't really control. The ISI learned its lessons from the CIA unfortunately like the CIA they failed to learn the most important lesson about black ops and secret wars by client organizations, they come back to haunt you.
All Terorism is State Terrorism it is the result of the Cold War. The use of fascists and military coup detat's were post-war CIA policy. The attack on civilians in post war Europe has a been the result of small fascist groups funded or aided by the CIA. This political strategy of a shadow war is used by the State to promote authoritarian policies through the politics of fear. Unknown, shadowy groups end up being exposed as funded and fronted by state security apparatuses. This shadow world gets exposed to the light of day when the client organizations act autnomously and with their own agenda.
The fallacy about these movements is that they are nationalist or anti-imperialist, when in fact they are anything but. They are agents of the State used to justify its authoritarian existence. They are not terrorists they are fascists, and as such are the creatures of the Security State. The Security State promotes global insecurity to justify its existence. There is no such thing as an 'unknown' terrorist organization, they are all pawns in the game of the intelligence networks that created them.
Pakistan’s Spies Aided Group Tied to Mumbai Siege
American officials say there is no hard evidence to link the spy service, the Directorate for Inter-Services Intelligence, or ISI, to the Mumbai attacks. But the ISI has shared intelligence with Lashkar and provided protection for it, the officials said, and investigators are focusing on one Lashkar leader they believe is a main liaison with the spy service and a mastermind of the attacks. Lashkar-e-Taiba, which means “army of the pure,” was founded more than 20 years ago with the help of Pakistani intelligence officers as a proxy force to challenge Indian control of Muslim-dominated Kashmir. Indian officials have publicly implicated Lashkar operatives in a July 2006 attack on commuter trains in Mumbai and in a December 2001 attack against the Indian Parliament. But in recent years, Lashkar fighters have turned up in Afghanistan and Iraq, fighting and killing Americans, senior American military officials have said.Lashkar commanders have been able to operate more or less in the open, behind the public face of a popular charity, with the implicit support of official Pakistani patrons, American officials said. Lashkar also has a history of using local extremist groups for knowledge and tactics in its operations. Investigators in Mumbai are following leads suggesting that Lashkar used the Students’ Islamic Movement of India, a fundamentalist group that advocates establishing an Islamic state in India, for early reconnaissance and logistical help. Although Pakistan’s government officially banned Lashkar in 2002, American officials said that the group had maintained close ties since then to the Pakistani intelligence service. American spy agencies have documented regular meetings between the ISI and Lashkar operatives, in which the two organizations have shared intelligence about Indian operations in Kashmir. “It goes beyond information sharing to include some funding and training,” said an American official who follows the group closely. “And these are not rogue ISI elements. What’s going on is done in a fairly disciplined way.” Lashkar strives for the creation of a pan-Islamic state across South Asia,
Gul was director-general of the ISI from 1987 to 1989, at the end of a mujahideen war, covertly funded by the United States and Saudi Arabia, to drive the Soviet army out of Afghanistan. It was at the tail-end of this period that Pakistani support began for a separatist movement in Indian Kashmir. Lashkar-e-Taiba, a group whose leader hails from Sargodha, the same city as Gul, was founded in 1990.Gul says he supports the Afghan resistance to Western forces at a moral and academic level, but no more than that.Speculation among analysts and Western media has bubbled for years that the ISI either secretly supports the Taliban, or there are rogue or retired officers helping the insurgents. Gul was ISI chief during Bhutto's first government in 1988-1990.
New Delhi's past complaints about Pakistan — shared by Afghan President Hamid Karzai and some in Washington — have centered on its Inter Services Intelligence agency. Kashmiri militants as well as the Taliban have served as proxies for Pakistan to exert influence in India and Afghanistan in the past, and there are doubts that Pakistan's military, which controls the ISI, has fully abandoned that policy.Pakistani leaders have vigorously defended the agency, and complained that their country is being scape-goated for Western failures in Afghanistan. Still, they have also made moves to reform the ISI, including appointing a new chief in September.
SEE:
Chickens Come Home
Worth Reading After Mubai
Pakistan: Feudalism Not Democracy
Back In the USSA
Saddam and the CIA
CIA Conspiracies Are Real
Irans Nuclear Program Is A CIA Oops
State Sponsored Terrorism
State Security Is A Secure State
Paranoia and the Security State
ECHELON Spies on Greenpeace
Statist Anti-Terrorism Act
Weapons of Mass Deception
Find blog posts, photos, events and more off-site about:
India, Mubai, fascism, anti-fascism, terrorism, Al-Qaeda, Spectacle, Debord, Situationist, War, Bush, 9/11, Iraq, Afghanistan, Terrorism,Middle East, globalization, terrorism,Government,Musharaff, Pakistan, ISI, intelligence, counter-intelligence, spying, Mujahedin, MI6, UK, Britain, Al-Quaeda, Bin-Laden, terrorism, India, terrorists, Kashmir, Taliban, book, autobiography, Afghanistan, kidnapping,Benazir Bhutto, Pakistan Peoples Party,
The war in Kashmir like America's secret wars, is a ghost war, with Pakistan funding armed struggle groups who they don't really control. The ISI learned its lessons from the CIA unfortunately like the CIA they failed to learn the most important lesson about black ops and secret wars by client organizations, they come back to haunt you.
All Terorism is State Terrorism it is the result of the Cold War. The use of fascists and military coup detat's were post-war CIA policy. The attack on civilians in post war Europe has a been the result of small fascist groups funded or aided by the CIA. This political strategy of a shadow war is used by the State to promote authoritarian policies through the politics of fear. Unknown, shadowy groups end up being exposed as funded and fronted by state security apparatuses. This shadow world gets exposed to the light of day when the client organizations act autnomously and with their own agenda.
The fallacy about these movements is that they are nationalist or anti-imperialist, when in fact they are anything but. They are agents of the State used to justify its authoritarian existence. They are not terrorists they are fascists, and as such are the creatures of the Security State. The Security State promotes global insecurity to justify its existence. There is no such thing as an 'unknown' terrorist organization, they are all pawns in the game of the intelligence networks that created them.
Pakistan’s Spies Aided Group Tied to Mumbai Siege
American officials say there is no hard evidence to link the spy service, the Directorate for Inter-Services Intelligence, or ISI, to the Mumbai attacks. But the ISI has shared intelligence with Lashkar and provided protection for it, the officials said, and investigators are focusing on one Lashkar leader they believe is a main liaison with the spy service and a mastermind of the attacks. Lashkar-e-Taiba, which means “army of the pure,” was founded more than 20 years ago with the help of Pakistani intelligence officers as a proxy force to challenge Indian control of Muslim-dominated Kashmir. Indian officials have publicly implicated Lashkar operatives in a July 2006 attack on commuter trains in Mumbai and in a December 2001 attack against the Indian Parliament. But in recent years, Lashkar fighters have turned up in Afghanistan and Iraq, fighting and killing Americans, senior American military officials have said.Lashkar commanders have been able to operate more or less in the open, behind the public face of a popular charity, with the implicit support of official Pakistani patrons, American officials said. Lashkar also has a history of using local extremist groups for knowledge and tactics in its operations. Investigators in Mumbai are following leads suggesting that Lashkar used the Students’ Islamic Movement of India, a fundamentalist group that advocates establishing an Islamic state in India, for early reconnaissance and logistical help. Although Pakistan’s government officially banned Lashkar in 2002, American officials said that the group had maintained close ties since then to the Pakistani intelligence service. American spy agencies have documented regular meetings between the ISI and Lashkar operatives, in which the two organizations have shared intelligence about Indian operations in Kashmir. “It goes beyond information sharing to include some funding and training,” said an American official who follows the group closely. “And these are not rogue ISI elements. What’s going on is done in a fairly disciplined way.” Lashkar strives for the creation of a pan-Islamic state across South Asia,
Gul was director-general of the ISI from 1987 to 1989, at the end of a mujahideen war, covertly funded by the United States and Saudi Arabia, to drive the Soviet army out of Afghanistan. It was at the tail-end of this period that Pakistani support began for a separatist movement in Indian Kashmir. Lashkar-e-Taiba, a group whose leader hails from Sargodha, the same city as Gul, was founded in 1990.Gul says he supports the Afghan resistance to Western forces at a moral and academic level, but no more than that.Speculation among analysts and Western media has bubbled for years that the ISI either secretly supports the Taliban, or there are rogue or retired officers helping the insurgents. Gul was ISI chief during Bhutto's first government in 1988-1990.
New Delhi's past complaints about Pakistan — shared by Afghan President Hamid Karzai and some in Washington — have centered on its Inter Services Intelligence agency. Kashmiri militants as well as the Taliban have served as proxies for Pakistan to exert influence in India and Afghanistan in the past, and there are doubts that Pakistan's military, which controls the ISI, has fully abandoned that policy.Pakistani leaders have vigorously defended the agency, and complained that their country is being scape-goated for Western failures in Afghanistan. Still, they have also made moves to reform the ISI, including appointing a new chief in September.
SEE:
Chickens Come Home
Worth Reading After Mubai
Pakistan: Feudalism Not Democracy
Back In the USSA
Saddam and the CIA
CIA Conspiracies Are Real
Irans Nuclear Program Is A CIA Oops
State Sponsored Terrorism
State Security Is A Secure State
Paranoia and the Security State
ECHELON Spies on Greenpeace
Statist Anti-Terrorism Act
Weapons of Mass Deception
Find blog posts, photos, events and more off-site about:
India, Mubai, fascism, anti-fascism, terrorism, Al-Qaeda, Spectacle, Debord, Situationist, War, Bush, 9/11, Iraq, Afghanistan, Terrorism,Middle East, globalization, terrorism,Government,Musharaff, Pakistan, ISI, intelligence, counter-intelligence, spying, Mujahedin, MI6, UK, Britain, Al-Quaeda, Bin-Laden, terrorism, India, terrorists, Kashmir, Taliban, book, autobiography, Afghanistan, kidnapping,Benazir Bhutto, Pakistan Peoples Party,
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