Quote: (02-02-2016 07:37 PM)kosko Wrote:
Canada's entry into the G7 was dependent on that move. Canada was forced to give up credit controls of the BoC or be denied entry,l. You could argue if it was worth it (it wasn't) but Canada got a seat at the big kids table which has inflated it's global importance ever since. I don't even think Canada is in the top 15 economies let alone top 7/8, it has no business being in the G-7/8 but it is and gets to massage influence on the group when possible.
Mulroony is the guy who runied things. NAFTA was the biggest economic mistake in our nations history. It literally bankrupted us and we still haven't recoverd from it in full.
Usually i agree with most of what you write but your timeline and reasoning is off on this issue.
Canada began borrowing from private banks in 1974 after meetings with the BIS and Milton Freidman pushing the idea that credit creation should be left up to private banks.
The first G7 meeting was thought up and called in 1975.
Also Mulroney had us in 600 billion in debt before NAFTA was ever signed. it wasn't so much his fault as it was collapsing commodity prices and of course now paying massive amounts of interest on the debt in the 1980s.
Not sticking up for him as both parties are nothing but commies and wouldnt know how to balance a budget if their life depended on it
" I'M NOT A CHRONIC CUNT LICKER "
Canada, where the women wear pants and the men wear skinny jeans