There's a newspaper clipping from The Globe and Mail taped to one of the metal filing cabinets in my office. The headline reads, "Housing Market Spurs Worries of Crash Landing." The article is dated August of 2006.
For some time prior, I had been shouting into the wind - at colleagues, friends, business associates - that the American economy was destined for a fall, and that there was no doubt that Canada would be dragged along into the abyss.
When I read that article, I knew the decline was imminent - "There's your pinprick, boys," were my exact words, as I recall. I also knew that there were steps that could be taken by our government, regulators and financial institutions to buffer us against a broader economic collapse. Although that would have taken discipline, prudence and foresight.
Perhaps like all Cassandras, I was a little before my time. Not much - maybe a year at most. And when it hit, it hit hard. Over the next few years, I watched as first real estate, then nearly every facet of our financial system - inextricably linked to the American, and wider global economies - was sucked into the maelstrom.
The article I mentioned is strategically positioned on the cabinet directly across from my desk. I see it every day - I need to see it every day - it's an inescapable reminder of the fact that Canada did not need to endure the trials of the past few years. It happened through the failure, corruption and willful blindness of our leadership - both government and business.
The letter posted below was passed throughout my network and out into the broader Toronto business community. It was written from my heart - as one who loves his country, has faith in the potential of our financial system, and watched the last few years with utter frustration. In it, I describe the climate that led to our inaction in the face of danger, and outline a platform for positive, intelligent change. Here's a spoiler - it starts with each Canadian citizen expecting a hell of a lot more from our politicians.
From a Suffering Canadian Patriot
January, 2009
Dear Citizens and Leaders,
I am writing to you as a suffering Canadian patriot. I am suffering because I am watching my beloved country being ruled by ‘politicians’ amongst gross apathy of the citizenry. I say ‘politicians’ because it is the name I give to those that rise to the top in smooth waters and do little or nothing of consequence.
They brilliantly retain power by establishing a false sense of security and by maintaining the status quo with 'band aids' rather than planning for the future, all the while ruling through and by popularity polls.
The waters of this global ocean we swim in, though indeed murky, did not need to enter our harbour. The global recession currently embroiling us is not a 'made in Canada' phenomenon but stems from the inaction, self interest and failure of our so-called politicians to root out the real issue - one which has put us on a collision course with the eye of the storm.
Our banks were given a license to print money and have been reaping the $1 billion rewards ever since. Because of sensible regulation (over numerous administrations) our banks were recently ranked the best in the world by the World Bank, yet they have virtually turned the taps off to Canadian businesses - the true lifeblood of our economy.
Mr. Flaherty (and Mr. Carney) both recognized the issue and did attempt to stand up to the banks, but their growls quickly turned to forced yelps. We now have our budget and “have met our commitments to the G20”. I would ask my fellow Canadians to learn how to read between the lines, but how can they when even the media is asleep at the switch. I will read it for you. In that statement we were told that because the American’s overspent, practiced fraud for a living (the corrupt few), plundered and replaced brand new BMW’s weekly that we, the Canadian people, now have to pay.
Billions and trillions have been tossed around like nickels and quarters are fed to the change jar and so I forgive everyone for not being overwhelmed. The $84 Billion deficit the government is intending to run is a tab that your children and grandchildren will have to pay… with interest! It is also an understatement of the true bill, as they have already opened a window of $200 billion, and growing, to the banks.
Stand up and be heard, or I assure you that your children’s future will be spent over the coming year or two on a bottle of tequila, some cheap perfume and at the proverbial slot machine…it will feel good for a while, but I assure you we will be left with a giant and permanent hangover.
This is not entirely the fault of our leadership, but is predominantly ours as citizens. In calm seas we demand very little of consequence from our politicians and spend little or no time holding them to task for anything other than who they sleep with and what they may or may not inhale.
Bold action is impossible in such an environment. If there has ever been a time in the past 50 years that we have needed leaders, today is the day. If there has ever been a time that the population is ready, this is the time. There are definitely leaders in our public ranks, but we as citizens need to step up and give these leaders a chance to lead, in the manner with which we need to be led today.
To be continued...
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