Morneau’s deficit comments

2020-07-08

in Canada, Economics, Politics, Rants, The environment

If finance minister Bill Morneau believes that Canada’s budget deficit “the challenge of our lifetime” he’s either tragically ill-informed, delusional, or disabled by finance-industry-insider blinders. Russia and Argentina, among others, show how states can default on their external debts and suffer relatively little consequence, as investors race back in within years. Even the worst economic outcomes, like interwar hyperinflation in Germany, are nothing compared to what catastrophic climate change would involve — and that’s where we’re on track to end up if the world just keeps doing what it is doing now.

The quote shows how deeply our highest-level leaders are failing to understand what climate change will mean for humanity and life on Earth if we don’t begin a dramatic program of cutting fossil fuel production and use. When you’re facing the plausible risk of extinction as a civilization or a species, having leaders who think a line on a spreadsheet is the greatest challenge is demonstrative of actively harmful leadership and underscores the degree to which existing politicians and institutions are incapable of accepting the most severe consequences of their choices.

{ 1 comment… read it below or add one }

alena prazak July 13, 2020 at 8:05 pm

What you say is true. People are very good at just seeing the situation from their point of view or their area of expertise. We all prioritize based on what we consider most important even if it isn’t logical or correct.

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