Canada didn’t live up to its values on immigration in recent years, Carney says

2024/11/29 Leave a comment

Of note (joining the parade):

Former Bank of Canada governor Mark Carney says Canada didn’t live up to its values on immigration over the last few years as it allowed more people into the country than it could absorb.

Carney, who is currently a special adviser to the Liberal party, made those comments during an event in Ottawa held by Cardus, a Christian think tank.

Carney says Canada let newcomers down by admitting more workers and students than it could provide for, including with housing, health care and social services.

Earlier this fall, the Liberal government announced a plan to significantly reduced its immigration target for permanent residents and to dramatically scale back the number of temporary residents in Canada.

Those changes came about after a period of strong population growth that led to mounting criticism of the Liberal government’s immigration policies.

Prime Minister Justin Trudeau has acknowledged that the federal government did not get the balance right on immigration after the COVID-19 pandemic.

Source: Canada didn’t live up to its values on immigration in recent years, Carney says

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ICYMI: Capitalism Eating Its Children – Mark Carney

2014/06/10 1 Comment

Stronger than his statements while Bank of Canada Governor:

…..Mark Carney, the Canadian governor of the Bank of England, lays into unfettered capitalism. “Just as any revolution eats its children,” he says, “unchecked market fundamentalism can devour the social capital essential for the long-term dynamism of capitalism itself.”

All ideologies, he continues, are prone to extremes. Belief in the power of the market entered “the realm of faith” before the 2008 meltdown. Market economies became market societies. They were characterized by “light-touch regulation” and “the belief that bubbles cannot be identified.”

Carney pulls no punches. Big banks were too big to fail, operating in a “heads-I-win-tails-you-lose bubble.” Benchmarks were rigged for personal gain. Equity markets blatantly favored “the technologically empowered over the retail investor.” Mistrust grew — and persists.

“Prosperity requires not just investment in economic capital, but investment in social capital,” Carney argues, having defined social capital as “the links, shared values and beliefs in a society which encourage individuals not only to take responsibility for themselves and their families but also to trust each other and work collaboratively to support each other.”

Capitalism Eating Its Children – NYTimes.com.

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