Today’s top news story is about Canada’s finance minister being given carte blanche (free to do whatever he pleases) to bailout corporations under the guise of the COVID crisis bailouts. This is a story that really pisses me off, and should infuriate the hell out of all Canadians. Given royal assent on March 25th, Part Eight of Bill C-13 gives Finance Minister Bill Morneau the unbelievable power to set up ‘a corporation’ if, in the minister’s opinion, it is “necessary to promote the stability or maintain the efficiency of the financial system in Canada.” The entire purpose of said corporation to be a hassle free and completely confidential way to slip money into corporate pockets with NO public knowledge or discussion. This gives Morneau more power and control than the prime minister, and must have Alberta’s premier jumping for joy.
Finance Minister Given Carte Blanche For Bailouts
Part Eight gives the government of Canada the ability give fossil fuel corporations as much money as they want, and as often as the want, until the end of September, and nobody will know or can do a damn thing to stop it. Now of course government claims the new legislation would only be employed ‘in a worst-case scenario’, but never forget that it also reserves the right to determine what a ‘worst-case scenario’ is, which in itself is a worst-case scenario. Now according to mainstream news, what’s been dubbed the ’emergency Coronavirus legislation’ gives Ottawa the ability to step in and purchase troubled assets from financial institutions or other companies if necessary, which is really nothing but a subsidy slight-of-hand. Eligible assets include both financial instruments and physical assets.
Finance Minister Will Have The Power To Set Rules
The ‘corporation’ will be set up to buy assets as a means of taking pressure off a financial institution or company. The Finance Minister will hold all of the shares of this holding company on behalf of the Crown. The minister will have the power to set rules for running the corporation, give direction to it, and “merge, sell, wind-up or dissolve” it, including selling any or all shares of the corporation. In other words, Part Eight offers the government a way to act directly to prop up financial institutions and ‘other companies’ that might be deemed to have strategic economic value. And guess what major industries Canada keeps telling the nation are in it’s ‘best interest’?
No Cabinet Knowledge Or Authorization Required
Under the provisions, until September 30th the finance minister is authorized to make payments to this corporation, or lend money to it, out of the government’s consolidated revenue fund without cabinet knowledge or authorization. This allows the finance minister to make loans to any company, provide line of credit or loan insurance, or guarantee debt, all using Canadian taxpayer money to financially prop up corporations without needing to ask or tell anyone, circumventing the entire parliamentary process. This shifty move sneakily provides the prime minister with a hands free way of shoveling buckets full of cash to whoever he wants to, leaving Morneau to be the ‘fall guy’ if and when the poop hits the fan. In this old fart’s opinion, it’s basically government funding the private sector, but only those sections of the private sector that it deems to be ‘necessary’ to the national economy, and we all know what they are.
Pension Money Given To Rich
To me, it’s using senior citizen’s pension money to pay huge bonuses to fossil fuel executives in some other damn country in order to keep those massive political bribes rolling in, and that pisses me right the hell off. Now I wouldn’t mind if all that money was actually to help the real backbone of the nation’s economy, small business, but it won’t be. No sir, no ma’am, this is a complete carte blanche gift to the world’s richest who live ‘elsewhere’, and only the world’s richest, all courtesy of Canadian taxpayers. It allows Ottawa to funnel fossil fuel corporations unlimited amounts of taxpayer dollars, and make us pay for the whole damn schnozzle. It’s habitual liars plunging a financial dagger into the public’s back while it’s blindsided by a disease, ‘kicking folks while they’re down’ if you will, and it’s all been done so ‘nice and legal’.
Canada Deserves far Better
To millions of hard working Canadians, Part Eight of Bill C-13 is a horrible finger in their face. Now I’m not sure where the public keeps finding them slimy scum-buckets and electing them, but I sure wish that they’d knock it the hell off! Canada deserves far better than stinking traitorous opportunists who sell the nation right out from under its citizens. And this latest move allows them to do it even faster and with less hassle. I think that it’s time for Canadians to tell government that Canada is NOT its property to sell off, it is its RESPONSIBILTY to take care of and preserve, and it’s high time that it start getting around to doing that.
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