The father of capitalism, Adam Smith, wrote: “People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices.”
The Council for Clean Capitalism is an experiment to show it is possible for leaders of major businesses to join together as a force for good. Our goal is a wealthier society that accounts for all of our sources of wealth (human, financial, natural, social, and produced).Continue Reading...
Power lines and pipelines
Posted July 31, 2013
Green power is from Mars and oil is from Venus - but not in North America.
If a Martian were to look down on our great continent today, he (as Men are from Mars) would see a land rich in oil and gas bounty and even richer in fast-flowing water. He would see that the north part (Canada) has most of the clean and fossil energy potential while the south part (the U.S.) consumes 90 per cent of the energy, reflecting an economy and population that is 10 times bigger. If he examined trade patterns, he would see that Canada provides the U.S. with 28 per cent of its oil needs, but only 1 per cent of its electricity needs. If he looked at our national accounts, he might be surprised to see us running provincial and federal deficits in the midst of harvesting the fruits of an asset that took a billion years to forge.Continue Reading...
Posted February 14, 2013
OPINION: Ratings agencies need to incorporate natural resource-related risks.
At the beginning of the Clinton administration in the early 1990s, political advisor James Carville famously remarked: “I used to think if there was reincarnation, I wanted to come back as the president or the pope or a .400 baseball hitter. But now I want to come back as the bond market. You can intimidate everyone.”
The bond markets have grown into a $100 trillion oxygen chamber for finance ministries and businesses. Standing at the gates are Standard & Poor’s Ratings Services, Moody’s Investors Service and Fitch Ratings – the most powerful oligopoly in the world. The Big 3 have a 95 per cent market share of the global credit ratings market, which gives them the power to deem who breathes in the capital markets and who suffocates.Continue Reading...