The one element that has proven to cause capital flight has been Canadian federalism. An RBC report estimated that Canada’s regulatory environment has driven over a trillion dollars from the country, most of which was energy related.
In speaking to a gathering at the Hyatt Regency in Calgary, NDP Leader Naheed Nenshi blamed Premier Danielle Smith for causing economic uncertainty by allowing citizens to hold referenda.
The problem is, there has been no evidence of any economic uncertainty caused by the pending referendum this fall.
Liberal MP Corey Hogan made claims that the independence movement has driven away investment, as has Calgary Mayor Jeromy Farkas. Sheila Gunn Reid thoroughly debunked those claims in this publication.
The one element that has proven to cause capital flight has been Canadian federalism. An RBC report estimated that Canada’s regulatory environment has driven over a trillion dollars from the country, most of which was energy related.
Cenovus CEO Jon McKenzie said new pipelines are “unfinanceable” due to Canada’s policies at the recent Global Energy Show held in Calgary. No credible business leaders have pointed to the coming referendum causing any sort of investment impediments.
In his attempt to fearmonger, Nenshi said “People are deeply worried that 130 days from now, we could lose our country.”
Nenshi is as aware as anybody that the referendum this fall is non-binding and won’t cause the dissolution of the country. He is admitting that the movement for independence may be larger than some are claiming, though.
With one in three people in Alberta considering separation, it would be irresponsible of the premier to slam the door on the ability to sort the issue out through a referendum. The movement has been peaceful and democratic to date.
To tell a third of Albertans to “pound sand” could radicalize people. No political leader would dare to tell Quebec independence supporters such a thing.
Bizarrely, Nenshi said “If we hadn’t wasted seven years in fighting with the federal government, imagine what we could have done in building our export capacity for our oil and gas sector.”
Is he implying Alberta should never have fought back against the Trudeau government’s efforts to shut in the energy sector in the West?
Does he think that in defending the industry from an ideological and hostile federal government somehow hampered the industry?
Imagine indeed if Alberta had refused to fight back against the federal government as Nenshi feels it should have. Perhaps Alberta’s economy could have cratered enough to become an equalization recipient.
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