Introduction

An unusually mellow Jacques Clément made an early appearance and generated much merriment with a special greeting for each guest; he then dshared his Christmas travel plans and confirmed that he would be out of town for the next two Wednesdays. He also mentioned that while he usually arrives late, this is not an indication that he is not interested in what goes on before his arrival.

[Editor's Note: It was subsequently brought to our attention that Jacques' uncharacteristically voluble commentary was not unlike reports of the goings-on in the Nunavit Legislature, where it appears to be customary for the legislators to send greetings to friends and family before, or in lieu of, their more formal interventions]

Jacques also admitted that for the first time he had been wrong on the outlooks for the Canadian dollar and crude oil, but with explanations in his Report on the economy.

Same-sex marriage

The Supreme Court of Canada appears to be on the point of clearing the way for the legalization of same sex marriages.

Ten years ago there might have been a better solution, - two types of marriage: civil union and marriage, but now it is too late.

The Court decision will provide justice and equal rights for a number of people, but will also create the future battleground between the religious organizations and human rights elements.

It is possible that human rights activists unknowingly represent an evolutionary rather than revolutionary option. Marriage was at one time considered the virtual contract of sale of a woman to her husband, a transaction that could be negated only by Act of Parliament, requiring in most cases, an act, staged or real, of adultery on the part of one or other of the partners. Although, in retrospect, this might to appear to us to have been an act of virtual slavery, it was actually intended for the protection of women.

Even if women had been protected as proposed, the fruits of unsanctioned sex were not. The fruits of sex on the part of single (as well as presumably adulterous) mothers were rejected by society, bearing the word “Bastard” stamped on their birth certificate and being looked down upon throughout life. The mother was looked down upon as well as the offspring and the father had little or no claim to his son or daughter, if indeed, he was so inclined. [Note: the practice in most countries of Latin America whereby all children bear both the father's and mother's name, giving them an immediate lineage extends to all children.]

As both the concepts of human rights and reproductive sciences evolved, virgin birth (of sorts) could now be contemplated without engaging the entire world, and with the legalization of homosexuality, so too could legal adoptions by gay and lesbian couples.

Sanction of same-sex marriage by the Supreme Court will provide the same protection to homosexual unions as to heterosexual marriages, including among others, provisions for divorce, alimony, birth-father rights and responsibilities, as well as adoption.

In the United States, these principles are fought tooth and nail by the various media and clerical evangelists. Even entertainment personalities have been involved. It just may mean that in Canada, the Courts and Legislatures have become our lay evangelists.

With the high rate of divorce in North America today and the cavalier attitude towards marriage and divorce, the post-divorce rejection of children does them a great disservice. In fact, such rejection is probably more of a problem involving dysfunctional families than it is a problem of divorce. Today, the courts are much more sympathetic to awarding paternal custody of children if it is deemed better for the welfare of the child.

U.S. gays head to divorce courts
BOSTON—Less than seven months after same-sex couples began tying the knot in Massachusetts, the state is seeing its first gay divorces.

With increasing freedom of choice, new decisions, problems and legislative solutions may be expected. Does this mean that separation of State and religion has evolved into a secular-state religion, or that the U.S. model of the unification of the theatrical, the ecclesiastical and the legislative is the way to go?

Canada's Immigration Minister

Judy Sgro has to go? Her crime? Giving priority immigration to women [exotic dancers], none of whom has been reported to be on welfare or in trouble with the law. On the other hand, these women have only their (young) bodies to sell, they may well have to go on welfare as they grow older, - but that happens to others - even Olympic athletes. This points more to the type of immigrant given priority (an established immigration programme for exotic dancers is in place) than to the use of influence. Certainly, Canada could use more trained technical and professional immigrants, but in fact with few exceptions, it is believed that a greater percentage of these highly qualified immigrants have difficulty finding suitable employment and/or constitute a burden to our welfare system. Ms. Sgro’s motivation is not to be condoned, but had the choice of employment of the new immigrants been farm workers rather than exotic dancers, the outcry would not have been nearly as great, if at all audible.

On the other hand, there is reason to be concerned that the employers (importers?) of exotic dancers are often on the fringes of the criminal world, not usually the case of farmers, and the young women exist in a state of quasi-bondage. Finally, it has been noted in the media that there are many young Québecoises who need this type of job which may be their only means to support a child, or even their studies.

Televangelism in the U.S.

The increasingly popular, new generation of television ministers shows a much subtler style than previous ones. The current search for values and morality may well be a reaction as much to the violence, coarseness and explicitness of the media, as to secularism. Appalling new video games such as the Internet site where people can pay to aim a gun to shoot exotic animals on a ranch in - where else? – Texas, and the video game that permits people to "kill John F. Kennedy" with a click of a mouse – from Scotland, no less - are examples of the obscene "entertainment" provided today. How does a community show its disgust with the direction in which society seems to be heading? Possibly it is the television ministers who are trying to lead those people? What is seen on the television ministers' shows is really at the basic level of religious interpretation for people who are pretty much incapable of thinking for themselves. While some Wednesday Nighter opine that it may be better than nothing for them to get a grasp of some basic tenets like "love your neighbour", others believe that we have simply exchanged manipulation by the Church for manipulation by the media. In any case, it is essential to distinguish between moral values that have nothing to do with religion, and religion in whatever form.

Quebec Healthcare

Beryl Wajsman's Institute for Public Affairs of Montrealhas recently published a bulletin entitled "To See Suffering and Try To Heal it: Citizens respond to sick kids crisis". Calling our attention to the "More than 5,500 children - some of whom can't hear or see properly – [who] are on waiting lists as long as one year for [elective] corrective surgery in Montreal's two paediatric hospitals", the introductory paragraph continues: "The province-wide shortage of anaesthetists and operating room nurses is not a burden that should rest on the backs of these kids."

Dr. Mark Roper notes that this is yet another supply-side cost control; a class action suit is being undertaken by a Church minister working with Dr. John Harald against the Quebec government and the Quebec Federation of Family Physicians on the grounds that the public's right to have a family physician has been violated (See .medicalpost.com/ ) and wonders about the possibility of initiating class action suits to fight against limitations in recruitment of physicians (by manpower plans) and nurses (by outlawing signing or recruitment bonuses).

Apologists for the Government of Québec acknowledge the shortage of physicians, pointing out that the cutting of student numbers in medical schools coincided with a much higher proportion of female medical students, who tend to work fewer hours on graduation than their male counterparts. The government is attempting to change the way that care is given by faithfully adhering to the principles first expressed by Claude Castonguay and Roy Romanow. Wednesday Nighters point to the disproportionate amount of money being spent on research and treatment of popularized diseases, and the perceived uncompetitive nature of the current system, as well as the failure to adequately provide for an increasingly aging and growing population. No one knows for certain the direction that Medicare will take, or if some aspects of a two-tier system will be introduced, but change is a certainty and patients should be at the forefront of advocating change - let us hope for the better.

JACQUES CLÉMENT: REPORT ON THE ECONOMY

CANADA

As expected, Bank of Canada took a pause in its tightening mode, following the Canadian dollar twelve-year high’s negative impact on the Canadian economy as well as the twenty-one year high in energy prices. G.D.P. growth had receded from nearly 4% growth in the second quarter to 3,2% in the third quarter with now growth in September, with broad weakness in manufacturing, nearly 5% decline in exports since July, leading to a $3.5 billion decline in the trade surplus, declining manufacturing new orders, unfilled orders and shipments and very weak November employment with major losses in full time jobs.

Economic growth in the fourth quarter is likely to be below 3%, with the economy no longer operating close to capacity. With a considerable amount of monetary stimulus remaining, Bank of Canada is likely to renew monetary policy tightening by mid-year. With core inflation at 1.4% and world economic growth receding, Bank of Canada felt comfortable enough to stand pat, but inflation is rising, the chain G.D.P. deflator has risen almost 4% (year/year) in the third quarter and raw material prices rose by 8.5% in the third quarter and 28% (year/year) in October, the highest in four and a half years. Auto sales rebounded strongly in November, as have housing starts (+6%) and building permits. Residential construction in the third quarter rose by a record14½% (year/year). U.S. interest rates are now above Canadian rates across the yield curve.

The Canadian dollar near-term trading range outlook: 81¢ -83¢ U.S.

UNITED STATES Current Beige Book

The F.O.M.C. is likely to tighten its Federal Funds rate by ¼% to 2¼% for the fifth time at its December 14 meeting, given its close to 4% G.D.P. in the third quarter, given very strong consumer spending, record housing, solid manufacturing and services, strong personal income, renewed strength in exports since July (+4%), inventory rebuilding, strong capital spending by business and record government spending. Productivity continues to rise but at a more moderate pace, although up 3% on the year. Employment has moderated in November to 110,000 jobs, from a monthly average of 185,000 this year. Auto sales were weak in November and construction spending was flat in October, the slowest pace since July.

The Euro: traded at a new record high of $1.3438 U.S. Its near-term trading range: $1.33 U.S. to $1.35 U.S.

Gold: , after trading at a sixteen-year high of $457, has receded to $442, given the expectation that lower oil prices may ease inflation. Its near-term trading range: $ 435 U.S. to $440 U.S.

Crude oil has receded $14 U.S. to a three-month low of $41.75, following increased refining production, higher U.S. inventories, mild weather in the U.S. Northeast and unwinding of contracts by hedge funds and special accounts.

Terrorist attacks in Saudi Arabia and Iraq are not over, OPEC’s meeting Friday is considering cutting production, China’s continuing desire to accumulate strategic reserves; potential strikes in Nigeria; uncertainties in the Middle East; Russia’s Yukos tax problems, and Venezuela’s political problems, could lead to a rebound in crude oil in the near term to $43.00U.S. - $45.00 U.S.

The Chinese Yuan will be revalued in the first six months of next year, coupled with a second increase in interest rates

Westmount Park School needs help

There is a law in Quebec that says that schools can only buy books from three approved suppliers and they are forbidden to buy discounted books. This poses a hardship for Westmount Park School that lost thousands of books to a flood. However, if individuals not immediately connected with the school purchase the required books with donated funds, they may be purchased anywhere. The families cannot raise the money or donate the books themselves. The kids have undertaken a variety of fundraising activities, but help is needed! The story appears this week in the Westmount Examiner and is published on this Website.

For more information, please contact Ginette Sauvé Frankel or the Nicholsons who will pass messages and donations to her.

MML OWN

Ingrid Bejerman

Lyda Letacq

UNITED STATES Current Beige Book
Dec. 1, 2004 Fed reports growth in 11 of 12 regions Beige Book: Retail mixed, jobs improve, price pressure up

Note
Wednesday-Night creates charts and follows stocks, including timely related financial news items, in which Wednesday Nighters are interested and in order to demonstrate a service that could eventually be developed and marketed. Wednesday Nighters are invited to participate and help to test the service.
see WN Flip charts

From #1188

• (In Victorian times) all good novels had to end in marriage or death
• One good thing is (that) it (same-sex marriage) will put us on a collision course with the U.S. … the more disagreements with the redneck types, the better
• As Gillbert & Sullivan said... if everybody is somebody then nobody is anybody so, if everybody is married, nobody is married
• We are all religious in this world, but we vary in how we interpret it
• Marriage is being reduced to evidentiary presumption of fatherhood
• How do you as a community, show your disgust? Evangelism provides an outlet
• Intelligence doesn’t have a thing in common with morality
• It is sad that the one time that Judy Sgro gets into trouble is when she grants a visa. She has always been without compassion (separating families, etc.) and all of a sudden, she shows compassion and now she is in trouble
• Canadians seem to have an insatiable appetite for exotic dancers (a quote from a recent editorial)
• Why doesn't Wednesday Night put its talents to work as a televangelical movement? Surely, there are enough motivational speakers around the table, with a generous philosophy to combat the narrow views espoused by many of the television ministers we deplore
• Only 10% of the population can think for themselves
• Why isn't having an effective medical system politically correct?

  From #1187

• Spaniards don't stay home and watch television, they like to get out … be with their friends
• It took a lot longer for Central Europe to end World War II than elsewhere. Somehow VE Day brought closure in North America, but in Europe there was no VE Day in the same sense, therefore it keeps lingering until the last victim and the last perpetrator has died
• Germans have a passion for categorizing everyone and consequently will never be a successful melting pot
• It's not simply a question of the Ukraine, but rather whether the Russians want to move West again
• Whoever follows Kuchma might just put the key people in the Kuchma administration in jail for corruption
• Why did the Saudis fight to keep oil prices from rising? To discourage conservation and development of alternative fuels – and it works (NBC's West Wing "The Hubbert Peak")
• I understand the integrated nature of the cattle business (George W. Bush after meeting with PM Paul Martin)
• Bombardier cuts thousands of jobs and the stock price goes up
• CIBC's ATM machine was giving out Canadian Tire money – was that the LCC Branch?

  From #1186

• Obviously, they (Albertans) have oil in the ground and at fifty dollars a barrel, they can’t miss, but every provincial Premier would like to be debt-free
• The Chinese will devalue the Yuan within the next six months. That is when the U.S. dollar will stabilize
• If you are a young guy, and you aren’t investing in Asian equities, you will be missing the boat ... over the next twenty to forty years Asia's role in the global economy will be much, much larger than it is today
• The stars are better aligned in terms of emerging market equities than they have been for a long time
• The purpose of our armed forces is to help our allies
• You can’t just go to Wal-Mart to get serious military equipment ... you have to wait until it is designed and developed
• All defence policy is based upon what is going to happen. Only God knows what is going to happen and She isn’t telling
• It is hard to make them (the patent-seeking Professors) understand that their baby may not be the best
• There are 800,000 other Montrealers with me (in Toronto), which has certainly added some colour and culture
• Albertans are made of sterner stuff – there will be no mass exodus across the border to Saskatchewan (Rex Murphy)
• The biggest problem that the U.S. has is that Mr. Putin is our 'weird' ally, but in this situation he's on the wrong side
• (Foreigners, mainly Americans) love the Canadian dollar, they love our metals, they love our oil, they love our banks
• Nortel is the largest supplier of secure telecommunications equipment to the U.S. government

  From #1185

• Republicans were very enthusiastic about Dean because they (knew that they) would beat him like a drum
• One of the roles of the Secretary of State is to project an aspect of false geniality and I am afraid that she may have trouble doing that
• Make sure only eligible students are accepted, restrict students to what is needed (in the marketplace) and to those who will succeed
• The major problem in Canada (for an entrepreneur) is raising the financing. You cannot learn how in a university
• Hedge fund is a misnomer – it is an excuse to invest in all kinds of things that are normally disallowed by the SEC
• Corruption in Japan is ritualised
• Central banks do not intervene on exchange questions unless there is a real crisis

  From #1184

• If our country needs better-educated people, the cost should be borne by the income tax system. Education should be free.
• (Education funding) is a simple value-for-money situation
• Twenty year-olds should be revolting about everything
• The markets want it (the U.S. dollar) to go down, the administration wants it to go down and the dollar will come down
• I don't blame the World Bank or the IMF (for economic problems in Africa), we have brought most of them on ourselves
• Foreign investment in Canada has dropped to a worrisome low from approximately $100Bn to about $9Bn in 2002
• The Chinese economy is at the stage where it needs raw material that it does not possess. It (acquisition of foreign reource companies) is a peaceful approach to establishing secure supply of raw material for its equipment.
• When it comes to India and China, it is not about multinationals; it is about nations… security is so tied up with the economies

  From #1183

• The danger today is someone with a suitcase containing a bomb
• Any country that has the capability of building a missile capable of reaching the U.S. has the capability of inventing an anti-defence technology and Strategic Defence Initiative
• What present or future enemy country is Star Wars (missile defence system) designed to bankrupt?

  From #1182

• The effect of the U.N. Security Council is only as great as the permanent members of the Security Council want it to be
• We're just about at the point where supply and demand (for oil) intersect
• All the major conventional oil fields are in politically unstable areas
• Apart from Academia, I don't know of a place that is so impervious to new ideas as the Federal Government
• The only way to save the national healthcare system is to make it more competitive

  From #1181

• Hold on to your cars – we are not going to run out of gas or diesel
• The Canadian tar sands in Alberta are the best-kept secret in the commodity market
• Technical financial analysis can tell you the distance or the timing, but not both
• Bless me Father for I am about to sin – by voting for Kerry

  From #1180

• Montreal is struggling just to remain even with cities in the U.S. that are forgotten
• There is a social cost to having your T-shirt manufactured in China
• I don’t like the idea of the (Israeli security) wall. On the other hand, if it works, it is the price to pay for security. It is, at best, a short-term solution
• As an American, we have done nothing in the past couple of years to ameliorate the (Israeli - Palestinian) situation
• Free trade probably works best for highly industrialized nations … poor countries may in fact benefit from trade barriers
• Free trade is beneficial to Mexicans because that's they only way to destroy domestic monopolies
• (I think the number is) under 30% of Americans believe in evolution

  From Wednesday Night #1179

• “The Americans must begin to realize that if they continue to act in this way, they will be alone.”
• “The market is not going anywhere for a while.”

  From Wednesday Night #1178

• Bush now leads in the women’s vote ... It could be the woman’s vote that influences family decisions
• As with Enron, it is the person at the top who is responsible for the people around him. ... Some of the people may have agreed with his decision, but he must be held accountable

  From Wednesday Night #1177

• “The problem Kerry has is that he cannot clearly convey the nature of what he will do and the incumbent has the advantage of knowing what he will do.”

  From Wednesday Night #1176

• In the Olympics there are a lot of rewards for the winners but something for the losers

  From Wednesday Night #1172

• “A.M. and F.M. are different and A.M. is going out of style”
• “The one responsibility of the media is to reflect society onto itself”

  From Wednesday Night #1171

• "It appears that a large percentage of Canadians believe in Heaven but not Hell, and an equal percentage of Americans believe in Hell rather than Heaven"

  From Wednesday Night #1170

• “Freedom of speech is a red herring. If CRTC licences a station to serve a given constituency, they [the licensee] have an obligation to conform to the constituency that they are licensed to serve.”

  From Wednesday Night #1169

• “Water is a human right. Everyone in the world has the right to (access to) water”

Notes by Herbert Bercovitz OWN & Edited by Diana Thébaud Nicholson OWN

Mouse bio

Herb Bercovitz OWN his page

2004 W-N Links for #1188

• Maisonneuve Magazine with Derek Webster the Publisher ;
  
• a NewYorker Cartoon every 30 sec. see w-n Right Menu =>
  
• Harper's | Home
• Canadian dollar vs euro | Dow 30 w-n chart | TSX
• Paul Martin
• w-n 1181 Album | Albums

2004 Notes for #1188

Kenneth Matziorinis

Economic Commentaries You can also keep up with my Economic Commentaries (I produce about two a month) which discuss interest rate and exchange rate trends among others. Kenneth Matziorinis

Friday Dec 10, 2004 gaz
Same-sex marriages blessed by top court The federal Liberals expect to pass a law by the end of next year allowing gays and lesbians across the country to wed, after a Supreme Court of Canada opinion yesterday that endorsed same-sex marriage.

must see Ukraine,

click for Wednesday-Night Story by Terry Jones

Stephanie Lalut on W-N

Stephen S. Poloz VP EDC Economics Weekly Commentary
Globalization Sweeping Central/Eastern Europe - December 8, 2004
A tour of central and eastern Europe reveals that globalization is sweeping the region. This is a good sign – those countries are ready to play today’s more complex game of international trade. Past issues

Terry Jones OWN

Wed 1185 Nov 17th, 2004 Terry & David Jones got their OWNs ... U.S. elections revisited Alan Hustak and Sir William Hingston Dr. Mark Roper OWN Views on the U.S. economy & China Dr. RichardBruno. games Allan Mass OWN Take off the tuition cap Peter Trent OWN Dr. Judith Patterson; Demand-side versus supply-side control of medical services Guy Stanley OWN David Mitchell OWN, Udo Stundner OWN, Bruce Kippen, Connor O'Brien, Bea Bazar, Sarah Wardlaw .... JACQUES CLÉMENT: REPORT ON THE ECONOMY Canadian Dollar : 82¢ to 85¢ U.S., par in 3 years Udo Stundner OWN, Bruce Kippen, Notes by Herb Bercovitz OWN | Albums | slides | 1185pan x164 | wn slides | webshots Album | slides | webshots wn pans

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Frank Kinnelley

Wed 1187 Dec 1st, 2004 first we had today’s Spain by Frank & Youland Kinnelley , Modern Germany & the Wallenberg story then the Ukraine .....Ethanol & oil & NAFTA David Mitchell OWN, Judi Bruce Kippen, Connor O'Brien , Bea Bazar, Dr. Judith Patterson .... JACQUES CLÉMENT: REPORT ON THE ECONOMY Notes by Herb Bercovitz OWN | Albums | slides | 1186pan x233 | wn slides | webshots Album | slides | webshots wn pans

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The views above are neither those of the authors nor the owner of the website, but merely reflect discussions that took place on a this evening