Some civilizations count Time by using the phases of the Moon, others, I
hear, even follow the setting of the Sun. In Westmount we count time by
Wednesday Nights.
Guy Sprung
Despite the ominous rants about the previous day's triple-six date, mirrored by the numerology of tonight's event, the evening was cheerful, even merry at moments, and the varied debate was courteous, albeit quite sprightly on topics such as Anne Coulter. One regret: our failure to pay appropriate attention to the anniversary of the landing on the Normandy beaches. We were delighted to celebrate the new honours (exactly a week old) accorded to Professor emeritus John Jonas and Honorary Doctor Peter Roper. and \Slide Show |
Wednesday-night.com/Wed1162 his first night here.
Diamonds (or zinc) are an investor's best friend
Our favorite Forest Gate Resources inc. http://www.forestgate.ca/content.php?item=index (not to be confused with the Forest Gate raid of the UK) is moving from success to success through Bluenote Metals which has recently raised $75 million for its acquisition of an old zinc mine in New Brunswick. WN BNT chart
The economy
The global economy has peaked and will decelerate for a while. The market is nervous about inflation in the U.S. which will force the Fed to raise interest rates. Even if the fears of inflation are exaggerated, there will be an environment where growth is slowed. There has been a lot of easy money and that has given a lot of support to gold prices, zinc, or any other prices and investors fear that spigot will ultimately be shut off. The real pain so far has been in the emerging markets.
Will the upcoming meeting of the G8 have any effect? Not likely. Past meetings have tended to focus on currencies, this time it will be on energy prices and Russia's ability to serve the energy markets ("G8 ministers upbeat on global economy: Despite optimism, high energy prices, imbalances called continuing threats" G8 ministers upbeat )
China remains of concern, particularly the lack of flexibility on exchange rates and will probably be on the agenda.
The Fed has made statements in the past days expressing concern over the rising commodity and energy prices. Particularly, Bernanke, in his speech at the IMF Conference said higher energy prices have contributed to a notable "deceleration" in consumer spending. He also stated that the Fed will be "vigilant" to make sure recently elevated core inflation "is not sustained." Core and CPI inflation have risen sharply in the first quarter and wages in Canada have also risen. Both the Fed and the Bank of Canada will raise interest rates again. The Canadian economy is strong. Auto sales up 7%, however the overall auto sector will reduce in the months ahead. The Fed will continue to tighten. There is likely another 250 pt decline ahead in the stock market- a further correction. An exception may be the Canadian small cap stocks which are showing growth rates of 30 – 35 – 40%
Mention was made of a special presentation organized by Raya Mileva the previous evening at CIBC Wood Gundy offices by Eric Desbiens, Senior Associate at Jarislowsky Fraser Ltd.
Gay marriage
The recent resurrection of the gay marriage issue in both the United States and Canada does not find much sympathy around the Wednesday Night table. Most, if not all, agreed that bringing up the issue again at this time, when certainly in Canada we all felt that it was solved, is a particularly cynical political move made in an effort to please his conservative friends south of the border. In the U.S., George Bush's backing of an amendment to the Constitution is viewed as an attempt to rally conservative voters in the mid-term elections, even though lawmakers knew it would be defeated. The U.S. Senate vote today effectively killed the issue for the year, though the House is expected to consider its own version this summer. Without recognition of civil union and full civil rights in the U.S., however, it is unlikely that it will go away.
Possibly the concern for "traditional" marriage relates to the declining birth rate in the U.S. and Canada? There is however a very high birth rate in other parts of the world; what is really needed is a balanced birth rate throughout he world?
Ann Coulter
Has made her reputation as a screamer and the media have allowed her to become a star. But there is a large audience for what she has to say. Her attack on the 9/11 widows ("These broads are millionaires, lionized on TV and in articles about them, reveling in their status as celebrities and stalked by griefparrazies. I have never seen people enjoying their husband's death so much.") is beyond the pale. It was noted that she has gained notoriety and made her own fortune by doing precisely what she accuses them of having done. Moderate Republicans are certainly not in agreement with her views and eventually she may prove to be more of a liability to the party [check out: U.S. Senate Passes “Ann Coulter Amendment” and thespoof.com/news/spoof.]
High-speed trains
A recent returnee from China described the thrill of his first ride on China's Maglev train from Shanghai's Pudong International airport. What used to be a minimum 40-minute ride is now somewhere around 7 minutes as the train can reach its top speed of 430kph (267mph) in just under two minutes. With at least 2 Wednesday Nighters versed in the technology, it was explained that Maglev - shorthand for magnetic levitation - is basically a train that floats on an electromagnetic cushion, which is propelled along a concrete guideway. Maglev is cleaner and cheaper to run than passenger aircraft. The German manufacturer claims that the technology uses five times less energy - per passenger mile - than jet aircraft; schedules should also be less affected by bad weather or congestion than air travel and are cheaper to maintain. As the maglev has no wheels there is far less erosion of track, radically cutting operating costs.
Celiac Disease
is a lifelong autoimmune intestinal disorder found in individuals who are genetically susceptible and may appear at any time in a person's life. It is a multi-system, multi-symptom disorder. Symptoms are extremely varied and can often mimic other bowel disorders. Gluten has been identified as the trigger Although the illness is becoming far better known today, diagnosis can take up to 11 years to obtain. It is suggested that as there is now a diagnostic tool available, it would be advantageous to screen for it, especially among children, and could be very cost-effective for the healthcare system. It was suggested that the Children's Hospital in Boston is extremely interested in this disease and might well be helpful in assisting the Canadian foundation to develop a strategy to obtain adoption of early screening, although there is a cautionary note sounded by at least one of our doctors that there are many false positive test results of early screenings with painful physical and mental consequences. (http://celiac.org/index.php)
Terrorism
Why do normal, sometimes intelligent and/or well-educated people become terrorists? It is not a new phenomenon, sects have existed for centuries, whether the Assassins of the 12th century, the Jewish Zealots or today's followers of Al Qu'aeda. What are we doing to overcome the successful 'brainwashing' of these people, turning individuals with healthy minds into fanatics? Montreal has some expertise dating back to the electrical shock therapy experiments of Dr. Cameron, but much, much more time must be devoted to exploring these questions and the solutions.
Some studies have indicated that individuals who join cults, while no less intelligent than the average, are 'fantasy prone'. Thomas Friedman has offered an analysis of the terrorists of 9/11 that indicates that aside from the leaders, the followers were people who were disenchanted with their lack of success in European cities. This would seem to be a similar situation to the one in Toronto as far as we understand from the media accounts.
Canada's much vaunted tolerance has perhaps gone too far; while everyone preaches the rights of the individual and the Charter of Rights, there is an obligation to impress upon our citizens, especially new Canadians, that with rights go responsibilities.
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 Wednesday-Night.com Flip charts
QUOTES of the EVENING from recent Wednesday Nights
… a financing to buy a property we don't own, based on a letter of intent that wasn't finalized from a vendor who didn't want to sell
The best advice I can give you is it would have been good to have sold your stock a couple of weeks ago
I look at the political landscape in the United States and surely there are no more important issues outstanding than this one (gay marriage)- unless maybe the estate tax …
How do you define 'homosexual'? Is it someone who simply prefers the company of someone of the same sex? Or someone who has sexual relationships only with a partner of the same sex?
Ten percent of the population is susceptible to deep-hypnotic suggestion; what is the difference between these individuals and those who are susceptible to the instigators of terrorist attacks
What is great about London is that it is THE pace where global perspectives are coalescing
Wednesday Night is a town hall meeting in a private house
Whether or not Canada can meet its Kyoto commitments, it behoves Canada to bring people together. Canada is very good at that
Canada is not that important in the scheme of climate change. Why don’t we worry more about adapting to climate change rather than stopping climate change?
It doesn’t matter who does anything unless someone starts it. The main issue is will the U.S. do anything?
Whether or not it is economical, we are more wasteful than we should be; if we solve the environment problem, we will save the economy
The biggest reason we (Canada) have increased more slowly (rather than decreasing), is because we consume more natural gas. Nuclear would be somewhat more efficient
Conservation is by far the most economical way of going
We are looking at this (Climate Change and Kyoto) from a political point rather than from the viewpoint of physical sciences and engineering
The criterion of the U.S. re Kyoto is that they have such a dominant strategic role in the world.
The rest of the world can’t adjust without the leadership of the U.S.
Emissions from tar/oil sands don’t matter as long as we are making money
Do humans have to live forever?
Terrorists are never going to get us with nuclear weapons; there are so many other cheaper, easier weapons like putting plutonium in the water supplies - anyone can do that
Fusion is just as elusive now as it was 50 years ago
I don’t know what it takes for people to understand that while we merrily go on saying that Kyoto is unattainable; we do nothing and we are killing the planet. Canada had accolades (at the November/December Climate Chamge Conference and Stephen Harper has destroyed that
Ultimately, the cost of not doing it is greater. We have to act even if others don’t
What happens to the economy matters more to Canadians than Kyoto
The approach (to global warming) should be pragmatic rather than ideological; I am impressed with Harper’s pragmatism
Harper and Australia are talking about specific attainable goals on emissions. There will be an election next spring and he will come back with a majority
The Harper government's position on Kyoto may be the beginning of the end of the honeymoon with the Québec voter
The Economy
In a few years, people will be more concerned about growth than inflation
There is still too much monetary stimulus in the economy
My main concern is that interest rates have been heading up since 2004. This rising rate will ultimately slow down the economy. I see this as a time of volatility in the market. Sell on strength, build liquidity and wait for the fundamentals to react to the Fed hikes. It’s a pendulum that swings back and forth and the Fed always exaggerates the swing on both sides
Inflation is mostly due to the cost of crude oil prices. Close to 50% of the rise in price in the economy has been speculation
There will be a correction which will be the opportunity to buy the market
The separation of Church and state simplifies matters
I am not suggesting that we make policy a religious issue but that we do place policy in a religious context. If we don’t put (state) religion into the context we can’t solve the problem
His (Galbraith) books were very much the same; the solution was the distribution of wealth – very popular among non-economists
Happiness and wealth are not necessarily equated. The inequity of wealth is what is most likely to cause unhappiness
Historians are forced to be eloquent because they publish for the public; not so economists
As long as China continues to fund the U.S. debt there is a commonality of interest
I’m often bewildered by the U.S. criticism of the standard of living in Cuba. Most people in Latin America have a lower standard of living, for example, Mexico. I can’t understand why, from a political policy standpoint, U.S. policy is different for Cuba and the rest of Latin America
Cuba has the highest ratio of physicians per capita and is training physicians from all over Latin American and much of the developing world
...the world has been more stable in the last few years than it has for quite some time
Oil is great for petrochemicals but is not very efficient as a fuel. We are an incredibly inventive bunch. Some other way will be found
Don’t you find it ironic that the U.S. government was elected by Cubans in Florida?
In every issue of HUMAN EVENTS, you'll savor what is a rare moment in newspaper journalism. It's the moment when the thick fog of liberal bias is blown away to reveal... the covered-up bedrock truth. You'll find it revitalizing, I promise.
Sunday Jun 11, 2006 TORONTO: SECURITIES EXPERTS RECOMMEND SINGLE REGULATOR
A panel of independent experts named by the Ontario government has issued a final report in which it reiterates support for the creation of a single securities regulator in Canada. The panel's report says it's in the interest of investors to have a single regulator to replace the present system of 13 separate provincial and territorial regulators. The document suggests a "Council of Ministers" that would provide political oversight of capital markets and an independent board of directors. The Canadian Securities Commission would be headed by a chief commissioner. A separate tribunal would judge alleged securities violations. The provinces have proposed instead of a single regulator a system whereby they would recognize each other decisions. Several of the provinces, particularly Alberta and Quebec, reject a national regulator on the grounds that it would give a preponderant voice to Ontario.
Saturday May 20, 2006 Ottawa's divisive Afghan debate
Prime Minister Stephen Harper could have arranged Wednesday's debate on Canada's military mission in Afghanistan with a view to rallying Parliament solidly behind our 2,300 troops at a time when public anxiety is growing. Instead, he let narrow Conservative interests trump the national interest, invited partisan bickering and came away with a cheap victory extending the mission by two years to 2009
Andy Nulman 
BBC
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Ann Coulter 
Stephen S. Poloz
Jacques Clément 
Wed1265report 
Bloomberg
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