Read About W-N NP story on W-N Contact W-N and Map Invite to Wed1266 Wednesday Night Salon #1266 June 7th, 2006 Page 2 Bulletin Board Introduction 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. www.flickr.com More of davidnicholson's photos tagged with Wed1266 Wed 1266 slide show Wednesday Night Salon # 1266 June 7, Canada and Kyoto Random notes on the economy See also JACQUES CLEMENT: REPORT ON THE ECONOMY Previous Videos Notes by Herb Bercovitz OWN Editor: Diana Thébaud Nicholson OWN Radio, the long-lasting treasure intro Wed1266 | Wed1266 slide show Oil DTN OWN more Louise | DTN Diana Nicholson OWN slides | hands | all | & Louise 3-M slides | albums | all Jacques Clément O.W.N. slides Gerald Ratzer OWN 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 2006 From #1266 … 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 From #1265 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 From #1264 The Environment: 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 From #1262 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 From #1261 We are so hypnotized by the U.S. that we are vulnerable North America is a natural trade unit From #1260 Apr 26th. The need to die in battle in order to get to heaven doesn’t jibe with the interests of the rest of the world – so there are some issues to resolve The whole theory of nuclear deterrence was to not strike first. Now that has changed with the Bush Doctrine's first strike philosophy ... when the U.S. leaves Iraq in defeat there will be a geopolitical gap. The U.N. is not able to take over the world Migration is a world problem. You can’t send them all back and you can’t let everyone in Migration is a solution, not problem. It should be enlarged As an immigrant, I represented Canada as ambassador and spoke for all of Canada There was a time when the Quebec immigration department classified immigrants as Anglophones, Francophones and 'francophonisables' From #1259 Apr 19th. 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? Let's not forget that the best speech given at the 1968 Liberal Convention was delivered by J.J. Greene [www.agr.gc.ca/bios/] Voice radio was invented by Reginald Fessenden a Quebecker from Knowlton [Editor's note: if you don't believe it, see: 03d_supp_002_e.htm] www.flickr.com This is a Flickr badge showing public photos from davidnicholson tagged with diananicholson. Make your own badge here. Diana Nicholson Past Quotes Best or All Mouse bio see Diana show hands | RJG | Album Herb Bercovitz OWN Galbraith imges his page See slides | Album and Art slides | Album W-N Links for #1266 a NewYorker Cartoon every 30 sec. see w-n Right Menu => Harper's | Home nyt Audio Clips: (mp3) • 'Blue Rondo à la Turk' by Dave Brubeck • 'Now's the Time' by Charlie Parker • 'Dedication' by Andrew Hill • 'Tired Trade' by Andrew Hill 2006 Notes for #1266 Ann Coulter 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. Stephen S. Poloz VP EDC Economics Weekly Commentary An Eiffel Tower Made of Copper - June 7, 2006 The Eiffel Tower is a Paris landmark that is recognized globally. It stands 324 meters in height, supported by a base that is 125 meters square and is made of iron, not copper. Past issues | his WN page 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 Wednesday-Night.com on Privacy Canadian dollar vs euro | Dow 30 w-n chart | TSX Paul Martin | Stevie Harper see also Wednesday-Night.com MedicalNotes Would you like to the Computer Box Click Here To Add Wed1266page2.asp To Your Favorites More Info About... Read Cookie for Site Please click here to see new/updated pages since last visit www.iedm.org/ coming Events Jacques Clément Wed 1265 May 31st 2006 welcom back Guy Stanley OWN Louise des Trois Maisons , then Faces by © Robert J Galbraith and our star Anne Coleman from the U.S. CG office in Montreal Catherine Gillbert All the Photos are from the video cam by RayaMileva of CIBC Louise des Trois Maisons , and Pierre Sauvadet on camera boat And their Arctic trip next the great trip then David Mitchell OWN and John Curtin and Raya Mileva of CIBC David Mitchell OWN then our super banker Jacques Clément with his report | Video [3:38] | ,2nd clip [2:38] also his coment to Diana Nicholson then Lyda Letacq and her $122b Udo Stundner OWN, our Swiss Banker Ginette Sauve-Frankel and Dr. Andre Pasternac and Diana slides on Wed1265 Notes by Herb Bercovitz and click for Wed1265Report | Wed1265 photos slides Wed1265report Wed1266 invite 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