Canada has long been celebrated for its natural resources, technological advancements, and innovative spirit. Yet, despite these advantages, we’ve consistently failed to leverage our assets for the collective benefit of Canadians.
Instead of capitalizing on our ingenuity and resources, we’ve handed the keys to foreign entities and watched billions of dollars flow out of our economy. It’s time to take a hard look at how Canada has squandered its opportunities and, more importantly, how we can reclaim our future.
Norway: A Model of Ownership and Profitability
One of the most striking comparisons is Norway, a nation that refused to leave its future in the hands of the free market. When oil was discovered in the North Sea, Norway established the Petroleum Directorate, ensuring that the government maintained control over exploration, production, and revenue. Today, Norway’s Sovereign Wealth Fund, fueled by oil profits, is the largest in the world, valued at over $1 trillion. The fund pays dividends to citizens and invests globally, securing the country’s economic stability for generations.
In stark contrast, Canada allowed international corporations to dominate our oil and gas sectors. From the Alberta oil sands to offshore drilling projects, foreign companies have extracted immense profits with limited reinvestment in Canadian communities. We gave away our assets, and the economic gains we could have seen went south—literally.
The Trillion-Dollar Tech Giveaway
Canada was once at the forefront of AI innovation. Alberta and Toronto became global hubs for artificial intelligence research, driven by pioneering Canadian minds. Yet, instead of holding onto this intellectual property and building domestic tech giants, we handed our breakthroughs to companies like Google, Microsoft, and Amazon. The result? Trillions of dollars in lost revenue and countless jobs exported to Silicon Valley.
It doesn’t end there. Our cutting-edge battery technology found its way into Tesla’s supply chain, and groundbreaking telecommunications research slipped into the hands of Huawei, yielding no economic benefits for Canadians. Instead of building a thriving domestic industry, we became the research and development arm for foreign powers. We’re giving away our intelligence, and it’s keeping us in last place on the global economic stage.
The High Cost of Neglect
By failing to retain ownership of our innovations and resources, Canada has forgone $hundreds of billion in economic benefits. Think of what that money could have achieved: investments in health care, military, and education, as well as enhanced cost-of-living measures. Instead, we are scraping by while our intellectual and natural wealth benefits others.
10-Step Recovery Plan
Canada has often allowed foreign entities to dominate its natural resources and technological innovations, resulting in significant economic losses. To reverse this trend and emulate Norway’s success, Canada can implement the following ten-step plan:
Foster a National Ownership Mindset: Cultivate a culture that prioritizes Canadian control over domestic assets, emphasizing national pride and economic independence.
Legislate Against Foreign Exploitation: Enact laws to prevent foreign takeovers of strategic Canadian industries, ensuring that key sectors remain under national control.
Forge Strategic Global Partnerships: Engage in international collaborations that benefit Canada without relinquishing control over domestic assets or intellectual property.
Incentivize Domestic Manufacturing: Provide subsidies and support to Canadian companies to encourage local production and reduce reliance on foreign manufacturing.
Maintain Control Over Strategic Industries: Ensure Canadian ownership in vital sectors such as energy, telecommunications, and advanced manufacturing to safeguard national interests.
Establish a CANADIAN Profitability Directorate: Create a governmental body dedicated to overseeing Canada’s assets in energy, technological advancements, natural resources, and other areas, ensuring that benefits go directly to the Canadian economy and people.
Implement Profit-Sharing Mechanisms: Require foreign companies profiting from Canadian resources to share a portion of their profits with Canada, ensuring fair compensation for the extraction and use of national assets. Canada can become a major shareholder in their projects, remaining in control of processes and profitability.
Protect Intellectual Property: Ensure that innovations developed within Canadian institutions and startups remain under national ownership, preventing the loss of valuable intellectual property to foreign entities.
Nationalize Key Natural Resources: Take majority ownership of essential natural resources to ensure that their exploitation directly benefits the Canadian public. Give Canadians a “low-cost” energy advantage to build assets and export globally.
Establish a Canadian Sovereign Wealth Fund: Create a fund similar to Norway’s, using profits from natural resources and technological innovations to invest globally and secure economic prosperity for future generations.
WAKE UP CANADA
Trump’s crazy US tariff schemes are a healthy wake-up call for Canada. It’s time to stop relying on free enterprise and start thinking like True North entrepreneurs.
Canada must own its future. It’s time to put our house in order and ensure that our national wealth benefits Canadians first. With responsible asset management and strategic investment, we can build the largest trust fund in the world—one that invests globally and sustains our prosperity for generations.
Let’s get our act together. Let’s think Canada-wide, Canada-profitable, Canada-strong.
Norway’s Sovereign Wealth Fund:
Reuters: Norway’s wealth fund achieves record profits
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