By:Fareed Zakaria
Source: www.newsweek.com
The legendary editor of The New Republic, Michael Kinsley, once held a "Boring Headline Contest" and decided that the winner was "Worthwhile Canadian Initiative." Twenty-two years later, the magazine was rescued from its economic troubles by a Canadian media company, which should have taught us Americans to be a bit more humble. Now there is even more striking evidence of Canada's virtues. Guess which country, alone in the industrialized world, has not faced a single bank failure, calls for bailouts or government intervention in the financial or mortgage sectors. Yup, it's Canada. In 2008, the World Economic Forum ranked Canada's banking system the healthiest in the world. America's ranked 40th, Britain's 44th.
Canada has done more than survive this financial crisis. The country is positively thriving in it. Canadian banks are well capitalized and poised to take advantage of opportunities that American and European banks cannot seize. The Toronto Dominion Bank, for example, was the 15th-largest bank in North America one year ago. Now it is the fifth-largest. It hasn't grown in size; the others have all shrunk.
So what accounts for the genius of the Canadians? Common sense. Over the past 15 years, as the United States and Europe loosened regulations on their financial industries, the Canadians refused to follow suit, seeing the old rules as useful shock absorbers. Canadian banks are typically leveraged at 18 to 1—compared with U.S. banks at 26 to 1 and European banks at a frightening 61 to 1. Partly this reflects Canada's more risk-averse business culture, but it is also a product of old-fashioned rules on banking.
Canada has also been shielded from the worst aspects of this crisis because its housing prices have not fluctuated as wildly as those in the United States. Home prices are down 25 percent in the United States, but only half as much in Canada. Why? Well, the Canadian tax code does not provide the massive incentive for overconsumption that the U.S. code does: interest on your mortgage isn't deductible up north. In addition, home loans in the United States are "non-recourse," which basically means that if you go belly up on a bad mortgage, it's mostly the bank's problem. In Canada, it's yours. Ah, but you've heard American politicians wax eloquent on the need for these expensive programs—interest deductibility alone costs the federal government $100 billion a year—because they allow the average Joe to fulfill the American Dream of owning a home. Sixty-eight percent of Americans own their own homes. And the rate of Canadian homeownership? It's 68.4 percent.
Canada has been remarkably responsible over the past decade or so. It has had 12 years of budget surpluses, and can now spend money to fuel a recovery from a strong position. The government has restructured the national pension system, placing it on a firm fiscal footing, unlike our own insolvent Social Security. Its health-care system is cheaper than America's by far (accounting for 9.7 percent of GDP, versus 15.2 percent here), and yet does better on all major indexes. Life expectancy in Canada is 81 years, versus 78 in the United States; "healthy life expectancy" is 72 years, versus 69. American car companies have moved so many jobs to Canada to take advantage of lower health-care costs that since 2004, Ontario and not Michigan has been North America's largest car-producing region.
I could go on. The U.S. currently has a brain-dead immigration system. We issue a small number of work visas and green cards, turning away from our shores thousands of talented students who want to stay and work here. Canada, by contrast, has no limit on the number of skilled migrants who can move to the country. They can apply on their own for a Canadian Skilled Worker Visa, which allows them to become perfectly legal "permanent residents" in Canada—no need for a sponsoring employer, or even a job. Visas are awarded based on education level, work experience, age and language abilities. If a prospective immigrant earns 67 points out of 100 total (holding a Ph.D. is worth 25 points, for instance), he or she can become a full-time, legal resident of Canada.
Companies are noticing. In 2007 Microsoft, frustrated by its inability to hire foreign graduate students in the United States, decided to open a research center in Vancouver. The company's announcement noted that it would staff the center with "highly skilled people affected by immigration issues in the U.S." So the brightest Chinese and Indian software engineers are attracted to the United States, trained by American universities, then thrown out of the country and picked up by Canada—where most of them will work, innovate and pay taxes for the rest of their lives.
If President Obama is looking for smart government, there is much he, and all of us, could learn from our quiet—OK, sometimes boring—neighbor to the north. Meanwhile, in the councils of the financial world, Canada is pushing for new rules for financial institutions that would reflect its approach. This strikes me as, well, a worthwhile Canadian initiative.
© 2009
Quebec pushes immigrants to Gatineau
Quebec has renewed its push to lure immigrants from Montreal to regions with lower unemployment, and that is bringing more newcomers to the Outaouais.
"We face a big challenge in Quebec," said Robert Mayrand, head of Service intégration travail Outaouais (SITO), noting that the province is trying to boost the population in its regions.
He estimates his group, which offers employment and training services to immigrants, helps 200 people find jobs in the Outaouais every year.
"It means we are contributing in terms of personal revenue to the economy of Outaouais — See, it's $6 million a year that we push in the system."
In 2008, 87 per cent of immigrants settled in Montreal, and just 2.7 per cent in Gatineau, Immigration Québec reports. About 1,200 immigrants make their home in Gatineau each year, the province reports.
However, Montreal's unemployment rate was 9.2 per cent in February 2010 — significantly higher than the 6.1 per cent rate in Gatineau, the most recent Statistics Canada labour force survey shows. Statistics like that have led the Quebec government to work harder to redistribute its immigrants around the province.
Immigrants on the bus trip heard from politicians about the region's advantages, took a tour of the city, and attended a job fair.Immigrants on the bus trip heard from politicians about the region's advantages, took a tour of the city, and attended a job fair. (CBC)One of the province's initiatives is to fund bus trips that take immigrants to different regions of Quebec to learn about the area and meet local employers. Mayrand said the tour to the Outaouais restarted this year after a short hiatus in the program, which launched in 2002.
Eric Rakotomena, who is originally from Madagascar, was among the 50 immigrants who boarded a bus from Montreal last week to check out the Outaouais and the job opportunities there.
He has already visited Quebec City, Mont Tremblant and Tadoussac, but admits he didn't know much about Gatineau before his visit. He was impressed by what he learned.
"I want to stay here now," he said. "It's quiet and for life, there are fairly a lot of opportunities to do what you want to do and they're very helpful here in Gatineau."
Rakotomena and his tour-mates heard from city councillor Joseph De Sylva, who spoke of his own experience coming from an immigrant family. De Sylva, who represents Versant ward, said Gatineau is warm and open, and everyone finds his or her place there. Another city councillor and a Quebec immigration official were also on hand to pitch the community's advantages.
Afterward, the visitors took part in pre-arranged job interviews before heading to a job fair at Robert-Guertin arena organized by Emploi-Québec and the Gatineau chamber of commerce. They also received a tour of the city.
Rakotomena hoped to find a job as a maitre d'.
"I have my resume, I have everything — even my suitcase," he said. "As I said, I am ready to remain here today."
Rakotomena worked as a maitre d' in Madagascar and Israel before arriving in Montreal four years ago. In Canada, he has been unable to get a job in his field, despite the fact that he speaks five languages, including French and English.
He blamed the fierce competition and high unemployment in Montreal.
'The need is there'
Mayrand said employers in the Outaouais, meanwhile, are eager to hire, in part due to the stability in the job market provided by the federal government.
Robert Mayrand of SITO acknowledged that while the need for workers benefit immigrants who want to work in areas such as finance, things are more difficult for professionals such as doctors.Robert Mayrand of SITO acknowledged that while the need for workers benefit immigrants who want to work in areas such as finance, things are more difficult for professionals such as doctors. (CBC)"The need is there," he said.
He added that the community is multilingual and multicultural due to its proximity to Ottawa. "This helps to develop a good sense to be open to other people."
He acknowledged that while the demand for workers may help immigrants in the finance and service industries, things are more difficult for professionals such as doctors, who require accreditation by a regulatory association.
"That's another ball-game," he said. "It's a big big challenge. For us it's like a wall that we hit every time."
Hicham Alaoi, who is originally from Morocco, was another hopeful job seeker on the bus tour. Alaoi earned degrees in civil engineering and urban planning in France. He arrived in Montreal in January, and said he is attracted to the Outaouais by the opportunities for skating, cycling and the cultural scene in neighbouring Ottawa. However, Alaoi, who doesn't speak English, believes there are more job opportunities for him in Gatineau.
"The level of work in Gatineau, the culture in Ottawa — you need both," he added in French. "One complements the other, in my opinion."
Alaoi said he will need to pass some exams in order for his skills to be recognized in Canada, and acknowledges that he may have to take a job that is less interesting to him.
Meanwhile, job-ready Rakotomena didn't manage to land a job on his first visit to Gatineau and had to join the others on the bus back to Montreal.
He said he'd be back soon.
"I'm sure," he said. "Yes, [that's] why I come here."
Read more: http://www.cbc.ca/canada/ottawa/story/2010/03/17/gatineau-outaouais-quebec-immigrants.html#ixzz0iZykEL59
"We face a big challenge in Quebec," said Robert Mayrand, head of Service intégration travail Outaouais (SITO), noting that the province is trying to boost the population in its regions.
He estimates his group, which offers employment and training services to immigrants, helps 200 people find jobs in the Outaouais every year.
"It means we are contributing in terms of personal revenue to the economy of Outaouais — See, it's $6 million a year that we push in the system."
In 2008, 87 per cent of immigrants settled in Montreal, and just 2.7 per cent in Gatineau, Immigration Québec reports. About 1,200 immigrants make their home in Gatineau each year, the province reports.
However, Montreal's unemployment rate was 9.2 per cent in February 2010 — significantly higher than the 6.1 per cent rate in Gatineau, the most recent Statistics Canada labour force survey shows. Statistics like that have led the Quebec government to work harder to redistribute its immigrants around the province.
Immigrants on the bus trip heard from politicians about the region's advantages, took a tour of the city, and attended a job fair.Immigrants on the bus trip heard from politicians about the region's advantages, took a tour of the city, and attended a job fair. (CBC)One of the province's initiatives is to fund bus trips that take immigrants to different regions of Quebec to learn about the area and meet local employers. Mayrand said the tour to the Outaouais restarted this year after a short hiatus in the program, which launched in 2002.
Eric Rakotomena, who is originally from Madagascar, was among the 50 immigrants who boarded a bus from Montreal last week to check out the Outaouais and the job opportunities there.
He has already visited Quebec City, Mont Tremblant and Tadoussac, but admits he didn't know much about Gatineau before his visit. He was impressed by what he learned.
"I want to stay here now," he said. "It's quiet and for life, there are fairly a lot of opportunities to do what you want to do and they're very helpful here in Gatineau."
Rakotomena and his tour-mates heard from city councillor Joseph De Sylva, who spoke of his own experience coming from an immigrant family. De Sylva, who represents Versant ward, said Gatineau is warm and open, and everyone finds his or her place there. Another city councillor and a Quebec immigration official were also on hand to pitch the community's advantages.
Afterward, the visitors took part in pre-arranged job interviews before heading to a job fair at Robert-Guertin arena organized by Emploi-Québec and the Gatineau chamber of commerce. They also received a tour of the city.
Rakotomena hoped to find a job as a maitre d'.
"I have my resume, I have everything — even my suitcase," he said. "As I said, I am ready to remain here today."
Rakotomena worked as a maitre d' in Madagascar and Israel before arriving in Montreal four years ago. In Canada, he has been unable to get a job in his field, despite the fact that he speaks five languages, including French and English.
He blamed the fierce competition and high unemployment in Montreal.
'The need is there'
Mayrand said employers in the Outaouais, meanwhile, are eager to hire, in part due to the stability in the job market provided by the federal government.
Robert Mayrand of SITO acknowledged that while the need for workers benefit immigrants who want to work in areas such as finance, things are more difficult for professionals such as doctors.Robert Mayrand of SITO acknowledged that while the need for workers benefit immigrants who want to work in areas such as finance, things are more difficult for professionals such as doctors. (CBC)"The need is there," he said.
He added that the community is multilingual and multicultural due to its proximity to Ottawa. "This helps to develop a good sense to be open to other people."
He acknowledged that while the demand for workers may help immigrants in the finance and service industries, things are more difficult for professionals such as doctors, who require accreditation by a regulatory association.
"That's another ball-game," he said. "It's a big big challenge. For us it's like a wall that we hit every time."
Hicham Alaoi, who is originally from Morocco, was another hopeful job seeker on the bus tour. Alaoi earned degrees in civil engineering and urban planning in France. He arrived in Montreal in January, and said he is attracted to the Outaouais by the opportunities for skating, cycling and the cultural scene in neighbouring Ottawa. However, Alaoi, who doesn't speak English, believes there are more job opportunities for him in Gatineau.
"The level of work in Gatineau, the culture in Ottawa — you need both," he added in French. "One complements the other, in my opinion."
Alaoi said he will need to pass some exams in order for his skills to be recognized in Canada, and acknowledges that he may have to take a job that is less interesting to him.
Meanwhile, job-ready Rakotomena didn't manage to land a job on his first visit to Gatineau and had to join the others on the bus back to Montreal.
He said he'd be back soon.
"I'm sure," he said. "Yes, [that's] why I come here."
Read more: http://www.cbc.ca/canada/ottawa/story/2010/03/17/gatineau-outaouais-quebec-immigrants.html#ixzz0iZykEL59
Gatineau works hard to welcome immigrants
Immigration is now driving population growth in the Outaouais, and the City of Gatineau says it is working hard to welcome the flood of newcomers with open arms.
"What we want [is] that the people feel...like any citizen in the city — that they have the same opportunities to work, to develop themselves, to be involved in the development of this city," said Annie-Claude Scholtès, the cultural community coordinator for the City of Gatineau.
Last year, more than 1,200 immigrants moved to the region. In fact, between 1,000 and 1,200 immigrants have arrived in the Outaouais every year since 2001-2000.
Proportion of foreign-born residents and visible minorities in Gatineau
2006 2031 (projected)
Foreign-born 8% 15%
Visible minorities 6% 14 %
Source: Statistics Canada
Migration is already outstripping births as the major force behind population growth in the Outaouais, and its relative influence will grow significantly between 2010 and 2031, the Institut de la statistique du Québec forecasts. The proportion of immigrants and visible minorities within the population of Gatineau are expected to double between 2006 and 2031, Statistics Canada predicts.
Scholtès said the City of Gatineau has been working hard to make all newcomers feel at home. A staff of three, working with about 80 community groups, implements the city's cultural diversity policy with a budget of $400,000. It offers a variety of programs for newcomers including two welcome sessions:
* One is an orientation that provides information about services that connect residents with the history, geography and regulations in the city. It is delivered in conjunction with the city's police force and its recreational services department.
* The other is a bus tour of the region in collaboration with the Societé de Transport de L'Outaouais, with visits to a police station and other centres that offer city services from Aylmer to Buckingham.
Scholtès said it is important for immigrants to have the chance to step inside a police station.
"'Cause some of them are afraid or insecure," she said, adding that the trip provides an opportunity to develop links with the police.
About 50 people a month take part in the tour, she estimated.
Read more: http://www.cbc.ca/canada/ottawa/story/2010/03/16/gatineau-immigrants.html#ixzz0iUXlnwYE
"What we want [is] that the people feel...like any citizen in the city — that they have the same opportunities to work, to develop themselves, to be involved in the development of this city," said Annie-Claude Scholtès, the cultural community coordinator for the City of Gatineau.
Last year, more than 1,200 immigrants moved to the region. In fact, between 1,000 and 1,200 immigrants have arrived in the Outaouais every year since 2001-2000.
Proportion of foreign-born residents and visible minorities in Gatineau
2006 2031 (projected)
Foreign-born 8% 15%
Visible minorities 6% 14 %
Source: Statistics Canada
Migration is already outstripping births as the major force behind population growth in the Outaouais, and its relative influence will grow significantly between 2010 and 2031, the Institut de la statistique du Québec forecasts. The proportion of immigrants and visible minorities within the population of Gatineau are expected to double between 2006 and 2031, Statistics Canada predicts.
Scholtès said the City of Gatineau has been working hard to make all newcomers feel at home. A staff of three, working with about 80 community groups, implements the city's cultural diversity policy with a budget of $400,000. It offers a variety of programs for newcomers including two welcome sessions:
* One is an orientation that provides information about services that connect residents with the history, geography and regulations in the city. It is delivered in conjunction with the city's police force and its recreational services department.
* The other is a bus tour of the region in collaboration with the Societé de Transport de L'Outaouais, with visits to a police station and other centres that offer city services from Aylmer to Buckingham.
Scholtès said it is important for immigrants to have the chance to step inside a police station.
"'Cause some of them are afraid or insecure," she said, adding that the trip provides an opportunity to develop links with the police.
About 50 people a month take part in the tour, she estimated.
Read more: http://www.cbc.ca/canada/ottawa/story/2010/03/16/gatineau-immigrants.html#ixzz0iUXlnwYE
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