Thursday, 28 June 2007

Give Foreign Corporations Canadian Citizenship and there, No More Worries

Buyout fears 'misguided'

Domestic companies more pursuer than prey on the global acquisitions front, according to data compiled by the Investment Industry Association of Canada
Jun 26, 2007 04:30 AM
Rita Trichur

Calls to protect Canadian companies from foreign takeovers are "misguided" because corporate Canada actually did more shopping abroad last year than foreigners did here, says the head of the Investment Industry Association of Canada.

President and chief executive Ian Russell said new data released by the association yesterday suggest that Canadians' collective hand-wringing over the so-called "hollowing out" of the country's corporate landscape by foreigners has been overblown.

"We are seeing a lot more of Canadian companies acquiring foreign companies than the other way around," said Russell, who will be delivering a speech on the topic today at The Economic Club of Toronto.

Read the whole article here.

There has been some talk of late about the "hollowing out" of the Canadian economy. This refers to the high degree of foreign ownership of the Canadian economy. This particular article argues that such claims are "overblown." I hope he's right but if foreign ownership of the Canadian economy is something to be concerned about then why isn't the foreign make-up of Canadian society not? It's the same thing. What's the difference if half of the Canadian economy is in the control of foreign interests and half of Toronto is inhabited by immigrants? If being Canadian is nothing more than just being a citizen then just gives these corporations Canadian citizenship and then there is nothing to worry about. Right? After all, aren't corporations considered citizens under the law?

Foreign ownership of a national economy is colonization. Group settlement in a foreign land is colonization and considering the demographic and settlement trends in Canada that is exactly what is going on. Traditional Canadians are being replaced and are losing their country. Actually it’s not really lost when you give it away so freely. Some countries went to war to preserve what Canadians are so willingly surrendering.

By the way, out of all of the industrialized nations Canada is the most foreign owned. Just thought you'd like to know.

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