Canada unveils $25B 'Canada Strong Fund' sovereign wealth fund

Jason Van Taco21

It sounds like this isn't actually a sovereign wealth fund, it's a subsidy to asset managers dressed up in Norwegian clothing. But I hope I'm wrong.

DLee🇨🇦🙋19

Canada building long-term wealth at home is the smart play. Giving Canadians a direct stake in nation-building is how you strengthen the economy for generations 🇨🇦

🏴‍☠️DiscordⒶntMuse🏴‍☠️13

You're giving money to private corporations and to the wealthy, not to the folks who actually need the help.

lissa9

He’s using public funds to give handouts to private companies. It’s not a wealth fund. 🙄

EarthOx8

I was looking for something like this when I had to renew something last summer. It's the idea of being a part of the rebuild of Canada that was attractive but there was no direct vehicle. So yes, I like it! And no, I am not wealthy!

Kimberlee7

Take care of Canada. You're a fortress of hope. Democratic hope. Beware of Murdoch owned television--it is a threat to democracy everywhere .

Adam🇨🇦6

Excerpt from the link: 'To ensure Canadians have the option to invest in the growth of our nation and share in the returns, the government will launch a retail investment product. This will give Canadians a direct stake in our nation’s long-term prosperity and help build long-term national wealth.'

Jason Van Taco5

This isn't what we want. We want the Norwegian sovereign wealth fund model.

Alex Potvin5

Why does this sound like a precursor to another pipeline buildout/partnership

Common Wealth Canada5

It's a good step forward, but much more to do. Canada is on track to lose $1 TRILLION of our country's minerals wealth to private extraction, equal to a head-tax of $24,000 per Canadian. This is a shared inheritance that should be paying citizens dividends instead.

esquyre.bsky.social5

Well it's about time! I fucking love this country

🍄🇨🇦CoAutonomous🇺🇲🍄5

If you'd like to give Canadians a direct stake in their democracy and economy, may I suggest some meaningful electoral reform? FPTP/WTA is a relic of an era when the fastest mode of communication was fuckin horseback; we need upgrading to the 21st century.

UBI Works5

We're glad to see movement on this. We and @commonwealthcanada.bsky.social have been calling for a Sovereign Wealth Fund in Canada for years. The ideal scenario is one where Canadians get dividends from our vast common wealth. bsky.app/profile/ubiw...

patatas4

This is how they're gonna fund the pipelines and data centres. It's also how they plan to get people excited about building pipelines and data centres. Ughhhh it's so gross

IslandMapleTree3

Keep up the good work Prime Minister Carney. You are the man for this moment in time.

ryanringer.bsky.social3

Enough. This is about companies getting richer from our vast natural resources. This is more of the same hardcore sex between the government and corporations. This does nothing to lift working people up right now. We need real financial help and investment into public services, WHICH YOU HAVE CUT.

Juniper3

I'm so very nervous about this. I hope it's a 'invest in this or I tax you' for the rich.... But the future management of this fund is concerning. I'm extremely uneasy with the portfolio management aspect as well. Can you commit to carefully curating the investment portfolio for this fund?

rc2 🇨🇦3

Is this really a “sovereign wealth fund”? Instead of taking surplus value from resources like oil and investing it globally, this seems like an infrastructure framework.

Dooodlebugg 🇨🇦🇺🇸2

Isn't this the same thing as Trudeau having Canada pay for the pipeline, only with different branding? Last year, everyone was saying the MOU pipeline wouldn't happen because no company in their right mind would fund it. Well, now they have their funding, our tax dollars.

A.G. Pasquella2

I wish this was structured more like the Alaska Permanent Fund: funded by oil and mining revenue and paying an annual dividend to every citizen. en.wikipedia.org/wiki/Alaska_...

tigandtazz.bsky.social2

I am interested to hear the details of the plan and how we can participate. Corporations can be very big or very small, hopefully this isn’t just about huge corporations

patatas2

"Over time, and depending on need, the government will also consider other sources of capital for the Fund, such as unlocking the full value of federal assets." Anyone know what this means? Because to me it sounds like he wants to sell off public assets and hand the money to corporations

Adam🇨🇦2

Awesome, now this is what I'm talking about!! I'll get on it asap.

Club Saanich3

Thank you. It's pretty exactly the opposite of a sovereign wealth fund

<>2

I don't think you're going to get rich Canadians to invest in anything bigger without the government guaranteeing all the risk. It's why we are where we are.

Olman Feelyus2

Get that public money into private pockets as fast as possible!