OMG! Does it never end?!

“Ottawa will take surplus government reserves and invest them in financial assets such as stocks and bonds, which will be “professionally managed and operate as an arm’s length independent Crown corporation” and “will be accessible to everyone.””

WHAT reserve funds?! We’re in an insane debt position now! This is only going to make it worse.

Danielle, WHEN the vote comes back yes in the fall, I want to see immediate moves to get us out this horror show called Canada. No more “…within a united Canada” nonsense. Canada hasn’t been united for decades and is so badly broken it’s not fixable. “Canada” has always been and always will be Ontario and Quebec. The rest of the provinces are merely there to support and obey their whims. We are not fellow provinces, we are subjects. It’s long past time you faced that fact.

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Prime Minister Mark Carney announced plans to create the Defence Resilience and Security Bank, which would potentially fund the rearmament of nations facing heightened geopolitical ‌risks.

“Effectively, about 20 countries have come together, there’s a possibility of more being added over time to set up a new financial institution,” Carney told reporters on Thursday. “The core of what it would do is to finance the private sector in helping to build out, in Canada and in other countries…to build out our defence capacity.”

According to Carney, the bank” will provide a much more efficient way of funding those new activities because you bring together the collective strength of a big number of countries.”

The prime minister did not mention which other countries would be involved, but Britain and Germany have both confirmed that they will not be participating.

Britain ​has its own multilateral finance initiative, in collaboration with the Netherlands and Finland.

Meanwhile, Germany has outright rejected the creation of further financing entities for the armaments sector.

The ⁠DSRB is currently seeking support from several banks to get off the ground, including JPMorgan, Deutsche Bank and Royal Bank of Canada.

The Department of Finance released a statement on Wednesday saying that participating countries unanimously supported the idea that the bank’s headquarters will be in Canada once the DSRB has been launched.

Carney’s announcement comes just days after launching the “Canada Strong Fund,” a $25-billion sovereign wealth fund, which he said “will grow through asset recycling and reinvestment, creating even greater opportunities for future generations.”

Ottawa will take surplus government reserves and invest them in financial assets such as stocks and bonds, which will be “professionally managed and operate as an arm’s length independent Crown corporation” and “will be accessible to everyone.”

When the prime minister was asked why a new agency was required when there are already existing entities such as the Canada Infrastructure Bank, Export Development Canada, the Canada Growth Fund, the Business Development Bank of Canada and others.

According to Carney, the difference is that the new fund “comes in on a commercial basis” and will get returns alongside the private sector.

When asked about “transparency” regarding who would manage the fund, Carney said it will be “independent” and “report to Parliament.”

However, Conservatives criticized the initiative as a “debt fund,” questioning how Ottawa can sustain it while running persistent deficits.

https://www.junonews.com/p/carney-announces-defence-coalition