Quote: (02-22-2016 07:08 PM)Emancipator Wrote:
Dr. Howard's posts are spot on. Canada has now allowed it's resource sector to be a playground for foreign companies to manipulate for their own gain, whereas in the past Canadian companies would be the ones using a strong protected homegrown position in order to play internationally and then bringing the profits back home.
Such a shame, forestry firms were economic behemoths here, the life blood of small towns with strong urban local HQs and creating wealth that many families enjoy still to this day (which helps a lot of families stay middle class today, otherwise small town BC would be a lot more bleak). A large chunk of pre-80s influential businessmen and politicians in this province could be traced back to logging keeping all that resource wealth within the province and not siphoned away. MacMillian Bloedel was able to use its comfortable protected BC base to expand internationally, and the main man behind the company contributed a lot locally before his death (still a few institutions named after him standing). Environmentalists and NAFTA environment of the 90's weakened the company and the local economy to the point where they brought in an American executive who ended up selling the company a few years later after gutting it and pocketing 15 million for himself.
This is what really blows my mind. Canada's resources are mostly public owned properties that get paid royalties for extraction. Idiot government bureaucrats are making deals for resource extraction licences with foreign companies...literally giving away canada's wealth.
The corruption in the deals must be extreme. Imagine if you were a chinese company setting up a multi million (multi billion maybe?) dollar mine in the middle of remote northern canada and the only people standing in your way were a deputy minister with a $200k/year salary and an elected member of parliament serving as minister. Neither of the government officials have a personal stake in the mineral rights, they have no motivation to make a good deal unlike if those mineral rights were already owned by another private entity.
And yes, companies like Macmillian Blodel, Abitibi, Domtar and EB Eddy were all Canadian family owned forestry corporations that eventually sold out and the wealth left the provinces they were based in. Tembec is one of the few ones left, but thats only because its employees bought it from bankruptcy.
The mining names were Noranda, Falconbridge, Inco, Placer Dome all Canadian companies running big mines that all went to shit between 2000 and 2006. They either folded or were bought out.
The steel names were ones like Dofasco, Stelco and Algoma steel were all also bankrupt or bought out between 2004 and 2007
Well holy shit, I'd never looked up the dates before but this turnover literally all happened between 1998 and 2007. Before 1998 most of these big canadian resource companies were canadian owned, and after 2008 they are all foreign owned. Canada lost control of its resources in 10 short years.