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Australian senator compares Trudeau’s treatment of Freedom Convoy protesters to Communist China

Published

1 year ago

6 minute read

From LifeSiteNews

By Clare Marie Merkowsky

‘This push towards a digital ID future is another step toward a Chinese Communist Party-style social credit system, which will force you to support the current thing at the risk of total cancellation,’ Senator Alex Antic said

An Australian senator compared Prime Minister Justin Trudeau’s handling of the Freedom Convoy with Communist China.

During a November 13 meeting in the Australian Senate, Senator Alex Antic used the freezing of Canadians’ bank accounts during the 2022 Freedom Convoy as an example of the dangers of digital currency, comparing Trudeau’s actions with China’s social credit system.

“I’ve been warning about digital ID for some time, and it wasn’t so long ago that, like many of these issues which turn out to be correct, it was considered to be nothing but a conspiracy theory,” he said.

“We saw how that worked a couple of years ago with the financial cancellation of the Canadian truckers when they were protesting COVID lockdowns and restrictions,” Antic appealed. “The advancement of technology is inevitable, but this push towards a digital ID future is another step towards a Chinese Communist Party-style social credit system, which will force you to support the current thing at the risk of total cancellation.”

The Trudeau government’s similarities to China’s Communist government have become increasingly evident to both Canadians and other countries. Indeed, Trudeau himself admitted that he has a “level of admiration” for China’s “basic dictatorship.”

His imitation of China’s credit score system was revealed during the 2022 Freedom Convoy protest in Ottawa with thousands of Canadians calling for an end to COVID mandates by camping outside Parliament.

In response, Trudeau’s government enacted the EA on February 14, 2022, to shut down the popular movement. Trudeau revoked the EA on February 23 after the protesters had been cleared out. At the time, seven of Canada’s 10 provinces opposed the use of the EA by Trudeau.

Under the EA, Deputy Prime Minister Chrystia Freeland froze the bank accounts of Canadians who donated to the 2022 Freedom Convoy, which protested vaccine mandates and COVID regulations.

As articulated by LifeSiteNews correspondent David James, this type of financial crackdown is precisely why many fear the move toward an entirely digital, cashless society.

“It confirms what many have been warning about for some time: that one of the core elements of the so-called Great Reset is to enslave populations by surveilling and controlling their transactions,” he continued. “China has already implemented its version of digital tyranny with its Social Credit System, which it will combine with its Central Bank Digital Currency [CBDC]. Now Trudeau and Freeland have drawn back the curtain in Canada to reveal their version of digital despotism.”

Antic’s use of Canada as an example comes as governments around the world are pushing digital currency despite warnings that it will lead to a social credit system.

“Last week, the European Parliament and the Council of the European Union reached a final agreement on a law to create the European Digital Identity, or eID, the EU’s first fully digital identification system,” Antic announced.

“This law will provide Europeans with a digital wallet containing digital versions of their ID cards — their drivers licences, their academic certificates, their medical records, their bank account information and so on,” he explained. “The next major step in the EU will be to create a digital euro and a central bank digital currency, which is currently being developed by the European Central Bank.”

“I’ve been warning about digital ID for some time, and it wasn’t so long ago that, like many of these issues which turn out to be correct, it was considered to be nothing but a conspiracy theory,” he added.

Currently, Australia is moving toward introducing digital currency with consultation on the bill having recently closed.

“You can see how it’s going to happen: We’ll get a digital currency and, once those steps are in place, a digital snare trap will have been created,” Antic warned. “We must reject a digital ID future, and time is running out for people in this place to understand that they are playing with fire.”

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Alberta’s fiscal update projects budget surplus, but fiscal fortunes could quickly turn

Published on November 21, 2024

By

From the Fraser Institute

By Tegan Hill

According to the recent mid-year update tabled Thursday, the Smith government projects a $4.6 billion surplus in 2024/25, up from the $2.9 billion surplus projected just a few months ago. Despite the good news, Premier Smith must reduce spending to avoid budget deficits.

The fiscal update projects resource revenue of $20.3 billion in 2024/25. Today’s relatively high—but very volatile—resource revenue (including oil and gas royalties) is helping finance today’s spending and maintain a balanced budget. But it will not last forever.

For perspective, in just the last decade the Alberta government’s annual resource revenue has been as low as $2.8 billion (2015/16) and as high as $25.2 billion (2022/23).

And while the resource revenue rollercoaster is currently in Alberta’s favor, Finance Minister Nate Horner acknowledges that “risks are on the rise” as oil prices have dropped considerably and forecasters are projecting downward pressure on prices—all of which impacts resource revenue.

In fact, the government’s own estimates show a $1 change in oil prices results in an estimated $630 million revenue swing. So while the Smith government plans to maintain a surplus in 2024/25, a small change in oil prices could quickly plunge Alberta back into deficit. Premier Smith has warned that her government may fall into a budget deficit this fiscal year.

This should come as no surprise. Alberta’s been on the resource revenue rollercoaster for decades. Successive governments have increased spending during the good times of high resource revenue, but failed to rein in spending when resource revenues fell.

Previous research has shown that, in Alberta, a $1 increase in resource revenue is associated with an estimated 56-cent increase in program spending the following fiscal year (on a per-person, inflation-adjusted basis). However, a decline in resource revenue is not similarly associated with a reduction in program spending. This pattern has led to historically high levels of government spending—and budget deficits—even in more recent years.

Consider this: If this fiscal year the Smith government received an average level of resource revenue (based on levels over the last 10 years), it would receive approximately $13,000 per Albertan. Yet the government plans to spend nearly $15,000 per Albertan this fiscal year (after adjusting for inflation). That’s a huge gap of roughly $2,000—and it means the government is continuing to take big risks with the provincial budget.

Of course, if the government falls back into deficit there are implications for everyday Albertans.

When the government runs a deficit, it accumulates debt, which Albertans must pay to service. In 2024/25, the government’s debt interest payments will cost each Albertan nearly $650. That’s largely because, despite running surpluses over the last few years, Albertans are still paying for debt accumulated during the most recent string of deficits from 2008/09 to 2020/21 (excluding 2014/15), which only ended when the government enjoyed an unexpected windfall in resource revenue in 2021/22.

According to Thursday’s mid-year fiscal update, Alberta’s finances continue to be at risk. To avoid deficits, the Smith government should meaningfully reduce spending so that it’s aligned with more reliable, stable levels of revenue.

Author:

Tegan Hill
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Alberta

Alberta fiscal update: second quarter is outstanding, challenges ahead

Published on November 21, 2024

By

Alberta maintains a balanced budget while ensuring pressures from population growth are being addressed.

Alberta faces rising risks, including ongoing resource volatility, geopolitical instability and rising pressures at home. With more than 450,000 people moving to Alberta in the last three years, the province has allocated hundreds of millions of dollars to address these pressures and ensure Albertans continue to be supported. Alberta’s government is determined to make every dollar go further with targeted and responsible spending on the priorities of Albertans.

The province is forecasting a $4.6 billion surplus at the end of 2024-25, up from the $2.9 billion first quarter forecast and $355 million from budget, due mainly to higher revenue from personal income taxes and non-renewable resources.

Given the current significant uncertainty in global geopolitics and energy markets, Alberta’s government must continue to make prudent choices to meet its responsibilities, including ongoing bargaining for thousands of public sector workers, fast-tracking school construction, cutting personal income taxes and ensuring Alberta’s surging population has access to high-quality health care, education and other public services.

“These are challenging times, but I believe Alberta is up to the challenge. By being intentional with every dollar, we can boost our prosperity and quality of life now and in the future.”

Nate Horner, President of Treasury Board and Minister of Finance

Midway through 2024-25, the province has stepped up to boost support to Albertans this fiscal year through key investments, including:

  • $716 million to Health for physician compensation incentives and to help Alberta Health Services provide services to a growing and aging population.
  • $125 million to address enrollment growth pressures in Alberta schools.
  • $847 million for disaster and emergency assistance, including:
    • $647 million to fight the Jasper wildfires
    • $163 million for the Wildfire Disaster Recovery Program
    • $5 million to support the municipality of Jasper (half to help with tourism recovery)
    • $12 million to match donations to the Canadian Red Cross
    • $20 million for emergency evacuation payments to evacuees in communities impacted by wildfires
  • $240 million more for Seniors, Community and Social Services to support social support programs.

Looking forward, the province has adjusted its forecast for the price of oil to US$74 per barrel of West Texas Intermediate. It expects to earn more for its crude oil, with a narrowing of the light-heavy differential around US$14 per barrel, higher demand for heavier crude grades and a growing export capacity through the Trans Mountain pipeline. Despite these changes, Alberta still risks running a deficit in the coming fiscal year should oil prices continue to drop below $70 per barrel.

After a 4.4 per cent surge in the 2024 census year, Alberta’s population growth is expected to slow to 2.5 per cent in 2025, lower than the first quarter forecast of 3.2 per cent growth because of reduced immigration and non-permanent residents targets by the federal government.

Revenue

Revenue for 2024-25 is forecast at $77.9 billion, an increase of $4.4 billion from Budget 2024, including:

  • $16.6 billion forecast from personal income taxes, up from $15.6 billion at budget.
  • $20.3 billion forecast from non-renewable resource revenue, up from $17.3 billion at budget.

Expense

Expense for 2024-25 is forecast at $73.3 billion, an increase of $143 million from Budget 2024.

Surplus cash

After calculations and adjustments, $2.9 billion in surplus cash is forecast.

  • $1.4 billion or half will pay debt coming due.
  • The other half, or $1.4 billion, will be put into the Alberta Fund, which can be spent on further debt repayment, deposited into the Alberta Heritage Savings Trust Fund and/or spent on one-time initiatives.

Contingency

Of the $2 billion contingency included in Budget 2024, a preliminary allocation of $1.7 billion is forecast.

Alberta Heritage Savings Trust Fund

The Alberta Heritage Savings Trust Fund grew in the second quarter to a market value of $24.3 billion as of Sept. 30, 2024, up from $23.4 billion at the end of the first quarter.

  • The fund earned a 3.7 per cent return from July to September with a net investment income of $616 million, up from the 2.1 per cent return during the first quarter.

Debt

Taxpayer-supported debt is forecast at $84 billion as of March 31, 2025, $3.8 billion less than estimated in the budget because the higher surplus has lowered borrowing requirements.

  • Debt servicing costs are forecast at $3.2 billion, down $216 million from budget.

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