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As markets swoon, finance chiefs urge US, China to cool it
NUSA DUA, Indonesia — The heads of the World Bank and IMF appealed Thursday to the U.S. and China to cool their dispute over technology policy and play by world trade rules, as tumbling share prices drove home potential perils from a clash between the world’s two biggest economies.
Global economic growth is slowing but remains strong, Christine Lagarde, managing director of the International Monetary Fund, said on the sidelines of the IMF-World Bank annual meeting, being held this week on the Indonesian island of Bali.
Countries are mostly in a “strong position,” she said, “which is why we believe we are not seeing what is referred to as ‘contagion.'”
But the gyrations that rocked Wall Street the day before and Asia and Europe on Thursday, taking the Shanghai Composite index down 5.2
“It’s the combination of the two that is probably showing some of the tensions that we see in terms of indices, short-term indicators as well as possibly market volatility,” Lagarde said.
The U.S. and Chinese exchanges of penalty tariffs in their dispute isn’t helping, she said.
Her advice was threefold: “De-escalate. Fix the system. Don’t break it.”
She acknowledged that the World Trade Organization, based in Geneva, has made scant headway in recent years toward a global agreement on trade rules that can address issues like complaints over Chinese policies U.S. President Donald Trump says unfairly extract advanced technologies and put foreign companies at a disadvantage in a quest to dominate certain industries.
“Our strong recommendation is to escalate work for a world trade system that is stronger, that is fairer and is fit for the purpose,” she said in opening remarks.
Somewhat obliquely, she said policies aimed toward an excessively “dominant position” were not compatible with free and fair trade.
The IMF has downgraded its forecast for global economic growth to 3.7
World Bank President Jim Yong Kim said the World Bank is working with developing countries to brace for a further deterioration.
“Trade is very critical because that is what has lifted people out of extreme poverty,” Kim said. “I am a globalist. That is my job. That is our only chance of ending extreme poverty. We need more trade not less trade,” he said.
Kim said the World Bank has launched a “human capital index” to help rank countries by the level of their investments in such areas as education and health care.
Policies to build such human capital are among the “smartest investments countries can make,” he said.
He praised host country Indonesia, a democratic, Muslim-majority country of 260 million, for fostering strong growth but noted there was much room for improvement. The country is ranked 87th of 150 countries in the list.
Indonesia has endured a slew of disasters in recent months. Before dawn on Thursday, an earthquake collapsed homes on Indonesia’s Java island, killing at least three people just two weeks after a major quake and tsunami disaster in a central region of the archipelago killed more than 2,000 people and left perhaps thousands more buried deeply in mud.
Thursday’s magnitude 6.0 quake offshore north of Bali shook the area where the IMF-World Bank delegates are meeting, but there were no signs of significant damage.
The annual financial meetings take place at a time of growing concern over trends other than trade, such as moves to raise borrowing costs in the U.S. and some other regions to help cool growth and keep inflation in check. Rising interest rates are drawing investment flows out of emerging markets in Asia and Latin America at a time when growth in their exports is likely to slow.
Argentina and Pakistan, Venezuela and Zimbabwe are among countries grappling with crises. Concerns are growing, also, over slowing growth in China and rising debts among some developing countries resulting from projects associated with Beijing’s “Belt and Road Initiative” to develop ports, roads and other infrastructure.
Lagarde said the IMF will send a team to Pakistan in the coming weeks after a meeting with its finance minister, Asad Umar, in which he requested emergency bailout loans.
The IMF chief did not say how much Umar had requested. Analysts say Pakistan is seeking $8 billion in loans to deal with a balance of payments crisis. Pakistan’s currency plunged by around 7
Asked whether IMF help might amount to a “bailout” for Chinese loans, Lagarde said any such help would have to be completely transparent.
“In whatever work we do we need a complete understanding and complete transparency about the nature of a debt that is bearing on a country,” she said.
The annual summit for global finance brings together central bankers and finance ministers, development experts and civil society groups from across the globe.
Bali has suffered terrorist bombings in the past, and the event was being held amid tight security. A convoy of armed personnel carriers was lined up alongside a beach path and access to the area was tightly controlled.
Still, about a dozen activists concerned with land grabs and other issues sometimes associated with World Bank-sponsored projects staged a brief, peaceful protest over the cancellation by local authorities of a conference they were to hold in the nearby city of Denpasar.
“If they don’t want to ever hear our voices, what kinds of projects are we expecting?” said Joan Salvador, a member of a Philippine women’s group.
Those involved had badges allowing them to enter the tightly guarded venue, and an IMF official said she would convey their concerns “to the highest levels.”
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Associated Press journalist Hau Dinh contributed to this report.
Elaine Kurtenbach, The Associated Press
Human trafficking suspect arrested in Red Deer, July 2024
From Alert, the Alberta Law Enforcement Response Team
Three human traffickers arrested in Project Endgame
Three men have been arrested and stand accused of running a human trafficking operation that stretched across Canada; operating throughout Alberta, British Columbia, Saskatchewan, and Quebec.
Project Endgame was a year-long investigation led by ALERT’s Human Trafficking unit, and also relied on the assistance of the Edmonton Police Service, RCMP, and the Quebec joint forces Anti-Pimping team known as EILP.
Arrests and search warrants had taken place in Edmonton, Montreal, and Red Deer. A total of 23 charges related to human trafficking offences have been laid against Clyde Elien-Abbot, 31, Kevin Dorcelus-Cetoute, 31, and Jean Rodnil Dubois, 31. Elien-Abbot was arrested on January 31, 2025 in Edmonton, while the other two accused were arrested on July 23, 2024.
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From LifeSiteNews
The Liberals are choosing a new face, but all six contenders seem likely to continue forcing Canadians down the same path as the PM they’re out to replace
With the Liberal leadership election just over a month away on March 9, Canadians are examining the six final contenders and questioning if they will bring change to the Liberal Party or carry on Prime Minister Justin Trudeau’s radical legacy.
The six contenders for Liberal leader and consequently, the next prime minister, are: Mark Carney, Chrystia Freeland, Karina Gould, Jaime Battiste, Frank Baylis and Ruby Dhalla.
While all the above candidates are promising to turn the Liberal Party around, their policies, both past and proposed, suggest little difference from the radical, anti-life and globalist agenda embraced by the Trudeau government.
Former Governor of the Bank of England Mark Carney
Carney appears to be the frontrunner for Liberal Party leader, with many mainstream outlets tacitly promoting him as a solution for Canadians, and numerous MPs having endorsed his campaign.
However, as LifeSiteNews has previously reported, Carney’s history suggests he would be an even more radical version of Trudeau.
While his impressive work experience certainly raises him in the estimation of Canadians, especially compared with Trudeau’s pre-political career as a drama teacher, the former Governor of the Bank of England, like Trudeau, openly supports abortion, the LGBT agenda and many of the tax and fiscal policies of the Trudeau government, such as the carbon tax.
Carney’s endorsement of energy regulations go even further than Trudeau’s, with the candidate having previously blasted the prime minister for exempting home heating oil from the carbon tax.
Carney has also been a longtime supporter of the globalist World Economic Forum, attending their infamous annual conference in Davos, Switzerland as recently as January 2023.
Carney routinely uses social media to advocate for achieving so-called “net-zero” energy goals, and even had his team bar multiple independent journalists from attending the press conference he held to announce his bid for Liberal leader.
Former Deputy Prime Minister Chrystia Freeland
Freeland’s bid for Liberal leader came as a surprise to many as it closely followed her resignation from Trudeau’s cabinet.
Freeland is perhaps best known internationally for her heavy-handed response to anti-mandate Freedom Convoy protesters, which saw the then-finance minister direct financial institutions to freeze the bank accounts of Canadians who participated in or donated to the protest.
Freeland, like Carney, also has extensive ties to the WEF, with her receiving a personal commendation from former WEF leader Klaus Schwab.
Interestingly, at the same time as Freeland announced her Liberal bid, the WEF’s profile on Freeland was taken down from their website. Additionally, the majority of Freeland’s Instagram posts have been removed from public view.
Many have speculated online as to the reason why these actions were taken, with some suggesting that Freeland desires to distance herself from the massively criticized group.
Critics often pointed to Freeland’s association with the group during her tenure as finance minister and deputy prime minister, as she was known for pushing policies endorsed by the globalist organization, such as the carbon tax and online censorship.
Former House Leader MP Karina Gould
Gould, an avid abortion activist, is perhaps best known for telling American women that they can have their abortions in Canada following the Supreme Court of the United States’ overturning of Roe v. Wade in 2022.
Gould is also known for continually advocating in favor of state-funded media, which critics have warned causes supposedly unbiased news outlets into de facto propaganda arms for the state.
In one example from September, Gould directed mainstream media reporters to “scrutinize” Conservative Party leader Pierre Poilievre, who has repeatedly accused government-funded media as being an arm of the Liberals.
Gould also claimed that Poilievre’s promise to defund outlets like the Canadian Broadcasting Corporation would deny Canadians access to important information, ignoring the fact that the Liberals’ own legislation, which she voted for, blocked all access to news content on Facebook and Instagram.
MP Jaime Battiste
Voting records show that in 2021 Battiste opposed a bill aiming to protect unborn children from sex-selective abortions. Later that same month, he voted to pass Bill C-6, which allows parents to be jailed for up to five years for refusing to deny the biological sex of their gender-confused children.
Furthermore, Battiste struck down a motion to condemn incidents of arson and vandalism of churches across Canada. In October 2023, a Conservative MP put forward a motion to denounce the arson and vandalism of 83 Canadian churches, especially those within Indigenous communities.
However, Battiste moved to adjourn the meeting rather than discuss the motion, saying, “I would like to call to adjourn debate on this if that’s what we can do, so we can hear the rest of the study, but if we have to, then I would rather discuss it in camera because it does have a way of triggering a lot of people who went through residential schools and the things they are going through.”
The Liberal government is known to be extremely lenient in their rhetoric when it comes to attacks on Catholic churches, with Trudeau even saying such behavior was “understandable” even if it is “unacceptable and wrong.”
Former MP Frank Baylis
Baylis served as a Liberal MP in 2015 but chose not to seek re-election in 2019. Now, he has thrown his hat in the ring as Liberal leader.
During his time as MP, Baylis was a staunch supporter of abortion. In 2016, he voted against a Conservative bill to provide protection to unborn children and pregnant mothers from violence.
Interestingly, Baylis is the former owner of the Baylis Medical Company of Montréal which was awarded a $282.5 million government contract for now “useless” ventilators during the COVID “pandemic.”
Former MP Ruby Dhalla
Dhalla served in the House of Commons from 2004 to 2011. Interestingly, Dhalla, born to Indian immigrant parents, has promised to deport illegal immigrants and “clamp down on human traffickers.” Dhalla’s stance sets her apart from the other Liberal candidates on the issue.
While Dhalla styles herself as an “outsider,” during her time as an MP, she worked to further abortion in Canada, voting against legislation to protect babies from violence in the womb.
In conclusion
It seems that no matter who is selected as the next leader of the Liberals, the party will remain one which prides itself on being pro-abortion, pro-LGBT, pro-euthanasia and globalist in vision.
While Trudeau may be taking the blame for the current state of the Liberal Party, with these 6 candidates it would appear that the party remains intent on pushing the same policies.
Although it is true that Trudeau’s political blunders, such as his repeated historical use of black-face or his inviting a Nazi-aligned World War II veteran into Parliament, have contributed to his popularity decline, it seems the policies behind the blunders are not his, but the Liberal Party’s itself.
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