Proposals to stem the tide of the falling US$ reaches new levels of insanity. This time from Canada.
Bloc leader pushes use of U.S. dollar
Cites benefits of shared currency Chides Ottawa's `financial dyslexia'
ROBERT BENZIE
QUEEN'S PARK BUREAU
A sovereign Quebec could join Canada, the U.S. and Mexico in an economic union using the American dollar, says Bloc Québécois Leader Gilles Duceppe.
The separatist leader yesterday delivered an appeal to a predominantly Bay Street audience that an independent Quebec would be good for Quebecers and Canadians.
"I'm a sovereignist, I don't eat babies for breakfast. You know me and you're not throwing me rocks when I'm speaking to you because we're both the same," Duceppe told about 100 people at an Economic Club luncheon.
Predicting that Quebec secession would lead to a North American free trade zone modelled on the European Union, he said Canadians could benefit from a shared currency.
"The instability of the Canadian dollar is considerably harmful to our exporting enterprises," he said. "Are there still economic reasons justifying the existence of the Canadian currency? We are not saying yes or no. We simply ask the question."
Duceppe noted Canada's monetary policy is already "aligned" with the U.S., so following the EU's lead with the euro would not be that radical: "I'm not saying we have to adopt or not the American dollar. I say we have to study the question ... just like the Europeans did. They didn't come with the euro in a snap."
The BQ leader also chided Ottawa for hiding massive surpluses from the provinces and creating a "fiscal imbalance" that undermines social programs.
"For the 2003-04 fiscal year, it predicted a surplus of $1.9 billion. We learned recently that is actually $9.1 billion — 9.1 instead of 1.9 — is this some new disorder that we might call financial dyslexia?" he said.
While Duceppe faced some tough questions from his federalist audience, he handled them deftly and was rewarded with polite applause for his efforts.
World War II veteran George Mummery, 80, noted that the Bloc recently gave the Canadian Legion free publicity when BQ backbencher André Bellavance (Richmond-Arthabaska) refused to provide Maple Leaf flags to veterans' groups.
Acknowledging the rookie MP's mistake, Duceppe thanked Mummery and his fellow vets for fighting for a democratic Canada where issues like Quebec separatism can be debated freely.
BMO Nesbitt Burns vice-chair Donald Johnson was pleased Duceppe will be supportive of the proposal to change the Income Tax Act in the next budget, which "would assist greater private sector funding for universities, hospitals, arts organizations and the United Way, etc."
But forensic accountant Charles Smedmor, who confronted Duceppe on how he would prevent a newly independent Quebec from being mired in corruption, was less impressed: "He's preying on the weaknesses (of the federation) to create division and it's sad and regrettable."
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