MLI’s first book, the best-selling Canadian Century: Moving out of America’s Shadow, came out in May. It has been reviewed favourably in the Globe and Mail, National Post, Weekly Standard and Maclean’s. I along with my co-authors were asked to write a piece for the prestigious Foreign Policy magazine and the Wall Street Journal has written about the book and its thesis of responsible fiscal management.
In today’s Outside the Box we look at a country where they had an even worse problem than we are faced with here in the US. They were on the ropes and their bond market was balking. Yet, their left-wing government made some very hard choices and turned things around. And now they are on top.
The country? Canada. Maybe we need to look north for a lesson. My friend David Hay, Chief Investment Officer of Evergreen Capital Management, was vacationing in Italy, where he reviewed a great new book on the Canadian turnaround of the mid-’90s.
The book, you guessed it, is The Canadian Century.
Maudlin’s reference and commentary was drawn from an earlier newsletter from David Hay. Hay’s conclusion:
“We’re all Canadians now.” If we want to right our nation’s financial ship, we might be well-advised to swallow our pride, and follow the lead of a country that has long been in our shadow. This is likely to be far more effective than further pursuing failed economic policies from our distant past.