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Lucas Kandia's avatar

I wrote this as a comment to Joel's missive yesterday. The unfortunate part is, his missive had SO many comments and mine was at the end of the day. So not too many people got to read it.

Thank god for copy and paste. All I had to do was take a key piece out of Bill's article today, and my argument still stands. Clowns abound.

"We read quickly, not wanting to waste time, but curious; the financial press is more likely to peddle misconceptions than to dispose of them. Sure enough, the article is a pot-pourri of error: the debt is not too high…it doesn’t need to be paid off… it’s not bad for the economy…there’s no crisis coming…and everybody does it."

Stupidity doesn't stop at the US border.

In our neck of the woods, the Manitoba government made automobile insurance a ward of the state. Back about 52 years ago. They called it Autopac back then, but renamed it to Manitoba Pulic Insurance Corporation. LoL. A government corporation. No better example of the word "oxymoron."

The irony of it all? They shouldn't have stopped at incorporating the Insurance company, but continued on incorporating the government itself.

Ironically, the Insurance company always makes money. The government itself is $30B in debt.

A few weeks back 1700 "unionized" government insurance company's staff went on strike. Of the 1800 or so employees, over 700 of them make an average CAD wage of over $95k. Only managers did not strike as they form the opposition to those on strike.

https://www.mpi.mb.ca/Documents/2021-compensation-report.pdf

The most interesting thing is the disparity in running a profitable organization, even if technically run by the government. The CEO of MPIC made over $350k in 2021 according to that document. In the same year, the premier of the province, the guy who runs the government, made just under $200k.

That pretty well tells all.

Boot the elected officials from the government. Its a senseless system based on popularity and/or outrageous promises. Setup a board of directors made from the MOST profitable companies in the province and search for a CEO that can run the government like a business.

A profitable one.

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JD Breen's avatar

Not that anyone knows me or cares what I think. But I can vouch for Classical Wisdom as a repository of ancient thought applicable to our troubled time.

I recently read an instant classic on a familiar subject. Anyone interested in real economics would do well to start here:

https://jdbreen.substack.com/p/learning-how-the-world-works

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