January 13 Editorial


Our loss will assuredly be Great Britain’s gain as current Bank of Canada Governor Mark Carney moves to merry old England as of next July, tasked with sorting out their dated, largely ineffective national banking system, taking over the same position he’s held here for the past five years. If nothing else it’s quite commendable, if not surprising, to witness The Bank of England having the courage to reach beyond its own borders for the first time in more than 300 years to identify the best candidate to fix what has become a colossal economic quagmire.

A country’s banking system is at the very core of its economic engine, both foreign and domestic, and is one of the reasons why Canada has fared much better than many other nations during the global economic slowdown – or meltdown, depending on the country. The global economic environment has enveloped much of the planet for more than four years and counting.

Carney’s stellar international reputation as an economic policymaker has brought with it a high degree of star power and influence to the point where he’s essentially been able to map out his future career path. Good thing he wasn’t consulting Apple’s wormy mapping apps on iPhone 5 for travel advice when navigating his way to a job in England or he could have wound up in Greece. Instead, he’ll receive a King’s Ransom – reportedly about double what the current BofE Governor earns in monetary compensation – and countless other perks. Carney also successfully chipped away at the accepted eight-year governor’s term down to five.

Finance Minister Jim Flahert y, Carney’s soon to be former boss, outlines Canada’s economic position and path for 2013 in this edition and is making the promise of no new taxes for Canadian businesses. Much of our economic well-being is directly intertwined by the working relationship – or lack thereof – between Democrats and Republicans in the United States. Here’s hoping for a more blissful 2013 than the constant partisan bickering we’ve seen during the previous four years.

Jan. 30 is a date many people have circled on their calendars. Barring further delays, that’s when Research In Motion will unveil its much-anticipated “Superphone” – the BlackBerry 10. The Waterloobased company has hinged most of its tattered reputation and very survival on this electronic telecommunications device. A strong international acceptance and RIM could be on the road to recovery. Moderate to low acceptance will almost assuredly result in the company being overtaken or broken off into pieces and sold to the highest bidders.

Finally, we offer a quick tribute to Norman Woodland, co-inventor of the bar code, the inventory tracking tool that transformed global commerce in the 1970s and saved shoppers countless hours in the supermarket checkout line. The revolutionary inventor died recently in New Jersey at the age of 91. Today, more than five billion products a day are scanned optically using the bar code.

Angus Gillespie