October 28th, 2020

Moody’s downgrade suggests we’re on the wrong track


By Letter to the Editor on December 19, 2019.

I have to say I did wonder how long it would take for the wheels to begin to come off Jason Kenney’s response to the broader challenges of his office, and for the grinding sounds of cognitive dissonance to appear. I wonder no more. He is now gibbering and squawking like an out-of-sorts hen demanding to know who has laid the egg she finds suddenly under her. Looking closely at recent news reports, I’m pretty sure I see wisps of smoke coming out of his ears. Smell that? Early signs of meltdown.

And what is the source of his disquiet? Well, it seems the premier has been told by Moody’s Investor Services, a bastion of fiscal probity, that our province is negligent in its financial affairs. Now, if there is an agency closer to the sclerotic heart of market capitalism than Moody’s, I can’t imagine what it might be. This outfit is the very gatekeeper of capital investment, brandishing its flaming sword of credit-worthiness in readiness to cut down any and all pretenders. Mr. Kenney, as a good Jesuit-trained boy, should know that you cannot fudge Saint Peter. The heart of the sinner is ever transparent.

Yes, Moody’s has knocked Alberta back from an Aa1 to Aa2 credit rating – a sour little smack-down meant to reflect our ongoing deviance from fiscal orthodoxy. The culprit is an overly narrow economy based heavily upon the always-capricious hydrocarbon sector. What Moody’s, the very voice of sobriety, says is this: Alberta’s economic over-dependence on an increasingly flimsy and volatile hydrocarbon sector, coupled with concomitant risk adjustments associated with floods and fires (themselves manifestations of profligate fossil fuel usage – i.e. climate change outcomes) render it an increasingly shaky candidate for would-be investors, be it bonds, equity or just fast profit.

Wow. I had pretty much got used to the reactionary mantras about George Soros and the international eco-liberal agitators messing up Alberta’s otherwise ultra-sensible and righteous adherence to a dying and dangerous industry, but this new wrinkle is quite the thing. The very market mechanisms so often touted by Premier Kenney and the UCP as being the ultimate arbiters of social and economic well-being are telling us that we are on the wrong track, and that we’d better see to our own house accordingly. Well, well. Who will he flail at next? Maybe the Grinch.

Phil Burpee

Pincher Creek

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johnny57

Interesting Phil how you never mentioned the previous government and their Liberal spending ways. Jason has a lot of unpopular work to do Phil-lets give him a chance to do it before we drop the blade down on him.

IMO

Oh. My. This whataboutism has worn thin. This continual scapegoating of the former government of Alberta without offering a logical facts based rebuttal in defence of the current government has become a ’tilting at windmills’ ad nauseum.

Prominent usage: Soviet Union propaganda during the Cold War
Tactic: Propaganda technique
Type: Tu quoque (appeal to hypocrisy)
Logic: Logical fallacy

johnny57

If your Socialist hero’s before Kenny were successful they would still be in power! Lets not let the facts get in the way of your socialist dream.

IMO

Respond to the content of my comment, johnny.57, the subject of which is the wearines surrounding the continued usage of the logical fallacy, ‘whataboutism’. Hint: a rebuttal requires facts rather than committing the logical fallacy of ad hominem.

BTW, not a good idea to lead with your chin, johnny.57.

Regardless of the political flavour the former Alberta government, there were no RCMP investigations being carried out regarding the legitimacy of the former premier nor the election process.

The kamikaze leadership scandal surrounding the UCP remains under investigation. As of November 4, 2019, over $211,000.00 in fines have been levied by the Election Commissioner.

Very telling, also, are the FACTS that Mr. Wolf remains a member of the UCP and occupies the position of Executive Director of Issues Management.

Now just what could those ‘issues’ be that require ‘managing’ by Matt Wolf, who has been shown to have been in regular email communication with Jeff Callaway’s campaign director, Cameron Davies.

“O, what a tangled web we weave when first we practise to deceive!”- Walter Scott

johnny57

Your content is rich in “sour grapes” as usual and lean on a vision for this once great province (but soon to be great again) so to regurgitate a few flaws that has went down with the new government is really short-sighted. But of course that’s what you ‘lefties” have mastered the most isn’t it? Short-sightedness!
Leading with my chin is always a great idea! it helps me with the hypocrisy of the left!

IMO

Again, johnny.57, the point for rebuttal is the logical fallacy of “whataboutism”.

BTW, history shows that those things your refer to as a “few flaws” are known as an attack on the rule of law, which is one major cornerstone of democracy.

You say you drive for a living. Suppose your employer or your client or your passenger shorted you by a significant amount amount of cash. You call out said employer, client or passenger on it.

Would you be satisfied to hear: “Don’t be so short-sighted there, johnny. Be glad you have a job!”

Fedup Conservative

Gee johnny if you don’t like Liberals why are you supporting one. Oh I’m sorry you guys love these Liberals who pretend they are Conservatives like your hero Ralph Klein did, even his daughter Angie voted against him or have you forgotten that. I guess you just love to prove how ignorant you are and maybe we should feel sorry for you, but we don’t.

snowman

my my fc you like to call everyone ignorant what about you like sarcasm you support social debt and spending and the carbon tax and then somebody has to change it yes lougheed ,getty klein enjoyed spending the huge Alberta bank account the Social Credits turned over.Who built the two Kananaskis golf courses with Heritage Trust fund dollars?

johnny57

The silence is deafening with the golf courses.

diplomacy works

If the socialist NDP government were so dang awful – how is it we had an Aa1 credit rating from Moody’s under them – but were downgraded under Kenney’s UCP?

Anyone with even a modicum of financial sense knows we are on the wrong track – we need to diversify, not shout ever more loudly about oil and gas and demand everyone buy our product.

Speaking of which – if Kenney wants to cut the fat, best he cut his ridiculous enemy making War Room.
Also cut his travelling because Kenney is the worst PR tool Alberta and our industries have.