However Alberta is sitting on the world’s largest deposit of dirty oil (Tar Sands) and immense amounts of medium grade coal. Alberta’s rainy day fund isn’t worth the American dollars it is denominated in. Norway has the ideal model, sovereign (state owned oil) smart politicians who saved for the future. Alberta has the wrong model State (province) owned assets but given for free over to multinational oil companies. An oil royalty rate of ~1% which is not even enough to pay for roads let alone pay for pollution repair.

Expect Alberta to be like Appalachia, poor, polluted and, led by dumb hacks.

Alberta has been and will be Americas Oil Bitch for the foreseeable future with compliant politicians and a large American expat population lobby (Bush type republicans) in Alberta. Think Cuba before the revolution. With no auto industry in eastern Canada look for hard times up north.

Ah but there is always farming in Saskatchewan (Canada’s North Dakota only 10 times bigger).

Also Canada has gold and silver.

I don’t know if the fund was set up after Alberta had reached peak oil or not — or what relation that had to the national energy policy.

The development of oil and gas in BC and Newfoundland has not necessarily set aside ‘rainy day funds’ for these provinces … but it is my understanding that money is set aside each year but in smaller amounts.

Is Canada prepared for the decline as its final bits of oil and gas are depleted? That is hard to say… The UK may be providing a valuable lesson here, providing that Canada can make its decisions on this in its own sovereign space.

We also knew that, if the spot-price rose we could afford to extract the inaccessible stuff, and prolong our ill-deserved comfort.

We knew that one day we would come to earth with a bump and have to support ourselves in a competitive world.
What we didn’t realise (until it was too late) was that the cheap credit brought in to bribe us and delay the inevitible collapse in our standard of living…… was all smoke and mirrors.

Don’t be surprised if everyone with talent, drive or energy ups-sticks and emigrates in the coming decade.

If “They” allowed the £ to “TOB” then Brown & his government are finished. “They” require a few more favours from him yet…..before he goes to Goldman Sacs. Now we know “They” want carbon taxes & “THEY” need Brown @ Copenhagen to sign on the line.

None of this is possible if the Brown government fails, No “They” are supporting the £ till it all signed.

Then look out below!

Cheers
Mike

NEWS: I had my first radio interview on economics or anything. I’m a Keiserling..

I was really nervous but I think I managed to spread the good word to the people of Spain!

I’ve uploaded the interview on my new blog for anyone who might be interested. It’s long and windy..

http://scotlandunspun.blogspot.com/

Thanks to all you lot and your links. Keep ‘em comin..

And of course, we handed our oil and gas off the west coast to Shell… you see what I’m dealing with.