TORONTO, ON -- A little truth can go a long way. But a new study being conducted by the Bank of Canada--Canada's central bank and monetary policy regulator--suggests that a white lie can go a much longer way. It appears that Mark Carney, Governor of the Bank of Canada, was trying to stimulate positive thinking among investors, businesses, and consumers earlier this month when he announced that Canada's economy was recovering.
Analysts at the World Trade Foundation (WTF) discovered the white lie recently after comparing the Governor's statements with factual data. With significant negative growth in real GDP and an ever-rising unemployment rate, the economy looks far from ready to recover. The huge decline in commodity prices also does little to justify Mr. Carney's optimism.
Nonetheless, the Governor's efforts are not in vain. His calming words are being reflected in investor and consumer optimism, in turn reflected in better performance among the banks, now better adjusted to the recessionary economy.
The WTF congratulates Mr. Carney on his excellent implementation of monetary policy and supports his vision of a better world--powered by a few white lies.
Related reading: http://www.cbc.ca/money/story/2009/07/24/f-second-quarter-earnings-picture.html
Thursday, July 30, 2009
Monday, July 27, 2009
Collective Bargaining
TONGHUA -- Trade unions have come a long way since their humble beginnings in the late 19th century. These essential institutions in the labour market have been and continue to be vital in ensuring employees' working conditions and rights. In particular, the World Trade Foundation (WTF) salutes the efforts and achievements of a group of steel workers here in Tonghua, north-eastern China.
After reports of Tonghua Steel and Iron Group being taken over by private firm Jianlong Group, many steel workers feared for their jobs. Realizing the ineffectiveness of already common-place collective bargaining tactics such as strikes and walkouts, the labourers staged a riot in the factory and around the city in Tonghua.
Albeit the 200 or so injured during the confrontation, the workers were able to quickly beat the newly-appointed general manager Chen Guojun to death, effectively putting an end to any possibility of a takeover, a feat which the regional government confirmed shortly afterwards.
The WTF proudly recognizes the innovative and efficient collective bargaining methods that the Chinese workers enacted and congratulates them on their job-saving efforts against the destructive merger plan.
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