Tory MPs complain growing privatization will be disastrous. Will Canada really sell out public pension systems to private insurance companies? https://t.co/1KUcLpqPXu — Conservatives (@Conservatives) December 9, 2018
The Public Sector Pension Investment Board (PSPIB) of Canada has a lot of cash to play with. It manages government pension funds worth about $5 trillion, according to the NDP. It invests that money around the world, including in China, a country with notorious issues with both its security and labor infrastructures. It has poured millions of dollars into the stock market there, far more than investors like the US State Department and the US Treasury Department.
The CBC story, “Canada’s government pensions invest millions in Chinese companies blacklisted in U.S. over security concerns,” came in the wake of a UN report that warned of the nation’s vulnerability to cyber attacks. One important part of the UN report is “The security challenges presented by the widespread nature of critical infrastructure systems and cyber systems in China.”
PSPIB operates with the blessing of its government. The Canadian government takes care of the details, and the PSPIB must first figure out which is the best choice for the retirement funds of other Canadians. While analysts try to determine whether the PSPIB has made good decisions with the billions it has put into Chinese companies, we don’t even know who the country of origin is. Is it China, the United States, Canada, France, Britain, Germany or Korea? For our $5 trillion in pension funds, with a potential investment of as much as $3 trillion, $1 trillion to $2 trillion invested just in China alone, Canadians need to determine what is the responsible course of action here.
Of course, we can all rest assured that Canada doesn’t plan to keep their pension funds all together in China. They must eventually invest the money in Canada. There are millions of Canadians who can hardly afford the basic necessities of life, who live in places that are not on a sustainable economic path, who do not have a way to support their families in retirement. They can certainly afford not to support thousands of Canadian pension funds, to save a few cents on the dollar every time. This whole move is a total waste of money in the long run. Canada does not need another bailout.
Retirement is one of the few good news stories in Canada right now. It seems that even if you do not care how your money is going to be spent after you are gone, as long as you know the future is saved, you’ll keep your taxes lower, and your government debt shrinking. A lot of Canadians will be an even poorer lot after this choice makes, given that people are already living a life of poverty.
— Jillian said on Monday on Straight Talk AM that there is a rich heritage of Canadian and American patriots that are not only proud Canadians, but proud Americans as well.
Click HERE to listen to the entirety of Jillian’s interview with Straight Talk AM co-host Jeremy Benson.
Jeremy Benson is a New York-based journalist who hosts the OpEd show on Real Radio News in the New York tri-state area. He previously served as a reporter for the Wall Street Journal, where he covered the media industry. He is also a graduate of Columbia University, receiving a Bachelor’s degree in Journalism.