The Canadian Finance Minister has finally admitted we’re having a recession. However the PM continues to take the Harold M^cMillian approach to things that ‘if you don’t say you can see it, then it doesn’t exist’ about more serious economic situations being even possible. Meanwhile, one of the oldest steel manufacturers in North America is shutting one of its smelters in Hamilton, Ontario that’s never been cold since before Canada was created (for those of you in the UK, imagine half of Sheffield stopping steel making… oh wait, that’s 1988, isn’t?); General Motors is having its books examined and the report that they only have a few weeks to live, if that, is met with a response from the Board of Directors of “YES! THAT’S WHAT WE’VE BEEN SAYING TO YOU!”; Toyota, of all firms, is going to the Japanese Government cap-in-hand; the telecommunications company which was started by Alexander Graham Bell has basically chucked the entire staff out the door, no matter what their place on the ladder, and is trying to find a way to sell its bits and pieces off to other firms but getting little interest from anywhere in the world; and still we get the silly line about how ‘Canada’s economy is strong and we’ll weather this better than anyone shall’, which is probably true but it’s a matter of degrees, isn’t it, if everyone’s killed and chopped into little bits and we’re only killed and quartered, well we’re still dead aren’t we?

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“C.I.B.C. Towers, Vancouver, BC (#001 — neon edges)” by I am I.A.M., on Flickr

As many say, now that the consumer supposedly has no interest in purchasing anything, no-one wants to put their firm into any product being proposed. Going to the mall up the hill, however, the place is packed! and it’s not all just Asian teen-ages looking to be free of their homes and be seen by others; hardly many at all, actually. The place is wall-to-wall with all sorts of ages and types and classes are elbowing and carrying bags of products they’ve purchased and seem to be seeking more as well. Granted, the windows have sales being declared in them, but it’s not all “BUY FOUR, GET TEN MORE FREE!”, so the notion that no-one is buying anything is a load of bollocks. Have a look in the parking lot of IKEA or some such, you’ll be hard-pressed to find a place to put many more vehicles. So… either these people are buying what they anticipate will be expensive commodities after some impending collapse (‘hey, buddy, I got a sweet line on a “Blirj” what’s never even seen the sun since it was flat-packed!’) or they’re buying things on the never-never and intending to declare personal bankruptcy when put to the wall.

I doubt the extent of the actual economic pain is being actually felt beyond the stock market and financiers, but the problem is that — rightly or wrongly — they are the ones who ensure the currency for everyone’s day-to-day things, like payrolls, supply-lines, and ready-markets for production, continue to operate and function as they have done for some time. Therefore, eventually and inevitably, we all feel the pain that they both wrought and are now experiencing. The simplistic attitude of “think happy and carry on” is almost as correct as it is naïve, however. Yes, it’s right that we don’t have anything to do with it, but the anarchy of finance is also inherently going to effect us adversely. So, “we’re fucked and can’t do nothin’ about it, so carpe diem and pass the gin”, while depressing, is probably about as accurate as one can get.

Tom Joad, we needs you now!