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Canada should already be an economic superpower. Why is Canada not doing better?

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11 mins ago

11 minute read

From Resource Works

Tej Parikh of the Financial Times‘s says Canada has the minerals but not the plan

Tej Parikh is the economics editorial writer for The Financial Times, a British daily newspaper. He joins our Stewart Muir for a Power Struggle interview. And we include in the following report some points from a guest column by Parikh in Canada’s National Post, which carried the headline ‘How Canada can unlock its economic superpower potential.’

Parikh begins the Power Struggle interview with this: “There’s an enormous economic potential here, very much the same geographic advantages that have underpinned America’s economic emergence over the last 100 years. . . . Given everything we understand about the advantages that countries need to grow, why is Canada not doing better economically?” He added: “When you break it down and you look at why income per capita in Canada has perhaps not increased as fast as we might expect on the basis of those advantages, it really kind of breaks down to three components. One is investment, so how much capital goes into the country?

The second is labour, and not just the amount, the size of the workforce you have, but how well you utilize the workforce. And then the third component is something that economists like to call a total-factor productivity, which is essentially your innovative ability and your ability to bring together capital and people. “And when you look at Canada as opposed to other large economies . . . you begin to see that actually there are a lot of restrictions in Canada, not just because of its vast geography but because of regulation, that it actually can’t combine its capital and labour as productively as it could.

“It’s about creating those supply chains and critical minerals that the Western world is currently short of. Given it (Canada) has these vast raw material resources, there is a massive scope for it to become even more integrated into Western supply chains in particular and to become a supplier of these things.” From Parikh’s National Post column: “The country is energy independent, with the world’s largest deposits of high-grade uranium and the third-largest proven oil reserves. It is also the fifth-largest producer of natural gas.Canada boasts a huge supply of other commodities too, including the largest potash reserves (used to make fertilizer), over one-third of the world’s certified forests and a fifth of the planet’s surface freshwater. Plus, it has an abundance of cobalt, graphite, lithium and other rare earth elements, which are used in renewable technologies. “But the nation has lacked the visionary leadership and policy framework to capitalize on its advantages.”

Watch the full interview here:

Baçk to Power Struggle: “Investors right now will know that Canada has all of this latent potential, they will know that there are resources there, they will know that there are talented workers in Canada. But (they need) the answers to what barriers there are to business and how they can be reduced, and I think that’s the piece that Canada and its provinces can do a better job on. “That’s the thing that I think Canada would benefit from, showing how it is a kind of a more unified country and showing how that it is a unified marketplace where investors and businesses can develop expansive supply chains.”

In the National Post: “A country with its geography could clearly generate higher output. To do so, the Canadian economy needs to become more efficient, raise investment and attract more high-skilled workers. Here’s how. “Canada places significant bureaucratic burdens on the movement of people and goods too. This includes restrictions on the sale of certain goods across provincial borders, and variations in licences and technical standards that hinder scaling, competition and efficient resource allocation across the country.

“A 2022 study by the Macdonald-Laurier Institute found that Canada’s economy could grow by 4.4 to 7.9 per cent in the long term — up to $200 billion a year — if it eliminated internal trade barriers via mutual recognition policies. Similar reforms in Australia in the 1990s helped to boost productivity there. “Simplifying its complex tax system, expediting planning processes, easing red tape for foreign direct investment and developing economic partnership mechanisms for Indigenous populations, in tandem with internal trade reforms, would help businesses across the industrial supply chain tap into the nation’s vast energy and mineral resources.”

On Power Struggle: “You can be rich in oil and natural gas. But obviously over the last 10, 15 years the global economy has been thinking about alternatives. In Europe and in the UK and in some states in the US, there’s a concerted effort to shift to cleaner energy sources. Canada has vast access to the critical minerals that underpin a lot of renewable energy sources. And then you can go further than that. “This isn’t just about having access to those, you know, old world energy sources. This is access to the type of energy sources that the world is looking for. So Canada is aligned to the renewable transition and I was quite surprised, actually, that in the last 10 to 15 years you haven’t really heard Canada’s name in that. I thought it was about time that Canada plays that up a bit more and the opportunities it has there.”

Tej Parikh continued: “This isn’t about just digging up Canada and exploiting its raw materials. It’s about finding ways in which you can create economic compacts with Indigenous communities, create economic compacts with Indigenous communities. “It’s a way in which you can sustainably mine parts of the country and ensure that, as you are developing underground resources in Canada, you are also developing local economies. Developing an industry means you develop jobs.

“Once you start developing factories and industries in certain areas, then financial services, commercial roles, all of these things build up, and that’s how I think the debate needs to be kind of pushed forward a little bit. “Once you start developing finance around these industries, you can also find ways to make these industries even more sustainable and environmentally friendly.”

“I think there are very clever ways in which Canada and all Canadians can see that actually these natural resources that the country has is actually an asset that everyone has a share in.” Stewart Muir then raised the Donald Trump issue: “Where have you landed on what Trump is all about? I mean, is this a poker game? Is it a chess match? Is it a street fight?”

Tej Parikh: “He likes negotiating and I think, from what we can understand from his tariff policy, he takes things to extremes and then he rows things back and he tries to gain concessions where he can. And I think he will take the same approach on most policy he has. I mean, he sees the world through a transactional lens. It’s ‘what can the other people offer me and how can we do a deal to ensure that I can gain that?’ “And I think in some sense, you know, yes, he is unpredictable, above and beyond that. But I think if you know that that's his framing, then I think it means that you know others just need to adjust to it and be pragmatic in it. And that is essentially what we have seen from the way the Canadian prime minister has been interacting with Donald Trump. You have to be pragmatic if you know what the threat could be.”

Parikh added: “I think the first thing is (Prime Minister Mark Carney) should build on the momentum that he has, the political momentum he has on reducing internal trade barriers in Canada. You then create the groundwork in order to start taking advantage of the mineral resources and the natural resources.” “Once Canadians start to feel that everyone is benefiting from the natural resources in the country and there are avenues to recycle the revenues from those sectors into the country, whether that’s through housing or developing infrastructure, improving public services, you then have this kind of reinforcement effect between the country and its natural resources and its assets and the development of peoples, and I think working on that will kind of provide the groundwork for Canada’s emergence.”

In the National Post: “The Canadian economy is at a crossroads. The belligerence of its main trading partner is driving consensus around boosting the national economy. The world needs what Canada has in abundance. The nation has a unique chance to reach its potential. If it wants to.”

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Younger Casino Bettors Are Upping the Ante on Risky Gambling in British Columbia, Documents Show

Published on June 24, 2025

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By Stanley Tromp

Younger casino players in British Columbia are significantly increasing high-risk gambling behaviours, while “gambling literacy” has declined over the past year, according to data from the province’s gaming provider, the BC Lottery Corporation.

This and other concerns were outlined in the Player Health Tracker Report by Ipsos Research, released in July 2024 and commissioned by BCLC. The Bureau obtained six reports totaling 903 pages through a Freedom of Information request. The findings point to an alarming rise in high-risk gambling among younger bettors in the second quarter of fiscal 2024/2025—raising fresh questions for BCLC, an agency previously criticized for prioritizing revenue over social responsibility.

“Younger players are known to display more high-risk behaviours, believe more strongly in gambling myths, and play more games, especially high-risk ones,” the report said.

To address this, Ipsos recommended that “BCLC could consider targeting younger casino players in its campaigns geared toward casino players, with messaging related to increasing gambling literacy and promoting safer gaming.”

The concerning trend comes under the watch of Premier David Eby. In 2018, when Eby served as B.C.’s Attorney General, he told CBC that his government should be doing much more to help gambling addicts.

Eby also pointed out that his NDP government had moved responsibility for the gaming industry from Finance to the Attorney General’s office in 2017, because “the B.C. Lottery Corporation should not be responsible for both revenue generation and regulation.” That decision was later reversed, with oversight returning to the Finance Ministry.

In a warning back in 2020, an internal briefing note from the B.C. Ministry of Public Safety highlighted the “rapidly changing” online betting market as a source of mounting risks.

The note said more people were gambling “in an environment that may not have appropriate responsible gambling and integrity controls, that may allow minors to gamble, and that may carry an increased risk for fraud and money laundering.”

The new survey results were based on 498 interviews with adults in British Columbia who had played at least one BCLC game in the past year. Three of the reports track changes in gambling behaviours from the first to the third quarter of fiscal year 2024/25—that is, from April to December 2024.

PlayNow.com is BCLC’s internet gambling platform, featuring online table games, slots, and sports betting. It was launched in 2004 and later expanded to other western provinces.

In the first quarter (April–June 2024), “PGSI behaviours increased significantly among PlayNow players,” according to the Ipsos report. (The Problem Gambling Severity Index, or PGSI, is a nine-item self-report scale measuring risky gambling behaviours in the general population.)

The highest-risk PlayNow users were identified as young urban males—“the least likely to feel responsible for what happens to them.” Their gambling motivations include “feeling tense and wanting to be in the zone,” factors not observed in other segments. They were also found to be the least likely to engage in responsible play, despite recognizing risks in their own behaviour.

In the second quarter (July–September 2024), PlayNow players’ high-risk PGSI scores trended upward, while gambling literacy declined. Ipsos warned: “Given that PlayNow players remain a more at-risk group, BCLC could focus on reinforcing gambling literacy and safer gambling behaviours.” It advised close monitoring to identify whether preventative actions were needed.

In the third quarter (October–December 2024), Ipsos observed a tentative improvement: “High-risk PGSI has declined significantly among PlayNow players, although the shift should be interpreted with caution due to lower base sizes… high gambling literacy has rebounded.”

Overall, Ipsos found that online players demonstrated stronger belief in gambling myths and more problematic behaviours than retail players. Their pre-commitment habits—such as setting spending limits—and overall gambling literacy were weaker by comparison.

Sports betting remained a distinct concern. “Given that online sports bettors continue to be a higher-risk group,” Ipsos wrote, “BCLC could benefit from maintaining targeted initiatives that tackle the specific challenges of sports betting and promote safer gambling practices, especially during major sporting events such as the Super Bowl, March Madness, and the NHL and NBA play-offs in the coming months.”

Casino players were a more at-risk group in the first quarter. In the second quarter, there was a significant drop in gambling literacy among this segment. But by the third quarter, Ipsos reported some improvements: “Casino players display some improvement in high-risk PGSI, high pre-commitment, and high gambling literacy this quarter.” Ipsos attributed this to a higher proportion of casual casino players compared to moderate or high-frequency players.

The public was also surveyed on which casinos or gaming community centres they had visited in the past 12 months. River Rock Casino in Richmond was the most reported location, with 27% of respondents naming it. This was followed by Vancouver’s Parq Casino (24%), Burnaby’s Grand Villa Casino (23%), and Coquitlam’s Hard Rock Casino (20%). Other B.C. casinos saw significantly lower visitation numbers.

However, from January to December 2024, “casino players are significantly more likely to believe several gambling myths compared to last year,” Ipsos warned. These included beliefs that: (1) casino staff can change game outcomes, (2) some slot machines are “hot” and due for a big jackpot, and (3) a payout rate of 85% means players will get back $85 of every $100 spent.

Ipsos cautioned that any gains in safer gambling behaviours and literacy may not be sustainable if belief in these myths continues to grow. It recommended that BCLC intensify efforts to dispel such misinformation.

Keno players were also flagged as high-risk during the second and third quarters, and showed low gambling literacy. “When looking at product cross-play, most Keno online players also play Keno at retail locations, and thus online players also exhibit a more at-risk profile,” Ipsos reported. (In February 2024, a B.C. player won $1 million playing Keno—the largest payout in BCLC history.)

BCLC has stated that its GameSense program provides players with information about how gambling works and offers tools to support informed decisions. The program aims to improve gambling literacy by helping players understand the odds of winning, distinguish between chance- and skill-based games, dispel common myths, and locate available resources.

However, in the second quarter, pollsters found that “awareness of a safer gambling education program in BC significantly decreased, as did awareness of the GameSense program across all business units.” In the third quarter, results were mixed: awareness of a safer gambling education program improved, and GameSense name recognition held steady, but both familiarity with and usage of the program declined.

The Bureau also obtained BCLC’s Key Performance Indicator (KPI) Tracker reports by Harris Insights for November 2024 (Q2) and February 2025 (Q3). Many pages were redacted by BCLC on the grounds that their release would cause financial harm.

These tracker documents monitor the corporation’s core business indicators and are reported to shareholders in annual statements and service plans. They are also used internally to evaluate performance across business units.

The Q2 report noted that “lottery-only players are declining and shifting to including casino and PlayNow games.” It also found that trust in BCLC games among facility players was significantly higher that quarter. Notably, PlayNow.com sports bettors used illegal betting websites significantly less in Q2 compared to Q1.

In Q3, cross-play between lottery, casino, and PlayNow increased from FY2023/24 to FY2024/25, as did the number of casual casino players and overall participation on PlayNow. At the same time, casual lottery play—such as Lotto 6/49, Lotto Max, Daily Grand, pull tabs, and scratch tickets—declined from Q2 back to Q1 FY2024/25 levels. Ipsos attributed this drop mainly to a loss of casual retail players, although overall lottery participation over the past year remained stable.

Finally, The Bureau reviewed a December 2024 report on BCLC’s “Social Purpose and Brand,” prepared by Unity Insights and Angus Reid.

Their survey data showed that core players across all BCLC facilities—casinos, community gaming centres, and bingo halls—had increased quarter-over-quarter. However, PlayNow sports bettors were increasingly using other websites for wagering, and the number of users betting exclusively on PlayNow declined.

The report also evaluated BCLC’s Integrated Enterprise Strategy, which aims to “increase the positive community and economic impact of gambling entertainment… and to leverage the BCLC brand to bring the commitment to social purpose to life.”

“Generally, consumers seem to articulate a sense of skepticism when it comes to any organization claiming to provide social benefits,” the pollsters wrote. “Virtue signaling was brought up in a negative light (moral grandstanding), where many did not understand how an organization could exist to provide social benefits while balancing profit generation.”

The report posed a direct challenge to BCLC’s leadership: What is the goal of its Social Purpose platform? “Are we trying to use our commitment to social purpose as a lever for acquisition, or is this truly about uplifting a social cause regardless of the business outcome?”

The authors suggested reframing the approach to center on the public. “BCLC players are committed to social purpose, and we thank them for that,” they wrote—before floating a new brand slogan: “BCLC = British Columbians Love Community.”

Stanley Tromp is a graduate of the University of British Columbia Political Science department and an expert on Freedom of Information.

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Business

Trump reins in oil markets with one Truth Social post

Published on June 23, 2025

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MXM logo MxM News

Quick Hit:

President Trump on Monday warned oil producers not to raise prices in the wake of U.S. strikes on Iranian nuclear facilities, cautioning that a spike would benefit America’s enemies. “EVERYONE, KEEP OIL PRICES DOWN. I’M WATCHING!”

Key Details:

  • Trump posted on Truth Social: “YOU’RE PLAYING RIGHT INTO THE HANDS OF THE ENEMY. DON’T DO IT!”

  • Oil prices fell after the post, with Brent Crude and West Texas Intermediate both slipping by about one percent following earlier gains driven by Middle East tensions.

  • In a follow-up message, Trump told the Department of Energy: “DRILL, BABY, DRILL!!! And I mean NOW!!!”

Diving Deeper:

President Donald Trump issued a blunt warning to oil producers Monday morning following a weekend of U.S. military action against Iran, urging them to keep prices under control amid rising geopolitical tensions. His message, posted on Truth Social, was clear and emphatic: “EVERYONE, KEEP OIL PRICES DOWN. I’M WATCHING! YOU’RE PLAYING RIGHT INTO THE HANDS OF THE ENEMY. DON’T DO IT!”

The timing of the post was significant. Over the weekend, U.S. forces struck three major Iranian nuclear facilities—Fordow, Natanz, and Isfahan—in a bold escalation that raised fears of a broader regional conflict and potential threats to global energy infrastructure. Initial market reactions were swift, with Brent Crude jumping over 5 percent and briefly breaking above $81 a barrel. West Texas Intermediate followed, climbing to its highest level since January.

However, after Trump’s post circulated Monday, both benchmarks began to pull back, each falling by about one percent. Traders appeared to interpret Trump’s comments as a call for restraint, especially as domestic producers weigh output decisions amid a softening price environment and a looser global supply picture.

While Trump didn’t name names, his message seemed clearly aimed at American oil companies, some of which have recently floated the possibility of scaling back production due to lower margins. Meanwhile, OPEC+ continues its efforts to bring previously curtailed output back online, further complicating the global supply-demand dynamic.

In a second post, Trump added: “To The Department of Energy: DRILL, BABY, DRILL!!! And I mean NOW!!!”

Despite the military flare-up, markets have largely stabilized, suggesting that investors are waiting to see how Iran will respond. Tehran’s parliament has called for the closure of the Strait of Hormuz, a critical chokepoint for global oil shipping, but such a move would require the approval of Iran’s Supreme National Security Council and Ayatollah Ali Khamenei.

For now, traders appear cautious but unconvinced that supply routes will be disrupted in the immediate term. Trump, however, has made it clear that if oil producers try to capitalize on the crisis by raising prices, he’ll be watching—and he won’t be quiet.

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