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TORONTO - Federal Finance Minister Jim Flaherty dropped the n-word last week and taxpayers across Canada should be glad he did.
The forum was an International Monetary Fund (IMF) meeting in New York. Its members had just tried, for the second time in eight weeks, to hit up Canada for a loan of, well, let's just say it was something in the order of a lazy $7 billion or so.
They had. He just said `no.'
he put Canada at odds with almost the entire membership of the G20. All members (bar the US) b
Until nations like Portugal, Ireland, Greece and Spain - to name just a few - take their fiscal settings off stupid and cease spending like drunken matelots, reduce their borrowings, trim inflated civil services and generally behave like grown-ups instead of spoilt children, Canada will deny the bailout funds everyone knows will just go into more profligate spending.
Put simply, more debt does not solve a debt problem. Anyone in small business knows that.