Calgary Herald: Perfect timing for frank discussion on economy

News
September 22, 2011
By Deborah Yedlin, Calgary HeraldThe timing of this year's Global Business Forum, which gets underway today in Banff, couldn't be better.It comes as economists, politicians and the public are wrestling with troubling issues around the globe.Whether it's the European debt crisis and its impact on eurozone banks, the fate of the euro, the lack of U.S. economic growth, coupled with high unemployment, or China's staying power as a driver of the global economy, suffice to say there's far more than two days of material to address.Heavy agendas are not foreign to Lois and Doug Mitchell, or former TransCanada chief executive Hal Kvisle, the organizers of the event, now in its 11th year."The idea, back in 2000, was to create a mini Davos, an economic summit that takes place in Alberta as a way to show that the province is not just about energy.The hope is that the ensuing discussion will ultimately influence public policy," said Doug Mitchell, who wears a number of hats, including that of national co-chairman of Borden Ladner Gervais LLP, as well as being a member of the Calgary Stampeders ownership group.This year's theme, Building Foundations in Shifting Sands, is particularly relevant, given a number of the cornerstones that put the West on the road to prosperity in the postwar world, are crumbling.The agenda that has been set in an attempt to answer what to do about current economic challenges is far reaching, with sessions addressing everything from Keynesian versus Monetarist approaches by government in the context of economic management, the direction of U.S. politics, water usage, energy supply and demand and a perspective on North American Free Trade delivered by former Mexican president Vicente Fox.These are all weighty issues.But some are more top of mind than others, especially from a Canadian perspective.One of the forum's keynote speakers, U.S. Chamber of Commerce president Tom Donohue, recently penned an op-ed in the Wall Street Journal addressing U.S. President Barack Obama's plan to create jobs. This, of course, is a critical issue given that consumer spending makes up 70 per cent of the United States economy; without jobs, consumers don't spend - and this has a negative impact on Canadian businesses, not to mention economic growth on both sides of the border.One of Donohue's recommendations included a focus on energy as a way to create jobs in the U.S."It's plain common sense. America is sitting on vast supplies of oil and natural gas . . . developing our energy would create millions of new jobs, generate billions in government revenues, help reduce our debt, improve our energy security and put downward pressure on prices. What are we waiting for?" Donohue said in an interview.No surprise, then, that the topic of his speech Friday will be very focused on energy and its importance to both the Canadian and U.S. economies. And if the comments made in an interview with the Calgary Herald are any indication, Donohue's remarks will be more than welcome."We need to strengthen our energy relationship with Canada. America has to import energy, but we should do so from our friends and allies," he said. "That's why the U.S. chamber strongly supports the development of Canada's oilsands and the completion of the Keystone XL Pipeline, which will create over 250,000 American jobs and add millions to our economy. We're working hard to make sure that project is approved."Read more here.