BradfordToday recieved the following letter from reader Steven Kaszab regarding the pandemic's role in helping us become more self-sufficient and financially savvy.
There will be a great investment reset globally. Many of us have saved out revenue, pooling it for the day where we can direct our futures in an optimistic fashion. Covid-19 may have damaged our economies, devastated our medical/health systems, and taken many lives within our neighborhood and internationally, but the financial investment sector is booming, and ready to make some noise.
We were encouraged to buy locally, to prize our local businesses and establishments that provide our neighbours with products, services and local employment. We should look to our local entrepreneurs, manufacturers and service providers as places to invest. The world of global investment brings with it uncertainty, high risk and moral demands. Do we invest in sectors of the economy that do not meet our moral compass? The most profitable global corporations are also the most corrupt and immoral. Child labour, unregulated waste disposal, immoral labour practices, wasteful recourse harvesting with no replenishment to the environment. Lots to think about. Do you invest locally nationally, or locally/internationally in The Americas and Caribbean? Do you look to the decades favourite, investing in Asia and China? Will you support an unfriendly market such as China, or invest in specific preferable markets strategically in say India or Singapore? After all profit is only that...Profit. You take it where you can?
Has this pandemic not taught us to be more self sufficient in all things? The pandemic showed us how cruel and uncertain international trade can be. Canadian government contracted millions of vaccine doses from China, and what happens, but China tells Canada to screw off and uses the vaccines they made for their own citizens. Makes sense, but also shows us how international and national politics will affect our bottom line.
Canadian firms need investments from Canadian investors. Self sufficiency within the financial sector should direct us towards Canadian projects. The Ring of Fire is a huge investment possibility. The greatest deposits of needed minerals in the world, and an investor's dream. Just getting to the mining fields requires massive investment into roads, transportation and employment possibilities. Long term investment where retirements are made. Canadian technologies that can become the flavour of the month internationally are in need of investment also. Look to your local food service establishments as possible investing targets. If you cannot help a neighbour by helping yourself, what's the world coming to?
Spend your money wisely, looking for those investments that have tax reduction potential. The tax man will be upon us soon, trying to pay off our huge national debt through possible increases in every tax under the sun.