Very interesting post, with plenty of interesting and sometimes debatable points. I agree with the conclusion about the importance of a "strong, competitive, and globally open economy."

One point about the post-1990s recovery, however. Much of it may have been owing to policy, but a great part is owing to the increase in the money supply. That is, credit.

In this century, Canada's M3 money supply started to climb rapidly, and it has not stopped. The great thing about credit is that it gives a very nice, cozy, comfortable illusion of prosperity.

The terrible thing about credit is that you have to pay it back. Yes, it will prick that illusion, and your prosperity will vanish.

In that sense, Canada is in the same boat as many (all) other countries. They all have outrageous debt-to-GDP ratios.

Canada is a great country in many way (I should know, I'm Canadian). But like any country (or any entity) with massive debt, it is facing a crisis. I just hope it manages to get through it.

The one most important thing it could do is abandon most policies "set" by that Great Creditor to the south. There's no point in following the US as it moves toward economic oblivion.