Thursday, September 27, 2007

 

Newfoundland & Labrador decision 2007 debate

Not a big lot can be said about this or for that matter any political debate.

There wasn't much if any policy debated it basically comes down to perception.

Perception of who won, who lost, who held their own, who looked good, who was prepared, who was informed, who would best lead your province and fellow man into a more prosperous and brighter future. This is when all of the promises in the world won't get you elected if you don't come of well.

Just think if you were to take these same candidates were put into the atmosphere of a first ministers conference or a council of the federation conference and they had to articulate and espouse what it is you province wants in this federation. It is in this context that you should look at these candidates vying for your vote not preaching to the converted of party faithfull blinded by being to close to the fire but that is to be expected by a certain portion of the population. They are not going to be swayed it is their job to sway and inform the masses.

Anyway enough of my ramblings and what I thought of the debate.

First of all I hope the rest of canada didn't watch. I was ashamed of the debacle of this so called debate.

Gerry Reid has to go for the good of the Liberal party and the province if we are ever to have any opposition.

I think I will call him Gerry Rude from now on.

As for Gerry Rude's interaction with Mrs Michael. I would sum that up as a Love in or misery loves company but Mrs Michael didn't take the bait and held her own IMO. I was actually beginning to think that there was some sort of pact or preplanned agenda to gang up on Danny Williams at some points but Mrs Michael managed to break my train of thought there.

I did catch a hint of the US method of politics of fear creeping into the debate at one point but DW's rightfully so called Michael and by Gerry Rude out on that one.

I don't know what it is about NL'ians when it comes to the fishery. Most if not all of our problems with the fishery are as a result of a lack of control, federal interference or ambivalence towards it.

I was disappointed in DW's in that he didn't bring up the 5% equity stake Labrador is supposed to get in the Lower Churchill development. Having said that I still think coastal Labrador and coastal NFLD should be supplied with cheap low cost renewable energy.

Gerry Rude needs to learn to think for himself when it comes to the offshore oil and gas. Maybe he needs to inform himself instead of taking the word of Big Oil and industry insiders. These people don't have the best interest of the province at heart they only care about their own self interest or increased profits.

The thing about an equity stake in oil and gas is that it allows us to reap divedends from the front end when the royalties are low to to the back end loaded royalty regimes. While this will be beneficial now it will become even more important when all of the low hanging fruit reserves have been picked. This is what is happening out in Alberta with the conventional reserves. Because the time and funds it takes to pay off the original capital investment before the higher royalties are paid will likely never be realized due to the smaller sized discoveries and lower output of these later developments. So the only way to benefit from these lesser discoveries is to have an equity stake. It also helps develop these smaller lesser profitable finds which might otherwise go undeveloped. These are the lessons learned from Alberta and why Alberta isn't realizing much by way of royalties from their remaining conventional oil.

One could also look upon it as diversifying your income, or investing in yourself. By investing in yourself you also build up investor confidence. It also lends itself to long term sustained benefits and knowing exactly what is coming next that will affect your people and economy.
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