MLI's first book, Canadian Century: Moving out of America's Shadow, hit the bookshelves in May. It landed on best-seller lists and was a reference of suggested reading prior to the G8/G20 meetings. It has been reviewed favourably in the likes of the Globe and Mail, National Post, Weekly Standard and Maclean's. The authors were asked to write a piece for the prestigious Foreign Policy magazine and the Wall Street Journal has written about the book and its thesis of responsible fiscal management.
We certainly figured that Canadian Century had a pretty good run in hardcover. Then this week we learn that the lessons contained in the book are gathering steam south of the border. John Maudlin, a widely-read financial expert and author, wrote a piece in his Outside the Box newsletter titled, "O Canada!". Looking at the fiscal mess the US finds itself in, he wrote:
In today's Outside the Box we look at a country where they had an even worse problem than we are faced with here in the US. They were on the ropes and their bond market was balking. Yet, their left-wing government made some very hard choices and turned things around. And now they are on top.
The country? Canada. Maybe we need to look north for a lesson. My friend David Hay, Chief Investment Officer of Evergreen Capital Management, was vacationing in Italy, where he reviewed a great new book on the Canadian turnaround of the mid-'90s.
The book? You've got it...or you should get it...The Canadian Century.
Maudlin's reference and commentary was drawn from an October 8th newsletter from David Hay, as he noted. You can read all of the Evergreen Virtual Advisor review of Canadian Century. It makes for quite a read and Hay concludes:
"We're all Canadians now." If we want to right our nation's financial ship, we might be well-advised to swallow our pride, and follow the lead of a country that has long been in our shadow. This is likely to be far more effective than further pursuing failed economic policies from our distant past.
Canadian Century and Canada are having an impact and moving out of that shadow.
Posted by GY
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