Canadian Corporate Communism Tosses More Cash to Criminals
Commentary by Captain Paul Watson
The commercial seal hunt in Canada is dead-economically. There is no market for it, but Canadian politicians can’t see the writing on the wall. Instead they are tossing more subsidies to the seal killers. I just saw this CBC story today and could not resist making some comments:
April 5, 2012 - CBC News (Paul Watson's comments embedded):
“This year the Newfoundland and Labrador government is providing a $3.6-million loan for the purchase of raw material to boost this year’s seal hunt.”
PW: This loan is about three times what the hunt made last year. No bank with any common sense would make a loan like that to a dying industry. But hey these are tax dollars and governments love to squander the people’s money.
“Through today’s announcement, our government is providing financial support for the seal-processing industry in order to protect the future viability of the province’s seal hunt,” Fisheries Minister Darin King said. Carino Processing Limited will get the cash.
PW: I wonder who the CEO of Carino is in bed with? The government is now attempting to protect the future viability of an industry that has no future. By the way, the Carino company, which also processes seal penis as some sort of voodoo-snake-oil-sex-potion for China is based in a town in Newfoundland called Dildo. Just saying.
King says the loan will “ensure adequate raw material is available to Carino to address market demands as they arise and will ensure hundreds of harvesters secure an income this year.” The money will allow Carino to purchase seal pelts and blubber or fat.
PW: So baby seals are to be now known as adequate raw material and seal killers are now “harvesters.” As for rising market demands, I think an investment in the floppy disk industry may be worthwhile. Or perhaps a program to restore the transistor radio because I’m sure consumer demand can be restored with a significant input of government cash to stimulate a demand. If they can do it for seal pelts they can do it for floppy disks.
The government said the company will make a matching contribution for processing and marketing activities. “Uncertainty around market access and political risk has made it increasingly difficult for companies trading in seal products to secure financing from traditional sources,” said Dion Dakins, chief executive officer of Carino (and a director of the Canadian Fur Institute).
PW: There is most definitely uncertainty about market access. That’s an understatement. The world does not want seal fur. There is not even a substantial Canadian market. Traditional sources means of course honest profit from a viable industry. Banks don’t give loans to losing enterprises. It’s called capitalism. What we have here is corporate communism. It is amusing that all of these politicians who harp on about the free market system then pervert that system with government bailouts. Carino is now just another Canadian corporate welfare bum!
“Therefore, the support of the provincial government is essential to secure our future in Newfoundland and Labrador. This industry can continue to make a significant contribution to the economy once the external political issues are resolved over the next year or so. We are confident this will occur.”
PW: The sealing industry has never made a significant contribution to Newfoundland and Labrador and the truth is there is no economic future for the seal slaughter. Canada will not overturn the European ban and Russia and China don’t want baby seal pelts. I believe these same politicians were confident that the cod fishery would not collapse. The confidence of Canadian politicians has been seriously compromised by economic realities. Every seal killed this year will represent a loss to the Canadian taxpayer and this loan will be defaulted. Carino will be bankrupt within the next few years. No demand means no sales and that means no profit.
In December, King said Ottawa must do more to protect the industry after Russia- a major customer of Canadian seal products- signaled it would impose trade restrictions on those imports.
PW: Good on you Russia and thank you Brigitte Bardot for that letter to President Putin.
Canada has filed a challenge with the World Trade Organization over a 2009 ban imposed by the European Union.
PW: Good luck with that Canada. Europe like the United States, Russia, and the rest of the civilized world does not want this obscene product. Canadian politicians are making total fools of themselves with their ridiculous charades and subsidies to support their obsession with the mass murder of baby seals.