{"id":56099,"date":"2025-02-11T15:39:50","date_gmt":"2025-02-11T15:39:50","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2025\/02\/11\/u-s-blames-others-for-financial-mess-it-created-david-rosenberg\/"},"modified":"2025-02-11T15:39:50","modified_gmt":"2025-02-11T15:39:50","slug":"u-s-blames-others-for-financial-mess-it-created-david-rosenberg","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2025\/02\/11\/u-s-blames-others-for-financial-mess-it-created-david-rosenberg\/","title":{"rendered":"U.S. blames others for financial mess it created: David Rosenberg"},"content":{"rendered":"<div style=\"text-align:center\"><\/div><p> \n<\/p>\n<div id=\"\">\n<header aria-label=\"Beginning of Article\" class=\"article-header article-header--story\">\n<nav aria-label=\"Breadcrumb\" class=\"breadcrumbs\" data-aqa=\"nav-breadcrumb\">\n<p>Breadcrumb Trail Links<\/p>\n<ol class=\"breadcrumbs__items list-unstyled\">\n<li class=\"breadcrumbs__item\">Economy<\/li>\n<\/ol>\n<\/nav>\n<div class=\"article-header__detail\">\n<div class=\"article-header__detail__texts\">\n<p class=\"article-subtitle\">And five reasons Donald Trump really wants to take over Canada<\/p>\n<div class=\"article-meta\">\n<p><span class=\"published-date__since\">Published Feb 11, 2025<\/span> \u00a0\u2022\u00a0 <span class=\"updated-date__since\">Last updated 17\u00a0minutes ago<\/span> \u00a0\u2022\u00a0 <span class=\"published-date__word-count\">4 minute read<\/span><\/p>\n<div class=\"article-meta__bottom\">\n<div class=\"bookmark-wrapper\">\n<div class=\"popover\" data-aqa=\"popover\" data-click-to-appear=\"True\" data-container=\"\" data-container-offset=\"\" data-no-style=\"\" data-popover-component=\"\" data-position=\"top\" data-sticky=\"\" data-tail-offset=\"200\" data-tail-position=\"right\"><button class=\"popover__trigger bookmark-button\"><span class=\"save-article-button save-article-button--default\" title=\"Save article\" data-article-id=\"885d6b9e-d361-487e-8cb4-e3fe52ad4058\" data-evt-skip-click=\"true\"\/><\/button><\/p>\n<div aria-describedby=\"popover-desc-popover-bookmark\" class=\"popover__content\" hidden=\"\" role=\"dialog\">\n<div class=\"popover__content__wrapper\">\n<div class=\"popover__content__text\" id=\"popover-desc-popover-bookmark\">\n<div class=\"bookmark__popover__content\">\n<p>You can save this article by registering for free here. Or sign-in if you have an account.<\/p>\n<\/div>\n<\/div>\n<p><button class=\"popover__content__close\" data-evt-skip-click=\"true\" title=\"Close\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" viewbox=\"0 0 12 12\" class=\"icon--close\" height=\"12\" version=\"1.1\" width=\"12\"><polygon points=\"12 0.95 11.05 0 6 5.05 0.95 0 0 0.95 5.05 6 0 11.05 0.95 12 6 6.95 11.05 12 12 11.05 6.95 6\"\/><\/svg><\/button><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<figure class=\"featured-image\" data-aqa=\"featured-image\"><picture class=\"featured-image__ratio\"><\/source><\/source><\/source><\/source><\/picture><figcaption class=\"featured-image__caption image-caption\"><span class=\"caption\">United States President Donald Trump thinks the rest of the world is ripping off the U.S. They are not. <\/span> <span class=\"credit\">Photo by Julia Nikhinson\/The Associated Press<\/span><\/figcaption><\/figure>\n<\/div>\n<\/header>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">United States President Donald Trump thinks the rest of the world is ripping off the U.S., when the reason for its trade deficits reflects the fact that Americans are spending more of their after-tax incomes than virtually every other country on the planet.<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>The personal savings rate scale is at the very low end of the global range. You cannot, at the same time, have a society where economic success depends on mass consumerism that will ever not coexist with a trade deficit. What part of this do Trump and his team not comprehend?<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_2\">\n<section aria-describedby=\"advertisment1409795753292449683666229228732416\" class=\"ad\">\n<p>Advertisement 2<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-2\">\n<div class=\"ad__inner__container\" data-ad=\"[[6,6],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"6x6\" data-ad-loc=\"2\" data-ad-mobile=\"[[6,6],[320,50],[300,50],[300,250],[300,600]]\" data-aqa=\"advertisement\" id=\"ad-2\" style=\"--desktopHeight:250px;--mobileHeight:600px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<div class=\"article-block article-block-bg article-content__sign-in-group hidden\" data-aqa=\"identity-sign-in\" data-async=\"\" 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leading global business publication.<\/li>\n<li>Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.<\/li>\n<li>National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.<\/li>\n<li>Daily puzzles, including the New York Times Crossword.<\/li>\n<\/ul>\n<\/div>\n<div class=\"intro-body__anonymous\">\n<p>REGISTER \/ SIGN IN TO UNLOCK MORE ARTICLES<\/p>\n<p class=\"identity-intro__description\">Create an account or sign in to continue with your reading experience.<\/p>\n<ul class=\"list-unstyled list-checkmark\">\n<li>Access articles from across Canada with one account.<\/li>\n<li>Share your thoughts and join the conversation in the comments.<\/li>\n<li>Enjoy additional articles per month.<\/li>\n<li>Get email updates from your favourite authors.<\/li>\n<\/ul>\n<\/div>\n<div class=\"intro-body__registration_only hidden\">\n<p>THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.<\/p>\n<p class=\"identity-intro__description\">Create an account or sign in to continue with your reading experience.<\/p>\n<ul class=\"list-unstyled list-checkmark\">\n<li>Access articles from across Canada with one account<\/li>\n<li>Share your thoughts and join the conversation in the comments<\/li>\n<li>Enjoy additional articles per month<\/li>\n<li>Get email updates from your favourite authors<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/header>\n<div class=\"identity-screen m-x-0 p-x-0 col-xs-12 col-md-6 flex-justify-center flex-align-center\" aria-live=\"assertive\">\n<section class=\"sail\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-sailthru-personalization-engine=\"\" data-sailthru-personalization-engine-component=\"\"\/>\n<div class=\"m-x-0 p-x-0 col-xs-12 col-sm-6 col-md-12 flex-align-justify-center\" data-auth-component=\"\" id=\"auth-screen-form\">\n<div class=\"identity-screen-form--active w-full flex-align-justify-center\">\n<div class=\"identity-screen-form identity-screen__content w-full\">\n<h2 class=\"blocker-title\">Sign In or Create an Account<\/h2>\n<p><span class=\"identity-divider__line\"\/><span class=\"identity-divider__text\">or<\/span><span class=\"identity-divider__line\"\/><\/p>\n<\/div>\n<\/div>\n<\/div>\n<footer class=\"identity-footer identity-screen__content m-x-0 p-x-0 col-sm-6 col-md-12\"\/><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>As part of this consumerism, the U.S. is the only major country with neither a national sales tax nor a value-added tax. It is, therefore, completely natural for a country that pursues consumer-oriented spending to be the one with trade deficits.<\/p>\n<p>The balance of payments must always balance, so if Trump crushes the current account deficit, he ipso facto crushes the capital account surplus. That, in turn, means financial conditions will have to tighten.<\/p>\n<p>Every action has an equal and opposite reaction. The Trump administration could well force a voluntary debt restructuring, but that doesn\u2019t address the underlying issue, which is that even excluding interest costs, the deficit would top US$1 trillion.<\/p>\n<p>And the deficit isn\u2019t because the U.S. is too generous to the rest of the world. That is small potatoes, but it plays well in Peoria. The ticking time bomb is aging demographics and the implications on entitlement spending, which Trump on the campaign trail said he would never touch. Everything else on the budget file is tied for a distant second.<\/p>\n<p data-async=\"\">There is growing talk that the administration is going to revalue gold reserves to help pay off some of the debt along with a plan to encourage non-residents to swap their existing holdings of U.S. Treasury securities for a century bond with a zero per cent coupon. Good luck.<\/p>\n<\/section>\n<div class=\"js-widget-content article-content__widget-group article-content__widget-group--content-slot16 article-content__widget-group--newsletter-slot\">\n<section class=\"newsletter-widget__new-story-page fp-headlinenews background--primary-light-gradient\" aria-labelledby=\"FinancialPostTopStories4844257078783380341520546442248192\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-aqa=\"widget-newsletter\" data-newsletter=\"single\" data-newsletter-component=\"\" data-target-list=\"FP_HeadlineNews\" data-widget=\"newsletter\">\n<div class=\"newsletter-new-story-page-template\">\n<div class=\"newsletter-widget__header__new-story-page\">\n<div class=\"newsletter-widget__banner__new-story-page\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/dcs-static.gprod.postmedia.digital\/17.9.6\/websites\/images\/newsletters\/icon-fp-topStories.svg 75w, https:\/\/dcs-static.gprod.postmedia.digital\/17.9.6\/websites\/images\/newsletters\/icon-fp-topStories.svg 100w, https:\/\/dcs-static.gprod.postmedia.digital\/17.9.6\/websites\/images\/newsletters\/icon-fp-topStories.svg 150w, https:\/\/dcs-static.gprod.postmedia.digital\/17.9.6\/websites\/images\/newsletters\/icon-fp-topStories.svg 240w, https:\/\/dcs-static.gprod.postmedia.digital\/17.9.6\/websites\/images\/newsletters\/icon-fp-topStories.svg 320w, https:\/\/dcs-static.gprod.postmedia.digital\/17.9.6\/websites\/images\/newsletters\/icon-fp-topStories.svg 500w, https:\/\/dcs-static.gprod.postmedia.digital\/17.9.6\/websites\/images\/newsletters\/icon-fp-topStories.svg 640w, https:\/\/dcs-static.gprod.postmedia.digital\/17.9.6\/websites\/images\/newsletters\/icon-fp-topStories.svg 800w, https:\/\/dcs-static.gprod.postmedia.digital\/17.9.6\/websites\/images\/newsletters\/icon-fp-topStories.svg 1024w, https:\/\/dcs-static.gprod.postmedia.digital\/17.9.6\/websites\/images\/newsletters\/icon-fp-topStories.svg 1280w, https:\/\/dcs-static.gprod.postmedia.digital\/17.9.6\/websites\/images\/newsletters\/icon-fp-topStories.svg 1600w\" alt=\"Top Stories\" loading=\"lazy\" fifu-data-src=\"https:\/\/dcs-static.gprod.postmedia.digital\/17.9.6\/websites\/images\/newsletters\/icon-fp-topStories.svg\"\/><\/div>\n<div>\n<p>Top Stories<\/p>\n<p class=\"newsletter-widget__text__new-story-page\">Get the latest headlines, breaking news and columns.<\/p>\n<\/div>\n<\/div>\n<div class=\"newsletter-widget__body__new-story-page\">\n<div class=\"js-replace-main__new-story-page\">\n<p class=\"newsletter-widget__disclaimer__new-story-page text-size--tiny\">By signing up you consent to receive the above newsletter from Postmedia Network Inc.<\/p>\n<\/div>\n<div class=\"js-submit-success\" hidden=\"\" id=\"submitSuccessFP_HeadlineNews\">\n<p>Thanks for signing up!<\/p>\n<p class=\"newsletter-widget__text__new-story-page\">A welcome email is on its way. If you don&#8217;t see it, please check your junk folder.<\/p>\n<p class=\"newsletter-widget__text__new-story-page newsletter__feedback--last\">The next issue of Top Stories will soon be in your inbox.<\/p>\n<\/div>\n<p class=\"newsletter-widget__text__new-story-page js-submit-error\" style=\"margin-top: 8px\" hidden=\"\" id=\"submitErrorFP_HeadlineNews\">We encountered an issue signing you up. Please try again<\/p>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_3\">\n<section aria-describedby=\"advertisment7688156943970510201447124041728000\" class=\"ad\">\n<p>Advertisement 3<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-3\">\n<div class=\"ad__inner__container\" data-ad=\"[[7,7],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"7x7\" data-ad-loc=\"3\" data-ad-mobile=\"[[7,7],[300,250],[320,50],[300,50]]\" data-aqa=\"advertisement\" id=\"ad-3\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>But the problem is that none of these gimmicks change behaviour, and I am talking about a culture of overspending relative to domestic national income that is the root cause of the ongoing deficits.<\/p>\n<p>Trump is also eying Canada\u2019s vast resources. To be sure, he is not going to invade Canada (nor could he on his own), but he does intend to apply economic pressure in a bid to bring the country under the U.S. umbrella (amazingly, polls show that anywhere from seven per cent to 20 per cent of Canadians would not mind one bit being part of the U.S. \u2014 clearly desiring a strong currency, lower tax rates and any reason to feel patriotic).<\/p>\n<p>This is not the first time that the U.S. has tried this: think of why Sir John A. Macdonald built the east-west national railway to begin with, the War of 1812 and the Annexation Bill of 1866, which was introduced in July of that year in the House but never passed.<\/p>\n<p>The overriding question is why would Trump want Canada? He doesn\u2019t seem to like the people. He doesn\u2019t seem to like the politicians. He doesn\u2019t seem to like the institutions. So, what does he want? The vast resources. Here is what Canada has that he desperately wants access to:<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_4\">\n<section aria-describedby=\"advertisment6112067196580455222615701725380608\" class=\"ad\">\n<p>Advertisement 4<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-4\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"4\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-4\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<ul>\n<li>318 billion trees (30 per cent of the world\u2019s timber);<\/li>\n<li>164 billion barrels of proven oil reserves (nearly 10 per cent of the world\u2019s supply, ranking fourth on the planet);<\/li>\n<li>34 critical minerals (sixth most in the world \u2014 everything from cobalt to graphite to chromium to nickel to potash to lithium to manganese to uranium \u2014 Canada is a global mining powerhouse, ranking in the top five of world production);<\/li>\n<li>Seven per cent of the world\u2019s renewable fresh water;<\/li>\n<li>Access to the Arctic since 40 per cent of Canada\u2019s land mass is in the Arctic.<\/li>\n<\/ul>\n<p>In sum, Canada has net national wealth estimated at $19 trillion and a very strong balance sheet that America would surely covet \u2014 not too shabby for a population of a bit more than 40 million.<\/p>\n<p data-async=\"\">Canada, in other words, is Greenland on steroids. Watch and see what concessions are going to very likely be made next year when the United States-Mexico-Canada Agreement comes up for renegotiation.<\/p>\n<section aria-labelledby=\"moreTopicLabel7881541814366550865302910582915072\" class=\"more-topic\" data-aqa=\"embed-more-topic\" data-carousel-component=\"\" data-carousel-icon-button=\"\" data-carousel-type=\"list\">\n<p>Recommended from Editorial<\/p>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-prev\" data-carousel-prev=\"\" tabindex=\"-1\" title=\"previous\" type=\"button\"\/><\/p>\n<ol class=\"more-topic__items list-unstyled\" data-carousel-slide-list=\"\" tabindex=\"0\">\n<li data-evt-val=\"{\" control_fields=\"\" ways=\"\" for=\"\" canada=\"\" to=\"\" fight=\"\" back=\"\" than=\"\" full-on=\"\" trade=\"\" war=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/no0128border.jpg?h=96&strip=all&quality=5&sig=201V4FUWy4fP2zk4OgTnpg&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/no0128border.jpg?h=96&strip=all&quality=5&sig=201V4FUWy4fP2zk4OgTnpg&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/no0128border.jpg?h=96&strip=all&quality=5&sig=201V4FUWy4fP2zk4OgTnpg&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/no0128border.jpg?h=96&strip=all&quality=5&sig=201V4FUWy4fP2zk4OgTnpg&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/no0128border.jpg?h=96&strip=all&quality=5&sig=201V4FUWy4fP2zk4OgTnpg&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/no0128border.jpg?h=96&strip=all&quality=5&sig=201V4FUWy4fP2zk4OgTnpg&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/no0128border.jpg?h=96&strip=all&quality=5&sig=201V4FUWy4fP2zk4OgTnpg&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/no0128border.jpg?h=96&strip=all&quality=5&sig=201V4FUWy4fP2zk4OgTnpg&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/no0128border.jpg?h=96&strip=all&quality=5&sig=201V4FUWy4fP2zk4OgTnpg&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/no0128border.jpg?h=96&strip=all&quality=5&sig=201V4FUWy4fP2zk4OgTnpg&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/no0128border.jpg?h=96&strip=all&quality=5&sig=201V4FUWy4fP2zk4OgTnpg&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"American and Canadian flags at the Ambassador Bridge border crossing in Windsor, Ont.\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/no0128border.jpg?h=96&strip=all&quality=80&sig=e948_e7DjDrVv4S3IztLgg\" fifu-data-src=\"https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/no0128border.jpg?h=96&strip=all&quality=5&sig=201V4FUWy4fP2zk4OgTnpg&ssl=1\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/no0128border.jpg?h=96&strip=all&quality=80&sig=e948_e7DjDrVv4S3IztLgg, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/no0128border.jpg?h=192&strip=all&quality=80&sig=Fzh76ktQCb_gXD-ab21Oeg 2x,\n                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/no0128border.jpg?h=288&strip=all&quality=80&sig=3Nb_SEp--cT-xZBCcGKiKA 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Better ways for Canada to fight back than full-on trade war<\/span><\/p>\n<\/li>\n<li data-evt-val=\"{\" control_fields=\"\" should=\"\" leave=\"\" new=\"\" york=\"\" and=\"\" come=\"\" to=\"\" toronto=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/no0127tsx.jpg?h=96&strip=all&quality=5&sig=8jRaHkHxF-gy4aCgWnc_XA&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/no0127tsx.jpg?h=96&strip=all&quality=5&sig=8jRaHkHxF-gy4aCgWnc_XA&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/no0127tsx.jpg?h=96&strip=all&quality=5&sig=8jRaHkHxF-gy4aCgWnc_XA&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/no0127tsx.jpg?h=96&strip=all&quality=5&sig=8jRaHkHxF-gy4aCgWnc_XA&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/no0127tsx.jpg?h=96&strip=all&quality=5&sig=8jRaHkHxF-gy4aCgWnc_XA&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/no0127tsx.jpg?h=96&strip=all&quality=5&sig=8jRaHkHxF-gy4aCgWnc_XA&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/no0127tsx.jpg?h=96&strip=all&quality=5&sig=8jRaHkHxF-gy4aCgWnc_XA&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/no0127tsx.jpg?h=96&strip=all&quality=5&sig=8jRaHkHxF-gy4aCgWnc_XA&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/no0127tsx.jpg?h=96&strip=all&quality=5&sig=8jRaHkHxF-gy4aCgWnc_XA&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/no0127tsx.jpg?h=96&strip=all&quality=5&sig=8jRaHkHxF-gy4aCgWnc_XA&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/no0127tsx.jpg?h=96&strip=all&quality=5&sig=8jRaHkHxF-gy4aCgWnc_XA&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"The TSX ticker on the outside of the TMX Group headquarters in the financial district of Toronto, Ont.\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/no0127tsx.jpg?h=96&strip=all&quality=80&sig=6SWThaRkATTaVh8-FTW-mg\" fifu-data-src=\"https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/no0127tsx.jpg?h=96&strip=all&quality=5&sig=8jRaHkHxF-gy4aCgWnc_XA&ssl=1\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/no0127tsx.jpg?h=96&strip=all&quality=80&sig=6SWThaRkATTaVh8-FTW-mg, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/no0127tsx.jpg?h=192&strip=all&quality=80&sig=EbanVveNJxjiGRQqoW5E4w 2x,\n                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/no0127tsx.jpg?h=288&strip=all&quality=80&sig=D0lcm6dptzz1oNQ0E28SSw 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Investors should leave New York and come to Toronto<\/span><\/p>\n<\/li>\n<li data-evt-val=\"{\" control_fields=\"\" is=\"\" in=\"\" crisis=\"\" but=\"\" maybe=\"\" not=\"\" for=\"\" much=\"\" longer=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/09\/ottawa-0910-ph.jpg?h=96&strip=all&quality=80&sig=sg_bB0WE0mi6CBU7PieDhg&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/09\/ottawa-0910-ph.jpg?h=96&strip=all&quality=80&sig=sg_bB0WE0mi6CBU7PieDhg&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/09\/ottawa-0910-ph.jpg?h=96&strip=all&quality=80&sig=sg_bB0WE0mi6CBU7PieDhg&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/09\/ottawa-0910-ph.jpg?h=96&strip=all&quality=80&sig=sg_bB0WE0mi6CBU7PieDhg&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/09\/ottawa-0910-ph.jpg?h=96&strip=all&quality=80&sig=sg_bB0WE0mi6CBU7PieDhg&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/09\/ottawa-0910-ph.jpg?h=96&strip=all&quality=80&sig=sg_bB0WE0mi6CBU7PieDhg&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/09\/ottawa-0910-ph.jpg?h=96&strip=all&quality=80&sig=sg_bB0WE0mi6CBU7PieDhg&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/09\/ottawa-0910-ph.jpg?h=96&strip=all&quality=80&sig=sg_bB0WE0mi6CBU7PieDhg&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/09\/ottawa-0910-ph.jpg?h=96&strip=all&quality=80&sig=sg_bB0WE0mi6CBU7PieDhg&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/09\/ottawa-0910-ph.jpg?h=96&strip=all&quality=80&sig=sg_bB0WE0mi6CBU7PieDhg&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/09\/ottawa-0910-ph.jpg?h=96&strip=all&quality=80&sig=sg_bB0WE0mi6CBU7PieDhg&ssl=1&w=1600&resize=1600&ssl=1 1600w\" fifu-data-src=\"https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/09\/ottawa-0910-ph.jpg?h=96&strip=all&quality=80&sig=sg_bB0WE0mi6CBU7PieDhg&ssl=1\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/09\/ottawa-0910-ph.jpg?h=96&strip=all&quality=80&sig=sg_bB0WE0mi6CBU7PieDhg, https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/09\/ottawa-0910-ph.jpg?h=192&strip=all&quality=80&sig=hawinjbOsgxrbXLkOq_dDA 2x,\n                                             https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/09\/ottawa-0910-ph.jpg?h=288&strip=all&quality=80&sig=SoPxFfH9Z0F3z-teGaCGQw 3x\" alt=\"Ottawa\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Canada is in crisis, but maybe not for much longer<\/span><\/p>\n<\/li>\n<\/ol>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-next\" data-carousel-next=\"\" tabindex=\"-1\" title=\"next\" type=\"button\"\/><\/section>\n<p data-async=\"\"><em>David Rosenberg is founder and president of independent research firm Rosenberg Research &amp; Associates Inc. To receive more of David Rosenberg\u2019s insights and analysis, you can sign up for a complimentary, one-month trial on the Rosenberg Research website.<\/em><\/p>\n<p data-async=\"\"><em><strong>Bookmark our website and support our journalism:<\/strong> Don\u2019t miss the business news you need to know \u2014 add financialpost.com to your bookmarks and sign up for our newsletters here.<\/em><\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt-val=\"{\" control_fields=\"\" data-evt-typ=\"page_scroll\">\n<p>Share this article in your social network<\/p>\n<\/section>\n<\/div>\n\n<br \/>U.S. blames others for financial mess it created: David Rosenberg<\/a><br \/>\n<br \/>2025-02-11 15:39:50<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Breadcrumb Trail Links Economy And five reasons Donald Trump really wants to take over Canada Published Feb 11, 2025 \u00a0\u2022\u00a0 Last updated 17\u00a0minutes ago \u00a0\u2022\u00a0 4 minute read You can&#8230;<\/p>\n","protected":false},"author":2,"featured_media":56100,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/trump-0111-ph.jpg?quality=90&strip=all&w=288&h=216&sig=UVxx5DLL5Iy5iw7Rf-Mm5A","fifu_image_alt":"","footnotes":""},"categories":[31],"tags":[],"class_list":["post-56099","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy"],"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/56099","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=56099"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/56099\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/56100"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=56099"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=56099"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=56099"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}