Carney's sovereign wealth fund looks like another Liberal slush fund
Ezra Levant and Canadian Taxpayers Federation director Franco Terrazzano warn the Liberals' new sovereign wealth fund is just another slush fund for insiders.
Following in the footsteps of countries like Norway, Saudi Arabia and Singapore, Canada now has its own state-backed sovereign wealth fund.
Except, in those countries, the funds are fuelled by budget surpluses — while Canada's has been running massive deficit spending.
On Monday's episode of The Ezra Levant Show, Ezra broke down Prime Minister Mark Carney's announcement of the fund and laid out his concerns over what this new project might become.
“Government is the barrier; government isn't the solution,” he said about the plan. “When government is involved, it's usually a sign ... that things are not going well.”
The Liberal PM was using the language of New Democrats in his video announcing the wealth fund, Ezra said. “I think that's because he wants to outflank the new NDP leader, Avi Lewis, on the left,” speculating the party's new leader could win back voters who drifted away during Jagmeet Singh's tenure.
Compared to countries with hefty surpluses, “we are the opposite,” Ezra continued. “Is it an investment or is it a slush fund,” one that will favour chosen Liberal projects, he wondered. “I think you already know the answer.”
Regular Canadians should be skeptical of investing with the federal government, he said. But those Liberal-linked insiders, “they'll be taken care of.”
Canadian Taxpayers Federation director Franco Terrazzano also joined Ezra to weigh in on the announcement.
“It is not anywhere close to what is a 'sovereign wealth fund,'” Franco said. Using Norway as an example, Franco explained the Scandinavian nation uses the interest it gains on its fund to invest abroad — a measure to prevent tax dollars from being spent on insiders' pet projects.
“But what Carney is doing is the exact opposite,” the taxpayer advocate said. “He's not saving money, he's borrowing $25 billion more,” with no “safeguards” to ensure money is invested projects not linked to insiders.
“What it seems like is, the government is going to use this money — $25 billion that its borrowed — and then risk it on corporate subsidies in Canada.”
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COMMENTS
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Randy Schneider followed this page 2026-04-30 14:30:38 -0400 -
Bruce Atchison commented 2026-04-29 23:41:57 -0400When will central and eastern folks wake up to this corruption? Nothing is free. That’s why there’s so much nothing. Even sunlight isn’t free as the sun is burning hydrogen and it will run out in about 5-billion years.
