Carney unveils 'sovereign wealth fund' — except Canada has no wealth
Are you interested in investing alongside Mark Carney in his latest government-run scheme?
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Tonight, Mark Carney announces a new sovereign wealth fund for Canada. There is just one problem: unlike the countries that typically create such funds, Canada has no sovereign wealth to deploy — only more than $1 trillion in federal debt.
Plus, nearly every line of Carney’s announcement comes with a catch.
He says the fund is for "our" country and for the future we are building "together." Except Carney's future isn't staked in Canada. As far as we know, he still has two European passports, significant U.S. stock holdings, and a family based in the States.
He says the fund will "catalyze" national building projects, a buzzword he likes to throw in to give his ideas a little substance. But Canada’s real obstacle to development is not a lack of financing, but a government that too often stands in the way.
He promises that the benefits of these projects will help Canadians "take care of ourselves and take care of each other," perhaps borrowing an NDP-style talking point to get ahead of their growth under new leader Avi Lewis.
Unlike countries such as Saudi Arabia, the United Arab Emirates, Qatar, and even Norway — all of which built their funds from large surpluses with capital to spare — Canada has no comparable wealth to finance such an endeavour.
So will the new Canada Strong Fund really "invest alongside the private sector" to "create wealth for Canadians today and our kids tomorrow" — or will it be just another slush fund steering Canadians' dollars toward favoured Liberal projects?
You probably already know the answer.
But Carney wants you to know that it will be easy to invest a little bit of your "extra money" in the fund. The real question is: Are you interested in investing alongside Mark Carney in his latest government-run scheme?
GUEST: Franco Terrazzano of the Canadian Taxpayers Federation weighs in with their latest on Carney's sovereign wealth fund.
COMMENTS
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Matthew Beatty commented 2026-05-01 17:27:03 -0400I quote:
“A Ponzi scheme is a fraudulent investment scam that pays returns to earlier investors using money contributed by newer investors, rather than from actual profit earned. These schemes promise high returns with little or no risk, creating an illusion of profitability until they collapse when new investments stop, or too many investors cash out.How Ponzi Schemes WorkInitial Lure: Promoters promise high, consistent returns with low risk to entice investors.The Payment Cycle: Early investors are paid with funds from new investors, not from legitimate investment profits.The Collapse: The scheme requires a constant flow of new cash. It inevitably collapses when it becomes hard to recruit new investors or a large number of investors try to withdraw their money.Origin: Named after Charles Ponzi, who ran a massive postage stamp speculation scheme in the 1920s.”
Enough said. -
Evelyn Sommers commented 2026-04-28 09:47:22 -0400The most successful crooks are the smooth-talking ones. How “great Canadians” still fall for this is a mystery unless they just can’t admit they’re wrong or actually believe it couldn’t happen to them (and as such great evidence of the narcissism at play here). You only have to tune into parliamentary proceedings for an hour or so to get a really good picture of what’s actually happening. What was the old saying…riding him out of town on a rail….? Interesting thought.
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Paul Scofield commented 2026-04-27 23:37:32 -0400Then those fools, Bruce, will deserve exactly what they shall get — good and hard. Bummer is, many great Canadians will likely get caught in the undertow.
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Bruce Atchison commented 2026-04-27 20:56:49 -0400Carney is monetizing grift. The worst thing is that people who watch TV feel he’s doing a good job. And as long as they have their house and their TV, they’re happy. When things devolve into financial ruin, it will be too late for them.
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Terri Carter commented 2026-04-27 20:48:56 -0400True… we will be the next Cuba. Then Ask yourself why?
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john ball commented 2026-04-27 20:07:07 -0400All hail Chairman Carney
