Madam Speaker, the most important thing that we are losing is our ability to protect our culture. We are losing our ability to keep those Canadian titles in the bookstores, specifically to keep those Canadian titles on the magazine racks.
The Minister of Canadian Heritage will say that there was 100% of advertising revenue and we have given away 18% and that it could have been much worse. If 100 new American split-run magazines come in here and each one of them has 18% of its advertising revenue Canadian, I would say that that valuable pool of Canadian advertising revenue would dry up very quickly.
There will be Canadian magazines out there. There will continue to be Canadian magazines, but there will be fewer of them. Many of them will go under. We will begin to see magazines which purport to be Canadian but in fact are American knockoffs of Canadian magazines that have no heart or soul or particular interest in this place as an experience, as a land to live in and to fight for, but in fact a market in which they can extract more revenue. That is the central tragedy of this bill.