Madam Speaker, the fundamental issue facing parliament is the sovereignty and independence of our country and what has happened to erode that sovereignty and democracy in the last 10 or 15 years.
When I travel across Canada I hear this raised by more and more people. I also see the pride of Canadians. Look at how proud we were when we won all the gold, silver and bronze medals at the Olympics. Canadians want to remain Canadian and have a distinct entity. However, we see the erosion of our sovereignty.
We have a government across the way that has sat idly by watching that sovereignty erode. We have a government across the way that is now actively talking about in some cases using a common currency, the common dollar. The former chair of the finance committee used to speculate about this quite often. The premier of Quebec has talked about a common currency. Now the chair of the finance committee is in the cabinet being rewarded for those kinds of views. We have members of the Alliance Party talking about maybe the possibility of a common currency.
It is about time we started raising these issues. The Minister of Finance tries to pooh-pooh this as a really serious discussion in the country. We now have the governor of the Bank of Canada saying that in five or ten years there may be integration to the effect where we would start talking about a common currency. The previous governor of the Bank of Canada, Gordon Thiessen, did not talk that way at all. He said no to the idea of a common currency. If we lose our currency we lose our country. If we lose our currency we lose our sovereignty. That is why this is a very important issue.
I fear the Minister of Finance pooh-poohing the idea. I remember back in 1984 or 1982 when Brian Mulroney was running for the leadership of the Conservative Party. At that time he took a very strong stand against free trade. I remember John Crosbie was very much in favour of free trade. I remember Brian Mulroney saying in response to a question by John Crosbie that free trade with the Americans was like going to bed with an elephant. “It may feel very warm and snuggly, especially on a winter night, until the elephant has a nightmare and rolls over and out you are gone”.
About two years later after he became Prime Minister, Mr. Mulroney went to Quebec City and met with Ronald Reagan. They came out on a balcony singing When Irish Eyes are Smiling . Everything had changed and we got the free trade agreement. The same thing will happen here unless we alert the Canadian population to the fact that this increased continentalism and integration with the United States will lead to a common currency, to the end of our country and to the loss of our sovereignty.
A common dollar in this country does not mean a new currency with the United States. A common dollar means the use of the American currency. It is not like Europe where the common currency is the Euro, with 12 of the 15 countries in the common market now using it. There is a Bank of Europe. There is an institution called the European Parliament which is the authority in terms of the Euro.
In this case, because the Americans are much bigger than us, the common currency would be the American dollar. The authority would be the federal reserve in the United States, answerable to the federal reserve and answerable to Congress in the United States of America.
Not only will it be the American dollar, but we will see also the privatization of the currency as well because the Bank of Canada, the Bank of England and most central banks are publicly owned. In the United States the federal reserve is privately owned in the shelters of the big banks on Wall Street.
This is the way we are going as a country. That is why it is important we put on the agenda today a debate about the very sovereignty of Canada and where we are going as a country.
In the 1980s Brian Mulroney became prime minister and made that great flip-flop from being worried about free trade to being an advocate of free trade instead of fair trade. They implemented the free trade deal and since that time we have lost some 13,000 companies in this country. Most of those 13,000 companies have been bought out by Americans. Among them are some very well known Canadian companies in terms of institutions.
I think in British Columbia, the big Canadian company of MacMillan Bloedel was sold to Weyerhaeuse a while back. Tim Hortons sold to Wendy's, the American company. Shoppers Drug Mart is gone to an American company. Gulf Canada Limited, which is the largest gas and oil company in this country, has now been sold to the Americans.
Laura Secord chocolates, a great Canadian institution, was sold to the Americans. Then we have the Montreal Canadiens.
The Montreal Canadians, that great Canadian institution in la belle province, the team of Maurice “Rocket” Richard, has been sold to the Gillette Company of the United States.
We saw the sellout of the CNR and pretty soon it will be the CPR.
The sellout of the Canadian economy goes on and on. As more money moves out of the country and more investment is placed into tax havens, more money will be drained out of the country and the Canadian dollar will become weaker. Canadian companies are selling their businesses at fire sale prices because of the value of the Canadian dollar and the weakening of the fabric and sovereignty of the country.
When we lose our economy, we lose the tax base we need for strong social programs like health care, public education and other social programs that are so extremely important. This is a very important issue.
When the president of the Royal Bank, Gordon Nixon, spoke in Regina last October he said that over the last two and a half years some 20% of the publicly traded companies in the Toronto Stock Exchange had been sold and most of them to the United States. He also said that of the 35 gas and oil companies on the TSE gas and oil index, some 23 had been sold over the last two or three years and mostly to the Americans. He also said in that speech that when we have the sellout of many large companies and corporations, we have the hollowing out of corporate Canada and the relocation of head office and R and D jobs into the United States of America.
If we go into a recession or have a slowdown in the economy and a company has to make a decision about closing a plant, where does it close the plant? It is not in the United States. It is in Canada because we have a branch plant economy. A good example is the very profitable Ford Motor plant in Oakville. It is being closed down because Ford does not close down American plants, it closes down plants in this country.
This is a big issue but where is the nationalist wing of the Liberal Party? Where is the Walter Gordon wing of the Liberal Party? Where is the Herb Gray wing of the Liberal Party from many years ago? Where is the Lloyd Axworthy wing of the Liberal Party from many years ago?
I see the Parliamentary Secretary to the Minister of Finance across the way from the Toronto area. I remember a few years ago he was a great Canadian nationalist who was concerned about the sovereignty of the country and a strong economy. I want him to get up in the House today, endorse this motion and exercise some concern about the sovereignty of our country to build a strong Canada for each and every Canadian.
This is a very important issue. It is fundamental. What has happened to our country over the last 15 years in terms of the lack of sovereignty and democracy is a real scandal and a real shame. We have now lost many of the powers we used to have as a parliament.
The member for Winnipeg--Transcona said that the things we could legislate when he came here in 1979 we cannot legislate today. That is very true. Many things back in the 1960s and 1970s, let alone in the 1950s and so on, that were under the purview of a national parliament, have now been transferred to international bodies. However in the transfer of that power to those international bodies we have seen a lopsided transfer. It was basically a transfer of rights for the investor through large multinational corporations. We have no counterbalancing in the vision of globalization and rights for the ordinary working people of the country or indeed around the world in terms of minimum labour standards and rights, rights to collective bargaining and the ability to organize. There are no environmental standards and no standards in terms of health and social programs.
If we are to have a vision of globalization that is balanced for the ordinary people of the country there has to be something there for the common good of ordinary folks. That is what this debate is all about.
Today it is all a lopsided battle. We are seeing that in every aspect of globalization. It is all about profit for large multinational corporations. Let us take a look at currency. Today over a trillion dollars is exchanged in the world in terms of currency markets each and every single day. About 90% of the exchange of currency in the world is done solely for reasons of speculation. The big investment banks are speculating on very small margins with over a trillion dollars a day which creates nothing productive whatsoever in terms of jobs and benefits for ordinary people. It is hard to imagine how large a trillion dollars a day is yet we have a Minister of Finance who is not raising these issues in a very forceful way in the international community.
These are big issues and they are important. As the member from Burnaby said, we passed my private member's motion a couple of years ago to endorse the idea of a Tobin tax, which was a small tax on the speculation of currency. We should be taking it to the world forum and pushing it with all our might.