Jim Flaherty, Canada's Former Finance Minister, Has Died

Tyler Durden's picture


It was less than a month ago that we reported on the surprise resignation of Canada's finance minister which while officially attributed to a wish to begin "another chapter" in his life, we said "there is rife speculation that it was indeed his health that was the reason for this unexpected resignation." Sadly, today it was proven that it was indeed Flaherty's health that had forced this surprising decision, following news that the former finance minister has passed away.

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Thu, 04/10/2014 - 14:40 | 4644256 Pladizow
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Im sooooooo Sad, Eh!

Biggest SARC Ever!!!!

Thu, 04/10/2014 - 14:53 | 4644340 Skateboarder
Skateboarder's picture

World crude death rate: 8.3 per 1000 per year = 58,100,000 per year for a population of 7 billion.

That means ~160K people die every day. This guy is another one of them.

The end.

Thu, 04/10/2014 - 15:05 | 4644387 cifo
cifo's picture

He was one of the few men I trully respected. RIP.

Thu, 04/10/2014 - 15:11 | 4644416 Algosaurus Rex
Algosaurus Rex's picture

Never trusted him (or Harper) after the income trust fiasco...

Thu, 04/10/2014 - 15:14 | 4644438 Looney
Looney's picture

Would a NAILGUN be considered as "natural causes" ? ;-)


Thu, 04/10/2014 - 15:22 | 4644499 Mark Carney
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He was a good man, one of few.

Thu, 04/10/2014 - 16:10 | 4644679 alangreedspank
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Of course that had to come from Mark fuckin' Carney LOL.

Thu, 04/10/2014 - 19:30 | 4645537 TheReplacement
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I don't always see you post but when I do, I give you an up vote.  Funniest avatar ever.

Thu, 04/10/2014 - 20:37 | 4645747 alangreedspank
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Hypnotizing to say the least! :)

Thu, 04/10/2014 - 15:20 | 4644477 aVileRat
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Trusts were being abused, tax leaks aside they were the proto irish double tax gimmick. If they had not been killed it, then the economy would have been perverted further into a warped Irish bubble (and Canada would have looked much similar to Ira & Spain). Anyone who is sour grapes over the loss of one (!) of the many ways to make a cash on cash yield vehicle is just talking their book and is willing to overlook the obvious governance & model issues with TrustCo's (SIFT-double shield/management co models) for weaksauce 5 to 9% yields on badly constructed promote shells.

Faux commentary is to be expected, but as a point to note; he really did fight the fed non-stop for 9 years. He also actively lobbied for breakup of banking cartels & was a cockblock for foreign takeovers of bank assets by leveraged US peers. He also believed in hard physical settlements vs. more ABCP/subprime trade gimmicks.

So... with that in mind, he was a good friend to the Fight Club. Even if he did not post much in last 2 years.


Thu, 04/10/2014 - 15:27 | 4644528 DDDingo
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Amen brother.

Thu, 04/10/2014 - 16:12 | 4644689 alangreedspank
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He did dare to speak about a housing bubble when it was too late to do anything about it. That's more than most pols dared to do.

Thu, 04/10/2014 - 17:31 | 4644994 Algosaurus Rex
Algosaurus Rex's picture

Debating appropriate policy is one thing. Blatant lying and shameful politics are entirely another.


Thu, 04/10/2014 - 17:03 | 4644900 emersonreturn
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+1000 algoRex

Thu, 04/10/2014 - 15:05 | 4644388 foodstampbarry
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Thu, 04/10/2014 - 14:32 | 4644259 youngman
youngman's picture

Why not just say it then.....why hide behind another chapter in your life...

Thu, 04/10/2014 - 14:38 | 4644277 Pladizow
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Politicians and Bankers are liars to the END!

Thu, 04/10/2014 - 14:53 | 4644337 CharlieMike
CharlieMike's picture

Well, atleast he wasn't a squid.

Where is fukmeister to tell us how much better canada would have been if he were enriching all his buddies at the expense of the candaian tax payers?

Thu, 04/10/2014 - 14:38 | 4644281 seek
seek's picture

When you have a month to live, the last thing you want is to be reminded by the press about it on a daily basis.

Thu, 04/10/2014 - 14:49 | 4644316 nuclearsquid
nuclearsquid's picture

how long does polonium take to do its work?


Thu, 04/10/2014 - 14:45 | 4644294 Village Idiot
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Death could be construed as another chapter.  A very short one.  Or long, depending on one's belief in a god.  Yeah, short chapter...

Thu, 04/10/2014 - 15:28 | 4644536 Intoxicologist
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"The End."

Thu, 04/10/2014 - 15:37 | 4644563 blackbeardz
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one can hope and pray there beliefs in afterlife are correct, I hope & pray that what happens after has nothing to do with those beleifs.


When Death Comes by Mary Oliver

...When it's over, I want to say all my life
I was a bride married to amazement.
I was the bridegroom, taking the world into my arms.

When it's over, I don't want to wonder
if I have made of my life something particular, and real.

I don't want to find myself sighing and frightened,
or full of argument.

I don't want to end up simply having visited this world.


Thu, 04/10/2014 - 15:03 | 4644375 GooseShtepping Moron
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Well, to be technical about it, and pace what the Tylers wrote in the OP, the fact that he passed away shortly after retiring does not in fact prove that his decision was based on health reasons. That is a case of affirming the consequent, a post hoc ergo propter hoc fallacy. It does however provide strong inductive evidence for the claim that health reasons led him to retire; and in ordinary life people usually have no trouble proceeding on the basis of such inductive evidence, so we don't often fault people for reasoning like this. It renders the opinion probable and a probable opinion may be followed. We just have to recognize that in order to make the argument formally valid, one additional premise is needed. We would have to know what Mr. Flaherty knew about his health, and how that factor weighted in his decision making process.

The upshot of all this is that it is possible Mr. Flaherty retired for reasons altogether unrelated to health and that his death shortly thereafter was just a coincidence. This is consistent with his statement, and is one possible explanation thereof.

It is also possible that he was just dissembling in order to avoid making a private health concern into a public spectacle. Public opinion seems to favor the latter explanation in these circumstances.

Thu, 04/10/2014 - 18:43 | 4645344 SilverIsKing
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After he retired, he lost his health coverage and died trying to figure out how to sign up for Obamacare.

Thu, 04/10/2014 - 21:05 | 4645804 zerohedgejjxxzz12
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Canadian Politicians have what the news called a Platinum Pension Plan they pay a meesly $12/ month for coverage, If I remember correctly.


Thu, 04/10/2014 - 14:35 | 4644264 lolmao500
lolmao500's picture

Pro-bank bailout, pro-housing bubble, pro-GM bailout, pro-Ukraine bailout finance minister... yeah fuck him, eh.

Thu, 04/10/2014 - 15:03 | 4644356 ChanceIs
ChanceIs's picture

He did something especially totalitarian back in the '05 timeframe which handed me a pile of losses.  You would think I could remember.  I will get it in another 10 minutes.  Best I recall is that it had to do with the Canadian Royalty Trusts.  It might have been the tax exempt status of the royalty payments.  I think i had bought them on a dual currency/oil play.  They were going great until he did his socialist wealth seizure.

So yes - condolences to the family, but.....well......nah - I won't write it, but you know what I mean.


Ah yes - here it is.  I will retract my earlier polity and say it....f*&k him.  Cost me big time.  Lying prick.  Glad I remembered it as well as I did w/o hitting the web first.

Saturday, March 17, 2007

Monday Mar 19: Judgment Day for CanRoys?

Ok, I may be exaggerating, but Monday is crucially important as it is when the Canadian parliament reconvenes and the budget is to be tabled. First a little background: last October, Finance Minister Jim Flaherty surprised investors (and contrary to campaign promises made by his party) by proposing a new 31.5% tax for Canadian Royalty Income Trusts (CanRoys). The ensuing loss of 20-30% in many CanRoys as well as Cdn $35 billion in total market capitalization has been dubbed the “Halloween Massacre”. Early this year, I wrote about political developments in Canada that may induce change in the tax proposal as it now stands. On Feb 28, The Finance Minister promised to include this legislation in the upcoming budget.

Thu, 04/10/2014 - 14:34 | 4644265 Canucklehead
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Condolences to Jim's family, friends, and the people of Canada.

Thu, 04/10/2014 - 15:17 | 4644461 crazzziecanuck
crazzziecanuck's picture

I despised this whole government from the very start but I'm hard pressed to express now what I used to say about him all the time.

Thu, 04/10/2014 - 14:34 | 4644267 DownByTheRiver
DownByTheRiver's picture

Fuck him

Thu, 04/10/2014 - 15:06 | 4644390 medium giraffe
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If you're quick he might still be warm.

Thu, 04/10/2014 - 15:30 | 4644543 DownByTheRiver
DownByTheRiver's picture

Harper beat me to the punch and I don't do sloppy seconds.

Fucking statists are out in full force today! Bring on the red, bitches. 

Thu, 04/10/2014 - 16:38 | 4644805 Jack Sheet
Jack Sheet's picture

succinctly stated.

Thu, 04/10/2014 - 14:35 | 4644268 NoDebt
NoDebt's picture

From the previous article last month:

"a noted deficit hawk and proponent of paying down government debt"

He was dead before he hit the floor (so to speak).

Thu, 04/10/2014 - 14:40 | 4644282 James_Cole
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It surpassed $100 billion in 1981, $200 billion in 1985, $300 billion in 1988, $400 billion in 1992, and $500 billion in 1994. It peaked at $563 billion in 1997, before then declining to $458 billion by 2008.

With a recession, and an increase in federal spending from 2008, the federal debt grew by $5.8 billion in 2008-09 and is expected to grow by $55.9 billion in 2009-10. >>Large annual deficits since 2008 has Canadian debt surpassing the $600 billion mark by November 2012, making it larger than the 1997 peak.<<


Thu, 04/10/2014 - 15:31 | 4644545 Dubaibanker
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Dear James...Please refer below..

GDP of Canada

1981 USD 355bn

1985 - USD 477bn

1988 - USD 605bn

1994 - USD 747bn

1997 - USD 856bn

2008 - USD 1,424 bn

2012 - USD 1,777 bn

The GDP has grown 5 times while the debt which has grown by about 6 times between 1981 until 2012. I am pretty sure from US to Japan and to EU that the debt has grown much more during the same period versus the nominal GDP.

We should not look anything in absolute terms. While the debt may have risen but the prosperity in Canada has been well spread throughout the population. Aside from the completely insane and stupid separation of Quebec issue that arises about every decade, we do not hear nary a murmur from the Canadian fellows who keep on growing happily. It must be the Maple syrup....

Thu, 04/10/2014 - 15:57 | 4644586 James_Cole
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The GDP has grown 5 times while the debt which has grown by about 6 times between 1981 until 2012. 

Your point (though generally correct) is totally irrelevant to mine. 


There's also this nifty little trick:


Which involves comrade Carney...

...and I didn't downvote you.

Fri, 04/11/2014 - 00:49 | 4646398 Dubaibanker
Dubaibanker's picture

Point taken. But don't you believe that with the entire world on this massive QE binge, Canada also would have had to do some mini stimuluses perhaps stealthily? After all, they are one of the rare countries, perhaps the only one, with no declines in real estate prices thus far, banks are doing phenomenally well and have expanded robustly into US in the past 5 years and are now having more business and branches in US than in Canada, for example at TD and mostly also at RBC. Some car factories closed but immigration has been stable and tourism also is just fine.

Forget the downvotes, everyone has a right to a a opinion based on data, though most people here just talk stuff that does not contribute to each other, whether right or wrong.

Please also see the debt to GDP chart here: http://www.tradingeconomics.com/canada/government-debt-to-gdp. Do expand this to 15 or 20 years.

Although Canada is running a higher debt to GDP than 5 years ago, but it is far better than Japan, US, Portugal, Ireland, Italy, Singapore and the US. I am surprised at two countries, one is Russia at just around 8% and other is Singapore at 98%. With global trade slowing, Singapore will feel the heat being one of the largest ports globally and they already have inflation issues around real estate and unemployment etc.

I am reading these 2 articles that seem to be fascinating: http://www.wto.org/english/news_e/pres13_e/pr688_e.htm


I do believe with slowing global trade, economies are doing all they can for their own stability and self survival to increase consumption by Govt spending or whatever it takes which has caused increase in some debt in Canada. In countries like Canada and China, I do believe there is good debt, at least for now, since it is productive debt and helps the country remain growing, remain stable and has the capacity to be repaid in the near term. After all, the rating agencies have not yet downgraded Canada but they have downgraded all the countries who have larger debts than Canada that I mentioned above, with Singapore being an exception. And China, they have been upgrading since 2004.

Although a bit off topic, and this is with respect to China and its debt etc, I encourage you and others to have a look at a research note I prepared back in Oct 2013 that still remains pertinent and continues to play out as expected by me and some others.


Thu, 04/10/2014 - 14:39 | 4644285 Two-bits
Two-bits's picture

"another chapter"


Yes NoDebt, you hit the nail on the head.


Hospice calls it "Transitioning".


Thu, 04/10/2014 - 14:45 | 4644292 Grande Tetons
Grande Tetons's picture

I can not speak for the man. However, he seemed like one of the good guys playing for a corrupt team.


Manulife Bank pulled its new discount mortgage rate off the market after hearing the federal finance minister was unhappy about it, both parties confirmed Tuesday.

The move led opposition critics in Ottawa to accuse federal finance minister Jim Flaherty of interfering in the free market and effectively boosting Canadians borrowing costs.

Flaherty, who has been concerned Canadian households’ record high debt levels, confirmed he was unhappy with Manulife’s rate cut.

“I had one of my staff call them and indicate my displeasure,” Flaherty told reporters in Ottawa.

Thu, 04/10/2014 - 14:35 | 4644269 sudzee
sudzee's picture

The Toronto Sun lists the article on Flaherty's death under " entertainment".


Thu, 04/10/2014 - 14:38 | 4644276 Dr. Richard Head
Dr. Richard Head's picture

Finally some truth in media?

Thu, 04/10/2014 - 14:38 | 4644280 fonzannoon
fonzannoon's picture

speaking of entertainment


Thu, 04/10/2014 - 14:44 | 4644302 Dr. Engali
Dr. Engali's picture

I like Marc Faber....but.... I don't know what to say.

Thu, 04/10/2014 - 14:49 | 4644317 fonzannoon
fonzannoon's picture

my lord CNBC is talking about dividends like they just discovered a new livable planet full of oil and fresh water.

Thu, 04/10/2014 - 14:51 | 4644332 Dr. Engali
Dr. Engali's picture

That's scary.

Thu, 04/10/2014 - 14:36 | 4644271 QQQBall
QQQBall's picture

Anyone remember his lying relatde to the Canadian Trust - RIP you POS

Thu, 04/10/2014 - 14:40 | 4644283 oddjob
oddjob's picture

Yeah, I remember he closed the window for Americans collecting those income trust payouts with little or no tax, Good work Jim.

Thu, 04/10/2014 - 14:45 | 4644305 QQQBall
QQQBall's picture

Yeah, right after he said he wouldn't. Like I said - RIP you lying POS.

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