LETTER: Despite the global pandemic, the financial investment industry is booming
BradfordToday has received the following letter from reader Steven Kaszab regarding the role of the pandemic in helping us become more self-reliant and financially savvy.
There will be a big reset of investments globally. Many of us have saved some income, putting it together for the day when we can look to our future optimistically. Covid-19 may have damaged our economies, devastated our medical / health systems and claimed many lives in our neighborhood and abroad, but the financial investment industry is booming and ready to make some noise .
We have been encouraged to buy locally, to value our local businesses and establishments that provide our neighbors with local products, services and jobs. We need to look to our local contractors, manufacturers and service providers as places to invest. The world of global investment comes with uncertainties, high risks and moral demands. Are we investing in areas of the economy that do not fit our moral compass? The world’s most profitable companies are also the most corrupt and immoral. Child labor, unregulated waste disposal, immoral labor practices, harvesting unnecessary remedies without replenishing the environment. Lots to think about. Are you investing locally nationally, or locally / internationally in the Americas and the Caribbean? Do you think of the favorite of decades, investing in Asia and China? Are you going to support a hostile market like China, or invest strategically in specific preferable markets, for example India or Singapore? After all, profit is just that … Profit. Do you take it where you can?
Hasn’t this pandemic taught us to be more self-sufficient in all things? The pandemic has shown us how cruel and uncertain international trade can be. The Canadian government has contracted millions of doses of vaccines from China, and what’s going on, but China is telling Canada to let go and use the vaccines they’ve made for their own citizens. This makes sense, but also shows us how international and domestic politics will affect our results.
Canadian businesses need investments from Canadian investors. Self-sufficiency in the financial sector should point us towards Canadian projects. The Ring of Fire is a huge investment opportunity. The world’s largest needed mineral deposits and an investor’s dream. Simply accessing the mining fields requires massive investments in roads, transportation, and employment opportunities. Long term investment where pensions are made. Canadian technologies that can become the international flavor of the month also need investment. Look at your local dining establishments as possible investment targets. If you can’t help a neighbor by helping yourself, where is the world?
Spend your money wisely, looking for investments that have tax reduction potential. The IRS will soon be upon us, trying to pay off our huge national debt through possible increases in every tax under the sun.