Features
A Good War: Mobilizing Canada for the Climate Emergency
Review/Interview by MARTIN ZEILIG
There are parallels between our wartime experience and the climate current crisis, maintains author Seth Klein in his optimistic new book.
“I ultimately decided to structure the entire book around lessons from Canada’s Second World War experience,” he writes.
Klein served for 22 years as the founding director of the British Columbia office of the Canadian Centre for Policy Alternatives (CCPA), Canada’s foremost social justice think tank, says an online biography. He is now a freelance policy consultant, speaker, researcher and writer, and author of A Good War: Mobilizing Canada for the Climate Emergency. Seth is an adjunct professor with Simon Fraser University’s Urban Studies program, and remains a research associate with the CCPA’s BC Office.
The book explores what wartime-scale climate mobilization could actually mean.
“Each chapter jumps back and forth in time between stories of what Canada did during the war and what we now face,” Klein writes.
Among the many questions it answers are: How was public opinion rallied to support mobilization during the war, and how might it be galvanized again?
What were the roles of governments, news media, and arts and culture? And critically, what sort of political leadership do we require to see us through challenges like this? How was social solidarity secured across class, race and gender, and how can we do so again?
Mr. Klein consented to an email interview with The Jewish Post & News.
JP&N: Why did you decide to write this book now?
SK: Like many people, I think, as I read the latest scientific warnings, I’m afraid. In particular, I feel deep anxiety about the state of the world we are leaving to our kids and those who will live throughout most of this century and beyond. And so this book project began with a desire to address this harrowing gap between what the science says we must do and what our politics seems prepared to entertain. I wanted to explore if and how we can align our politics and economy in Canada with what the science says we must urgently do to address the climate emergency. And it is that. I had always planned to include a chapter on lessons from the Second World War for rapid transformation as a reminder that we have done this before. We have mobilized in common cause across society to confront an existential threat. And in doing so, we have retooled our entire economy – twice, in fact, once to wrap up wartime production and again to reconvert back to a peace-time economy – all in the space of six short years.
JP&N: What are the most essential/realistic policies that Canada should implement to deal with the climate crisis?
SK: To execute a successful battle, we need a plan. Here, then, are seven key strategic lessons that emerge from my study of our WWII mobilization:
1. Adopt an emergency mindset. As we’ve all witnessed in recent months, something powerful happens when we approach a crisis by naming the emergency and the need for wartime-scale action. It creates a new sense of shared purpose, a renewed unity across Canada’s confederation, and liberates a level of political action that seemed previously impossible. Economic ideas deemed off-limits become newly considered. And we become collectively willing to see our governments adopt mandatory policies, replacing voluntary measures that merely incentivize and encourage change with clear timelines and regulatory fiat in order to drive change.
2. Rally the public at every turn. Many assume that at the outbreak of the Second World War everyone understood the threat and were ready to rally. But that was not so. It took leadership to mobilize the public. In frequency and tone, in words and in action, the climate mobilization needs to look and sound and feel like an emergency. If our governments are not behaving as if the situation is an emergency – or they send contradictory messages by approving new fossil fuel infrastructure – then they are effectively communicating to the public that it is not.
3. Inequality is toxic to social solidarity and mass mobilization. A successful mobilization requires that people make common cause across class, race and gender, and that the public have confidence that sacrifices are being made by the rich as well as middle-class and modest-income people. During the First World War, inequality undermined such efforts. Consequently, at the outset of the Second World War, the government took bold steps to lessen inequality and limit excess profits. Such measures are needed again today. Moreover, polling clearly shows that when ambitious climate action is linked to tackling inequality, support does not go down – rather, it goes dramatically up.
4. Embrace economic planning and create the economic institutions needed to get the job done. During WWII, starting from a base of virtually nothing, the Canadian economy and its labour force pumped out planes, military vehicles, ships and armaments at a speed and scale that is simply mind-blowing. Remarkably, the Canadian government (under the leadership of C.D. Howe) established 28 crown corporations to meet the supply and munitions requirements of the war effort. The private sector had a key role to play in that economic transition, but vitally, it was not allowed to determine the allocation of scarce resources. In a time of emergency, we don’t leave such decisions to the market. Howe’s department undertook detailed economic planning to ensure wartime production was prioritized, conducting a national inventory of wartime supply needs and production capacity and coordinating the supply chains of all core war production inputs (machine tools, rubber, metals, timber, coal, oil and more). The climate emergency demands a similar approach. We must again conduct an inventory of conversion needs, determining how many heat pumps, solar arrays, wind farms, electric buses, etc., we will need to electrify virtually everything and end our reliance on fossil fuels. And we will need a new generation of crown corporations to then ensure those items are manufactured and deployed at the requisite scale.
5. Spend what it takes to win. A benefit of an emergency mentality is that it forces governments out of an austerity mindset. This year, in response to the COVID emergency, Canada’s debt-to-GDP ratio will rise to about 50%. At the end of WWII, it was 108%. In order to finance the war effort, the government issued new public Victory Bonds and new forms of progressive taxation were instituted. Yet these new taxes, and, what remains to this day historic levels of public debt, did not produce economic disaster. On the contrary, they heralded an era of record economic performance. As we confront the climate emergency, financing the transformation before us requires that we employ similar tools.
6. Indigenous leadership, title and rights are central to winning. Indigenous people played an important role in the Second World War. Today, their role in successfully confronting the climate crisis is pivotal. As our mainstream politics dithers on meaningful and coherent climate action, the assertion of Indigenous title and rights is buying us time, slowing and blocking new fossil fuel projects until our larger politics come into compliance with the climate science. Some of Canada’s most inspiring renewable energy projects are also happening under First Nations’ leadership. It is imperative to both honour and support such efforts.
7. Leave no one behind. The Second World War saw over one million Canadians enlist in military service and even more employed in munitions production (far more than are employed in the fossil fuel industry today). After the war, all those people had to be reintegrated into a peacetime economy. That too required careful planning, and the development of new programs for returning soldiers, from income support to housing to post-secondary training. The ambition of these initiatives provides a model for what a just transition can look like today for all workers whose economic and employment security is currently tied to the fossil fuel economy, with a special focus on those provinces and regions most reliant on oil and gas production.
JP&N: Is there anything else you’d like to share with our readers?
SK: The book is an invitation to our political leaders, to reflect on the leaders who saw us through the Second World War and to consider who they want to be, and how they wish to be remembered, as we undertake this defining task of our lives. My hope is that this book might embolden them to be more politically daring than we have seen to date, because that is what this moment demands.
And much like the trials that tested the character of past generations, the book is also an invitation to all of us to reflect on who we want to be as we together confront this crisis.
A Good War: Mobilizing Canada for the Climate Emergency
By Seth Klein
(ECW Press 464 pg. $24.95)
Available on Amazon.ca in both paperback and Kindle format
Features
Exchange Rate Factors: What Global Events Mean for Savvy Investors
When Russia invaded Ukraine in 2022, it created ripples in all financial markets, including currency markets. The Euro weakened while the dollar surged and emerging market currencies wobbled. Global factors can quickly affect financial markets and shake established trends. Apart from such rare events, currencies tend to change their price because of interest rates, inflation, and overall investor confidence. For investors managing money abroad, understanding these movements is critical to avoid losses and mitigate risks.
Below, we will break down how global political, economic, and cultural events influence exchange rates, with insights for savvy investors.
Economic factors
There are several key exchange rate factors with a consistent history of shaking financial markets. These factors include inflation, interest rates, trade balances, employment rates, and so on. Since economic factors are shaping markets almost daily, we start with those.
Inflation and interest rates
Inflation and interest rates are closely connected as one can easily affect the other. When inflation rises, central banks step in and raise interest rates to reduce inflation, and when inflation is lower, central banks can lower interest rates to make borrowing money cheaper. As a result, investors closely monitor these two metrics to anticipate changes in interest rates. Higher inflation makes currencies weaker, and whenever banks change the rates, the changes are immediately reflected in global currency rates. In the United States, the Federal Reserve is the central bank that sets interest rates in the country.
Trade balances and economic growth
A country that exports more than it imports has a stronger demand for its currency. More demand equals a stronger currency. However, the Japanese yen was always weaker against the dollar because the BOJ of Japan tends to have super low rates near 0 to support its exporters. Economic growth also increases demand for local currency as more investors try to invest in the country’s economy. Long-term investors often track this data to detect early signs of any changes in currency strength.
Political and geopolitical factors
Elections, sanctions, and overall political stability are also crucial factors. If the country gets under sanctions, its economy crumbles and its currency becomes inflationary, losing its value quickly. Elections are also crucial for a currency’s strength. Geopolitical events can have a serious impact on the currency as well. The most obvious example is the 2016 Brexit events that made GBP lose its value rapidly and violently. Global conflicts, such as wars, can seriously impact global financial assets, especially currency markets. When tensions are high, safe-haven currencies like USD and CHF (Swiss Franc) become very popular among investors as they seek a safe place to protect their capital.
Cultural and social factors
People like tourists, workers, and diaspora communities can shape currencies as well. Tourism usually drives seasonal demand, and countries that are popular destinations during certain seasons experience their currency appreciation as demand spikes. The perception matters as countries seen as safe and opportunity-rich tend to attract more investors, solidifying their currency strength.
Technology and innovation
Technology is seriously affecting everything, especially the financial sector. Digital payment systems, blockchain technology, and fintech startups have made it easy and swift to move money around. Cryptos and stablecoins enable investors to protect their capital using stablecoins during volatile times. The latest trend among banks is to work on CBDCs, which signals a new era where national currencies are blended with technology and blockchain. Despite this, currencies, even in their crypto form, will continue to be influenced by all major factors mentioned above, and knowing how these factors impact your currency is key to keeping your capital safe from risks.
Practical lessons for savvy investors
So, what do all these factors teach us about global currency rates and investing strategies? The key lies in proper preparations and anticipation. Monitoring macro trends, policy announcements, and major geopolitical and political developments is critical.
Diversify
The number one method which is used by professional investors is diversification. This simply means to spread your risks across a basket of assets. By not investing all your capital in one instrument, you can mitigate risks. If one asset experiences a loss, other ones will counter it with returns. Building a diversified portfolio is key to properly diversifying. For example: divide your capital to buy stocks, commodities, currencies, and cryptos so that if one fails to perform, others will counter it. This ensures a stable income without unnecessary losses in the long run.
Hedge
Forex options and ETFs are great hedging assets. Forex options let investors lock in an exchange rate for a future date, which is very useful if you expect volatility but want stability. Currency ETFs, on the other hand, track specific currencies or a basket of currencies and allow easy trading or protection without trading forex directly, but they are still risky.
Monitor the economic calendar
Economic calendar is a free online tool that aggregates important macroeconomic news data such as interest rate decisions, CPI, inflation, employment rates, central bank announcements and speeches, and other crucial information. By monitoring them, investors can always know when important news data will be released, and they can postpone their investment decisions to avoid volatile times and only invest after the main trend is determined.
Features
The Canadian Dollar is on a slow decline. Should you save in euros or US dollars instead?
The Canadian dollar has been losing its value against the dollar this year. For Canadians, this raises a simple question: if your CAD is losing ground, is it better to move savings into euros or U.S. dollars, especially bonds, stocks, or a carry-trade strategy? Carry-trade strategy in this context means to borrow in CAD and invest it in the USA or the EU zone. This is a complex matter, and to understand where the CAD is, how attractive other currencies might be, we need to analyze these currencies more deeply. Below, we will walk you through the data, practical costs, and risks so you can reach a usable conclusion after reading this guide.
Quick snapshot – What the markets say right now
Recently, the Canadian dollar has hit multi-month lows due to weaker oil prices and a post-Fed (U.S. Federal Reserve) market reaction (which raised the rates, making the CAD weaker against the dollar). Canada’s central bank has cut its policy rate to 2.25%, while the Fed’s fund rate remains notably higher at about 3.75-4%. The ECB (European Central Bank) main interest rates are lower than the Fed’s and near the low-to-mid 2% range. While the Euro currency to USD rates remain mostly predictable, due to higher US bond yield rates, the EUR remains stronger, still. The U.S. 10-year Treasuries are around 4.1%, Canada’s 10-year near 3.2%, and Germany’s 10-year around 2.7%, meaning that today the USD-denominated bonds have the highest nominal yield among the three. As a result, the dollar seems much more attractive when it comes to bond yields and stocks.
Bonds – Which currency is the best for fixed income?
The short answer is: USD bonds. When it comes to nominal yield alone, US bonds beat almost all other competitors. U.S. government bond yields (10-year) are noticeably higher than Canadian and German/Eurozone bond yields right now. As a result, US bond buyers have more income potential than Canada and the EU. Euro-area core yields are lower, meaning they are paying less than the USA.
However, nominal yield does not mean it is guaranteed real return, and metrics like inflation, currency rates, and hedging costs can impact potential returns directly. If you buy USD bonds but the dollar falls against the CAD, currency losses will most likely wipe out the higher yield rate. If the Fed lowers its rates, it will make the dollar weaker against the CAD and EUR.
Another challenge is that, if you live and spend in Canada, you are using CAD, and when exchanging it for dollars, you get exposed to foreign currency rate risks, which must not be underestimated.
Stocks – Euro or dollar?
Both the EUR and USD have their advantages. USD has strong liquidity and strong long-term performance, while EUR equities offer valuation opportunities and recent relative strength.
Why USD?
The U.S. market remains the most liquid stock market with strong earnings for many tech and large companies. This makes USD stocks very attractive for long-term-oriented investors. S&P has been rising historically, and even after crashes, it often recovers its value relatively quickly.
Why EUR?
European indexes have performed well this year and in many cases cost less than their U.S. counterparts. While cheaper does not always mean better, these indexes still have some growth potential. Some major banks in the EU zone, together with industries, have recovered strongly with a recent focus on military manufacturing, making many EU stocks very attractive, together with local indexes.
However, here is a caveat: if you are using CAD daily and it loses its value against the euro, the returns from euro holdings might shrink, exposing you to greater currency risks.
Carry-trade analysis – Is it viable to borrow CAD and invest it in USD or EUR?
The basic promise of carry-trade is simple yet powerful: you borrow cheaper currency and invest it in currencies with higher yields. In our case, is it lucrative to borrow in CAD and invest in either EUR or USD? To answer this question, we need to look at numbers. BoC policy rate is 2.25%, Fed funds from 3.75%, U.S 10-yr is 4.1%, Canada 10-yr is 3.2%. If we deduct Canadian rates from the U.S. rates, we get around 1.8% positive before costs. So, in theory, it could be lucrative to invest CAD in USD assets using a carry trade. Since the ECB has around 2%, it is not profitable to use a carry-trade strategy for the euro.
The bottom line
While the CAD has been weakening lately, it is still not cheap enough to naively invest in USD or EUR. However, if you want a pure yield and can tolerate foreign exchange rate risks, USD bonds are more attractive today. When it comes to stocks, USD equities provide stable and liquid markets. If you want valuation potential and diversification, then euro equities have become more attractive this year. When it comes to carry-trade strategies, the USD remains more lucrative than the euro, but on paper, traders and investors should evaluate all the risks and costs before investing in any currency.
In the end, Canadians who have CAD for their daily costs should be careful when trying to get exposure to other markets. US bonds, US stocks, US carry-trade, and EU stocks remain attractive choices for experienced investors.
Features
Why Reading Online Reviews Matters Before Making a Purchase
People usually pause before purchasing to read reviews from other customers. It’s become part of everyday online life, a quick way to see how something really performs before making a decision. According to the Pew Research Center, most internet users read reviews to get a better idea of what they’re buying. The feedback from actual users becomes more reliable than marketing statements because it comes from everyday consumers instead of sales-oriented corporate messages.
Reading reviews also helps spot patterns. If the same comment, good or bad, appears again and again, it usually means there’s truth to it. People now use this collective feedback as their main method to evaluate online products and services for quality and reliability.
When There Are Too Many Options, Reviews Narrow the Field
Shopping online can be overwhelming and a bit of an adventure. There are always more options than anyone needs, hundreds of gadgets, countless household tools, endless entertainment subscriptions. All listings present themselves as excellent value propositions with operational excellence, yet it remains a bit of a challenge when it comes to verifying which ones deliver actual results.
Reviews become useful at this point. Real users provide information about product details, which marketing content fails to show, by sharing their experiences about delivery speed and setup ease and product durability after several months of use. The product details show its operational behavior when used in regular business activities.
Users tend to begin with reviews. For instance, a tech product might have amazing packaging but fall short on battery life or integration. Maybe a new game or casino platform might sound promising, and reviews on trusted choices can confirm whether it includes flexible payment options, a wide content library, and responsive support. When feedback keeps mentioning strong points like clear instructions or helpful customer service, it shows consistency. The product or service delivers its expected results because customers have personally seen its performance.
Reviews Build Faith Through Shared Experience
Reviews gain their strength from the emotional bonds which readers find with each other. Reading about someone else’s experience feels familiar, even if you don’t know them. It’s basic word-of-mouth marketing, like receiving recommendations from a neighbor who has already purchased the item you are considering.
This shared experience has built an informal community of online voices. People rely less on what a brand claims and more on what other users notice. When different reviewers mention similar strengths or small frustrations, it adds authenticity. The story becomes more believable.
Reviews show what other users have experienced, but they do not offer any guidance about what to do. This type of his collective info turns into an important part of how people build trust online. It’s a small thing, but it makes a big difference in how confident we feel about the choices we make.
Balanced Feedback Feels More Honest
A perfect score does not prove that something lacks any imperfections. A combination of positive and less-than-perfect feedback creates a more authentic impression. Small complaints about packaging or delivery delays make glowing reviews sound real. A recent study showed that participants answered honestly instead of trying to make their responses attractive to others.
Most readers know that nothing works flawlessly all the time. People look for reviews which provide both positive and negative aspects because they want to find balanced opinions. Customers can establish realistic purchase expectations through combined information which they can apply before buying. Review systems maintain their value because reviewers maintain honesty in their assessments.
Why Recency and Volume Matter
The best reviews and product ratings are the ones written recently. They reflect how a product or service performs right now, not how it worked a year ago. Things change, materials, delivery services, and even the way companies handle support.
A steady flow of new reviews suggests consistency. When lots of people share their experiences over time, patterns appear. Those patterns tell readers what’s typical, not just what’s possible. It’s the difference between one person’s lucky experience and a reliable average that others can count on.
Quantity matters too. Ten balanced reviews from this month will usually tell more than a single five-star comment from last summer. Together, recency and volume create a clear picture of reliability and quality without relying on assumptions.
Recognising Genuine Reviews
Not every review online is authentic, real, and written by a consumer. Some are written by automated accounts or people hired to post positive comments. Real feedback tends to sound natural and personal. It might mention something specific like the texture of a fabric, how easy the setup was, or whether support staff replied quickly.
Authentic reviews vary in tone and detail. Some are short, others long, some are full of small observations. That mix of styles feels human. On the other hand, copied or fake reviews usually repeat the same phrases or sound overly polished.
Many websites now try to identify and label suspicious posts, but readers can also help by paying attention to repetition, timing, and tone. A quick scan across different platforms usually reveals what’s genuine and what’s not.
Reading Smarter in the Online Marketplace
Reviews have become a solid foundation for how people make decisions online. They give an honest view of how something performs beyond what’s written on the label. Every comment, short or long, adds another piece to the puzzle.
More than that, reviews show how businesses handle problems, how quickly they respond, and whether they follow through on promises. They offer accountability in a world where shoppers and sellers rarely meet face to face.
Reading a handful of reviews won’t guarantee a perfect experience, but it provides helpful context. It shows what’s typical and helps people make choices with more confidence. In an online world full of noise, reviews remain one of the easiest and most reliable ways to learn from others.