Features
Faye Rosenberg-Cohen has been at the forefront of some of the most momentous changes in the history of Winnipeg’s Jewish community
By BERNIE BELLAN Faye Rosenberg-Cohen is one of the longest serving staff members at the Jewish Federation of Winnipeg. She actually got her start at the forerunner of the Federation, the Winnipeg Jewish Community Council. (During the course of our interview, she was able to find the date of her first day of employment at the WJCC: May 18, 1994.)
For the past many years Faye has been serving as the Chief Planning and Allocations Officer for the Federation, a role that carries with it a great many different responsibilities.
Recently though Faye has announced that she will be retiring from the Federation as of this coming December and entering into a totally new phase of her life.
I contacted Faye and asked her whether she’d consider being interviewed – about how she came to be doing what she has been doing for the Federation, the changes she’s seen in the Jewish community over her time as a senior administrator, and what life holds for her as she moves into retirement.
I should note that I had the opportunity to sit with Faye at a recent session of the Remis Lecture Series, which is held now at the Gwen Secter Centre on Thursdays at noon. Faye was the guest speaker one Thursday in July and, although she didn’t reveal back then that she would be retiring soon – and I wasn’t taking notes (which I would have had I known that Faye was summing up her career for perhaps the last time in public), much of what she had to say stuck with me, and so when I began my phone interview with her one recent Friday morning, I was able to look back upon much of the information she had disclosed that particular Thursday afternoon.
During the course of the interview, which was conducted August 12, Faye disclosed that her oldest son had just got engaged the night before. Faye and husband Harvey Cohen have three sons altogether (in order): Binyamin, Yitzchak, and Meir. As Faye put it succinctly: “three weddings in three years….One got married last October, one will get married this October and the one who got engaged will get married next summer.”
JP&N: “Where do your sons live?
Faye: “Binyamin lives in Chicago (where he’s a Jewish educator and his fiancé is doing a PhD in the school of divinity), Yitzchak (who obtained an engineering degree from McGill and is now moving on to acquire another degree in computer science) lives in New York where his wife is a resident in pediatrics, and my youngest, Meir, has lived in Toronto for many years, where his fiance is doing a PhD in clinical psychology.”
I observed that Faye and Harvey’s situation is, in some ways, emblematic of the problem that has affected Winnipeg’s Jewish community for years now: “Retaining people in Winnipeg.” I asked Faye to respond.
Faye: “Yes, because we have a global Jewish community and they can move back and forth whenever they need.”
I referred to Faye’s having told at that Remis lecture how she had transitioned from being a volunteer for the Winnipeg Jewish Community Council in the early 1990s to a paid staff member. I asked her to repeat the story.
Faye: “I was on the planning committee for the WJCC and it was really an exciting time because we were talking about what would be needed on the campus.
“The planning committee was vetting the needs and the requirements to go into the campus development plan.”
JP&N: “So this is in the early 90s then. And you were already working in data management – so your skills would have been a perfect fit for what the campus planners were looking for.”
Faye: “I had a masters in computer science (from the U of M. Faye noted that she was one of “three women in the masters class… My mother was one of three women who graduated in commerce.) I had been working in data design and executive information systems management for almost 13 years (at that point).”
I asked how she became involved with the WJCC?
Faye: “I started as a volunteer with the Young Women’s Division. Then I was invited to take a seat on the board as (a representative) from Young Leadership and chaired the young leaders course. I was given a Young Leadership award when my oldest son was a baby.”
I remarked to Faye that I recalled her telling the Remis Lecture audience that when she began working for the WJCC she was actually doing work for which she had previously volunteered.
Faye: “I was on the planning committee, but then the actual Director of Planning, Loraine Bentley, moved to Ottawa because her husband got a job there. So Bob (Freedman, who was then the executive director of the WJCC) called me. He knew that at that particular moment I was not working and he invited me to apply.”
JP&N: “Were you not working because you were looking after one of your kids?”
Faye: “No, I was not working because I had a brief but very bad experience at another job – which is a whole different story.”
JP&N: “So Bob offered you the position that you’ve been holding ever since, although your title has changed slightly.”
“You were involved in the original development of the campus – right?”
Faye: “It was a campus committee before it became the campus corporation. Sheldon Berney was the chair. The meetings were held in a little building on the site.”.
“I worked with the planning committee to finish vetting some of the requests and the expectations. I had been in technology so I worked on the technology requirements part of it…the rfp for putting in phone systems and networking.”
I remarked that the offices of the WJCC used to be at the former YMHA building at 370 Hargrave. “So you must have worked there first?” I asked.
Faye: “I did. I got the job offer from Bob – another offer for a different systems job – and a positive pregnancy test – all in the same morning.”
“I didn’t know I was pregnant when I got the job offers so I called both of them back and said, ‘I’m going to give you a chance to withdraw the offers.’”
But – the offer from the WJCC still stood – even though Faye says that she did take a pay cut to take the job.
Faye: “I remember trotting along with Evelyn Hecht – who is a very fast walker and I was very pregnant, and we walked over to the Immigration Office and we met with someone who was a prospective immigrant to Manitoba. He was from Buenos Aires – and he was Jewish, and lo and behold that became the inspiration for ‘Grow Winnipeg’.”
At that point I wanted to switch gears, and I asked Faye to give a description of how her role as the community’s principal planner has evolved since the first took on the role 28 years ago?
Faye: “I was very fortunate in that I was given the freedom to grow it – to identify the most important areas to work on, and bring those forward to different leadership and planning committees. So I got to work writing the ‘Grow Winnipeg’ strategy. We were going to have a new home and we could focus more on bringing the community back together and focus on other issues rather than worrying about whether all the buildings were going to leak.
“I was just going through some files. We got to work on youth engagement as part of that. I was involved in helping build the ‘Club Fed’ leadership training program. Then, much later we got to build a ‘Jewish engagement strategy.’
“I say ‘we’ because that was the point when we had other people come on board, like Rena Elbaze (Secter), Avi Posen, and Florencia Katz – who’s now the director (of Education and Engagement). We brought Limmud to Winnipeg, PJ Library…PJ Library is probably the best thing that’s happened to Jewish communities in North America – maybe in the world – in over 40 years. It’s such a fantastic way of engaging young families and getting to know them.”
JP&N: “In terms of ‘Grow Winnipeg’, what were the basics of the plan? I take it it was to encourage immigration.”
Faye: “It was actually more than that. It was to encourage immigration, it was also to encourage people to stay. It turns out that the factors that allow young people to stay include that it’s easier to live here, they find significant others, they build lives here…it’s actually been a growing population. We’ll find out for sure when we see the next census data (which is not scheduled to start being released until November).”
JP&N: “There’s always been much talk about the initiative to Argentina. I assume you were quite involved in that, weren’t you?”
Faye: “Yes, I worked alongside Evelyn (Hecht) and after two years I was responsible for Grow Winnipeg, where I supervised Dalia (Szpiro) (GrowWinnipeg director), so I was part of it right from the start.”
JP&N: “Speaking of immigration, I know there’s been a bit of a downturn in the numbers coming here since Covid, but since all provinces have been given increases in the numbers of immigrants they’ll be allowed to bring under Provincial Nominee Programs, can you put your finger on how many new immigrants have come here over the years?”
Faye: “I can honestly say when I look at those numbers it’s somewhere around 1/3 of the community.”
JP&N: “So you’d say it’s somewhere between 4-5,000?”
Faye: “I think it’s more than that.”
JP&N: “You know that I’ve always been skeptical about the numbers that have been used for the population of the Jewish community by the Federation. I think though that it’s always been more of a case of identification – who identifies as Jewish? Has part of your role been trying to get people who didn’t identify as part of the community more involved?”
Faye: “Yes, in the 1990s it was called Jewish continuity and Jewish renaissance and now we talk about welcoming and engagement, but I think the key issue is trying to build the community and make everyone feel welcome in some part of Jewish life. That doesn’t necessarily mean that they have to have a membership somewhere.”
JP&N: “I know we’ve spoken about this before. Evelyn Katz used to be the unofficial demographer for the community. Is there a database for what you would consider the entire Jewish community?”
Faye: “No, once privacy legislation came along, that was it. Evelyn used to talk to real estate agents, and find out who died, who was born. And then it stopped, nobody could tell her anything. It was against the rules.”
JP&N: “So how do you arrive at your estimates for the size of the Jewish population then?”
Faye: “I rely on the analysis from the census.”
JP&N: “But the last census that was really valid was the 2011 National Household Survey.”
Faye: “So we had to make the best guess that we could – what we could see with our own eyes, and where the gaps were in the data.”
JP&N: “I remember when you started a community planning process in 2016 where Carol Duboff was the chair.”
Faye: “Yes, we called the consultations community conversations.”
JP&N: “What do you think are the keys to maintaining a strong and vibrant community?”
Faye: “That’s always been my focus, Bernie. I’m the person who’s been tasked with looking ahead as the planning director. If you look at our webpage, which is jewishwinnipeg.org/planning, you’ll see that we lay out those priorities. I talked to more than 400 people that year.
“We focused it around four priority areas. It turns out that one of those priority areas, which was Jewish connection, is not something that you act on by itself. It’s the glue that says everything we do needs to promote more and more connections between Jews and with the Jewish community
“Then we focused on the priority areas in terms of goals that we could set – an action plan including: vibrant Jewish life, an inclusive and caring community, and then the things that were the supportive structures.
“I think there are a lot of different kinds of vibrant Jewish life; there’s not just one kind.”
JP&N: “Let’s talk about your retirement. Are you going to be fully retired when you leave your position?”
Faye: “I am. I have an ambition and a plan. I’m going to go be a student for a term.”
JP&N: “And what about Harvey (Faye’s husband)? Is he also retired?”
Faye: “Harvey is also about to retire. He’s worked at the Convention Centre for many years where he worked as the systems manager for the director of the Convention Centre. Once he retired from there he worked at a Catholic counseling centre for the past six years, where he was the equivalent of a CFO.”
Faye then proceeded to explain that both she and Harvey will be going to Israel in the near future. “Harvey is going first and I will go in January when I’m finished (at the Federation). I will be a student at the Pardes Institute…where I’ll be studying Talmud and maybe Chasidut, maybe something about Jewish history…When I was graduating high school those things weren’t available to girls in the same way it was for my boys. You couldn’t go to a program in Israel where you were allowed to study Talmud in a co-ed situation.”
JP&N: “I think there’s something to be said for the Federation, too, as people have come in. It seems to me there’s always been someone there to provide them with mentorship.” Are you the longest-serving employee at the Federation?”
Faye: “No, Elaine Goldstine came a year before me. She worked with (the late) Gerry Kaufman on the fundraising side, who was also a mentor to me. Gerry told me that when he went out on calls he wasn’t soliciting funds, he was finding Jews. If you found the pintele Yid (the Jew inside) the money would follow. But first you need the connection.”
At that point I told Faye that I would send her this interview and offered to let her add anything pertinent that we might have missed during the course of our half-hour conversation.
She sent this post script:
I have worked with so many brilliant lay leaders who taught me so many things, I can’t even make a list small enough for the paper. In the last few years, we’ve been able to build up process, create continuity with vice chairs set to become the next chair, building strong collaboration across the community.
We are not a large enough community to have too many separate groups and agencies and silos. Our great advantage in Winnipeg is that we are out here in Winnipeg. We have to work together to get things done for ourselves and embrace the diversity of our community. We have a long history of doing just that.
I feel like I’m leaving behind something robust enough to let the next planning and allocations director dig in, get started, and then put their own self into the work. And I am grateful for having had the chance to serve my own Jewish community.
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.