Warren Buffett has had enough of “the recent challenge in the Canadian political context” and is walking away.
The man who is perhaps the best known investor on the planet has pulled out of a major project in Quebec in the wake of blockades and infrastructure shut downs.
GNL Quebec, the company behind an effort to build a pipeline from Eastern Ontario to the Saguenay region of Quebec where a liquified natural gas export hub would be built, has acknowledged that a major investor was backing out. That major investor is Buffet and with him goes $4 billion of the $9 billion needed in financing.
“This was a major private investor who left at the last minute,” GNL Quebec spokesperson Stephanie Fortin told the Financial Post.
Now that Prime Minister Justin Trudeau’s inaction on dealing with the attempted shut down of Canada is hurting Quebec, I have to wonder if he will change his tune on the pipeline and resource project. The pipeline and LNG port had already received special treatment from the federal government.
The mud hut brigade has adopted the slogan and hashtag #ShutCanadaDown and wants to make sure that all fossil fuels in this country stay in the ground. This group has an over exaggerated influence on the federal government, our media and our national and, in some cases, provincial policies.
Buffett has looked at what is going on in Canada and realized he can’t rely on a stable investment or regulatory environment, so he is walking away. He won’t be alone, and with each investor that decides to put money elsewhere, regular Canadians will be hurt by a lack of jobs.
The professional protesters and activists, funded by American billionaires and foundations, won’t feel the pinch from their actions or Justin Trudeau’s lack of leadership but thousands and thousands of Canadian families will.