Il secolo canadese

At the beginning of the 20th century, Canada was one of the richest countries in the world, enjoying boundless natural resources, a privileged place in the commercial empire established by still-dominant Britain, and access to the energetic American market. Against this backdrop, it didn't seem unreasonably boastful in 1904 when Prime Minister Wilfrid Laurier proclaimed that "the 20th century shall be filled by Canada."

Ninety years later, his words seemed more ironic than prophetic. The Canada of 1994 in many ways resembled the United States or Europe of today. Deteriorating public finances at every level were causing grave anxiety among both the public and experts. The federal government was plagued by persistent deficits. The national debt was growing at an alarming rate. The media and the international community were all predicting a day of fiscal reckoning with far-reaching implications. The Wall Street Journal went as far as to call Canada "an honorary member of the Third World."

Fast-forward again to today, and Canada seems to be back on track.

Via Foreign Office.