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Background > The Gartman Letter, Dennis Gartman, Jan. 22, 2007
However, in the course of the past several weeks there have been rumblings that Flaherty's decisions would be over-ridden, that some sort of "grandfathering" would evolve, or that the time period to end the trusts would be greatly extended. We have had our doubts, however, tending to believe that what Flaherty said he meant. Speaking in Beijing late last week where he was visiting on business, Mr. Flaherty made it clear that he's not intention whatsoever of changing. He said,
We are steadfast with respect to our conclusions about the income trusts. Those who would extend the period for a long period of time are simply trying to kill the income trust decisions and would create tax unfairness in Canada.
We still take him at his word. He is sticking to his decision, bad though it might be. It cannot be good for the Canadian dollar to see the centre-Right become the government of higher taxes and confusion. We as former long standing Canadian dollar bulls can only shake our head in sadness and disbelief.
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