Canadian Prime Minister Stephen Harper on Thursday disputed claims by his country’s leading wireless companies that his government’s telecommunications rules give unfair advantages to foreign players like Verizon Communications Inc.

Canada’s three biggest wireless companies – Rogers Communications, BCE Inc and Telus Corp – are asking the Conservative government to rethink its rules for next January’s auction of wireless spectrum, saying the playing field is slanted in favor of a Verizon…..

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The chart below shows several things of importance relating to the current valuation of the financial markets.  The only valid measure of market valuation that is historically consistent is trailing twelve month REPORTED earnings per share.  Using other measures such as operating, or pro-forma, earnings to try and justify current market levels is both inconsistent and inaccurate when performing valuation analysis.  I have also included price to corporate profits (NIPA) per share for a comparative measure.

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Images of multiple dead bodies emerged from Syria last week. It was asserted that poison gas killed the victims, who according to some numbered in the hundreds. Others claimed the photos were faked while others said the rebels were at fault. The dominant view, however, maintains that the al Assad regime carried out the attack.

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As the fifth anniversary of the disorderly collapse of the investment bank Lehman Brothers approaches, some analysts will revisit the causes of an historic global “sudden stop” that resulted in enormous economic and financial disruptions. Others will describe the consequences of an event that continues to produce considerable human suffering. And some will share personal experiences of a terrifying time for the global economy and for them personally (as policymakers, financial-market participants, and in their everyday lives).

As interesting as these contributions will be, I hope that we will also see another genre: analyses of the previously unthinkable outcomes that have become reality – with profound implications for current and future generations – and that our systems of governance have yet to address properly. With this in mind, let me offer four.

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