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I like to go for walks at lunch as I find that the fresh air helps me separate the actual issues of the day from all the noise in the market. This past Thursday, however, there was no escaping the noise.

It came in the form of a 2,000-plus person, pro-pipeline rally held near the Hyatt Regency Hotel during Prime Minister Trudeau’s visit to downtown Calgary.

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Interestingly enough, others have been on this walk before me.

Although I’m too young to remember the 1980s National Energy Program, what is currently happening appears to be another made-in-Canada energy crisis, coincidentally once again under a Trudeau government.

The carnage is everywhere, beginning in the industry itself — where jobs and opportunities are disappearing — and rapidly working its way into capital markets, where energy is in freefall and billions are being lost.