Wednesday Night #2296

Economies
No big-ticket items, lower deficit in Quebec’s modest pre-election budget
The budget, entitled “A Responsible Budget With Targeted Measures for Quebecers,” includes money to tackle key social emergencies, including homelessness, intimate partner violence and food insecurity.
The 2026-27 budget also maintains existing funding for schools’ cultural outings as well as millions to support small- and medium-sized businesses in all regions.
Quebec intends to increase infrastructure investments by more than $2 billion over the next six years in priority sectors, including health care, education, public transit and the road network.
Most of the amounts invested will go toward maintaining existing infrastructure — a large portion of which was created between the 60s and 70s — representing 71 per cent of the sums
Fed Holds Rates Steady, Powell Vows to Stay Amid DOJ Probe
Federal Reserve officials left interest rates unchanged and continued to expect one rate cut this year due to increased uncertainty from war in the Middle East.
Chair Jerome Powell emphasized that progress in reducing inflation is needed to resume lowering rates, and officials raised their outlook for inflation in 2026 to 2.7%. Powell stated he has no intention of resigning as a member of the Fed’s Board of Governors until an investigation by the Department of Justice is “well and truly over”.
Bank of Canada Holds Rates, Looks Through Near-Term Oil Risk
The Bank of Canada held interest rates steady, keeping the policy rate at 2.25%, and said it would “look through” the Middle East war’s immediate inflation impact. Officials noted that upside inflation risks may be subdued in Canada due to persistent economic slack from the ongoing trade dispute with the US, and that the economy is still in excess supply. The bank removed language suggesting the current policy rate “remains appropriate” and said policymakers “stand ready to respond as needed,” with the governing council prepared to act if energy prices stay high and their effects become persistent.

US/Israel Iran (Third Gulf) War
We note that many of the news stories and commentaries about the US/Israel war against Iran emphasize the role of the U.S, while the bulk of coverage of Israeli activities is largely limited to the attack on Hezbollah and Lebanon with only the occasional reference to a specific action, e.g. Israel strikes Iran’s South Pars gas field hours after forces kill intelligence minister
The initial coverage pointed to Israel as the instigator (Bibi as Trump whisperer) of the war, however the interests of the two countries now appear to be diverging (Netanyahu Won Trump, But He’s Losing America)
The killing of Ali Larijani weakens Iran—but at a cost
The regime is now less predictable
Letters from an American March 15, 2026 (See Long reads)
A rare post from Heather Cox Richardson that does not feature historical context or even references, but is a thorough critical review of the US conduct of the (Third Gulf War) war on Iran “Today, as the country enters its third week of war against Iran, President Donald J. Trump was on the golf course, illustrating the observation of journalist E.J. Dionne in the New York Times that ‘from the very beginning of this war, we got a sense that there wasn’t a great deal of serious thought put into it by the president of the United States about how it might end, what our objectives were, what needed to be done to protect Americans who are in the Middle East, what might happen to oil in the Strait of Hormuz.’ ” As always, Dr. Richardson supplies ample reference links.

Trump administration threatens news outlets over critical coverage of Iran
FCC chair says news outlets that share ‘distortions’ about US war with Iran could lose their licenses.
The administration of President Donald Trump has warned that news outlets could have their broadcasting licenses revoked over critical reporting on the war against Iran, accusing the media of “distortions”.
Cascade of A.I. Fakes About War With Iran Causes Chaos Online
(NYT) A torrent of fake videos and images generated by artificial intelligence have overrun social networks during the first weeks of the war in Iran.
The videos — showing huge explosions that never happened, decimated city streets that were never attacked or troops protesting the war who do not exist — have added a chaotic and confusing layer to the conflict online.”

On the other hand …”
What’s Going on With Shipping (WGOWS) (See Long reads/Viewings below)
15 March
Host, historian Sal Mercogliano, delivers fact-packed updates on the situation in the Strait of Hormuz; he discusses relevant stories and ship passages; and how the USN c/should take action as nations are hesitant to answer Trump’s Call for allied warships to secure the Strait.
16 March
The number of ships sailing outbound from the Strait of Hormuz increases, with some ships running the narrow passage, and others sailing into Iranian waters to obtain clearance…the latest news and the impact of the disruption on the cruise and container sector and an examination of the targeting of ships by the Iranians in the Persian Gulf.

The WEF addresses another outcome of the Iran war
Another conflict, another reminder of the fragility of the world’s food supply
The conflict in the Middle East has delivered another reminder that basic supplies needed to keep the world fed are remarkably vulnerable.
Continued disruption to fertilizer exports from the region risks higher food prices and even hunger. Will any lessons from the latest supply panic stick?

C Uday Bhaskar
In week 3 of US-Israel-Iran war, there’s a risk of water infrastructure being targeted
US bombing Kharg Island is potentially an inflection point. If both sides don’t exercise a modicum of restraint, parts of the region can become un[in]habitable for a while
(Opinion, Money Control)… The possibility that water desalination plants in the region could also be struck cannot be ruled out. This would be catastrophic for the whole region and further retaliation by the US will push the regime in Iran to even more extreme responses. … Major powers must encourage a lowering of angry rhetoric and a return to the negotiating table. … The last phase of Ramadan should not be tainted with more bloodshed.

Peter Frise, our media super star had “an interesting and wide-ranging interview this afternoon with J.P. Tasker of the CBC. The topic was Conservative leader Pierre Poilievre’s announcement of his proposals for Canada’s auto industry. I felt that there are some worthwhile ideas in the Tory leader’s proposals but details are sparse so let’s watch this story unfold over the coming weeks.”
Poilievre pitches plan to fight Trump’s auto tariffs (video)

Peter Berezin commented on LinkedIn: “The Strait of Hormuz carries about 20% of the world’s oil. The Iranian oil is still getting through and some other oil is getting diverted through pipelines. So, right now, about 10% of the world’s oil supply is being blocked.
How much higher would oil prices need to rise to destroy 10% of global oil demand?
We have fairly good demand elasticity estimates for oil from James Hamilton and others. In general, they suggest that in the short run, oil demand is highly inelastic, with demand elasticities in the range of -0.05 to -0.1.
This means that every 10% increase in oil prices would reduce demand by 0.5% to 1%. Thus, to reduce demand by 10%, oil prices would need to double and possibly triple.
Let’s hope that does not happen.

Bill Brownstein writes about our neighbour and friend, Montreal filmmaker Joyce Borenstein takes her Oscar-voting duty seriously — very seriously
A former Oscar nominee and a newly minted member of the Academy of Motion Picture Arts and Sciences, Borenstein watched every film nominated in all 24 Academy Award categories this year. Will she tell us who she voted for?

Nicole Stellos -a name from long-past Wednesday Nights- represents Greece on the new Committee of Experts on Safeguarding Media Pluralism in the Digital Age (MSI-ePLU) which is tasked to prepare a draft recommendation from the Committee of Ministers to member States of the Council of Europe.

AI and Society
While in Canada, Federal ministers Marc Miller and Evan Solomon announced a new joint Advisory Council on AI and Culture on Tuesday, the final day of the first ever National Summit on Artificial Intelligence and Culture.
The federal government announced a new advisory council to help it protect Canada’s creative industries from rapid advancements in AI, as the first National Summit on Artificial Intelligence and Culture wrapped up in Banff on Tuesday.
The Advisory Council on AI and Culture — a joint venture between Minister of Artificial Intelligence and Digital Innovation Evan Solomon and Minister of Canadian Identity and Culture Marc Miller — will consist of 12 rotating members across creative and technology fields. None have been appointed yet.
The three-day summit held at the Banff Centre for Arts and Creativity brought together more than 300 artists, technology leaders, researchers and policymakers to explore how AI is changing Canada’s creative industries and what challenges need to be addressed. Among several topics, panellist Margaret McGuffin, CEO of Music Publishers Canada, said copyright issues are top of mind for artists.
Linda Leith, who has recently sold her publishing company shares the concerns of Margaret McGuffin regarding copyright issues and we hope to have her rejoin Wednesday Night soon to speak to this issue as it relates to Canadian authors.
Artificial Intelligence (AI) dominates almost every serious topic today. We suggest Geopolitics in the Age of Artificial Intelligence –Strategy and Power in an Uncertain AI Future as a complement to whatever other worries you have about the AI invasion.

Events
Thursday, 19 March
12:30 to 1:30 pm
Atwater Library Lunchtime Series
In Person and By Zoom: AISLIN on the 1976 MONTRÉAL OLYMPICS – cartoonist Terry Mosher gives a presentation on his new book, Aislin’s 1976 Montréal Olympic Scrapbook, with material from his archives plus work of fellow cartoonists about one of the most riveting periods in Montreal’s history.
To REGISTER and get the Zoom link, click here..

Tuesday, 24 March
9:30 am to 10:45 am EDT or local time where you are.
Discussion Event: Free Speech, Hate Speech and the Future of Democracy
The session will feature Lucina Di Meco, women’s rights advocate and co-founder of #ShePersisted, alongside Kyle Matthews, Executive Director of MIGS, and members of MIGS’ Youth Ambassador Network: Voices for Resilience, who will present youth-driven approaches to countering polarizing narratives through creative engagement, advocacy, and dialogue.

Thursday, 26 March
12:30 to 1:30 pm
Atwater Library Lunchtime Series
In Person and By Zoom: WAYNE LARSEN’S MEMOIR – Wayne Larsen discusses his memoir Behind the Lines: A Dubious Apprenticeship in Maximum Security, detailing with humour and illustrations how one of his first jobs prepared him for his career in journalism and academia.
To REGISTER and get the Zoom link, click here.

Varia
IN SEARCH OF BANKSY (See Long reads)
The British street artist’s identity has been debated, and closely guarded, for decades. A quest to solve the riddle took Reuters from a bombed-out Ukrainian village to London and downtown Manhattan — and uncovered much more than a name.
Kids in hospital help penguins woo mates with painted pebbles
At the zoo, Gentoo penguins begin building nests in February after staff members assemble about 50 nest rings and provide thousands of undecorated pebbles in their habitat. Many penguins court the same mate each breeding season. Patients painted the pebbles this winter with designs including hearts, trees, houses, caterpillars, penguins and even an engagement ring. Some designed pebbles for their preferred penguins. The pebbles were a hit. Penguins squabbled over them when a patient and a zookeeper unloaded them into the habitat on March 6
The film version of the Broadway Play Goodnight and Good Luck, starring George Clooney as Edward R. Murrow reminds us of the great years of CBS, in sad contrast to the current demise of CBS Evening News as the network is Magafied.

Long reads/viewings
IN SEARCH OF BANKSY
… Banksy, born Robin Gunningham, later took the name David Jones. (Whether he still uses that name is unclear.) And Robert Del Naja, Gunningham’s graffiti idol, friend, and a man himself rumored to be Banksy, has on at least one occasion been his secret painting partner. …

How Jeff Bezos Upended The Washington Post
The billionaire newspaper owner, dissatisfied by years of losses, wants the newsroom to double productivity with half its budget.

Letters from an American March 15, 2026
Heather Cox Richardson

Does Israel control the USA? – Iran War Briefing #8

What Does War in the Middle East Mean for Russia–Iran Ties?
If the regime in Tehran survives, it could be obliged to hand Moscow significant political influence in exchange for supplies of weapons and humanitarian aid.

What’s Going on With Shipping (WGOWS) March 15 and 16 (videos)
…update on the situation in the Strait of Hormuz;
Some Ships Are Eastbound and Down from the Strait of Hormuz | March 16, 2026