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The Foundation also recommends that decisions relating to the expenditure of investment income should be made within a principled framework that protects investments from the political exigencies of the day, meets the need for intergenerational equity, has a strategic focus, and minimizes negative externalities for Alberta's neighbours and the national economy. [...] Although patterns of energy use and production have changed dramatically since Although Alberta remains a source of natural resources for the province's Centennial, Alberta remains at the forefront of North American and international markets, the province is now the energy industry - the laboratory of innovation and creativity on the margins of a transformed global economy. [...] The Bicentennial, high standard of living and quality of life, but the province is therefore, is an occasion for celebration, and for optimism not the magnet for the best and the brightest from around the about the century to come. [...] The well- being of every citizen and corporation and institution is affected by the fiscal policies of all tiers of government." 2 SETTING THE STAGE Alberta is celebrating its 2005 Centennial with the elimination of the provincial debt and a substantial surplus. [...] Here we can do no better than to draw upon the advice William In light of this opportunity and responsibility, and in light of the Shakespeare imparts through Julius Caesar: downside risk of falling energy prices, the Canada West Foundation has concluded that there is an urgent need for a "There is a tide in the affairs of men, Which taken at the flood, leads on to fortune.