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Paul A. Volcker, Convocation 2015 Honorary Degree recipient - YouTube
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well Chancellor Wilson president Gertler
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Dean's faculty guess most of all all you
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graduating students you know for you
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this is a glorious occasion it's a
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celebration of academic achievement more
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than that I consider it a springboard to
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produce and use productive professional
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lives for me it's also a glorious
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occasion honored by a great Canadian
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university with international reach and
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an introduction somewhat excessive in
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terms of perhaps accomplishments but I
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can't suggest that at my age the image
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of a springboard is apt rather I
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consider this an invitation to look back
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to stay on firm ground to proceed on a
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presumption that experience provides
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wisdom now over a span literally of 75
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years or so from childhood vacations two
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years of official relationships an
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intellectual debate in Canada I can
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reasonably claim to be acquainted with
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this country for one thing I know is
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that our nation's are quite different in
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size different in geo political
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aspirations different and some important
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cultural instincts I also know that the
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idea and still instilled in my youth
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when I was graduating from University
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was that of a unique and constructive
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American role in the larger world which
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underlay all my education in year
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in public service but now I regret to
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say internal divisive pneus angry
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ideological differences huge and growing
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disparities in wealth visibly roading
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infrastructure is I am afraid
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undercutting our American presumption of
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a society to be emulated what has been
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termed are soft power for all of our
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vaunted capacity for innovation the
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outlook for strong economic growth and
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financial order has come into question
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we spend enormous amounts on the
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military and on our intelligence but
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it's really hard to know how to bring
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those resources constructively to bear
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in a troubled world I confess I look
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toward Canada with a certain degree of
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envy these days take my specialty as you
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know I've had decades a certain
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responsibility in a continuing interest
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in American financial performance and
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regulatory policies unfortunately the
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truth is that our vaunted system let us
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down badly to the point a few years ago
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of requiring really massive public
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support trillions of dollars to fend off
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deep seeded recession of my observation
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the Canadian financial world seems to
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have weathered the international
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financial crisis with relative
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equanimity I have to tell you that has
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not gone unnoticed let me point out that
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the very idea of a Canadian central
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banker being invited to take over the
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Bank of England the storied mother of
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all central banks is eloquent evidence
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of recognition
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and respect for the Canadian financial
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system and regulation now good Canadian
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friend of mine I still have some despite
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hearing some complaints about the
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Volcker Rule makes a point of extolling
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what he sees as the essential point of
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Canadian history and its governance he
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calls it a capacity for mutual
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accommodation mutual accommodation those
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are not exactly thrilling words stirring
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the blood inspiring fervent patriotic
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hymns or hailing military victories in
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fact is you in Canada haven't found it
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necessary to fight a war of independence
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or a civil war when tensions arose your
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leaders did not need to claim manifest
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destiny or force the delusions that the
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American Way of life was somehow not
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only feminine but a model for the world
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for you the vast expanse of Canada has
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been challenged enough the
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the point is that what's happened here
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is truly remarkable and has lessons he
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is the Canadian nation built out of
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different national instincts different
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cultural traditions were the indigenous
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are from abroad in the end it's all held
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together that now all banned the
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population stretched over 3,000 miles of
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difficult landscape no longer seems such
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a centrifugal force really remarkably a
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huge influx of immigrants have not only
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been absorbed but they do seem to have
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added to life and vitality my own
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personal observation is at this city of
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toronto now a world city has become
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truly international in more than sighs
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with all the cultural variety energy and
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outlook that distinction implies now
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listen I didn't come here simply to
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praise you are not about to give up my
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American citizenship don't doubt the
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inherent vigor and potential of the
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American economy or our constitutional
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system I don't see any alternative
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capacity to provide the needed element
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of constructive leadership in a troubled
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world but I'm also very aware that the
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world of 2015 is not the world in which
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I grew up a world in which the capacity
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of the great democracies to work
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together with American leadership and a
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common cause seem to be well understood
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today we need some of the Canadian
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genius of mutual accommodation of a
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sense of shared order the ability of
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North America and Mexico included to
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work together in the common interest has
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been well done
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created in the past but it needs to be
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continued as elaborated in the future
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critically important can we not extend
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ethically of harmony and cooperation and
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stretch it across the Pacific can we
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reason together to deal with the common
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concerns about climate change and at the
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same time can we work together to make
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sure that the radicalized Middle East
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does not become as destructive force of
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the world economically or politically
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now stand here before a large faculty
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the law these days eight centuries after
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the signing of the Magna Carta we are
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reminded that it is indeed dedication to
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the rule of law that provides the basis
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for strong and open democratic societies
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and the law school here is joined by the
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much newer monk school of global affairs
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and its presence and your presence is
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simple recognition of the fact that
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these days lasting success for any
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country must be a global success welcome
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to the challenge we need your energy
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your professional commitment that good
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sense of mutual accommodation they only
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want to add one bit a special pleading
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some of you graduating here today I feel
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certain must be from the United States
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come home
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we need your perspective we need your
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commitment we need some of that sense of
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accommodation that small Canadian life
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meanwhile thank you all for inviting me
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to join you on this great occasion thank
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you very much
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