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Business leaders and establishment figures jammed the launch last night in Toronto of a new biography, Beyond Politics: Frank McKenna by journalist Harvey Sawler.

Mr. McKenna, the former New Brunswick Liberal premier and Canadian ambassador to Washington, is helping to promote it. He is now the Deputy Chair, TD Bank Financial Group. And while the biography looks back at his life in politics, diplomacy and business, we asked him to look forward. Here are five things that are on his mind now:

1. The economy

“I think that Canada looks awfully good on the international stage. And I think you have to give credit from where credit is due. It goes all the way back to Mulroney and the harmonized sales tax and free trade and then through Chrétien with the budget and pension reform and the sale of assets and privatization that turned the country into such a fiscal exemplar.

"During the Harper years I think we’ve continued to proceed in the same general direction … Right now the government is doing the easy lifting, which is spending a ton of money with the approbation of the financial community and the citizens, because it needs to be done. That is the easiest thing you can do.

"When we get to the really heavy lifting, which is to try to put these deficits back where they came from, I think we will see the real mark of the government. … People are being disingenuous if they think this can be done without cuts, without revenue enhancements, without taking measures that really impact on citizens. It can’t be done.”

2. What keeps him up at night

“I guess my biggest worry is Islamic fundamentalism and the precarious state of Pakistan, Iran and Afghanistan. And number two is the financial state of the United States of America.

"I am very admiring of Americans as great entrepreneurs and enterprising people but I think the design of their government is going to make it extremely difficult for them to deal with the massive debts and deficits that have been accumulated.

"Just think about it, if we can’t get debt and deficits under control, consumers in the United States will not resume their spending, unemployment will be high. We’ll end up having a weaker U.S. dollar, meaning a higher Canadian dollar and less consumption for the 40 per cent of our GDP that goes to the United States.

"All of those things impact negatively if our biggest customer is hurting then we are hurting by definition no matter how well we do.”

3. Becoming Prime Minister (the constant question asked of him)

“The answer is no, I don’t see any circumstances where I would come back (to politics).”

4. Most stressful event since running a province: moderating two presidents

“Of all the things I have done, going back to probably Meech Lake and Charlottetown, that is the most stressful public event I have done [moderating the “debate” last May between Presidents Bill Clinton and George W. Bush].

"… Trying to get the two of them to engage in a way that was both respectful but also would disclose differences was really hard, really, really hard. They did not want to feud publicly and on the other hand the crowd wanted some fireworks.

"I kept trying to find issues that would get them going and I think everyone who was there found it a memorable event and one for the history books but I just found that I really, really had to work at it hard. (They were) reluctant to expose sharp differences …”

5. The proposed $4.8-billion NB Power deal with Hydro Quebec

“I’m out in the sunlight and I don’t like it. I’m like Willie the gopher … I saw a shadow and would like to go back. We’ve got a big raging debate and I’m kind of drawn into the middle of it about NB Power.

"I am very supportive … I think it is a transformational change and a very gutsy move by the Premier [Liberal Premier Shawn Graham]. Well it is (controversial). At the retail level I think everybody recognizes maybe we’d be better off but there is an emotional attachment to an asset and the Quebec issue raises its head …

"I would say it’s a tough slog and the premier knew it would be and he’s got a lot of guts to it and I figure we all have to get behind him. … if he can bring it all off he will make New Brunswick the best place by far in North America to invest in."