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Getbig Main Boards => Politics and Political Issues Board => Topic started by: dorkeroo on September 28, 2007, 04:09:21 PM
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Kinda scary when you think not 10 years ago it was closer to 60 cents U.S. rather than now being worth slightly more. Oh and you can make fun of the name of the Canadian dollar all you want. Fact is, that it is worth more than its American counterpart.
Anyone have any idea how the U.S. is going to fix its economic problems? I honestly would love to hear why it is that Bush was the right choice not once, but, twice.
http://www.cbc.ca/money/story/2007/09/28/loonie.html
The Canadian dollar closed above parity Friday for the first time in almost 31 years, as the U.S. greenback continued its dramatic fall against major world currencies.
According to Bank of Canada data, the loonie closed at $1.0052 US, up two-thirds of a cent from Thursday's close.
Expressed another way, it means that a U.S. dollar is now worth a little less than 99.5 cents in Canadian money.
The loonie had reached parity with the U.S. currency on Sept. 20 — the first time since November 1976 — but had failed to close at or above that level.
The loonie's rise came in spite of a weaker-than-expected GDP reading for July. Statistics Canada said the economy grew by 0.2 per cent that month, while economists were forecasting growth of 0.3 to 0.4 per cent.
Higher gold prices also lent support to the dollar, analysts said. Gold futures jumped more than $10 US an ounce to above $750 US an ounce, a new 27-year high.
Gold's rise was due in large part to the weakness of the U.S. greenback, as investors jumped into bullion as an alternative to assets denominated in U.S. dollars.
In Friday trading, the greenback fell to another record low against the euro for the seventh consecutive day. Traders are expecting the U.S. Federal Reserve will cut lending rates further to help ward off a recession.
That expectation got a boost from the release Friday of core inflation figures that showed inflation running at its lowest level in almost four years.
Bloomberg reported that the Canadian dollar rose 6.2 per cent against the greenback in September — its biggest monthly rise since the financial data provider began tracking the data in early 1971.
Since the start of the year, the loonie has gained 17 per cent against the U.S. dollar — more than any other major currency. The euro, for instance, has risen seven per cent against the greenback year-to-date, while the British pound and Japanese yen are both up about three per cent.
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makes so much sense to me, i finally understand...
xxxLoonie
(a Canadian living in London, England...
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BUT bush is on a mission from god.
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Live rates at 2007.09.28 23:51:21 UTC
1.00 USD
=
0.488760 GBP
United States Dollars United Kingdom Pounds
1 USD = 0.488760 GBP 1 GBP = 2.04599 USD
This makes me happy (and well off)
& I bet it makes everyone in Canada really really pleased too.
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A weak dollar is not necessarily a bad thing. For one, it attracts more foreign tourism as their money now will go further here in the US, as well as foreign investment. US-made goods are now cheaper and foreign imports are now more expensive. If the US still had a large industrialized base, the weak dollar wouldn't be that alarming. Europeans aren't too terribly happy either that the Euro is so strong in regards to everything else, as a very strong currency does have its downsides as well.
The weak dollar won't be here to stay though it will probably never return to prominence like it once did. With the current credit crunch, less loans being given for various things, and an expected run on the dollar, it won't hold up as it would. I travel to Buffalo, NY every year and just returned from there a few weeks ago and was amazed at the amount of CAnadians shopping and spending their money there....good for the local economy. Like I said, a weak dollar isn't always a bad thing(though I'd rather have it stronger as it lets me invest in bullion and precious metals much easier).
However, do expect a weakening of the Euro in the coming months. More are being printed everyday by EU mints, China is diversifying its holdings to include Euros, Iran dumped the dollar in favor of Euros, and Europeans are not liking the cost of domestic product in relation to crushing taxes and cost of living and salaries.
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This is a direct result of NAFTA and GAT.
We (Americans) were warned but Democrats were more concerned with exporting jobs and Republicans were too busy impeaching Clinton. Before any of you idiots get going...... No, we shouldn't have elected Perot's crazy ass but the amount of things he was right about is scary.
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This is a direct result of NAFTA and GAT.
We (Americans) were warned but Democrats were more concerned with exporting jobs and Republicans were too busy impeaching Clinton. Before any of you idiots get going...... No, we shouldn't have elected Perot's crazy ass but the amount of things he was right about is scary.
Forgive my ignorance please, but, I need to ask, why is it NAFTA and GAT (and what is GAT?)?
I am just confused because not only do I not know what GAT is, but, Canada is a member of NAFTA and our currency seems to be doing just fine against the U.S. dollar.
Thanks :)
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Forgive my ignorance please, but, I need to ask, why is it NAFTA and GAT (and what is GAT?)?
I am just confused because not only do I not know what GAT is, but, Canada is a member of NAFTA and our currency seems to be doing just fine against the U.S. dollar.
Thanks :)
Don't thank me, LOL! Thank the whore polititians willing to sell us out and the American public's gullibility.
I mean really... who would ever think exporting jobs and importing crap from china would hurt the economy?
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& I bet it makes everyone in Canada really really pleased too.
Not me, ...my income is in US Dollars. :'(
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This is sick.
Question: Does this current situation make the transition to the Amero even more likely?
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This is sick.
Question: Does this current situation make the transition to the Amero even more likely?
Seems like a good way to make America accept it.
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This is sick.
Question: Does this current situation make the transition to the Amero even more likely?
A lot more would have to happen before there is a transition to the much talked about Amero. The Amero is the supposed currency of the North American Union, a joining of Canada, the US, and Mexico, akin to the Euro of the EU. The prospect of an NAU is not even in the forefront of any formal talks. The only indications that we have that such a Union may take place is a meeting that occurred in 05 with Bush, Paul Martin, and Vicente Fox. In addition, there have been some frightening policies and actions that have taken place to indicate such a Union may indeed take place in the near future........6 years of inaction in regards to border security, the dilution of the dollar(dilute, not inflation of the Dollar...I'll tell ya why later if y'all are curious), and allowing Mexican truckers unhindered onto US roads. There is also local political talk of a Super Highway being built in South Texas.....I'd love to see if for myself one day.
This may disturb some, and elate others...but...the proposed Amero will not feature the "In God We Trust" on its currency. In fact, no mention of any religious deity will be seen on the Amero. However, we may see a rapid buildup of talks to the benefits of an NAU in the near-future...and you can guarantee that our politicians will be pushing heavily towards it, backed of course by powerful corporations, special interests, and the mass media.