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Dollar closes above U.S. greenback

ROMA LUCIW

Globe and Mail Update

Latest comment posted at 5:21 PM EST 28/09/07

First time since November, 1976, as U.S. greenback keeps struggling while rising commodity prices ...Read the full article

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  1. SB from Ontario from Canada writes: Let's keep it that way forever. We are a World Class Country so should be our loonie.
  2. Anti Fascist from Canada writes: It is the USA dollar that is falling.

    The Canadian dollar is not rising.

    As the USA dollar falls the prices that USA consumers pay will start to increase particularly for foreign manufactured goods.

    The game plan for the SOB (south of border) repubes is to abandon the greenback. The new Amero will supersede the Canuck buck, greenback and peso.
  3. Robes Pierre from Calgary, Canada writes:
    Wonder when we'll see advertising ' we take american dollars at par'...
  4. J Williams from Canada writes: I wonder can you go into Chapters and buy a book with the American currency and pay the American price on the book?
  5. Delaney Murphy from Toronto, Canada writes: Dear SB from Ontario from Canada:

    You wrote that '...Let's keep it that way forever. We are a World Class Country so should be our loonie.'

    Curreny values are not set by sentiment - even Canadian sanctimony (which you seem to have in long tons).

    BTW, if you had travelled at all, you would already know that there is nothing world-class about Canada. It is pure self-delusion to pretend otherwise.

    If Canadians keep pretending that Canada is world-class, Canada will never BECOME world-class.
  6. C D from Victoria, Canada writes: Anti Fascist: The Canadian dollar did rise, its one of the best performing currencies of the year. But you are right most of the growth is based on the falling greenback.
  7. El Taco Grande from Canada writes: 'World class' is a descriptive term that relates to global cities, not to countries. And it has nothing to do with the relative price of the currency.
  8. N J from Canada writes: I wish there were other lawyers launching lawsuits for 35% higher price on other consumer products besides automobiles.

    They will doing Canada a service for launching these lawsuits.
  9. Robert Boyd from Windsor, Canada writes: Last wek I had a good guffaw over 'Soaring Loonie a Source of Canadian Pride', presumably in the thirty year lead up, we were riven with shame?
  10. Gary Dare from Portland, Oregon, Canada, writes: The dam is about to burst on US prices and most people are seeing much higher personal inflation outside the CPI basket of goods that set the official rate. That will settle the retail price differences issue ...
  11. Eric Kirkpatrick from Vancouver, B.C., Canada writes: Their is nothing wrong with being proud of this country. The fact that people can publicly state their obvious dislike for their homeland is a source of pride. And if you do travel the world people generally have a positive view of this country, regardless of who may be in power. The economic powers of the world have faith in us. And will invest and move here (Calgary, T.O., Vancouver). Refugees will risk their lives to come here. International organizations as well as the U.N. have turned to us for assistance. Not just as Peacekeeper/Makers but for mediators, financial, food and material aid. Tourist will travel the world (not just from the U.S.) to view our spectacular scenery and world class cities. We're near the top of every international listing of positive credentials. Yes, we're World Class! Thus the dollar.
  12. Frank N. Stein from Canada writes: Time to shop in the USA. Wait a minute. Gas price is through the roof and we get dinged duty over $50. dough!!!! So much for 'Free Trade'.
  13. globefan EH from Canada writes: Erik in Vancouver, there is another article in the Globe today about the impact of the soaring loonie on the 7 billion a year (not taxed) world class marijuana crop from western canada, apparently it is putting a dent in that export too.

    The Globe and Mail continues to bring us wonderful information on all topics, as a daily reader it is certainly appreciated
  14. Xario Zario from toronto, Canada writes: Frank N. Stein from Canada writes: Time to shop in the USA. Wait a minute. Gas price is through the roof and we get dinged duty over $50. dough!!!! So much for 'Free Trade'.

    True, our border protection agents do protect us from on-sale merchandise.....seems like thats the main job rather than protecting the coutry's security. But the deals you get south of the border more than make up for gas and tax (they dont usually charge any duty), mostly just GST/PST.
  15. Alyssa Watson from Canada writes: I wonder if americans are aware that the dollar is worth more and prob will climb higher. Dont get short changed when your visiting the us can be easily done now:)
  16. Frankie @^_^@ from Canada writes: Just listen to all those who support our retailers for gouging us. Its totally amazing. Some say we pay obscenely higher prices because we have health care. DUH . What on planet earth does this have to do with the fact that we pay 35% more here in canada for the same products sold in the states.Our personal taxes are higher here to pay for it, not the fact that walmart or honda havent lowewred their prices NOT ONE PENNY. As a matter of fact HONDA INCREASED CANADIAN PRICES FOR 2008.HAHAHAHA They are sticking their middle finger up to all canadians.And the stupid canadians line up to overpay for their cars by 4000.Barnum Bailey said. THERE IS A SUCKER BORN EVERY MINUTE. We happen to have 33 million of them here.
  17. Janice Cooper from West Kootenays, Canada writes: Frank N Stein, I'm not sure where you live or what part of the US you are basing your gas price information on. Here in Southeastern BC we are paying $1.18.9 per litre of gas, or $4.75 per US gallon. I filled my gas tank in northern Idaho this week for $3.09 per gallon, with my Canadian dollars being accepted at par. And I didn't pay duty, PST or GST on my purchases when I returned to Canada. (and, yes, I did declare everything I bought.)
  18. Apu Nahasapeemapetilon from Vancouver, Canada writes: SB from Ontario from Canada writes: Let's keep it that way forever. We are a World Class Country so should be our loonie.

    Using your logic, the UK must be twice as world class as Canada given that it takes two loons for a UK pound.
  19. Big M from Calgary, Canada writes: Janice Cooper ... paying $1.18.9 per litre of gas, or $4.75 per US gallon.

    FYI Janice - your metric conversion program is broken.

    There are 3.785 litres per US gallon (4.54 Imperial Gallon)

    Therefore 3.785 * 1.189 = $4.50

    Granted ... still significantly higher than $3.09
  20. Julius Petraeus from Toronto, Canada writes: 'Anti-fascist'' shows a typical Canadian attitude (self-deprecation mixed with smugness): 'It is the USA dollar that is falling. The Canadian dollar is not rising.'

    Head to the Yahoo Currency Converter, plug in some currencies and tell us which ones the Canadian dollar has not risen against in the last five years. Of course, then you'll say, 'It is the world's currencies that are falling.'
  21. Big Foot from Mississauga, Canada writes: Delaney Murphy from Toronto,

    You say 'Curreny values are not set by sentiment' -- Wrong, like with any other form of trading, currencies have a component of sentiment, the Canadian dollar didn't reflect the value of the Canadian economy back when it reached 62 cents nor does it reflect a fair value now at par. Sentiment has a lot to do with trading be it stocks, commodities, or free floating currencies... Have you ever traded any of these markets?

    You say 'BTW, if you had travelled at all, you would already know that there is nothing world-class about Canada. It is pure self-delusion to pretend otherwise.' -- Would you be so kind as to educate us dummies what we'd have to do to be more world-class, perhaps give us an example of a world-class country so we know what to aim for? I thought the UN classifying Canada in the top 5 countries in the world to live in kind of made us world-class (at least in some things). Obviously these clowns haven't been consulting with you a well travelled person...
  22. R B from Vancouver, Canada writes: Robes Pierre: I see 'American at par' daily in our office cafeteria (we have a lot of Americans working on site here). It's been that way for months, but I tend to suspect it's just another way the catering company rips off its customers...
  23. Ranald Walton from Canada writes: These 1 cent movements in a day (in exchange between the USD and CAD) are scary. A strong CAD is good, but it is the swiftness and the intensity of the correction which is frightening.
  24. Gary Dare from Portland, Oregon, Canada, writes: Julius Petraeus writes, ''Anti-fascist'' shows a typical Canadian attitude (self-deprecation mixed with smugness)' The problem is, Anti is incorrect that the currency exchange correction is only due to the recent and rapid drop of the US$ but Anti may likely mean that it's MOSTLY due to that ... yes, the loonie has risen against other currencies but just slightly. Up is good, of course. But for US$-C$ exchange, maybe 10% is due to the loonie's rise versus 90% due to the greenback's plunge ($1.42 per Euro today).
  25. J Kay from Canada writes: Gary dare: That's actually quite far from true. The loonie has significnat strength if one looks at a 5 year window. I took forex data traces goin back to 1999 (the beginning of the euro) and compared performance against the CAD and against the USD. The CAD significantly outperformed every major currency against the USD since 1999. It (CAD) was up 50% over the USD, the euro was up 17%, the pound was up 20%, the AUD 38% and the yen was down 3%. Since 1999 the loonie is up 50% against the USD, 27% against the Euro, 25% vs GBP, 56% vs Yen, 31% vs CHF and 8% vs the AUD. So yes it is Canadian dollar strength in the long - medium run. These day to day fluctuations however could be simply USD movement against a basket.
  26. Devil's Advocate from Canada writes: I just bought a car from the states... it's 1 year old with 15000 miles. I paid about 60% less than what a new car of the same model would go for. Until the prices are adjusted, I swear I will never support the Canadian divisions of Ford, GM, Chrysler, Honda, etc. Quit raping the public just because you can.
  27. Christopher L from Niagara Falls, Canada writes: Here's a topic for argument...
    Since there is parity, the local police force is now looking to purchase vehicles from across the border to add to its fleet as opposed to from the region in which it protects.
  28. Alistair McLaughlin from Ottawa, Canada writes: Anti Fascist, still beating the 'Amero' drum are you? There are three reasons why it won't happen, not that you will believe me. 1) US doesn't want it. 2) Canada doesn't want it. 3) Mexico doens't want it, and even if they did, no one would care. Toss the Amero into the same pile as the NAFTA Superhighway, another fiction of extreme right isolationists and far left nut-jobs. Just because your delusions about North American Union are vivid and frightening to you does not mean they are real. You might want to consider talking to your physician about switching medications. No drug works for everyone. Getting control of your hallucinations is the first step toward regaining control of your life.
  29. dwight steadman from Fort Macleod from Canada writes: The Canadian dollar is kicking some serious butt these days. I say let's shoot for $1.05 or $1.10 US. We'll show those Yanksters who runs this continent.
  30. D R from Canada writes: Proud Canadian: What does any of this have to do with Stephen Harper? Did the Tories cause the collapse of the US housing market? How did they make resource prices (the source of the strength of the dollar) rise?

    Or is this just an excuse to get some partisan chest beating in where none is warrnted?
  31. Alistair McLaughlin from Ottawa, Canada writes: Proud Canadian has been cutting and pasting that same comment in every article about the loonie's ascent for the past three weeks. Just ignore him. Either he's just trying to get a reaction, or he really is that stupid, but either way, he's not worth commenting on. Ooops, i just commented on him. Who was I talking about again?
  32. Noise Machine from Toronto, Canada writes: What could this mean to the economy of Ontario?
  33. Fred Draper from Kingston, Canada writes: Gary Dare from Portland, Oregon, Canada, writes: The dam is about to burst on US prices and most people are seeing much higher personal inflation outside the CPI basket of goods that set the official rate. That will settle the retail price differences issue ...

    You could be right, Gary. People are expecting price decreases in Canada. There's another way to close the gap.
  34. Taz Mania from Canada writes: Christopher L from Niagara Falls, Canada writes: Here's a topic for argument...
    Since there is parity, the local police force is now looking to purchase vehicles from across the border to add to its fleet as opposed to from the region in which it protects.
    I think they should threaten to do that unless the Canadian price matches that of the US. There is no reason we should be paying 20 to 25 percent more for the same car given the current values of the Cdn and US currencies. Prices need to be adjusted or we should be looking to buy south of the border. We shouldn't be going broke just to support our local retailers' greed.
  35. Diogenes the Cynic from North York-Corsica, France writes: Superior! At last!!! What a feeling!........ I am all with dwight steadman from Fort Macleod from Canada who writes: 'The Canadian dollar is kicking some serious butt these days. I say let's shoot for $1.05 or $1.10 US. We'll show those Yanksters who runs this continent.' :)
  36. Al Matthews from Canada writes: Thank you Progressive Conservatives, Liberals and Conservatives. All think Canada first. Keep up the good work!
  37. Jimmy K from Toronto, Canada writes: Gary Dare, I don't see why the dam would burst and US consumers suddenly be charged significantly more. US corporate profits are still at very healthy (albeit somewhat reduced) levels for most major retailers, so it seems they are weathering the storm just fine. Also, the US isn't nearly as dependent on International Trade as Canada is, so I don't think movements in their currency affect them nearly as much as it would us.
  38. Larry Hill from Canada writes: I think we should all remember that there is a lot of currency speculation going on. Right now traders are betting on our dollar to rise, but back when we were in the 65 cent range there were traders selling short and artifically driving the dollar down.
  39. S Lucht from Canada writes: I think the value of the C$ is artificially high, for reasons which have already been discussed widely. Yes, the Canadian economy is robust. But based on what? Primarily on commodities prices--there hasn't been innovation or a meaningful upsurge in productivity, technology development, infrastructure development, etc.--foreign takeovers, and, as other posters have noted, the ailing US economy.
  40. Ben USMC from United States writes:

    There goes our Saskatchewan cruise vacation....Darn vendors selling touques out in town, by the time you factor the exchange rate and 193% taxes...
  41. MJ Patchouli from Regina, Canada writes: Yet on ebay.ca, the CAD is still worth less than the USD.

    Come on, ebay.ca! Get with the loonie.
  42. B D from Saskatoon, Canada writes: I think the reason the Canadian dollar is higher that the US dollar is explained in a 3 part development; which will likely continue to be a trend for many years to come.

    1) Of course many point to commodity prices being higher. Oil is just one factor.

    2) Government Debt: The United States has a Debt in the trillions and a defecit of roughly 400-500 million a year. Canada just had a record surplus and is paying down our debt.

    3) Citizens in debt: The US has far more individuals, per capita, in debt than Canadian individuals, mortgage debt, credit card debt, what have you.

    Don't ask me how all this ties in, but I am sure that all three of these factors are the reason why the grass is looking greener in Canada.

    PS: The first step on the road to fixing this problem (USA), is to fire Bush and change your governmental system to a parliamentary democracy as opposed to the outdated and obsolete republic style of government.
  43. Keith Stringer from Cincinnati, United States writes: Actually, regarding one of the interesting debates above, if you google search the phrase 'canada is a world class country' you actually get FOUR hits.

    In contrast, you get ZERO hits if you try that phrase with France or England or Germany or Greece or America. That is, there are zero hits for 'France is a world class country', and zero hits for the others too.

    So there are two possibilities here.

    Possibility One: Canada is a world class country and those other countries are not world class countries.

    Possibility Two: People in those other countries do not have whatever nutty compulsion one needs to bother writing weirdly about one's own country as 'world class'.

    Take your pick.
  44. Ben USMC from United States writes:
    Keith Stringer from Cincinnati, United States

    I typed in 'world class/Canada' into Google, and it came up with Pamela Anderson....
  45. Bradly Wiebe from Canada writes: J Williams from Canada writes: I wonder can you go into Chapters and buy a book with the American currency and pay the American price on the book?

    That's not how it works. The prices listed on the books are the price in Canada, not the price in Canadian dollars.
  46. OZZY RULES THE WORLD! from Canada writes: I seen this coming a mile away. The US currency like all paper 'Dumb Money' is coming to an end and its being accelerated by overspending and debt. GOLD AND SILVER FOLKS. Better buy it while its cheap. Pretty soon there will be talk of the AMERO and it WILL happen if people do not fight it. When you lose control of the money you lose control over the financial policy in you're country. WE WILL BE A STATE.
  47. Marv M from Edmonton, Canada writes: I see a bit of a dilemma here for the Bank Of Canada. Inflation and the cost of living is ruining the living standard for MANY Albertans and driving costs through the roof. For the BOC to raise interest rates to control Alberta's inflation they would hurt Ontario and cause our dollar to push too high. If they were to lower rates it would push Alberta and the West to a state of Hyperinflation, but slow down the growth of the loonie and help Eastern Canad's economy with lower rates and a lower dollar. The only answer here is Alberta HAS to get our Inflation and soaring costs under control. This is easily done by adopting the Royalty review recommendations and as result slowing growth in this Province to a much more manageable, less inflated rate.
  48. Gary Dare from Portland, Oregon, Canada, writes: Jimmy K writes, 'US corporate profits are still at very healthy (albeit somewhat reduced) levels for most major retailers, so it seems they are weathering the storm just fine.' Retailers are keeping their heads above water but the water line is getting pretty high. Target dialed down its projections for the next quarter, as have many other stores. Next quarter is the one that includes the Christmas shopping season.

    http://money.cnn.com/2007/09/19/news/companies/holiday_forecast/index.htm

    'Also, the US isn't nearly as dependent on International Trade as Canada is, ...' No but their companies are still doing well because of profits generated abroad. Nearly a third of US corporate revenues now originate from outside the US (actually, a lower number than I had expected).
  49. Maximilian Widmaier from Vancouver, Canada writes: Anti Fascist from Canada writes: 'It is the USA dollar that is falling. The Canadian dollar is not rising.'

    While it is true that the US dollar is falling, it is not true that the Canadian dollar is not rising. It has risen against every major currency on the market (albeit not as much as it has risen against the US dollar) and generally has been for roughly 15 years.

    However, I hardly understand why people feel 'proud' of this fact. It has very little, if anything at all, to do with anything Canada has done and more to do with world energy prices (the Canadian dollar is widely seen as a subsitute for petroleum trading for those who don't wish to play the risky commodity market).
  50. Nai Woos from Calgary, Canada writes: The high Canadian Dollar is killing many industries in Canada, especially the manufacturers. Bank of Canada is adding fuel to the fire by keeping interest rates high. Come on, David Dodge, you are trying to cure a desease we haven't got and thus risk an overdose of medicine.
  51. B D from Saskatoon, Canada writes: Keith From Cinci:

    That is exactly why the US economy is going down the tubes. Becuase somehow it seems America imagined a way to create something that really isn't there. i.e. Google. Google doesn't exist in the same way oil, gold, water, and computers do. It is merely a search engine that claims to hold the world's information, yet most serious people would sooner get their information from a library.

    Look for google to plummet into the debts from their reich atop the $500 mark in the very near future. Why? Because people will soon figure out there is nothing really there.

    That is my opinion: even though we all use google, and they had a 3 billion dollar profit last year. The stock is still drastically overvalued, and there is still nothing that google could do without energy to power the computers that people use to access google.
  52. Omnibot 2000 from Canada writes: Got a good laugh about the headline saying the dollar 'closed'...

    Currency markets don't 'close'. Currency - unlike stocks and commodities - are traded 24/7.

    Who writes this stuff? The stock market reporter covering on someone else's day off?
  53. Let me tell You How It Is from United States writes: Well by golly! You guys get a gold special star! What can I say ? I'm at a loss for words. I can just see Canadians running around gushing with pride! Saying things like ' yup.. Canada has it all' ' MY Canada is a Canada with equal money' 'those evil dastardly Americans- we've shown 'em now (although nobody in the USA or that matter the world really gives a freakin hoot)'.
    Most tourists to Canada would be perplexed and puzzled with this front page news.
    I know the reason why... Usually on Canadian news 95% of Canadians news is just American AP or US network news re-packaged and re-broadcast. I guess news about the Canadian dollar is considered Canadian content so allows the Canadian media to claim the required 'Canadian content' has mandated by the authorities in Ottawa. If not they can fine and tax the Canadian media. How scary
  54. Fred Draper from Kingston, Canada writes: Gary Dare may be on to something re: US inflation increasing US prices and closing the gap with Canada

    There are people who think you can devalue your way to prosperity, by decreasing imports and increasing exports. But what if you really REALLY need the stuff from abroad, like say goods from China, or oil from Canada, or in our case, orange juice from Florida?

    Then it just becomes a pure price increase. In our case, we won't buy more orange juice, we'll likely just pay less.

    The USD price per barrel of oil has gone through the roof due to USD weakness. When do the Wal-Mart POs with China expire and get repriced in USD? That's what Gary is talking about...

    BTW, Maximilian, please give some allowance for pride. Canadian municipal and provincial governments have had to borrow in USD, DM, etc for years. This is humiliating, but understandable. With the emergence of Maple bonds, the trend has reversed and it would be nice to see (for a change) US governments borrowing in CAD.
  55. B D from Saskatoon, Canada writes: let me tell you how it is:

    Of course Canadians are going to be proud there money is no longer worth 2/3 - 3/4 of what American money is. We get more products from the stuff you guys make in China, and we get more money for the natural resources you guys burn off at a rapid rate. I ain't complaining at all.
  56. Ben USMC from United States writes:

    Here comes the 70's again...BTO comes out of retirement, tops the charts once more!
  57. Apu Nahasapeemapetilon from Vancouver, Canada writes: Bellis Fair; here I come! With my NEXUS card, the border wait will be minimal.
  58. justin sawchuk from Woo, Canada writes: Its good for me as slightly cheaper to hire Americans...
  59. Marv M from Edmonton, Canada writes: ' Let me tell You How It Is from United States writes: Well by golly! You guys get a gold special star! What can I say ? I'm at a loss for words. I can just see Canadians running around gushing with pride! Saying things like ' yup.. Canada has it all' ' MY Canada is a Canada with equal money' 'those evil dastardly Americans-'

    This has less to do with the strength of the Canadian dollar and more to do with the weakness of the US dollar. You guys have a Federal Reserve which is much more interested in supporting Wall Street and big business and considerably less interested in the common man. By the Fed cutting interest rates and injecting Billions in cash they are causing more liquidity, probably to be reflected in a higher stock market and the result is people who are careful with their money, and have savings, are getting hammered by the weakening dollar. It's going to hurt the US consumer with higher inflation, higher cost of goods but the fat cats on Wall Street are dancing in the streets. I saw allot of this on CNBC the day the Fed cut the rate .50 points. They were all patting each other on the back, Kramer was gushing after his earlier on air meltdown.

    The Rich get Richer, the poor get poorer. Vote for Ron Paul, he seems to be the only politician that does not fall for the 'Fed Speak' and actually understands the ramifications of the Fed manipulation.
  60. joe cormorant from Canada writes: Paying down the national debt, lowering taxes and strengthening the economy the Conservatives have done more good for Canada in two years than the Libs have done in 30.
  61. David Drapeau from Toronto, Canada writes: Joe Cormorant: have you so quickly forgotten that the Liberals paid down even more debt over their last few years in office, that the Canadian dollar appreciated even more in that time, and that the Liberals also lowered some taxes in that period? Martin might not have been a good PM, but he seemed to do a decent job as Finance Minister.
  62. Carl Hansen from Canada writes: So that's why I saw a big truck full of Mexicans in my town. They were from another Province and they were speading out fibre optic cable. Maybe it's time to learn Spanish. It doesn't matter what the dollar is worth if you can't compete.
  63. Carl Hansen from Canada writes: I believe Porsche raised prices 6-8% in the USA and lowered prices 8% in Canada for 08. A very good first step.
  64. Festina Lente from United States writes: To digest the article one has only to read the comments of Gary Dare from Manitoba. He has it all laid out in erudite fashion. But he is correct in one area beyond doubt...that is to say there are numerous giant US companies that accrue revenues from hard currency markets around the world. Some of these giants are larger than all of Canada and their economic might is often felt internally whether in the oil patch or gas wells in Red Deer. On balance, I would say these companies make good corporate citizens. Canada is one of the least productive western nations, relying on the raw natural product to bail her out of economic depression over the years. The loonie's stronger rise is all about (oil) commodities where few Canadians are personally involved, and the weak dollar. If she does not increase industrial production, the loonie will likely fluctuate some for the near term but surely fall in the long one. After all, Canada is hardly a self sufficient nation. The high prices in Canada will always be there as they have always been....and for what reason other than greed? Allowing for a duration of time for prices to settle, is not a valid explanation nor acceptable to the consumer. Greed is all over the planet. If, as some posters claim, Canadians take pride in the loonies rise. I would suggest that is a false pride in that very Canadians were involved in the rise. All Canadians should take pride on the numerous other values Canada possesses! Malcolm McCallum in Florida.
  65. joe cormorant from Canada writes: David Crapeau, give your head a shake. Paul Martin was finance minister when they were handing out envelopes full of cash to Liberal party buddies. He was THE WORST pm since trudeau, the pot smoking yuppie who was full of himself - oh I guess that was both of them. Under Martin there was more cover-ups and investigations into dishonest dealings than ever. Lets not forget the $2Billion gun registry failure. That makes sponsorship look like peanuts. Yeah, he was great with finances. Open your eyes. I bet you think the referendum is a good idea too.
  66. Sober Second Thought from Toronto, Canada writes: Why is my US grown produce still the same price in the grocery store as it was last year?
  67. N J from Canada writes: Toyota RAV4 Sport 4WD Automatic Transmission
    $32,730 Canadian
    $ 22,675 US dollars

    Difference at par dollar value $ 10,065 plus $ 1,410 extra taxes.

    Need I say more.
  68. Gary Dare from Portland, Oregon, Canada, writes: Festina Lente writes, 'Some of these giants are larger than all of Canada ...' Just wondering ... what companies have a value of $1 Trillion or more?
  69. I Andrews from Ottawa, Canada writes: Too many Canadian experts thump their chest and say, 'Ugh. Canada dollar strong!' Actually, in relation to most world currancies, the American dollar is freefalling. While the CDN dollar is doing relatively well against the US greenback, the Euro is reaching record gains every day as well. For a visual perspective, all currancies are like ducks floating on a pond. As the water rises, we all rise together. The US dollar, unfortunately for Americans, is a rock on the bottom that is not adjusting to the rising water level. Reality checks are needed.
  70. Malcolm Thistle from Toronto, Canada writes: Good posts Joe Cormorant. The Lieberals are desperate and will say anything. Keep at them.
  71. Kothar Rumbleg from Canada writes: This situation is somewhat disturbing. Most people seem glad that the CDN is where it is, but the big cost is now the mighty US economy is begging to shudder. Stability that we had in past decades is now coming to an end. The swift drop of the USD is not a good sign at all. Credit crisis still ongoing, markets have recovered from aug slump but for how long???? something nasty is brewing.
  72. j smith from Canada writes: hold on the chinese will dump us treasuries and our interest rates go thru the roooooooooof!

    here comes 1980
  73. gord winters from Canada writes: SB from Ontario from Canada writes: Let's keep it that way forever. We are a World Class Country so should be our loonie.

    World Class Country, capitalized, that's priceless. you are a World Class hick.

    its amazing how unsophisticated people can be and still think they have something to contribute to a conversation.
  74. John Bennett from Danville, United States writes: Certainly the Canadian economy has been well managed. Much of the success has been to do with being a resource based economy. To make comments about the irrelevancy of the US $ is quite inane. If Canada were a US state it would rank third behind California and Texas in GDP. On a pure liquidity basis alone it could never challenge as a truly relevant currency. Whether you like it or not that is left to either the US $ or the Euro. Speculation by currency traders is the name of the game here, nothing more, and by the way this has nothing to do with being anti-Canadian, I am one. Just being realistic.
  75. all good from Canada writes: sorry fellow cannadians : nobody outside north usa cares about this. recently i was in mexico and not even scotia bank takes cdn $.they do not exist (cdn %). you can t buy even in china anything in cdn, first you have to convert in other curency, (that includes bulgaria).to same people looks a lot like monopoly money.so tune this down.
  76. David Drapeau from Toronto, Canada writes: 'Crapeau', eh? Not exactly on topic, Joe Cormorant. Hopefully now that the present government has stumbled upon billions of unexpected dollars, they will fund some activities that, sadly, had to be cut last year when money was (we were then told) in shorter supply, things like the Court Challenges Program and the Museum Assistance Program.
  77. John McCaffery from Warragul, Australia writes: This is all about the US$ dropping and very little to do with any movement in Canada's currency. Personally, I would not be jumping for joy at this stage - we are steaming ahead into unknown waters - just over the horizon there is likely a storm of some kind - we won't know how serious till we get there!
  78. Festina Lente from United States writes: John Bennett from Danville: Good post! On the mark but alas, few will find it creditable. Thanks for a solid contribution.
  79. Festina Lente from United States writes: Gary Dare from Manitoba: Gary, that was just a figure of speech, incase you did not see it in context. In otherwords, there are cartels that are bigger and more powerful than many, many governments. Hope you don't deal in petty details rather than concepts and ideas. Malcolm McCallum
  80. Mary Smith from United States writes:
    This hysteria is amusing. Now some Canadian poster says Canada rules the Continent! Yikes.

    Get a grip people. Whatever financial difficulties are coming our way, we will survive. Things have been worse in the past, and we'll pick ourselves up and move forward. You might also read up on studies done about the future economic power of the US, China, India, and Europe (hint: Europe down). The death of the dollar has been greatly exaggerated.
  81. Gary Dare from Portland, Oregon, Canada, writes: John Bennett writes, 'If Canada were a US state it would rank third behind California and Texas in GDP.' Close, that would have been my first guess, too. But in 2005, Texas had an estimated GDP of US$989 Billion according to the World Bank while Canada's was US$1.06 Trillion.
  82. Ken Stevens from Canada writes: Am I the only one who thinks that 'So when oil prices rise, anyone that wants to bet on oil and does not want to play the commodity market turns to the Canadian dollar' is a misquote? I would think they meant to say 'and does not want to play the foreign exchange market...'
  83. Marv M from Edmonton, Canada writes: ' Mary Smith from United States writes:
    This hysteria is amusing. Now some Canadian poster says Canada rules the Continent! Yikes.'

    You have to understand, some Canadians have a tremendous inferiority complex. They'll take anything they can get including the strange idea that a strong dollar makes us superior in some sort of way??? Just pat them on the head and tell them that yes, they are special!
  84. aloysuis paczjoskteyochuk from Canada writes: To bad Canadian exporters have not diversified as to who they export to, it is only exporting to the USA that is taking the biggest hit because of the falling US dollar. Sadly, the largest portion of Canadian exports are in one basket but then we have never aggressively pursued exporting value added goods to other countries relying mostly on the US market.
  85. John Bennett from Danville, United States writes: Gary Dare from Portland and your comment about Canada Being bigger than Texas from a GDP perspective. You are likely right but I found the statistic on this fascinating map which ranks countries as if they are US States, so take it for what it is worth. http://strangemaps.wordpress.com/2007/06/10/131-us-states-renamed-for-countries-with-similar-gdps/ Nonetheless it is still fascinating with regard to the true magnitude of the US economy. No matter its current state, it will be difficult to surpass the greenback in terms of its relevancy. Even the Euro is a currency based on a political association of some very ineffective economies like France, Germany, Italy etc.. In terms of productivity, efficiency of capital markets and corporate dominance it will take a while before and if it becomes irrlevant. Although I may sound like a heretic and if you take all nationalism out of it, the Americas may be better off with a common currency, starting with the US, Mexico and Canada. There is no particular efficiency in multiple currencies, although one cannot discount the pride associated with a capitive currency. If you were to suggest the concept to Germans, French and Italians 25 years ago you would have a similar reaction. Individual currencies serve nothing more to enrich the pockets of arbiteurs and inhibit the free flow of capital.
  86. David Simon from Canada writes: Definition:

    Loonie-cy

    Pride in a country's currency as one walks to the unemployment line.
  87. Alberto Bayo from Canada writes: This high dollar along with the GM-UAW deal will mean layoffs in Canada
  88. Rain SCM from Canada writes: Awesome, we are going south of the border for the weekend with empty suitcases, of course.

    If the Canadian retailers adjusted their prices this trip would not even be happening. Sorry greedy Canadian businesses.
  89. Gary Dare from Portland, Oregon, Canada, writes: John Bennett writes, 'Although I may sound like a heretic and if you take all nationalism out of it, the Americas may be better off with a common currency, starting with the US, Mexico and Canada.' Actually, you'll probably see more resistance in the US than anywhere else. But in sharing personal beliefs, I support a privatized global currency governed by a conference of major private and national banks. The Floren and Ducat mentioned in Shakespeare's works, for example, were private currencies.

    Even through the late 19th Century, US and Canadian banks issued money under charter from their federal governments. Before there was a Fed, the closest thing to a NY Fed governor was J. Pierpont Morgan, the premier banker in Manhattan.
  90. Rocky Balboa from United States writes: Since 9/11, the speculative demand for oil futures has gone up, so the price of crude oil has gone up, so Canada has been doing very well economically. Oil production in Iraq has actually gone down since the US invasion, much to the chagrin of the people in Washington, no doubt. While there are no gas lines (as there were in late 1973 in some US cities), retail prices are high, but they don't seem to be changing many people's driving habits. Saudi Arabia remains the world's largest oil producer, playing the role that Texas did in the days when James Dean played the oil tycoon character in the movie 'Giant'. The people at Aramco are no doubt trying to maximize the Kindgom's profits from oil, just as the Texas Railroad Commission did half a century ago.

    Canada, as the US's largest supplier of imported oil, is going along for the ride, economically speaking. But if worldwide demand for oil does not grow as fast as the futures traders think it will, crude oil futures may well drop back to more normal levels. Enjoy your strong dollar as much as I have enjoyed watching my oil stocks go up. But don't get carried away, or think you had much to do with the C$ rally. If you live in Toronto or Ottawa, you probably have had absolutely nothing to do with the oil industry. If you work for a manufacturing company in southern Ontario, your factory might be closed and your job sent to Mexico or China, or Alabama. That's the flip side of a strong C$.

    In the meantime, if you interested in buying Alan Greenspan's new book, the price is $18.78 at Sam's Club in the US. That compares to $43.50 at you local Chapters' bookstore (before taxes). These savings alone may be enough to pay for your gas to the US border and shopping heaven. Don't forget to fill up on the US side before you return to Canada. The oil may well come from Alberta, but it's a whole lot cheaper south of the border.
  91. Gary Dare from Portland, Oregon, Canada, writes: Rocky Balboa writes, 'Don't forget to fill up on the US side before you return to Canada. The oil may well come from Alberta, but it's a whole lot cheaper south of the border.' A good point, Rocky. The difference can be as much as $1 a gallon due to taxes. Deficits at the local and state as well as federal level show that not enough public revenues are being collected to fund all of public spending. Canadians won't be on the hook for future repayments of US public borrowing. (:
  92. Rick Clarke from Edmonton, Canada writes: Now, red duffle bags will be even cheaper to buy in the US. That saves dragging them over the border, after hours.
  93. David Stanley from mtl, Canada writes: The weakened Dollar is about to crash all is as planned
    http://biz.yahoo.com/ap/070928/netbankclosure.html?.v=14
    as banks close their doors
    Food will be next in the agenda the price of food will now rise so that
    many people are brought to their knees
    http://money.aol.com/news/articles/    a/grocery-bills-to-soar-as-grain-prices/20070928071909990001?ncid=NWS00010000000001
    also gas prices will soar
    There will be nothing anyone can do
    you will be on your knees begging for the NAU/NWO and the constitution will be cast aside without a second thought
    the late great USA
    While here in Canada we will not escape ,no! should we balk at the NAU, we shall reap the same fate .
    well planned is the coming NWO do your eyes and ears tell you lies
    or do you see too the coming order of things
  94. Joe Wallach from RUSSELL, ON, Canada writes: Xario Zario from toronto, Canada writes: ...'True, our border protection agents do protect us from on-sale merchandise.....seems like thats the main job rather than protecting the country's security. But the deals you get south of the border more than make up for gas and tax (they dont usually charge any duty), mostly just GST/PST.'

    Xario Zario, I couldn't agree with you more. Almost invariably, when returning from the USA, the questions are: 'How long have you been out of the country? What is the value of all gifts and purchases? If nothing were bought, then comes 'what was the purpose of the trip? That answered, then the next question is 'do you have any alcohol or tobacco?' Bear in mind that the reply to the second question, if negative, should cover that, but that does not deter the agent from asking anyway. You could come across wearing shoulder straps of bullets and brandishing an AK-7, and the questions would be 'where did you buy those and how much? Then they'd require the appropriate duty and taxes.

    As for the duty and taxes, at least in the case of wine with which I am most familiar, the duty is virtually negligible, but the total taxes are not. I stand to be corrected on that, but that is what I noticed the last time I did that.
  95. al goguen from Victoria, B.C, Canada writes: Wow! Our dollar is worth more than the American dollar. Can't wait to go shopping in the US and ask them 'what is this worth in real money?'
    Also can't wait to get my $35.00 from Harper - but now it might have gone up to $35.69. What is the use of sending Canadian $35,00? What can you buy with it? Not even a dozen of Florida oranges....