Word: dollarization
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...cars, but the Environmental Protection Agency last month rejected the law. The state announced today that it would sue the federal government in response.) The safe level varies from technology to technology but programs that keep oil above roughly $50 a barrel would be a great help. "One hundred-dollar-a-barrel oil is not sufficient alone to drive investment," says DeCicco. "We need an energy policy with a conscience...
Sooner or later the politicians were bound to weigh in. On Nov. 7, Stephen Harper announced he was "concerned" about the dollar's "unprecedented" rise, an unusual Prime Ministerial foray on to Bank of Canada turf. Ontario Premier Dalton McGuinty met with the PM the next day, calling for lower interest rates and a federal contribution to a $1.1 billion jobs fund for struggling Ontario manufacturers. (Harper made no promises.) The same day, the Quebec Premier was demanding a loonie summit with all the provincial Premiers. (One is now scheduled for January). Just six weeks after the loonie achieved parity...
...reached $1.10 U.S., the currency's value swerved and swung over a three-cent range in a single day - a difference that for the Blue Jays, at least, means most of the annual salary for slugger Alex Rios. "Volatile," Bank of Canada governor-to-be Mark Carney calls the dollar fluctuations. No kidding...
Down to earth It didn't last. In November, the great northern diver dipped again, bringing the dollar back below $1 U.S. Today, the major Canadian banks predict commodity prices will fall more as the U.S. economy cools, landing the loonie somewhere around 95 U.S. cents at the end of 2008. But few predict a return to the low, low loonie levels that Canadians knew just one year ago, and that means the structural shift in Canada's economy - with growing differences between sectors and between geographic regions - seems set to continue. "It's almost like a tale...
...doubt that means there's more bad news ahead for Canadian pigs and good news for American lettuce. Still, despite the ups and downs the dollar brought in 2007, Canada's economy barely wavered. Along with the loonie, output, employment and Canadians' deservedly inflated pride all flew steadily in the face of a global credit crisis. In fact, the most remarkable thing about the loonie's ascent may be how handily Canadians handled it - notwithstanding the odd hurled book. Just imagine if in 2002 someone had prophesied today's exchange rates. "I think we [all] would have concluded that...