Word: dollarization
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...However, economists and manufacturers are quick to caution that the good news could be short-lived if the Canadian dollar keeps climbing toward parity with the U.S. greenback. The loonie, named after the lake bird engraved on Canada's $1 coin, hit a high of 97 cents this week, its highest level in 12 months and a 24% increase from the low of 78 cents earlier this year...
...There's no doubt that a recovery is at hand," says economist Krishen Rangasamy of Toronto-based CIBC World Markets. "But the strong Canadian dollar will act as a break on the Canadian economy." He expects Canada's GDP to grow at an annualized rate of 3.3% in the fourth quarter, and 2% in 2010. This compares with CIBC's lower estimate of GDP growth for the U.S., with 2.4% expected for the fourth quarter...
...players, including McNabb and Jets linebacker Bart Scott have announced they wouldn't play for a Limbaugh-owned team. That's understandable, but they shouldn't forget that playing in the NFL is to be working for sport's biggest plantation. Yes, guys like McNabb are making multimillion-dollar paydays. Yet he and the rest of the players labor within the confines of a football monopoly that has never taken kindly to outside competition or an activist workforce. Consider the NFL players' strike of 1987, which the owners crushed with all the sensitivity of Kentucky coal-mine operators. In ensuing...
...cauldron of Middle East politics, the unlikely alliance between Turkey and Israel often stood out. Seemingly impervious to Arab opposition and the tracts of disputed land lying between them, the two countries had over the past decade traded intelligence, struck billion-dollar arms deals and hosted each other's militaries for training sessions. Even when Turkish leaders occasionally railed against Israel's policies toward the Palestinians, military cooperation continued unhindered behind the scenes, anchored by Washington across the Atlantic...
...report sounds fantastical on its face, and Muhammad al-Jasser, Saudi Arabia's central bank governor, lost no time in branding it "absolutely incorrect." But the fact that these assertions are being made at all shows how seriously confidence in the dollar has been shaken. The world's central banks are starting to shun the dollar. According to Barclays Capital, nations reporting currency breakdowns of their reserves invested 63% of new cash in euro and yen in the quarter to June 2009. It seems the U.S. will have to resign itself to a weaker currency until its economic house...