Word: dollarize
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Dates: during 2000-2009
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...reason for that is clear enough. At a time of extreme stress in global-equity and credit markets, many governments have surplus foreign exchange to play with--and because of the falling U.S. dollar, they are increasingly interested in investing their cash where it can earn greater returns than it would from U.S. Treasury debt, the traditional haven. The largest SWFs--the so-called Super Seven, comprising China, Russia, Abu Dhabi, Kuwait, Norway and two Singapore funds--control up to $1.8 trillion. By 2011, assets held by SWFs worldwide are projected to grow almost fourfold, to nearly $8 trillion...
Clothier Nygard was ahead of the curve, having outsourced most of his company's production to Asia years ago. He's not alone; annual manufacturing shipments of made-in-Canada garments have plummeted more than 35%, to about $4.5 billion, since 2002. "With the rising dollar, we couldn't afford to make everything in this country anymore," says Elliot Lifson, vice chairman of Montreal-based Peerless Clothing, which has outsourced 70% of its production to plants in China, India and Vietnam over the past three years. Once the loonie passed 80¢, the $500 million company, which has exclusive licensing...
...well below capacity for a number of years, so it came as no surprise when they announced plans to move production to Venezuela and Mexico, respectively. Unfortunately, Collingwood's tale of economic woe is being repeated in communities across Ontario and Quebec--Canada's industrial heartland. "A high Canadian dollar is an absolute killer," says Peter Nygard, chairman of Nygard International Ltd., a manufacturer of women's clothing in Winnipeg, Man., whose $1 billion in annual revenue comes largely from...
...Canadians have been pouring over the border to bargain hunt, and the unemployment rate hit a 33-year low of 5.8% in October, owing to gains in the natural resource and service sectors. But the world's eighth largest economy has lost 329,800 manufacturing jobs since the Canadian dollar began its marathon climb five years ago. From an all-time low of 62¢ in 2002, the turbocharged loonie shot past the U.S. greenback for the first time in nearly 31 years this September and kept right on soaring. Fueled by record prices for Canadian commodities, a surge in foreign...
...plants for annual productivity gains of 6% to 10% to avoid offshoring more jobs. Gerry Fedchun, president of the Automotive Parts Manufacturers' Association, says his industry can adjust to a strong loonie rivaling the greenback, but there will be consequences. "We're going to shrink dramatically if the Canadian dollar stays where it's at," says Fedchun...