It official! US Dollar has gone Loonie!
I have been waiting and watching this debacle for months, wondering if our dollar can go Loonie, and it has! It's official folk!
http://finance.yahoo.com/...
http://www.xe.com/
This morning, 1 U.S Dollar was officially traded at 1 Canadian dollar. Thought it has returned to 1 USA = 1.00155 CAD, for a magical moment, the dollar was Loonie. God bless that Fed hike! I knew our dollar was weak, but that really shot it in the knee to take it down to the point our coinage is equal to that of our northern border friends! Let the foreign reserve sell off begin!
Like the war, New Orleans, our bridges and countless other extreme fuck ups by the Bush Administration, this is all about running out the clock. This is about having all the failed policies last until a Democratic President takes the Oval Office so they can be the next Jimmy Carter.
I congratulate our fine Canadian neighbors, whose common sense and decent economic policies have brought their currency equal to that of once the riches country in the world.
So break out your party hats, it's 1929! And our dollar is Loonie!
Not only have you saddled my generation with the debt of the Baby Boomers, and their coming medical needs, you have also saddled us with a defunct currency!
You are the best!
Besos!
This country, like our dollar, has gone Loonie.
Loonie!
Loonie!
Loonie!
Loonie!
Tale of the tape of the Bush Era:
Great Comment by taonow:
15 years ago Canada was in a similar mess financially to the US. Then it bit the bullet (pushed by the financial community). There is a country wide feeling that debt has to be paid down...cutting taxes is not politically popular (at least no where to the extent as in the US).
Canada has had budget surpluses for the last 8 years and counting. It is paying down its debt. In fact there is a shortage of Canadian debt in the market!
Canada shows what it is like to be fiscally conservative and socially liberal.
UPDATE:
http://www.ft.com/...
Dollar plunges through $1.40 against euro
By Peter Garnham
Published: September 20 2007 11:22 | Last updated: September 20 2007 11:22
The dollar dropped to record lows through the $1.40 level against the euro on Thursday as the US currency continued its slide following the Federal Reserve’s decision to cut interest rates earlier in the week.
"The key $1.40 level has been breached and dollar weakness is evident across all currency pairs reflecting the prospect of a move in interest rate differentials against the currency," said Derek Halpenny at Bank of Tokyo-Mitsubishi.
The euro’s rise through the psychologically important $1.40 barrier - seen as pain barrier for eurozone exporters - triggered a flurry stop-loss buying, sending the single European currency higher across the board.
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"This increases the risk of a disorderly adjustment of global imbalances in which the dollar is likely to perform very poorly," he said. "With euro/dollar now having broken above $1.40, the market is likely to price in this risk through higher volatility."
Analysts said the move in euro/dollar through $1.40 would also prompt a rise in political comment on currency issues.
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Meanwhile, he said tensions between the US and China were also set to rise ahead of the launch of the country’s sovereign wealth fund, which is intended to maximise returns on $200bn of China’s $1,330bn dollar stockpiles.
Analysts said the launch of the fund might speed up the diversification of China’s reserves away from the dollar, piling more pressure on the currency.
"With $200bn to play with, there will be heightened speculation on what they will spend their money on," said Mr Derrick.