This week the Canadian dollar reached parity with the U.S. dollar for the first time in almost 31 years, capping a spectacular run that has seen it rise 62 per cent since 2002.
So, when going to Starbucks in Canada, a Macchiato should in theory only cost 4 bucks (because that's a reasonable price, of course!).
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Economist Michael Hudson explains
how the housing bubble (pyramid scheme) along with mistakenly rated sub-prime mortgage bundles were heavily invested in by European, Canadian, and Chinese banks. These shakey and sometimes even fraudulent securites will cause rest of world investors to think twice before getting into the U.S. market even with the Fed bailout. Unless there is oversight improvement, U.S. securities are junk. U.S. dollars are presently the equivalent of fleas that just might bear the Bubonic plague. So why take chances? That's why other currencies are stronger and the dollar is likely to stay in free-fall until or unless there's good oversight and reason for confidence. Listen to economist Everything Michael Hudson predicted has come true.
The Plot to Shift Taxes Off Wealth onto Wage Earners (audio-mp3)
- Aug 22nd, 2007 in Guns and Butter, KPFA
"AAA rating of subprime junk; inflation; change in world order; privatization of banking system through the Federal Reserve; Alan Greenspan and the 1982 Social Security Committee; junk economics; windfall profits; the law of fraudulent conveyance."
"Inflation on the return?"
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