Author Topic: Loonie News  (Read 16718 times)

Offline Sheriff Roland

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Re: Loonie News - Iceland love
« Reply #10 on: March 02, 2012, 08:43:23 pm »
The loonie, which a couple of decades ago was worth less than 0,70$US, has been at parity, or better (Remember the '07 Alberta Pilgrimage, when the loonie reached 1,08$US?) for nearly a decade. Canada's economy has been really stable, with AAA+ ratings for financial institution as well as most governments (federal and provincial).

Now it seems another nation is showing interst.

http://www.cbc.ca/news/business/story/2012/03/02/iceland-loonie.html

Could Iceland adopt the loonie?


Will the loonie soon be flying high in ... Iceland?

For months, Icelanders have been toying with the idea of ditching the tarnished krona, which has never fully recovered from the collapse of the financial system four years ago.

But one of the intriguing suggestions floating around the North Atlantic island is that instead of the adopting the euro — a natural fit given that Iceland has taken initial steps to join the European Union — it might cast a furtive eye to the Canadian loonie.

This is not as outlandish as it sounds. Canada's banking system is something Iceland's is not — sound — and the Canadian economy, with its mooring in much-desired natural resource wealth, is among the most stable and predictable in the advanced world.

Canada also does not have the massive overhang of sovereign debt that will trouble Europe or even the United States for years.
...

Bank of Montreal economist Douglas Porter says the feat can be accomplished. Iceland would need to buy sufficient Canadian currency to do the trick, which likely will initially put upward pressure on the loonie.
...

But the impact on Canada would be small, he said, since Iceland's population is only about 317,000 and the economy is less than one per cent of Canada's.

There are precedents. El Salvador and Ecuador have both unilaterally adopted the U.S. dollar in the past dozen years, and Kosovo has the euro.

"Frankly, I think we should take it as a great compliment. I know everybody thinks of Iceland as a basket case, but they are beginning to turn things around," Porter said.

"It shows you how far we've come in the past 10 years that people are even talking about this."
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Offline Aloysius J. Gleek

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Re: Loonie News - Iceland love
« Reply #11 on: March 02, 2012, 11:19:59 pm »



The loonie, which a couple of decades ago was worth less than 0,70$US, has been at parity, or better (Remember the '07 Alberta Pilgrimage, when the loonie reached 1,08$US?) for nearly a decade. Canada's economy has been really stable, with AAA+ ratings for financial institution as well as most governments (federal and provincial).

Now it seems another nation is showing interst.

http://www.cbc.ca/news/business/story/2012/03/02/iceland-loonie.html

Could Iceland adopt the loonie?


Will the loonie soon be flying high in ... Iceland?

For months, Icelanders have been toying with the idea of ditching the tarnished krona, which has never fully recovered from the collapse of the financial system four years ago.

But one of the intriguing suggestions floating around the North Atlantic island is that instead of the adopting the euro — a natural fit given that Iceland has taken initial steps to join the European Union — it might cast a furtive eye to the Canadian loonie.

This is not as outlandish as it sounds. Canada's banking system is something Iceland's is not — sound — and the Canadian economy, with its mooring in much-desired natural resource wealth, is among the most stable and predictable in the advanced world.

Canada also does not have the massive overhang of sovereign debt that will trouble Europe or even the United States for years.
...

Bank of Montreal economist Douglas Porter says the feat can be accomplished. Iceland would need to buy sufficient Canadian currency to do the trick, which likely will initially put upward pressure on the loonie.
...

But the impact on Canada would be small, he said, since Iceland's population is only about 317,000 and the economy is less than one per cent of Canada's.

There are precedents. El Salvador and Ecuador have both unilaterally adopted the U.S. dollar in the past dozen years, and Kosovo has the euro.

"Frankly, I think we should take it as a great compliment. I know everybody thinks of Iceland as a basket case, but they are beginning to turn things around," Porter said.

"It shows you how far we've come in the past 10 years that people are even talking about this."





Wow! Incredible!  (And I remember 1998 - 2002 when the loonie was about 0.66 US cents, or even lower.)

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Offline Kelda

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Re: Loonie News
« Reply #12 on: March 05, 2012, 07:14:47 am »
Wow, didn;t know that could be done, or that El Salvador and Ecuador had taken on US dollars.
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Offline Sheriff Roland

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Re: Loonie News - Field full of loonies
« Reply #13 on: March 28, 2012, 06:09:30 pm »
Brinks crash spills millions in coins (about 60 miles east of Timmins)

http://www.cbc.ca/news/canada/sudbury/story/2012/03/28/sby-hwy11-crash.html



A crash of a Brinks tractor-trailer in northeastern Ontario this morning seriously injured the two occupants, and scattered millions of dollars in Canadian coins on the highway and in the nearby bush.
.....

One of the tractor-trailer units was reportedly carrying candy, which was also strewn across the crash site.


One comment posted gave me quite a loud laugh:

"And I thought Ottawa was the only palce you could find a field full of loonies..."

And then there were the following:

"I knew we had to put money into our roads...but this is rediculous."

"Those big rigs cannot stop on a dime."

"*CHANGE* we can believe in."

"Candy AND money? Sweet!"

"There must be a full moon out here. I've never read so many witty comments on one article. This is better than any sitcom!"

"Would the coins have rolled north to Hudson Bay or south to the Great Lakes?" (***The answer, of course, is North, as the Arctic Watershed is about 20 miles (30 km) south of there.****)

""They may use front-end loaders to scoop up dirt, which will be sifted through at another location later." ... so it's dirty money and will need to be laundered."
« Last Edit: March 29, 2012, 10:28:22 am by Sheriff Roland »
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Online Front-Ranger

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Re: Loonie News
« Reply #14 on: March 28, 2012, 07:43:13 pm »
This was all the talk around the office today! (I'm currently at my company's home office in Toronto).

Offline ifyoucantfixit

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Re: Loonie News
« Reply #15 on: March 29, 2012, 07:29:58 am »


   On that note, I will go to bed.  All is right with the world for a while..



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Offline Kelda

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Re: Loonie News
« Reply #16 on: March 29, 2012, 03:54:22 pm »

One comment posted gave me quite a loud laugh:

"And I thought Ottawa was the only place you could find a field full of loonies..."



 :laugh:
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Offline Sheriff Roland

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Re: Loonie News - "Canada’s audacious currency coup"
« Reply #17 on: April 27, 2012, 07:32:02 am »
You hear? Stephen Colbert's on the warpath again, denouncing the encroaching Canadian on all things American ... (Yea I know he's doing it for laughs ...)

Stephen Colbert warns Americans of poutine-sucking Canada’s audacious currency coup

http://www.thestar.com/business/article/1167637--stephen-colbert-warns-americans-of-poutine-sucking-canada-s-audacious-currency-coup

Funnyman Stephen Colbert poked fun at America’s “poutine-sucking, healthcare-addicted” nemesis to the North during an episode of The Colbert Report Tuesday night, pointing to recent news that economically beleaguered Iceland considered adopting the Canadian loonie.
...

Colbert warned Tuesday night, “this is just the beginning of Canada’s currency coup.”

Perhaps more concerning for Americans, Colbert said, is the Canadian Mint’s glow-in-the-dark Alberta dinosaur coins — 25-cent coins that reveal a dinosaur skeleton when placed under the light.

“Folks, Canada’s coming after our young people. What do you think they’re going to prefer: a glow-in-the-dark dino quarter or this green rectangle?” he said. “Nation, we must fight this before we lose a generation of young Americans to the scourge of Canadian politeness and fiscal sanity.”

“As for you, Canada,” he ended, “you keep your dinosaurs where they belong — liquefied in your tarsands and pumped directly into our gas tanks.”



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Offline ifyoucantfixit

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Re: Loonie News
« Reply #18 on: April 27, 2012, 09:51:01 am »



   Wow those are awesomely cool.  I want some... :D



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Offline Sheriff Roland

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Re: Loonie News - "Canada’s audacious currency coup"
« Reply #19 on: April 27, 2012, 10:51:04 am »
Wow those are awesomely cool.  I want some... :D

Well it'll cost ya ... They're only minting a few thousand copies and selling them at 30$ a piece. The coins are not likely to get into general circulation.

And THAT's the rest of that story ...  ;)
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