BetterMost Community Blogs > My "Great White North"
Loonie News
Sheriff Roland:
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."
Aloysius J. Gleek:
--- Quote from: Sheriff Roland 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."
--- End quote ---
Wow! Incredible! (And I remember 1998 - 2002 when the loonie was about 0.66 US cents, or even lower.)
http://en.wikipedia.org/wiki/Canadian_dollar
Kelda:
Wow, didn;t know that could be done, or that El Salvador and Ecuador had taken on US dollars.
Sheriff Roland:
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."
Front-Ranger:
This was all the talk around the office today! (I'm currently at my company's home office in Toronto).
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