Signs of a Weak US Economy: Canadian Dollar Equal in Value to US Dollar
Author: Joshua Dorkin • URL: http://www.biggerpockets.com/September 20th, 2007 •
I truly enjoyed watching the President lie through his teeth again in this morning’s press conference about how good the economy was doing. I’m not sure what economy he’s looking at, but it is certainly not ours. It seems like things just continue to decline here in the good ‘ole USA . . .
The Canadian Dollar Traded Higher than The US Dollar For the First Time Since 1976!
The Canadian dollar rose as high as $1.0008, before retreating to 99.87 U.S. cents at 4:16 p.m. in New York. It has soared 62 percent from a record low of 61.76 U.S. cents in 2002. The U.S. dollar fell as low as 99.93 Canadian cents today. The Canadian currency last closed above $1 on Nov. 25, 1976, when Pierre Trudeau was Canada’s prime minister. (Source: Bloomberg)
If the US government wanted American goods to be cheaper to the rest of the world, they have certainly done a good job of it. With most of the major world currencies climbing against the floundering Dollar, it is starting to look like we’re in for some serious trouble. Sadly, since we have no manufacturing base here (it’s all in China now), the decline in the Dollar is not really going to help anyone here (except for the tourist business). Keep your eyes open, because I expect to see the flood of foreign visitors to the US to continue (which isn’t a bad thing).
I guess I’ll need to bring a few more bucks with me if I decide to leave this place.
If you're new here, you may want to subscribe to our RSS feed or sign up for our real estate social network. Thanks for visiting!
Tags: Canada, canadian dollar, dollar, Economy, George Bush, US Dollar, US economy
Joshua Dorkin
Charles Feldman
Ted Karsch.
Troy Schuricht
Richard Warren
Jim Watkins
wow, i knew the dollar was struggling, but we’er equal with canada now? what’s the next currency that’s going to out sell the dollar - the peso?
A bad news for some european compagnies too, many clients pay with dollars and don’t want to switch to euro.
But you’re right, you can expect a lot of foreign visitors, never been so cheap to visit you
WOW thats seriously staggering news. I’ve been saying inflation was coming but damn, I didn’t realize it was already here that bad. It shows how weak the dollar is getting. Sad times. -J in Vegas
Amazing n ews. Inflation is like stealing!
Quite interesting post. I’ve bookmarked it and will return.
couldn’t possibly be a sign of unprecedented growth of the canadian economy, riding high on the price of oil.