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.