[Newsbot]

Title: The demise of the dollar
Category: Business
Posted By: Alta_redneck
Date: 2009-10-12 07:45:58

[tritium]

GREAT!! Personally, I think the US Dollar is over inflated and over used...

You do know Saddam was about to do the same thing.
It just happens, that the US attacked right before he implemented his plan..
What a coincidence, eh?

Here is Glenn Beck's rant against the "Euro, Yen, Canadian Dollar, Britsh Pound, Swedish Crown and Swiss Franc.." Boo Hoo!! The Canadian Dollar a joke. WTF!!

[tritium]

The Global Currency is already here in the form of SDR's.

http://www.imf.org/external/np/fin/data/rms_five.aspx

[BartSimpson]

The USA is 90% of Canada's trade so a collapse of the dollar means you folks can kiss off your economy. I agree the dollar is going down due to the horrific management of our debt, but from a Canadian point of view this is not going to be a good thing.

[leewgrant]

BartSimpson BartSimpson:

The USA is 90% of Canada's trade so a collapse of the dollar means you folks can kiss off your economy. I agree the dollar is going down due to the horrific management of our debt, but from a Canadian point of view this is not going to be a good thing.

First of all there isn't going to be a "new Global Currency". It comes up whenever the US dollar starts to fall. But so long as the US remains the economic engine for the world which it is and it's going to remain for the foreseeable future the international unit of account with stay the greenback. At some point it will start to rise relative to other currencies and all this talk will stop.

Yes, a low dollar is bad for us. Hard for the export sector.

[mikewood86]

leewgrant leewgrant:

BartSimpson BartSimpson:

The USA is 90% of Canada's trade so a collapse of the dollar means you folks can kiss off your economy. I agree the dollar is going down due to the horrific management of our debt, but from a Canadian point of view this is not going to be a good thing.

First of all there isn't going to be a "new Global Currency". It comes up whenever the US dollar starts to fall. But so long as the US remains the economic engine for the world which it is and it's going to remain for the foreseeable future the international unit of account with stay the greenback. At some point it will start to rise relative to other currencies and all this talk will stop.

Did you read the article? Nobody is predicting the US will remain the (sole) economic engine of the world. China's economy is growing 10% per year for at least a decade, the US is under 2%. So if I did my math correctly, it will likely become a bigger economy than the States in that time span.

China, Russia, France, Japan, Brazil, Saudi Arabia, Abu Dhabi, Kuwait and Qatar have all held talks about switching currencies, and all those economies together have over $20 trillion dollars in GDP. If their money is tied up in the American dollar, what happens to it when the dollar collapses?

I tend to side with those countries economic outlook over yours.

On the plus side, it's not like the States are going anywhere any time soon, they will remain an economic powerhouse, just maybe not in the top spot.

[OldChum]

China is taking over slowly along with India and some other nations as the richest nations .

[Canadian_Mind]

America will always be a major economic engine, especially in the western world. It has the 3rd highest population on the planet, so it will likely never drop below 3rd spot worldwide behind only India and China.

As such, long term, i don't think we in Canada will be too bad off. We will begin to diversify by supplying to China and India, as well as maintaining our base in the States.


BTW - Good to see a quality program from Fox.

[Pseudonym]

I would prefer the dollar crash sooner rather than later. The pressure just keeps building as we keep digging ourselves into more and more debt. I don't really see a practical alternative that would teach Congress that credit cards do actually have limits.

[Public_Domain]

[tritium]

The dollar use to be based on Gold, I think OIL is now playing a big part in dictating the value of the currency.

Canada's dollar is know as a Petro Dollar. Oil prices go up, so does the strength of the Canadian Dollar.

[BartSimpson]

Mr_Canada Mr_Canada:

BartSimpson BartSimpson:

The USA is 90% of Canada's trade so a collapse of the dollar means you folks can kiss off your economy. I agree the dollar is going down due to the horrific management of our debt, but from a Canadian point of view this is not going to be a good thing.

Got to love the first American response...

"Sure, we're *ucked, but we're bringin' all you *uckers down with us! Bahahaha"

No, just pointing out the fact that your economy is very dependent on ours. Sure, if you want to USA to sink then cheer all you want, I'm just pointing out that since you folks booked passage on the economic Titanic you may not want to be cheering for the iceberg.

[tritium]

BartSimpson BartSimpson:

No, just pointing out the fact that your economy is very dependent on ours. Sure, if you want to USA to sink then cheer all you want, I'm just pointing out that since you folks booked passage on the economic Titanic you may not want to be cheering for the iceberg.

I don't think that is very accurate Bart.

Canada can sell our resources to China and India who have strong and growing economies.

Sure Canada may take an initial hit economically, but will recover far quicker and within months... not years.

The U.S. economic problem was caused because of over extended credit to those who could not pay... so the fix was to get people to buy cars and get rebates, using credit. Hug, 6 months to a year I see those cars being repossessed and more economic problems for the US and the big 3 car companies.

[EyeBrock]

Never write the yanks off. They were supposed to implode after Vietnam, the 1970's Oil crisis, the 1987 recession, the Gulf War, Iraq.....etc.

They still have all the cash and most of the guns.

[rockindel1]

Economic powerhouse? have you guys been listening to American TV too long?
USA doesnt produce or manufacture 1/3 of what it used to . it has a debt that in realistic terms could take over 150 years to pay off, and getting LARGER not smaller daily. when their currency is not worth anything, how are they going to be the powerhouse of anything other than being North Mexico.
A valueless currency
High unemployment
uneducated public
these things are already underway. the responsible thing for Canada to do is increase and strengthen trade ties to east Europe, and Asia . At least that way WHEN the US dollar fails we WILL feel a bump but it wont be a crash