Politics and Press

The loony brings down the eagle

For the first time in more than thirty years, the Canadian dollar is worth as much as the US dollar, and many economists predict that Canada’s booming economy, particularly in the energy and commodities area, will now cause a surge that leaves the greenback in its dust. Any economist who suggested this half a dozen years go, when the loony was worth $.62, would have been considered a loony in reality, and it’s hard to remember a more startling reversal of economic fortune in such a short time in the western world. The reasons are easy enough to see in retrospect, although the speed of change stuns everyone, and should cause the Yanks to consider carefully the financial implications of the seemingly bottomless debts that George Bush’s military follies will leave for whoever is unlucky enough to have to deal with the consequences.
Meanwhile Canada has during the same period managed to beef up its military presence to the point that it is now being courted, even begged, by such supposed powers as France and Germany to continue, along with the Dutch, to do the real fighting in Afghanistan, since the European heavyweights prefer to cheerlead from the sidelines. Six years go it would have seemed as loony to predict that the Canadian dollar would surpass the greenback in value in 2008 as it would have been to suggest that the European military bigwigs would soon be pleading with Canada to do their fighting for them. But then who could possibly have imagined that at the end of the same period, thousands of Mexican emigrants to the US would stream across the border in places like Windsor, Ontario and claim refugee status in Canada. Wonder what will have happened six years from now.