China sends loonie flying above $1.10
Newsbot @ Tue Nov 06, 2007 1:31 pm
<strong>Title: </strong> <a href="/link.php?id=26894" target="_blank">China sends loonie flying above $1.10</a> (click to view)
<strong>Category:</strong> <a href="/news/topic/17-business" target="_blank">Business</a>
<strong>Posted By: </strong> <a href="/modules.php?name=Your_Account&op=userinfo&username=Robair" target="_blank">Robair</a>
<strong>Date: </strong> 2007-11-07 07:56:16
<strong>Canadian</strong>
Arctic_Menace @ Tue Nov 06, 2007 1:31 pm
HOLY FUCKING SHIT!!! 
hurley_108 @ Wed Nov 07, 2007 9:38 am
This is getting just a tad out of hand I think...
Brenda @ Wed Nov 07, 2007 9:50 am
Just a tad... 
saturn_656 @ Wed Nov 07, 2007 9:56 am
Not much we can do about the sinking US dollar.
Canadian_Mind @ Wed Nov 07, 2007 10:03 am
Agreed. besides, if we just let the economy run tis course, some jobs will be lost, and the loonie will eventually go down. It is a cyclic system, and I see no need to worry.
Now, if we wanted to capitalize on the high dollar, we'd start adding secondary industries to create products the rest of the world "needs." The grande example would be oil refinement, leading to gasoline, motor oil, plastics, etc. And since it is oil that is pushing the dollar so high, it is only right we squeeze every dollar possible out of it.
sandorski @ Wed Nov 07, 2007 10:05 am
Damn. Going to be hard to control this upswing with Interest Rate cuts. That will only encourage more Growth which may lead to Inflation.
Canadian_Mind @ Wed Nov 07, 2007 10:08 am
yea, the bank thinks they are stuck between a rock and a hard place. All they have to do it sit and let the economy run its course. Will this result in a recession? Probably. However if the government takes proper action, secondary industries could be crated to absorb workers in the manufacturing sector displaced by the high Loonie.
BartSimpson @ Wed Nov 07, 2007 10:13 am
Wow.
Being hedged in gold and the CDN$ helps, but I'm still taking it in the shorts on the majority of my savings, CD's, and retirement accounts. I lost 10% of the value of those holdings in one day. 
Canadaka @ Wed Nov 07, 2007 10:13 am
I REALLY wish i exchanged my USD when i wsa asking for advice when the dollar brok par... But people weren't overwhelmingly saying to switch.
sandorski @ Wed Nov 07, 2007 10:22 am
I've just had a crazy idea:
1) Not only rescind the GST Tax Cuts(all of them), but actually raise the GST to 8 or 9%
2) Eliminate Corporate Income Taxes, say for a limited time...5 years or so
Why?
1) To discourage Consumption, thus hopefully to limit Growth
2) Make Business more Competitive. We need to also continue pursuing European and Asian Trade opportunities, but that can't be done overnight.
danikyvor @ Wed Nov 07, 2007 10:23 am
It can keep going up, I've got some funds in Canadian dollars that are being transferred over to UK pounds! More bang for my buck so to speak 
Canadian_Mind @ Wed Nov 07, 2007 10:24 am
problem isn't consumption, problem is investment. so your idea would just make things worse.
Edit - Dollar is back above 1.09
Anyways... The general consensus so far seems to be that we should be making moves to diversify our trade, aswell as my own opinion diversify the economy.
Would there be a way that we could write up a letter with all of us being signatories to send to someone with a conservative MP to push a demand for diversified trade and a diversified economy? I'm damned sure that if the government pulled the right strings, things could be done.
saturn_656 @ Wed Nov 07, 2007 10:27 am
sandorski sandorski:
I've just had a crazy idea:
1) Not only rescind the GST Tax Cuts(all of them), but actually raise the GST to 8 or 9%
2) Eliminate Corporate Income Taxes, say for a limited time...5 years or so
Why?
1) To discourage Consumption, thus hopefully to limit Growth
2) Make Business more Competitive. We need to also continue pursuing European and Asian Trade opportunities, but that can't be done overnight.
1) Not only rescind the GST Tax Cuts(all of them), but actually raise the GST to 8 or 9%
2) Eliminate Corporate Income Taxes, say for a limited time...5 years or so
Why?
1) To discourage Consumption, thus hopefully to limit Growth
2) Make Business more Competitive. We need to also continue pursuing European and Asian Trade opportunities, but that can't be done overnight.
And what political party are you going to get to commit suicide by doing that?
Ripcat @ Wed Nov 07, 2007 10:29 am
Canadaka Canadaka:
I REALLY wish i exchanged my USD when i wsa asking for advice when the dollar brok par... But people weren't overwhelmingly saying to switch.
Invest it US dollar accounts and wait. If you have the money and the time to wait you could even buy more US dollars. If you plan on going to the US anytime soon, don't use this, exchange CDN dollars for more US dollars.