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Mark Steyn: The Disappearing Dollar. How much longer can it remain the world’s currency standard?
National Review ^ | 04/23/2011 | Mark Steyn

Posted on 04/23/2011 1:18:05 PM PDT by SeekAndFind

Edited on 04/23/2011 2:37:53 PM PDT by Jim Robinson. [history]

Congressman Paul Ryan, one of the least insane men in Washington, has a ten-year plan.

President Obama, one of the most insane spenders in Washington, has a twelve-year plan.

After hearing the president’s plan, Standard & Poor’s downgraded the U.S. sovereign-debt outlook to “negative.” Ah, the fine art of understatement. In 1940, after the fall of France and the evacuation from Dunkirk, presumably they downgraded Britain’s outlook to “spot of bother.”


(Excerpt) Read more at nationalreview.com ...


TOPICS: Business/Economy; Culture/Society; News/Current Events
KEYWORDS: currency; depreciation; devaluation; usdollar

1 posted on 04/23/2011 1:18:09 PM PDT by SeekAndFind
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To: SeekAndFind

Soros’s plan, through his puppet POTUS, is right on schedule.


2 posted on 04/23/2011 1:21:28 PM PDT by JimRed (Excising a cancer before it kills us waters the Tree of Liberty! TERM LIMITS, NOW AND FOREVER!)
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To: SeekAndFind

Your the best Mark!!


3 posted on 04/23/2011 1:22:43 PM PDT by dps.inspect (the system is rigged...)
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To: SeekAndFind

When the US dollar is on parity with the Canadians, you know you are in trouble.


4 posted on 04/23/2011 1:24:15 PM PDT by Lazlo in PA (`)
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To: SeekAndFind

Game over.

The rest of the world isn’t going to subsidize our govt any more.

Get ready for some real unrest that will make Wisconsin look like a walk in the park.


5 posted on 04/23/2011 1:29:40 PM PDT by jtal
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To: Lazlo in PA
We're NOT on parity any more, the Canadian dollar is now worth $1.05 US.
6 posted on 04/23/2011 1:31:36 PM PDT by NWFLConservative (Game On.......Fight Like a Girl!!...............Saracuda in 2012)
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To: dps.inspect

Another Keystone Kop Kaper from our fearless leader.
Mark nails it.


7 posted on 04/23/2011 1:34:40 PM PDT by willibeaux (de ole Korean War vet age 81)
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To: JLS

Same article I pinged you to earlier, but different title.


8 posted on 04/23/2011 1:36:43 PM PDT by Slings and Arrows (You can't have Ingsoc without an Emmanuel Goldstein.)
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To: SeekAndFind
Little Orphan Obammie costume

Lol!

9 posted on 04/23/2011 1:37:30 PM PDT by rawhide
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To: JimRed
Soros’s plan, through his puppet POTUS, is right on schedule.

This.

Steyn states his case well as always.
10 posted on 04/23/2011 1:37:52 PM PDT by rockvillem
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To: dps.inspect

Indeed! Why can the Left not comprehend economic REALITY??!!


11 posted on 04/23/2011 1:44:12 PM PDT by Frank_2001
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To: Lazlo in PA
Laz, I guess you have been in trouble for a while. FYI, the Canadian dollar reached par back in January. The US dollar has declined another 5% since then. Also our credit rating is better than yours (never thought I would be able to say that). And, best of all, our Prime Minister DOES NOT refer to his fellow citizens as "slugs".

You are in a lot more trouble than you think.

I take no pleasure in these facts, except that our leaders hold us in less contempt than your president holds you.

12 posted on 04/23/2011 1:45:26 PM PDT by Former Proud Canadian (Canadians are not SLUGS!)
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To: SeekAndFind
As I've been saying for several years, on this forum, loss of reserve currency status would be devastating for the U.S. economy. Americans seem to have little or no appreciation, of how important having the reserve currency is. When we, in the rest of the world, borrow money from foreigners; the debt is not denominated in our own currency. We can't inflate ourselves out of debt. It seems that the U.S. is about to lose this unique privilege. You have no one to blame but yourselves — or more specifically, your President, your Congress, and your central bank (the Federal Reserve). Obama must not be allowed to deflect blame for this.
13 posted on 04/23/2011 1:45:26 PM PDT by USFRIENDINVICTORIA
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To: SeekAndFind

I wish Steyn would steal my nickname for the current occupant of the WH completely. He’s got the Obammie part down.

The complete and accurate nickname is “Obammie the Commie.”


14 posted on 04/23/2011 1:45:47 PM PDT by Ghost of Philip Marlowe (Prepare for survival.)
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To: SeekAndFind

I wish I could see where Mr. Steyn was wrong, but as far as I can tell he’s right. The rest of the world is waking up to the fact that our economy is going down the drain. Unless we do something serious about cutting out spending and entitlements, they won’t put up with us much longer.


15 posted on 04/23/2011 1:50:15 PM PDT by DeskCaptain
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To: NWFLConservative; Lazlo in PA

RE: We’re NOT on parity any more, the Canadian dollar is now worth $1.05 US.


I used to live in Australia. Historically it takes about 0.75 to 0.80 US cents to buy one Aussie.

Today, 1 Aussie is 1.07 USD !!

And oh yeah, take that third world country called the Philippines. It used to be 1 USD could buy 55 Philippine Pesos.

Today, 1 USD buys a mere 43 pesos !!

Yes, WE ARE IN TROUBLE.

We’re getting poorer compared to some of our allies.


16 posted on 04/23/2011 1:51:58 PM PDT by SeekAndFind
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To: NWFLConservative; Former Proud Canadian; SeekAndFind

Sorry kids. I am running on some old info. I had no idea the the Canadians surpassed the dollar by such a large amount. Last I checked it was close but had not overtaken us yet. Geez. How depressing.


17 posted on 04/23/2011 2:19:28 PM PDT by Lazlo in PA (`)
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To: SeekAndFind

18 posted on 04/23/2011 2:20:57 PM PDT by paulycy (Islamo-Marxism is Evil.)
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To: SeekAndFind

it’s really Sad that only one Son of a B—ch like Obama could ruin the United States of America.


19 posted on 04/23/2011 2:21:17 PM PDT by chatham
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To: SeekAndFind

So America.

How’s that “free trade” thing working out?


20 posted on 04/23/2011 2:21:58 PM PDT by Cringing Negativism Network (Birther on Board)
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To: paulycy

Ha!


21 posted on 04/23/2011 2:33:38 PM PDT by Aquamarine
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To: SeekAndFind
might be time to buy some Canadian money how do you do that?
22 posted on 04/23/2011 2:39:26 PM PDT by jessky
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To: SeekAndFind

Steyn in a realist in a world of “progressive” fantasies ...

Or as Spock would say, “In an insane world, the sane man must appear insane.”


23 posted on 04/23/2011 2:54:57 PM PDT by spodefly (This is my tag line. There are many like it, but this one is mine.)
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To: jessky
might be time to buy some Canadian money how do you do that?

I made Canadian dollars my reserve currency of choice a little more than a year ago.

I set up a global account with Etrade that allows me to exchange currencies and keep cash in a half dozen currencies, buy stock, bonds and such in foreign exchanges. Other online brokerages probably have something like that too.

It's pretty easy.

24 posted on 04/23/2011 3:53:10 PM PDT by seowulf ("If you write a whole line of zeroes, it's still---nothing"...Kira Alexandrovna Argounova)
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To: USFRIENDINVICTORIA

“Americans seem to have little or no appreciation, of how important having the reserve currency is. “

Elites in US government, academia, industry and finance clearly understand the importance of reserve currency status, yet they continue economic and trade policies which will soon result in the loss of that status. The US is a nation whose elites are intent on destroying its culture, economy, government and society.


25 posted on 04/23/2011 4:08:08 PM PDT by Soul of the South (When times are tough the tough get going.)
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To: seowulf
Conventional opinion is that the Canadian dollar is going to float up to about $1.10. This do a lot for Canadian's pride but WILL NOT help the economy. It makes our exports more expensive.

On the plus side, imports are cheaper and we will pay less for US fruits and vegetables and other agricultural products. Of course the demand for oil, one of our largest exports to the US, is virtually inelastic.

If there is a total monetary collapse in the US, I don't know what is going to happen. So many countries, Canada included, depend on the US to buy our products that a market disruption might be devastating. If it happens slowly, things will be all right. If it happens overnight, all bets are off.

26 posted on 04/23/2011 4:28:46 PM PDT by Former Proud Canadian (Canadians are not SLUGS!)
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To: Lazlo in PA

Here is something really scary, Laz. Your dollar is down about 70% vs the Canadian dollar since 2002. I guess that really is a collapse. And if that depresses you, imagine how you would feel if you were a Canadian manufacturer whose market is in the US. The price for your product has gone up 70% in 9 years and you didn’t get a dime of it. Kind of hard to stay in business.


27 posted on 04/23/2011 4:33:11 PM PDT by Former Proud Canadian (Canadians are not SLUGS!)
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To: jessky

Canadian travellers checks....?


28 posted on 04/23/2011 4:42:10 PM PDT by spokeshave (Obamas approval ratings are so low, Kenyans are accusing him of being born in the USA.)
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To: Former Proud Canadian

I went to college in Bellingham, WA many years ago and I remember many businesses would advertise “We take Canadian dollars at par.” This was when the USD was at about 0.70 Canadian. I’m curious if we’ll see billboards like that north of the border soon (if they’re not up already).

The reason I have so many Canadian investments is that, like the US, they have a large amount and a large variety of natural resources. Unlike the US, however, they are willing to use them and are not ashamed of making a profit off of them; oil, mining, hydroelectric, etc.

I think Canada would be wise to build a pipeline from the oil sand areas to BC for export to Asia rather than try to build a pipeline south to the Gulf. It seems our rulers have decided that we don’t want that “dirty” Canadian oil anyway. This would decrease Canada’s dependency on the American oil market.


29 posted on 04/23/2011 4:48:31 PM PDT by seowulf ("If you write a whole line of zeroes, it's still---nothing"...Kira Alexandrovna Argounova)
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To: Former Proud Canadian
Your dollar is down about 70% vs the Canadian dollar since 2002.

I was in northern BC on 11 September 2001, and I remember the exchange rate was 0.53/1. I spent the night in a very nice B&B for 32 USD/night.

30 posted on 04/23/2011 4:54:31 PM PDT by seowulf ("If you write a whole line of zeroes, it's still---nothing"...Kira Alexandrovna Argounova)
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To: seowulf
You ask about accepting the US$ at par in Canada. I think a lot of places, especially mom and pop shops with high margins will, but don't advertise it.

Yes, we still practice capitalism in Canada. Unlike where you are headed. Never, ever thought I would see this time.

You have summarized the pipeline deal, exactly. Hussein would rather borrow money to finance a Brazilian offshore oil field than:

1) let Canada finance and build a crude pipeline from Alberta, through oil lands in North Dakota and on to midwest markets.
or
2) let the US oil industry finance and develop a domestic offshore industy.

Then he wants to buy the Brazilian oil. He wants to finance and import Brazilian oil rather than buying Canadian OR Gulf Coast with no financing charges. Please, anyone, make sense of this.

This is transfer of wealth writ large. Hussein is looting America. I feel like playing the race card. Think about it.

31 posted on 04/23/2011 6:02:50 PM PDT by Former Proud Canadian (Canadians are not SLUGS!)
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To: Former Proud Canadian

The whole world is upside down.

I used the word “rulers” in my post to you, and that leaves a horrible taste in my mouth and goes against my every American instinct. I never thought I’d be using it about my own government, but it really is the only one that fits anymore.

I have thought of emigrating to Canada. It is on my short list of places to flee, but as long as there is a fight left to fight here, I’ll stay. I just hope the 49th parallel doesn’t become some kind of iron curtain before I bug out.


32 posted on 04/23/2011 7:46:38 PM PDT by seowulf ("If you write a whole line of zeroes, it's still---nothing"...Kira Alexandrovna Argounova)
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To: seowulf
You won't see an iron curtain on this side of the border. We've taken three waves of refugees before from the US, another wave now would not be an historical anomaly.

Immigrants who speak English, are familiar with English common law and the ways of North America are most welcome.

I live a couple of miles from a major border crossing, if you or any other freeper need help relocating, freepmail me.

33 posted on 04/24/2011 8:00:21 AM PDT by Former Proud Canadian (Canadians are not SLUGS!)
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To: TheOldLady; Rummyfan; Howlin; riley1992; Miss Marple; Dane; sinkspur; steve; kattracks; ...

Late Mark Steyn ping. I had a computer issue and was busy giving and grading midterm exams. So it took me a little time to get a copy of the list again.

Freepmail me, if you want on or off the Mark Steyn ping list.

Thanks for the pings Slings and Arrows and passionfruit. Here are a few more Steyn articles I missed pinging:

http://www.freerepublic.com/focus/f-news/2708739/posts

http://www.freerepublic.com/focus/f-news/2707655/posts

http://www.freerepublic.com/focus/f-news/2707076/posts


34 posted on 04/27/2011 8:41:42 PM PDT by JLS (Democrats: People who won't even let you enjoy an unseasonably warm winter day.)
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To: jtal

“The rest of the world isn’t going to subsidize our govt any more.

Exactly. And not one in ten Americans understands what our world reserve currency status has meant to our standard of living. It’s like playing Monopoly and being the banker while playing, and only you can grab more $500 bills anytime you want, put them into play, and the other players must accept them.

This advantage is about to end. The dollar will just be another peso bidding for oil etc.


35 posted on 04/28/2011 4:36:47 AM PDT by Travis McGee (www.EnemiesForeignAndDomestic.com)
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To: Travis McGee

Just a minor quibble in agreement. It was not an advantage because we went soft, cannot produce and forgot what real work looks like.


36 posted on 04/28/2011 5:21:56 AM PDT by AndyJackson
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To: jessky
might be time to buy some Canadian money how do you do that?

I bought some shares in a Canadian bank (BMO) back in about 2000. The share price has since tripled and the quarterly dividends are ever juicier.

37 posted on 04/28/2011 5:44:15 AM PDT by TheRightGuy (I want MY BAILOUT ... a billion or two should do!)
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To: SeekAndFind
At Tufts University, Nancy Pelosi urged her “Republican friends” to “take back your party, so that it doesn’t matter so much who wins the election — because we have shared values about the education of our children, the growth of our economy, how we defend our country, our security and civil liberties, how we respect our seniors. Elections shouldn’t matter as much as they do.”

I'm sure it was unintentional, but Nancy may have done us a bit of a favorby exposing the republican party for what it is: socialism lite.

As long as we keep choosing between the democrat and republican parties, and the hacks that run them, elections won't ultimately mean anything. Just look at all the sound and fury that resulted from the pitifully small numbers involved in the recent budget debate and you can see that the vast majority of politicians in DC really aren't taking the problems facing our country seriously. As long as the train can hold itself together for them to get theirs, that's all that matters.

Someday, being a former politician is going to be a capital offense.

38 posted on 04/28/2011 7:28:10 AM PDT by zeugma (The only thing in the social security trust fund is your children and grandchildren's sweat.)
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To: JLS

Thanks for the ping.


39 posted on 04/28/2011 10:54:20 AM PDT by GOPJ (Understanding the Koran: http://www.citizenwarrior.com/2009/05/terrifying-brilliance-of-islam.html)
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To: Former Proud Canadian; jessky

What is the national debt like in Canada, Australia?


40 posted on 04/30/2011 8:06:04 AM PDT by dervish (One person's Libyan al Qaeda terrorist is another person's Libyan freedom fighter)
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To: dervish
About $560 billion Canadian. Since Canada has 10% the population of the US, that would work out to $5.6 Trillion Candian. About a third, proportionally.

The deficit, this fiscal year, will come in at around $40 billion Canadian. That would be $400 billion, proportionally vis a vis the US.

Next year's deficit is projected to be only $21.7 billion Canadian, proportionally $217 billion.

A conservative government would mean a balanced budget in two or three years.

With a stable but growing economy, a robust banking system, hopefully a majority conservative government elected on Monday, and bountiful resources the Bank of Canada might have a hard time keeping the Canadian dollar below $1.10 US in the near term.

If there is a true "fiscal crisis" in the US, I don't know what would happen, but I would rather be living north of the border.

41 posted on 04/30/2011 9:48:28 AM PDT by Former Proud Canadian (Slugs? Clingers?)
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To: Former Proud Canadian

Thank you for the information.


42 posted on 04/30/2011 10:16:09 PM PDT by dervish (One person's Libyan al Qaeda terrorist is another person's Libyan freedom fighter)
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