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Loonie attracting safe haven investors: Flaherty



 
 
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  #1  
Old July 26th 11, 09:08 PM posted to misc.invest.canada,can.general,can.politics
abc
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Posts: 14
Default Loonie attracting safe haven investors: Flaherty

Loonie attracting safe haven investors: Flaherty

Jul 26, 2011

By Trish Nixon

The Canadian dollar, which shot up to a 3-1/2 year high on Tuesday, is
attracting safe-haven investors and reflects the country’s fiscal and
economic health, Finance Minister Jim Flaherty said on Tuesday.

“Canada is a fiscally responsible country. Our currency value to some
extent represents the stability of our country. There are investors,
obviously, around the world … looking for safe havens and the Canadian
dollar offers some attraction,” Flaherty said in Burlington, where he
hosted a meeting with small-business people.

He said the currency reflected Canada’s fiscal prudence and strong prices
for the commodities it exports.

Ottawa is always concerned about any rapid fluctuation in the value of
the Canadian dollar, he added, but made no hint that the central bank
might take steps to curb the rising currency.

The currency climbed as high as C$0.9407 to the U.S. dollar, or $1.0630
Tuesday before Flaherty spoke. This was its strongest level since
November 2007, when it hit a modern-day high.

Flaherty said he was “relatively confident” the United States would reach
an agreement to raise its debt ceiling by the Aug. 2 deadline but made it
clear he was very concerned about the financial fallout for Canada of any
deterioration of its top trading partner’s debt situation.

“What we want to avoid, and its fundamental now, is any shocks, any more
shocks, in the world economy.”

He said the agreement struck by European leaders to tackle the Greek debt
crisis was a short-term solution and that longer-term fiscal weakness in
other European countries also needed to be addressed.

  #2  
Old July 26th 11, 09:29 PM posted to misc.invest.canada,can.general,can.politics
[email protected]
external usenet poster
 
Posts: 2
Default Loonie attracting safe haven investors: Flaherty


"abc" wrote in message
...
Loonie attracting safe haven investors: Flaherty

Jul 26, 2011

By Trish Nixon

The Canadian dollar, which shot up to a 3-1/2 year high on Tuesday, is
attracting safe-haven investors and reflects the country's fiscal and
economic health, Finance Minister Jim Flaherty said on Tuesday.


While all this may be true, it would be wrong to use the US dollar as the
yardstick. The Canadian dollar is not going up against the US dollar, so
much as the US dollar is going down, because the private federal reserve is
printing dollars like its needed to fuel a furnace... Its like measuring the
stability of a boat next to one that has a hundred holes in it.

It is true our dollar is more stable.... and that is good for both exporters
and importers, since fluctuation causes price uncertainty which usually
leads to higher prices both ways....

I'd like him to explain why the government felt it was a good idea to sell
off *ALL* our gold reserves, and not have any gold to back the currency,
which would have given the dollar even more stability than it currently
seems to have against many others.



"Canada is a fiscally responsible country. Our currency value to some
extent represents the stability of our country. There are investors,
obviously, around the world . looking for safe havens and the Canadian
dollar offers some attraction," Flaherty said in Burlington, where he
hosted a meeting with small-business people.


Check out our dollar against the Australian dollar... When was the last time
the Ozzy dollar was above ours?


He said the currency reflected Canada's fiscal prudence and strong prices
for the commodities it exports.

Ottawa is always concerned about any rapid fluctuation in the value of
the Canadian dollar, he added, but made no hint that the central bank
might take steps to curb the rising currency.

The currency climbed as high as C$0.9407 to the U.S. dollar, or $1.0630
Tuesday before Flaherty spoke. This was its strongest level since
November 2007, when it hit a modern-day high.

Flaherty said he was "relatively confident" the United States would reach
an agreement to raise its debt ceiling by the Aug. 2 deadline but made it
clear he was very concerned about the financial fallout for Canada of any
deterioration of its top trading partner's debt situation.

"What we want to avoid, and its fundamental now, is any shocks, any more
shocks, in the world economy."

He said the agreement struck by European leaders to tackle the Greek debt
crisis was a short-term solution and that longer-term fiscal weakness in
other European countries also needed to be addressed.



  #3  
Old July 26th 11, 09:36 PM posted to misc.invest.canada,can.general,can.politics
Canuck57[_4_]
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Posts: 2
Default Loonie attracting safe haven investors: Flaherty

On 26/07/2011 2:08 PM, abc wrote:
Loonie attracting safe haven investors: Flaherty

Jul 26, 2011

By Trish Nixon

The Canadian dollar, which shot up to a 3-1/2 year high on Tuesday, is
attracting safe-haven investors and reflects the country’s fiscal and
economic health, Finance Minister Jim Flaherty said on Tuesday.

“Canada is a fiscally responsible country. Our currency value to some
extent represents the stability of our country. There are investors,
obviously, around the world … looking for safe havens and the Canadian
dollar offers some attraction,” Flaherty said in Burlington, where he
hosted a meeting with small-business people.

He said the currency reflected Canada’s fiscal prudence and strong prices
for the commodities it exports.

Ottawa is always concerned about any rapid fluctuation in the value of
the Canadian dollar, he added, but made no hint that the central bank
might take steps to curb the rising currency.

The currency climbed as high as C$0.9407 to the U.S. dollar, or $1.0630
Tuesday before Flaherty spoke. This was its strongest level since
November 2007, when it hit a modern-day high.

Flaherty said he was “relatively confident” the United States would reach
an agreement to raise its debt ceiling by the Aug. 2 deadline but made it
clear he was very concerned about the financial fallout for Canada of any
deterioration of its top trading partner’s debt situation.

“What we want to avoid, and its fundamental now, is any shocks, any more
shocks, in the world economy.”

He said the agreement struck by European leaders to tackle the Greek debt
crisis was a short-term solution and that longer-term fiscal weakness in
other European countries also needed to be addressed.


Good for Canadians.


--
Obama, enslaving Americans with debt-tax slavery for a spending binge.
Doesn't even borrow real money, Bernanke just creates it like a
counterfeiter. .
  #4  
Old July 26th 11, 10:07 PM posted to misc.invest.canada,can.general,can.politics
Greg Goss
external usenet poster
 
Posts: 150
Default Loonie attracting safe haven investors: Flaherty

" wrote:

I'd like him to explain why the government felt it was a good idea to sell
off *ALL* our gold reserves, and not have any gold to back the currency,
which would have given the dollar even more stability than it currently
seems to have against many others.


http://scarletwhore.com/?p=13 claims that the Canadian gold reserves
are back. I'm skeptical.

I can't find the article I read a decade ago that claimed a secret
agreement between Reagan, Mulroney, and (?) Thatcher(?) to sell off
gold reserves to crash the USSR economy.
--
Tomorrow is today already.
Greg Goss, 1989-01-27
  #5  
Old July 27th 11, 12:37 AM posted to misc.invest.canada,can.general,can.politics
Some Guy
external usenet poster
 
Posts: 14
Default Loonie attracting safe haven investors: Flaherty

" wrote:

While all this may be true, it would be wrong to use the US dollar
as the yardstick. The Canadian dollar is not going up against the
US dollar,


Yes it is.

If there are two escalators side by side, one going up, the other going
down, you can't really say for sure which one is moving relative to some
reference point or baseline.

Its like measuring the stability of a boat next to one that has a
hundred holes in it.


But in the case of those boats, they're both sitting in water - which
you're using as the reference point (the sea level).

It is true our dollar is more stable...


It's not stable. It's value relative to the US dollar is all over the
map. It's extremely volatile.

and that is good for both exporters and importers,
since fluctuation causes price uncertainty which usually
leads to higher prices both ways....


What a load of garbage.

Retail prices of goods in Canada are not and have not gone down for
goods purchases at wholesale from the US. Compare prices for the same
items sold by Sears Canada and Sears USA (or home depot, or any other
trans-national retailer).

And the last thing that exporters want is a high CDN dollar relative to
the US. Or do I have to explain the math to you?

I'd like him to explain why the government felt it was a good
idea to sell off *ALL* our gold reserves, and not have any
gold to back the currency,


There isin't enough gold in the world to back any single G-8 currency -
unless you go back to the days when gov'ts heavily regulated the
ownership and price of gold relative to their own currency.

which would have given the dollar even more stability than it
currently seems to have against many others.


Oil isin't really worth $100 a barrel.

The root of all the economic caos right now is the un-naturally low US
bank or fed rate. It's what's causing speculators and traders to keep
bouncing their assets around from one commodity to another, then to one
currency and then another. They're playing musical chairs with the
world's wealth as they continuously re-allocate their assets, and prices
are responding accordingly.
  #6  
Old July 30th 11, 05:21 AM posted to misc.invest.canada,can.general,can.politics
[email protected]
external usenet poster
 
Posts: 2
Default Loonie attracting safe haven investors: Flaherty


"Some Guy" wrote in message ...
" wrote:

While all this may be true, it would be wrong to use the US dollar
as the yardstick. The Canadian dollar is not going up against the
US dollar,


Yes it is.


You snipped the rest of my post just so you could through in an
unsustaintiated contradiction?

It is true our dollar is more stable...


It's not stable. It's value relative to the US dollar is all over the
map. It's extremely volatile.


Perhaps you should look up the word "more"....

and that is good for both exporters and importers,
since fluctuation causes price uncertainty which usually
leads to higher prices both ways....


What a load of garbage.


No, stabilty is good for everyone when it comes to currency exchange,
related to import and export. Any economist will tell you that.

Retail prices of goods in Canada are not and have not gone down for
goods purchases at wholesale from the US.


Prices are a separate issue.... You seem to have trouble staying on one
topic. Prices are set my supply and demand.



  #8  
Old July 30th 11, 07:13 AM posted to misc.invest.canada,can.general,can.politics
Jack[_12_]
external usenet poster
 
Posts: 2
Default Loonie attracting safe haven investors: Flaherty

Jack wrote

wrote

"Some Guy" wrote in message
...
" wrote:

While all this may be true, it would be wrong to use the US dollar
as the yardstick. The Canadian dollar is not going up against the
US dollar,

Yes it is.


You snipped the rest of my post just so you could through in an
unsustaintiated contradiction?

It is true our dollar is more stable...

It's not stable. It's value relative to the US dollar is all over the
map. It's extremely volatile.


Perhaps you should look up the word "more"....

and that is good for both exporters and importers,
since fluctuation causes price uncertainty which usually
leads to higher prices both ways....

What a load of garbage.


No, stabilty is good for everyone when it comes to currency exchange,
related to import and export. Any economist will tell you that.

Retail prices of goods in Canada are not and have not gone down for
goods purchases at wholesale from the US.


Prices are a separate issue.... You seem to have trouble staying on one
topic. Prices are set my supply and demand.


I've got a US $10.00 bill on my table. I'll sell it for $4.00 Canadian.

Any takers?


I need to make it up. I have it from the time that Paul Martin was fixing
our economy and it was only worth SIXTY EIGHT CENTS.

But thanks to Paul, we worked it out.

 




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