Corey mentions in his comment that he has been wondering on the situation of falling dollar looking at it from Canada. A friend of mine, Raj, from Canada also had a similar view. He was ecstatic that they could now shop in the US for cheap! US, he says, is Canada’s Mexico!
When we travel to the US, we go crazy shopping – even when we drove down there in June, we came back with a car full of stuff, it was so cheap..and the $ was only 92c then.. you’re our mexico down south now 🙂
But its not as if Canadians will escape the brunt. As he followed with the analysis of how it affected Canadians:
And gloat as I may, it is going to pull Canada down as well – 60% of our trade is with the US and most of our exports are commodity-based.. heck, my job depends on the US$ – the company profits have shrunk like crazy – 95% of our business is in the US, paying us US$ – so imagine the profit margin squeeze as the CAD$ went from 62c to 99c.
I think this is very significant! Yes, the American currency will tank – but with it…. many other economies will go down. The economic world as we know it will have become completely different!!
Get Drishtikone Updates
in your inbox
Subscribe to Drishtikone updates and get interesting stuff and updates to your email inbox.
Thank you for subscribing.
Something went wrong.