They continue to trumpet the strength of the rising Canadian Loonie as being the product of our burgeoning Canadian commodities and economy – with nary a word to the effect that it might be in a large part the result of the tanking US dollar and economy.
In related stories: In February of this year, a US congressional committee blows the latest whistle on the Bush Administration’s frugal money management skills during their investigation of the biggest transfer of cash in the history of the Federal Reserve. Approximately 363 tons of shrink-wrapped $100 bills (or, for those of us who consider money to be something more than fodder or freight, $12 billion) were flown into Iraq in 2004 for disbursement to Iraqi ministries and US contractors. An obscure consulting firm called North Star Consultants Inc. was hired to oversee the expenditures. The firm was so small that it reportedly operates out of a private home in San Diego. Later in the year, and a little closer to home, the bottom falls out of the American sub-prime mortgage market. Losses to date are estimated at $148billion and counting.