The author, economist Dean Baker, is on record as having predicted the American housing bubble way back in 2002 (before even Roubini). If I remember correctly, the Canadian Center For Policy Alternatives invited him to speak on the Canadian housing market a few years back.
Anyways, the article addresses both Canada's economy and the problems our ridiculous petro-currency generates. The trigger for this article was a Globe & Mail piece suggesting Iceland's 1% were considering adopting the Canadian dollar because of the uncertainty in Euro membership.
We should also take note of the contrast...the Globe & Mail piece reads like a drunkards hagiography of the Canadian dollar. It takes a sober foreign economist like Dean Baker to point out the overwhelming problems with our currency.
Greg,
ReplyDeleteYou need to read this article:
Loony currency schemes
In a strange move, Iceland is considering adopting the Canadian dollar as its official currency.
The author, economist Dean Baker, is on record as having predicted the American housing bubble way back in 2002 (before even Roubini). If I remember correctly, the Canadian Center For Policy Alternatives invited him to speak on the Canadian housing market a few years back.
Anyways, the article addresses both Canada's economy and the problems our ridiculous petro-currency generates. The trigger for this article was a Globe & Mail piece suggesting Iceland's 1% were considering adopting the Canadian dollar because of the uncertainty in Euro membership.
We should also take note of the contrast...the Globe & Mail piece reads like a drunkards hagiography of the Canadian dollar. It takes a sober foreign economist like Dean Baker to point out the overwhelming problems with our currency.