Monday 01 October 2007

My Mighty Canadian Dollar!

Rightly or wrongly, the prowess of a country is often measured by its financial wealth. In today’s global economy, the strength of a nation’s currency against another is a common source of pride for its people. Even the Canadian dollar is a descendant of the Canadian pound (in use until 1871) which has its roots in the mighty British pound that has long been a symbol of British colonialism.

Last month, Canadians saw the rise of the Canadian dollar that momentarily reached parity against the US dollar (and even exceeded it) for the first time in 31 years. While this was largely attributed to a weakening of the US economy rather than a strengthening of our own, many Canadians saw the opportunity to proudly proclaim that this was the proof of our financial independence as a nation from the dominating US. As an average consumer, I must admit that it is more of a source to boast my national pride for my country than a real monetary growth in my own wealth. For a brief moment, at least, I can proudly waive my Canadian dollar (which is actually a coin now and not a bill anymore) south of the border and proclaim a win of our mighty loonie over the withering green buck!

By Philip Jong • At 12:01 AM • Under Column • Under Finance • Under World
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