While the media has made a big to-do about the Dow hitting a record high, they are awfully quiet about the value of the dollar hitting a (record?) low. For the first time in my memory, and possibly the first time ever, Canadian money is worth more than American money. I recall when I was growing up that “we accept Canadian money at par” was a huge selling point some Detroit businesses used to get visitors from across the bridge to shop there. Accepting a Canadian dollar as even with American was a big to-do. And vice-versa, the Windsor Casino used to advertise the exchange rate in their competition with Detroit casinos, encouraging folks to cross the border and “let your dollar go farther”. I think at one point the exchange was that $1 U.S. got you $1.56 Canadian. Quite the difference. Market news on my pager from yesterday, however, shows that $1 U.S. now only gets you about 99 cents Canadian. So should we really be happy about a “record high” for the Dow when our money is increasingly worthless? I have some Euros from some old business trips to Germany. At the time, the rate was nearly even. Now $1 U.S. won’t even get you 75 Euro cents. But our economy is recovered, the talking heads all say. I don’t buy it. Can’t afford to.
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