It could very well lead to job losses. That goes for all the other lumber companies operating in the province for that matter. But lets not think too hard on that Charles, it just gets in the way of your Irving bashing after all. Why bother try to be relevant any more when being insulting makes you so much happier. On the other hand I think the guy either lied to you or you misunderstood. Although the Canadian dollar was briefly worth more than 1 dollar American yesterday it will be a long time yet before you will see the kind of exchange your suggesting. The banks do not exchange money for free.
In Maine they were giving 1.00.5 over the American Dollar in thier local malls yesterday! dont need banks There is going to be a big correction in the US$ market and theres hard times coming,no more living high on the hog for them and it may spill over to us. Irvings are not bothered themselve by these corrections in the market,this was a long time coming and all the big corporations knew about this . Its the average joe that pays bigtime by losing everything they own! Thats what happens when big business controls the goverment. People think by voting every 4 years we are in control,its called a smokescreen. We dont control anything!
It might be very true that "big business" on the US side of the border are temporarily giving better than even the actual exchange rate to attract Canadians into their stores. That is what big business does to attract and distract the "average Joe" to spend their hard earned cash. But then again thats what happens when big business controls the government I guess. On the other hand if you knew this impending disaster was coming then I guess you (like the Irvings) were prepared? Maybe we should just stay away from the malls on either side of the border.
The whole idea is that our manufactured products become more expensive in the US, therefore less competitive. But that happened long ago with Chinese goods entering the market anyway, so what market share do we feel we'll lose? We really don't manufacture much here anymore, anyway. If anything, a higher dollar increases our purchasing power and should aid the average joe (who now has a service sector job after his factory closed decades ago.)I'm not a big fan of tories but Flaherty said it right. He suggested we take this opportunity to diversify our markets and to import upgraded machinery for our own production, more cheaply. Will Americans cut back on their consumption of maple syrup because of the added expense?... um.. maybe. I guarantee they won't be cutting back on their consumption of energy, so Irving will be effectively immune.The Irvings may lose a bit on exported forest products, but they'll gain some as well. They'll be able to retain workers, for example, since the comparitive salaries will be higher now.
I too like the suggestion that we should produce more here for ourselves but that mantra has been repeated for many years and by many governments to little or no avail. Its hard to find very many "made in Canada" items in most malls in this country and frankly that is the same in the US. I have heard that the border crossings are pretty busy this weekend with Canadians crossing to get those great deals You can probably pretty much guarantee that the vast majority with not carry "made in America labels" on them. On the other hand you have to wonder how long the deals will last even if the dollar stays at this high level. Most of the rest of the worlds currency has gone up an equal amount against the US dollar and will eventually show up in US stores as higher prices anyway.
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