Canadian Dollar?

[Clanscorpia]

What do you guys think of the dollar so low? I think the other countries in NATO and the UN should help us. If this continues Canada will be nearly bankrupt in some provinces. Someone needs to deal with OPEC, $25 a barrel of oil? All of our figures of oil are basically gone now. I think its unfair for the people who aren't in a buisness. What do you guys think?

[Kobathor]

It's not everybody else's fault that Canada's economy sucks.

 

What Enderman said- US stopped buying oil from you guys, tough luck. That's what happens when your entire dollar is based on a resource that's in most places.

[Enderman]

the US found oil in multiple places and have stopped buying from us

our exports are also very low

 

the cad dollar is rising though, it was lower several weeks ago

http://www.xe.com/currencycharts/?from=CAD&to=USD&view=1M

 

btw were not going bankrupt any time soon lol

the dollar is still far above that of many other countries in the world

[manikyath]

well... euro was 1.5 dollar roughly 5 years ago, it is now 1.05 dollar.

[spartaman64]

i dont think nato and the UN are the ones to go for financial help the IMF is the organization you go to if your country is going bankrupt but the IMF is a double edged sword as they will give you lots of money but they will also force you to cut back on funding for education, healthcare, and other stuff

[Chasem121]

It's no ones but Canada's fault that you guys let oil be such a large part of your economy. The USA or any other country in NATO and the UN has no obligation to pay for your countries mistakes

[Centurius]

That's the problem when you make an economy dependent on something that can fluctuate so quickly. Neither NATO or the UN are going to do anything and they shouldn't either.

[Volbet]

Neither NATO nor the UN is capable of helping in an economic crisis. 

NATO is a military cooperation organisation and the UN is a diplomatic relations organisation with no way to affect a country's economy directly. 

The only way the UN can impact a countrie's economy is through indirect means. For example, the Security Coucil can instate a trade embargo. 

You are thinking of the IMF. They might be able to give Canada a loan.

[Clanscorpia]

It is Opec's fault for trying to bankrupt the oil sands.

[Centurius]

It is Opec's fault for trying to bankrupt the oil sands.

No, it's Canada's fault for not having good alternatives.

 

While OPEC's practices are questionable, they very much fit within what is allowed in global trade.

[Clanscorpia]

No, it's Canada's fault for not having good alternatives.

 

While OPEC's practices are questionable, they very much fit within what is allowed in global trade.

I still think someone should do something about that. The world knows that what they are doing isn't just for buisness, it's also destroying a country

[spartaman64]

No, it's Canada's fault for not having good alternatives.

 

While OPEC's practices are questionable, they very much fit within what is allowed in global trade.

i bet scotland is glad they didnt declare independence. a lot of the people calling for independence were counting on the off shore oil reserves to stabilize their economy 

[asiancorruption]

Quick economics question for anyone who knows a thing or two. Would salaries increase as a result of inflation due to currency being worth less and the cost of living rising significantly?

[Centurius]

I still think someone should do something about that. The world knows that what they are doing isn't just for buisness, it's also destroying a country

What are you suggesting? That we go bomb Saudi Arabia because they are no longer keeping the oil price at an absurdly high level?

 

For years the supply has been kept artificially low to increase profits, now supply is actually starting to reach its proper level. Does that suck for countries that built their budgets on a high oil price such as Canada and Russia? Sure. It was only a matter of time though and it is far from unfair.

[eLucid]

Oil should've never been selling for $100 a barrel in the first place. Simply put, the demand isn't there. A war could change things though.

[Centurius]

i bet scotland is glad they didnt declare independence. a lot of the people calling for independence were counting on the off shore oil reserves to stabilize their economy 

Oh definitely, though surprisingly the pro independence camp hasn't shrunk much yet.

 

Quick economics question for anyone who knows a thing or two. Would salaries increase as a result of inflation due to currency being worth less and the cost of living rising significantly?

Salaries don't by definition increase with inflation. That's up to negotiations between employees and employers as well as existing agreements.

[Clanscorpia]

What are you suggesting? That we go bomb Saudi Arabia because they are no longer keeping the oil price at an absurdly high level?

 

For years the supply has been kept artificially low to increase profits, now supply is actually starting to reach its proper level. Does that suck for countries that built their budgets on a high oil price such as Canada and Russia? Sure. It was only a matter of time though and it is far from unfair.

Well, lets just hope Trudeau isn't as dumb as Harper

[spartaman64]

I still think someone should do something about that. The world knows that what they are doing isn't just for buisness, it's also destroying a country

i think canada's best course of action isnt to go try and fight opec but diversify their economy and sure other countries can help invest in that

and plus im hoping oil in a couple of decades will no longer be used as a fuel and we switch to cleaner alternatives

[Volbet]

Quick economics question for anyone who knows a thing or two. Would salaries increase as a result of inflation due to currency being worth less and the cost of living rising significantly?

That depends on what deals have been made between the employer and the employee (or the employee's labourt union)

Wages don't by definition increase with inflation. That is one of the major criticisms of the legal minimum in the US at the moment, and it was a major issue in the Weimar Republic back in the '30s and '40s. A more recent example would be the hyper inflation of the Zimbabwean Dollar that went on untill 2014.

[Ominous]

This just turned into one massive flame war...

[Clanscorpia]

i think canada's best course of action isnt to go try and fight opec but diversify their economy and sure other countries can help invest in that

Maybe America could give back to us.... Governer of Arkansas 'Congrats on your cross country railway!' Nvm....

[Centurius]

This just turned into one massive flame war...

An active discussion is not by definition a flame war.

[vanished]

Having our dollar be so low actually helps a lot of other Canadian companies who export/sell products to the US because they can charge even more and it's still cheap for the US, so for that reason, I fear there actually isn't much pressure to do anything about it.  I did hear recently that "they" had finally clued in that there is a sweet spot where going too far ceases to continue to assist in this regard and actually hurts the country overall, and that we've finally slipped past that, but yeah it could be a while before it's better.

 

Thee's no way other countries are going to "help" though, nor should they; it's not their fault at all.   There is a chance that our government could fix the problem, but for the reasons I said I don't think it's super likely.

[Clanscorpia]

This just turned into one massive flame war...

Not really, it's a debate, flames wars are  waaaaaay different from this.

[eLucid]

Well, lets just hope Trudeau isn't as dumb as Harper

 

Trudeau has an art degree lol.. He's certainly not his father.