Friday, May 23, 2003

An interesting review of the rise of the Canadian dollar over the past few months showed up in the World Socialist Web Site this week. The author suggests that Canadian capital may use this as an opportunity to cut wages and jobs in the name of competitiveness. As Finance Minister John Manley said last year, "too many Canadian firms are profiting mightily from a US 62-cent dollar and would be hard-pressed to compete at a US 80-cent dollar." On Wednesday the loonie stood at US$0.74, a height not seen since February 1997.

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