Thursday, September 20, 2007

CNN Spins Dollar News

The greenback has slid to the value of the Canadian dollar. Yes, it is true. Parity was reached today. And how did CNN spin it?

Canadian dollar catches up to U.S. dollar

Value of 'loonie' reaches that of American dollar for the first time in over 30 years.

TORONTO (AP) -- The Canadian dollar reached parity with the U.S. dollar on Thursday for the first time since November 1976.

(More here)

Please do not be fooled. The loonie did not climb to the value of the U.S. dollar; The U.S. dollar has plummeted to the value of the Canadian dollar.

Still not convinced? Check this out:

NOTE: Recent events do not show on this graph. Today the blue line slid off the bottom of the chart.

This is not a symptom of a strong US economy

More gin might be in order.

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