Butterfield 8 Posted September 27, 2004 Report Share Posted September 27, 2004 Wouldn't exchange controls bring global business to a standstill? Companies and their officers keep European accounts to facillitate travel and sales. Link to comment Share on other sites More sharing options...
brian4 Posted September 27, 2004 Report Share Posted September 27, 2004 Confused-yes it does, NWD no they could not- once your money is here, the U.S. could do squat and Money in a Canadian account is guaranteed by the Canadian Deposit insurance act for $100 K per account. For access to your funds all you need is a Visa or Mastercard issued by the Canadian Bank at the time you opened your deposit and then your neighborhood ATM is your teller window. Link to comment Share on other sites More sharing options...
ConfusedAssRev1 Posted September 27, 2004 Report Share Posted September 27, 2004 Then would purchase of Canadian oil & gas, and Canandian gold shares (on US Exchanges) benefit from both Loonie appreciation and commodity appreciation? Link to comment Share on other sites More sharing options...
zensmoke Posted September 27, 2004 Report Share Posted September 27, 2004 10:18 November crude at $49.18, up 30 cents from NY close Link to comment Share on other sites More sharing options...
brian4 Posted September 27, 2004 Report Share Posted September 27, 2004 Butters-No-Britain had exchange controls until the mid 80's, Japan until the early 90's. A Buddy of mine who lived and taught in Japan for 30 years couldn't get his money over here until then finally in 1997 he and his lady came home with their bread until then when he went abroad they were limited to taking a grand apiece. When i was a kid in the late 40's early 50's we would drive every summer to see our relatives in Californicate and my dad and mom were limited to $350.- each aside of course what they put in my socks! Link to comment Share on other sites More sharing options...
Hiding Bear Posted September 27, 2004 Author Report Share Posted September 27, 2004 Further to HB's post and my earlier one, If I was an American...now would be the time to move some $ not only into Canadian, Aussie or Swiss currencies but also a time to do what the Sun did and open a Bank account in Canada which you can denominate in either Canadian or U.S. $'s and certainly Canadian $'s would be the one to hold. In the last U.S. devaluation in the 70's a $ Canadian was worth $1.35 U.S. Also there is a good chance currency controls will be imposed to stop what I just described-i.e. the flow of money out of the U.S. to safe havens because as money flows out the $ drops even more. The other thing to be aware of in a devaluation is that import prices will rise drastically as more $'s are required to buy them. The flip side is the price of U.S. exports will drop making them more competitive in the World marketplace. The sad part is aside from Airliners and Foodstuffs the U.S. doesn't export much, all the manufacturing has been moved to China. I don't think the Noranda deal has been finalized, but it will be interesting to see if China buys it with US dollars - which then would be exchanged for Canadian by some of the stockholders. I would think this is how it will work out, and that's only one $7 billion deal. Link to comment Share on other sites More sharing options...
Butterfield 8 Posted September 27, 2004 Report Share Posted September 27, 2004 And in those instances, what happened to existing international bank accounts? Link to comment Share on other sites More sharing options...
brian4 Posted September 27, 2004 Report Share Posted September 27, 2004 Confused in my view-Yes! But the appreciation you would realize would be in a depreciating $ wouldn't it! Link to comment Share on other sites More sharing options...
Butterfield 8 Posted September 27, 2004 Report Share Posted September 27, 2004 But then holding Canadian companies would still preserve US$ purchasing power, no? Link to comment Share on other sites More sharing options...
ConfusedAssRev1 Posted September 27, 2004 Report Share Posted September 27, 2004 Brian -- yes! Butters - I think its like the hamster and the exercise wheel -- you have to keep going faster just to stay in the same place -- anybody, correct me if I'm wrong. Link to comment Share on other sites More sharing options...
brian4 Posted September 27, 2004 Report Share Posted September 27, 2004 Butters -Nothing once it is out it is out and your bank account is under the laws of the land it is in -not U.S. law. Link to comment Share on other sites More sharing options...
Butterfield 8 Posted September 27, 2004 Report Share Posted September 27, 2004 well that's a blessing anyway. Link to comment Share on other sites More sharing options...
brian4 Posted September 27, 2004 Report Share Posted September 27, 2004 Yes you would maintain purchasing power in U.S. $'s. Link to comment Share on other sites More sharing options...
Dharmaeye Posted September 27, 2004 Report Share Posted September 27, 2004 Confused-yes it does, NWD no they could not- once your money is here, the U.S. could do squat and Money in a Canadian account is guaranteed by the Canadian Deposit insurance act for $100 K per account. For access to your funds all you need is a Visa or Mastercard issued by the Canadian Bank at the time you opened your deposit and then your neighborhood ATM is your teller window. Did they raise the amount from 60,000 to 100,000 Canadian? Link to comment Share on other sites More sharing options...
brian4 Posted September 27, 2004 Report Share Posted September 27, 2004 Dharma my understanding is it has been a 100k for a long while-per account. Link to comment Share on other sites More sharing options...
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