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In brief remarks to be delivered Saturday in Reykjavik, Canadian ambassador Alan Bones will tell Icelanders that if they truly want the Canadian dollar, Canada is ready to talk.
But he will warn Icelanders that unilaterally adopting the loonie comes with significant risk, including complete loss of control over their monetary policy because the Bank of Canada makes decisions only for Canadians and the Canadian economy. He’ll caution, for example, that giving up the krona in favour of the Canadian dollar (CAD/USD-I1.01-0.004-0.36%) will leave the country with few levers, short of layoffs, to counter financial shocks and fluctuations in the loonie.
Originally posted by Mystic Technician
When the collapse happened in 2008 ,I watched as the value of the Icelandic currency
went down to below japanese yen standards ,which occured mainly because of the
financial mismanagement and poor oversight. Bankers fled with the "value" of the money.
Mismanagement is to blame and changing the currency won't change that.
But due to further mismanagement and dilusion of most of the financial heads and bankers
aswell as the government ,coupled with the devalued currency ,there have been talks
about abandoning the isk for another currency.
Somewhere along the way ,people lost the sight of the truth that the currency is what
people make of it and that is how its utilized in business. The banks are also to blame
with their limiting policies which pressure people to look towards dependency in other
currencies ,as they feel the one they have isn't good enough. That is utter nonsense.
I always wondered what would happen if all currencies were pegged 1 to 1 with each other. Part of me thinks it might be time to start moving to a unified currency on a global scale.