3 EM 1 – 15/08/2022

The credit crisis that has gripped major brokerage firms by the throat in the US is beginning to have an impact on Canada. The 33 billion tied up in asset based commercial paper (ABCP) is evidence of that. Some of the firms who are deeply involved in the ABCP have begun to seek bankruptcy protection.

Why is the U.S. government completely unconcerned about the decline of the U.S. dollar? Publicly, President Bush and Treasury Secretary Paulson claim that “a strong dollar is in our national interest” but both of them refuse to do anything about it. Read this article for a quick synopsis of the problem and how it effects you.