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Columnists

Trumponomics unsettles Trudeau with threats to Canada-U.S. trade

PMO Photo by Adam Scotti

Only one country in the world issues a currency that is held and recognized in every country in the world. The U.S. dollar has been de facto the world currency since the Bretton Woods accords of 1944.

Having your money accepted for payment in other countries means the U.S. does not have to earn foreign currency abroad or borrow in other currencies.

Other countries try to earn U.S. dollars by selling more than they buy from the rest of the world. When not earning U.S. dollars, countries have to borrow dollars.

Borrowed U.S. dollars have to be repaid in newly earned dollars. Such U.S. dollar-denominated debt is a real constraint on governments the world over.

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Columnists

Trump's proven that free trade deals can be rewritten. So let's write better ones.

Photo: Billie Greenwood/flickr

For years, we've been told the dictates of globalization, and the intrusive and prescriptive terms of free trade agreements in particular, are immutable, natural, and unquestionable. When workers were displaced by the migration of multinational capital toward more profitable jurisdictions, we were told there's nothing we can do about it except join the race to the bottom in a desperate attempt to hang onto our jobs. When investment and employment were undermined by lopsided trade and capital flows, and employers and financiers utilized the leverage afforded them by unrestrained international mobility to ratchet the distributional structure of the economy ever-more-blatantly in their own favour, we were informed this was just the logic of markets. And anyone who questioned

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Columnists

Denying globalization's downside won't stop right-wing populism

Photo: Martin Schulz/European Union 2016 - European Parliament/flickr

I was somewhat surprised to see Stephen Poloz recently urging economists to do more work identifying and disseminating research on the supposed benefits of free trade. That's slightly beyond his job description (perhaps more fitting with his last position as head of Export Development Canada). But like economic leaders elsewhere in the world, Mr. Poloz is obviously concerned with the disintegration of popular support for neoliberal free trade deals. That disintegration will have tectonic economic and political consequences.

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Photo: Canada 2020/flickr
| July 21, 2016
Columnists

Canadians need more than celebrity from Justin Trudeau

Photo: World Bank Photo Collection/flickr

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It was a night for nostalgia, the eighth and last White House Correspondents Dinner for U.S. President Barack Obama. The one-time Harvard Law Review editor and community organizer, a basketball-savvy president with worldwide appeal, was doing his final stand-up before the audience of media, political and Hollywood stars.

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Columnists

Signing trade deals does not amount to promoting trade

Photo: Chambre des Députés/flickr

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Stephen Harper
| October 1, 2015
| September 23, 2015
Dean Del Mastro
| June 25, 2015
Columnists

Battle lines being drawn over corporate trade deals in U.S.

Image: DonkeyHotey/flickr

President Barack Obama and the Republicans in Congress are united. Yes, that's right. No, not on Obamacare, or on the budget, or on negotiations with Iran, or on equal pay for women. But on so-called free-trade agreements, which increase corporate power and reduce the power of people to govern themselves democratically, Obama and the Republicans stand shoulder to shoulder. This has put the president at loggerheads with his strongest congressional allies, the progressive Democrats, who oppose the TPP, or the Trans-Pacific Partnership, one of the most far-reaching trade agreements in history. TPP will set rules governing more than 40 per cent of the world's economy. Obama has been negotiating in secret, and the Democrats are not happy.

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