Given our history of wringing our hands about Foreigners Owning Canadian Assets, I'm a bit surprised that this story hasn't yet been picked up on the news sites I watch:
Canada's net international investment position: Following a trend to reduced net foreign debt since the mid-1990s, Canada recorded a net asset position of $13.5 billion in the fourth quarter of 2008 — the first net asset position in this time series which dates back to 1926.
This isn't actually a surprise after a long string of current account surpluses followed a sudden depreciation. And it may be revised away, as this episode was. But I would have thought that it was newsworthy, nonetheless.
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I'm lighting a candle on a cupcake right now to celebrate before its gone.
ReplyDeleteI guess I won't sell my US timeshare- might tip us back into the red.