Barack Obama this week convened a jobs summit to discuss the awful U.S. unemployment numbers. Should the federal government hire unemployed workers directly? Pay money to states so that they can hire people?
If I’d been invited, here’s what I would have advised: Learn from Canada.
America’s situation today resembles Canada’s in 1992-93: a horrific recession, terrifying indebtedness, and gathering doubts about the country’s future.
Fifteen years ago, Canadian authorities made one crucial decision: They allowed the currency to depreciate. The Canadian dollar dwindled to as little as U.S. ¢62.
Read Full Article »