Food Prices Soar as the Canadian Dollar Collapses

Justin Spittler

The Canadian dollar is collapsing…Today, the price of oil dropped to $29 in the U.S. Oil hasn’t been this cheap since 2003. It’s even cheaper in other parts of the world, as The Wall Street Journal reported yesterday (emphasis added):

A basket of crude oils sold by the 13 members of the Organization of the Petroleum Exporting Countries fell Wednesday to $25.69 a barrel. Oman crude-oil futures on the Dubai Mercantile Exchange, a benchmark for crude exports from the Middle East to Asia, fell to $25.88 a barrel Wednesday. And some of the cheapest crude oil in the world, in Canada, costs less than $15.........

Other major world currencies are crashing… Since 2014, the Japanese yen has lost 12% against the U.S. dollar, the euro has lost 20%, the Australian dollar has lost 17%, and the Mexican peso has lost 24%. The peso is at an all-time low against the U.S. dollar. These are huge moves for major currencies. After all, we’re not talking about small, volatile stocks. We’re talking about the value of money in people’s bank accounts. 

Doug Casey thinks we’re headed for a global currency crisis that could erase trillions of dollars in wealth…

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