In A World Gone Loonie, Our Neighbors to the North Mark Canada Day

Elle Patille displaying the Canadian flag in a manner I wish we'd see more often. Photo via Toro Magazine.

Sometimes referred to derisively as "America's Hat" or "Our 51st State", the last couple of years have been quite good to Canada. For example- once the butt of all manner of jokes, their currency- known as the Loonie for the $1 coin bearing the image of a loon- has proved to be exceptionally resilient since the start of the 2008 global economic crisis- at times exceeding the value of the US dollar in the foreign exchange market.

'How resilient?' you might be asking. Iceland was hit particularly hard by the 2008 economic crisis and as their banks were nationalized or being placed into recievership. The value of their currency- the Krona- plummeted against the Euro and US Dollars, accordingly.

With wildly fluctuating exchange rates between the Krona and other major currencies, Icelandic economists came up with a unique proposal- replace the Korna with the Loonie.

Gudjonsson is an economist at Iceland's Research Center for Social and Economic Studies.

He recently stated that Canada and Iceland share Arctic geography and export-driven economies. Gudjonsson also noted that Canada's sound economy is buffered by a wealth in natural resources like oil and water, making the loonie a stable long-term bet.

"Their export mix is very, very similar to ours," he said in November

Now, with the eurozone facing ongoing debt issues, Iceland is looking west for a currency solution.

While Iceland would lose their autonomy in terms of monetary policy if they ditch the krona for the loonie, Gudjonsson said last year that the move is a "sensible" choice.

Investors and currency traders have begun using the loonie as a hedge against inflation or devaluation of major currencies such as the US dollar, yen or euro.

What's the secret behind the suddenly mighty loonie in recent years? Canada's natural resources and demand from growing economies like China and India. Canada exports oil, wheat, gold, uranium, timber, natural gas, paladium, grain, coal and silver just to name a few. Although there's a ready market for many of these materials in the USA, increasing demand from Asia has driven up the prices of these commodities in recent years. I recall a conversation at a sports bar with a [drunken] businessman from Toronto right around the 2008 economic crisis. He basically explained that should you see the price of oil go up significantly, look for the loonie to gain strength against the world's major currencies. There was more to it than that, but ever since then, the basic premise behind his explanation has held up.

While this makes Canada an increasingly expensive destination for visitors from the USA or Europe [tourism also remains important to Canada's economy- NANESB!], this has also provided a large measure of stability to the Canadian economy.

Did I mention how much I've come to admire Canada? In recent years, they've demonstrated that they're unapologetic about taking advantage of their natural resources and have rolled back some of the quasi-socialist laws and regulations that the American left has looked to for inspiration for decades- perhaps the most notable being this year's demise of Canada's costly long-gun registry.

Canada day will be marked this year in a number of ways- Canada's 'birthday cake' was cut with a sword at Halifax's Citadel while more than 30 ceremonies throughout the country will have 1500 people sworn in as Canada's newest citizens. In Ottawa, Winnipeg and British Columbia, thousands of people participated in 'living flag' events where as many people as possible in red or white tops would gather in a public space to try and form a mosaic version of Canada's red and white maple leaf flag.

Of course, just like the 4th of July here, Canada Day will be marked with a fireworks display in many cities and towns

Boston Globe: Former Miss Iceland Was Tipster That Led FBI To Whitey Bulger's Santa Moncia, CA Condo

Anna Bjornsdottir after winning Miss Iceland in 1974- Pageantlover.com Photo

If Whitey Bulger was a cat person before his arrest, he probably isn't now.

A 57 year old yoga instructor and former Miss Iceland is reportedly the tipster who notified the FBI of fugitive Boston mobster Whitey Bulger's whereabouts, according to an article in the Boston Globe. The FBI captured the 81 year old former Winter Hill Gang leader with his 60 year old girlfriend Catherine Greig at their Santa Monica, CA condo in June of this year after 16 years on the run.

Bulger is facing prosecution on multiple counts of drug trafficking, extortion and his role in at least 19 homicides in Massachusetts, Florida and Oklahoma. Bulger operated the south Boston Winter Hill Gang throughout the 1970s and 80s while enjoying protection from the FBI thanks in large part to Agent John Connolly who was a childhood friend of Bulger's. Bulger also used his status as a confidential informant for the FBI to undercut operations of the rival Patriarcha crime family, only to step into the vacuum left behind when their leaders were incarcerated, under surveillance or in hiding.

Recent photos of Bulger (R) and Bjornsdottir (L)- AP

Greig and Bjornsdottir reportedly met while caring for the same stray cat on the grounds of their Santa Monica condo. The former model and Miss Iceland did not recognize the couple until a recent trip back to Iceland when she saw a televised bulletin put out by the FBI regarding the couple.

For 15 years, the FBI investigation into Bulger's whereabouts went almost nowhere. There were miscellaneous reports circulating that Bulger was hiding out in British Columbia or Costa Rica, but the last reputable sighting of him was at a London, England hotel in 2002. However, by shifting the focus to Bulger's travelling companion Greig and broadcasting bulletins during daytime TV shows, an arrest was made in less than a month.

Now, however, there's some concern over both Mrs. Bjornsdottir's safety and the integrity of the FBI's tipline for those who wish to remain anonymous. The former Icelandic beauty queen did not come forward on her how volition- details about her identity and personal life were leaked and then published in the Boston Globe.

While there are those in the media and law-enforcement who feel that Bjornsdottir is in no imminent danger owing to the fact that Bulger's few remaining friends and allies are dead or incarcerated, law enforcement can no longer guarantee her safety now that the Globe has published her personal information.

“They can’t guarantee her 100 percent safety going forward,” said former U.S. Attorney Michael Sullivan. “It’s unnecessary publicity and unnecessary harassment.

“There is a huge risk to the (tipster) program, generally, to be able to cultivate informants if their identification is at risk,” added Sullivan, a partner in the Ashcroft Law Firm. “It has a chilling effect.”

When I first heard this story earlier today, I initially thought that Anna revealed herself as the tipster that broke the case on her own volition.

Now that it's becoming apparent this information was leaked by somebody other than Bjornsdottir, aside from the obvious questionable judgement the Globe had demonstrated in publishing her photo, most recent whereabouts and amount received from the reward money, there's also some serious questions regarding the FBI's ability to protect the identity of anonymous tipsters. Think about it- how many witnesses would be willing to come forward with information that could break a particularly difficult case wide open will have second thoughts now?

Images of Lightning, Molten Lava & Ash From Eyjafjallajokull Provide Hellish, Otherworldly Rorschach Test

(Image: AP/Daily Mail)

The eruption from Iceland's Eyjafjallajokull volcano is expected to intensify further this week, playing even more havoc with European and Trans-Atlantic air travel as the massive cloud of ash continues to expand.

However, the display has provided those foolhardy or intrepid enough to venture close with a camera some striking, otherworldly displays of molten magma, superheated ash and lightning. So what do you see in the image above? The wrathful Norse god of Vengeance Vali gazing angrily down upon the mere mortals that now inhabit this world after being awaken from his millenial slumber? Or fluffy bunnies having a picnic?

You decide.

Icelandic Volano Plays Havoc With Intenational Air Travel; Gives Climate Alarmists New Windmill to Charge At

Looks like everybody across the pond is George Monbiot now, whether they like it or not.

An extensive plume of fine ash from Iceland's Eyjafjallajokull volcano has drifted across much of Europe and the UK , shutting down air travel in the process. Civil Aviation authorities from across Europe are concerned that an accumulation of ash in the engines of aircraft would cause them to shut down mid-flight.

(Daily Mail)

The shutdown already represents the biggest disruption of civilian air travel in that part of the world since WWII and has left thousands of travelers stranded across Europe this week. The shutdown is costing airlines millions of dollars per day, and still isn't known exactly when airspace is expected to reopen. The spreading cloud has prevented heads of state from attending the funeral of Polish President Lech Kaczynski, who was killed with 93 others in what was presumably a non-volcanic ash related plane crash. People with respiratory conditions have also been warned to stay indoors as much as possible.

Already the Global Warming alarmists and shysters have tried holding this Icelandic eruption up as an example of the dire looming threat that global warming (caused by you and me- not them, tho') plays in melting glaciers in Iceland, thus causing more volcanoes there to blow their top

Apparently up until recently, Eyjafjallajokull was encased in a glacier. Look- I'm no geologist....hell....I didn't even stay at a Holiday Inn Express last night, but wouldn't....oh....I dunno....something like molten magma or superheated gases and ash play as much a role in the accelerated melting of a glacier with a freakin' active volcano on top of it as say any given coal-fired power plant?

Also, I'm dying to know which 'carbon footprint' is bigger.....commercial air travel in Europe any given year or Eyjafjallajokull blowing its top and spewing ash for thousands of miles.

[cross posted at Dopenhaagen]

Grim Milestone: McDonalds Withdraws From Iceland After 3 Million Served

The Golden Arches announced they were pulling out of Iceland effective next weekend. The collapse of the Icelandic Krona and McDonald's [NYSE: MCD] requirement that the Icelandic franchisee imports much of the ingredients made many of the items on the menu cost prohibitive (just over $5 for a Big Mac, apprently).

Lyst Hr., the franchise holder for McDonalds in Iceland will keep the three locations open, but they will be operating under a different name and use locally available ingredients starting in November.