Hero: The Loonie
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Hero: The Loonie

Torontoist is ending the year by naming our Heroes and Villains of 2007––the people, places, and things that we’ve either fallen head over heels in love with or developed uncontrollable rage towards over the past twelve months. Get your dose, starting Boxing Day and running into the new year, three times a day––sunrise, noon, and sunset.
Named Time’s Canadian Newsmaker of the Year for 2007, the loonie reached parity with the U.S. dollar this past September and then surpassed it, climbing to $1.10 U.S. in November. The sharp rise has been attributed to a combination of the strength of the Canadian economy and the weakness of the U.S. dollar, but no one seems to be able to agree whether this was a good thing or a bad thing. To be sure, the rise of the loonie has meant cheaper foreign goods. (We all know about how, frustrated with Canadian companies’ refusal to lower their prices in accordance with the rising loonie, Canucks began heading south for their shopping, even leaving piles of old clothes behind in Buffalo.) But the soaring loonie has also meant an increased cost of Canadian exports, which has resulted in a loss of jobs in manufacturing and natural resources, as well as a decrease in tourism.
In any case, the loonie’s now back down to around $0.98 U.S., so it doesn’t seem like its effects in any direction will be too staggering. The super-loonie may have been short-lived, but our pride continues to soar, making the loonie a hero of 2007.
Photo by merlinprincesse.