That was like putting a 17 per cent tariff on Canadian exports to the US and simultaneously removing a 17 per cent tariff on imports. The Canadian economy faltered badly in that period and really didn't begin to grow steadily again until the currency fell to the 65 cent US range late in the 1990s. But there are limits to the acceptability of currency devaluation. Call that the prospective FTAA dollar. Accepting the FTAA means facilitating US dominance .
Capital now flows from poor countries to the richest.
This reflects unequal power relations in the Americas, not sound economic principles. The FTAA means linking the rate of exploitation of natural resources - including energy and agriculture, to the needs of American consumers. In promoting the FTAA, Canada is doing American bidding . Since the Monroe Doctrine, where the US arrogated to itself the role of the hemispheric boss and guardian, Canada has largely avoided taking sides in disputes within the Americas or even participating in hemispheric affairs. Canada's history, our economic structure, and policy needs suggest that we have much in common with Caribbean and Latin American nations.