By Darren Smith, Weekend Contributor
The Bank of Canada moved to protect its economy from a sudden spike spock in its currency.
The Canadian Dollar spocked in value following the death of Actor Leonard Nimoy a week ago. Currency traders marked the five dollar notes and in turn succeeded in initially increasing its value. This was then followed by a run on the bank notes prompting the Bank of Canada to intervene to protect the dollar’s value.
Some examples included the following:
Note that this is the highly speculative and controversial “Parallel Universe Spock” favored by hedge fund managers, corporate raiders, and Bernie Madoff.
To protect the currency from these speculators, Bank of Canada spokeswoman Josianne Menard issued the following as part of an official statement:
“It is not illegal to write or make other markings on bank notes… However, there are important reasons why it should not be done. Writing on a bank note may interfere with the security features and reduces its lifespan. Markings on a note may also prevent it from being accepted in a transaction. Furthermore, the Bank of Canada feels that writing and markings on bank notes are inappropriate as they are a symbol of our country and a source of national pride.”
Yet despite this effort, it appears a contagion is spreading internationally.
The effect just hit the Australian Dollar:
And now the US Dollar:
Contagion is likely to involve other nations as long as central banks attempt to primp up their currency.
By Darren Smith
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