Canada: Blaming the Eagle

The misgivings of U.S. businessmen about the current state of the U.S. economy are nothing like the economic complaints issuing from their neighbors to the north in Canada. After a decade of thrusting growth, the Canadian economy is gripped by a far more serious recession than anything the U.S. faces, and it has caught the naturally optimistic Canadian public by surprise. A slump in key industries — mining, manufacturing, house building — promised the worst unemployment since the Depression and a winter in which 720,000 workers, or 11% of the work force,...

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