The March of Dollars

Residents of Detroit, Buffalo and other Canadian-U.S. border towns have long driven into Canada to buy gasoline at bargain prices, at times 40% less than at home. Lately they have had another reason for crossing the border: interest rates paid by Canadian banks are much higher than those obtainable in the U S A regular passbook savings account in Canada now earns up to 19% interest, while federal law holds U.S. commercial banks to a miserly 5.25%. An account in Canada is even more attractive to an American with large deposits. Banks there pay 19% interest and up on accounts of...

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