> The water surface in the ocean is almost never at "sea level".
> Markets are a chaotic system.
Don't blame the boom-and-bust in the US on markets. Their heavy-handed policies make them especially crisis prone. Their northern neighbour of Canada had much smoother sailing, thanks largely to a more laissez-faire approach to banking.
How do you meaningfully compare a tiny economy like Canada’s to the 800 lb gorilla of the USA, the global military and economic superpower whose currency rules the world which is conservatively ten times larger than Canada and doesn’t need/act to police the global dollar trade?
In the relevant time period, the US was not the global hegemon, and there was no global dollar trade.
Also a lot of the policy mistake in the US were made at the state level, and that is comparable in scale with Canada.
In any case, it's easy to compare different economies, as long as you are careful what you are doing. And, if anything, overseas demand for your currency should make it easier to run your monetary and financial system.
> Markets are a chaotic system.
Don't blame the boom-and-bust in the US on markets. Their heavy-handed policies make them especially crisis prone. Their northern neighbour of Canada had much smoother sailing, thanks largely to a more laissez-faire approach to banking.