The title really isn’t as dirty as it sounds. Recently, Warner Bros Pictures announced they were pulling production of DC Comic’s Green Lantern starring Ryan “Deadpool” Reynolds from Australia because of the faltering U.S. dollar. With the way the Australian dollar is performing compared to the US dollar and the financial gurus predicting it to climb to even or higher in the coming months, Warner Bros will be reconsidering all of its shoots there.

In a press statement released through Screen NSW, Warner Bros Studios had this to say about the situation:

“The current global economic situation, including fluctuations in currency valuation and overall costs. We have also had to reassess film projects in other countries as well. After working closely with our partners at the NSW Film and Television Office (Screen NSW) and examining every scenario, we have decided to move the production of ‘Green Lantern.’ We are extremely grateful for the assistance we have received from the NSW Government, Fox Studios and the NSW filmmaking community,”

As it stands now, Green Lantern was already in trouble once over its super-sized budget and the economic condition abroad could add a purported $20 million to that number. That’s bad news for Australia, though, because there already a number of films shooting there including the third installment of The Chronicles of Narnia: Voyage of the Dawn Treader and two animated full-length features are being produced there including Happy Feet 2.

It’s not a total loss for the Australian movie industry though, as Spike Jonze filmed Where the Wild Things Are there this past year in Victoria and I’m sure that brought in a hefty sum to their local economy. Rumors floating around say that Green Lantern, which was to start production in November, could move to either Mexico or Canada. I’m sure Reynolds wouldn’t mind visiting his home country of Canada to shoot the movie.

I’ve got to ask, though: what is with all the studios filming overseas when their own local economies are suffering? California is supposedly the home to Hollywood movies, and the state is in such a financial mess right now that I’m sure a few studios pumping hundreds of millions of dollars into the local economy there would surely help.

I realize there are all sorts of incentives and tax breaks to film abroad but really, is it that much cheaper to fly a cast and crew of over one hundred people halfway across the world to work in a soundstage they have in their own backyard? At least Red Dawn producers are filming in Detroit, Michigan and bringing in some cash flow to a very struggling local economy.

Do we have some Australian readers that would like to chime in on this situation and possibly wave their Foster-size dollar in our faces? Where do you think Green Lantern will film and does it really matter? So far this hasn’t had a negative impact on the released date but time will tell.

Green Lantern is supposed to release summer 2011.

Source: Hollywood Reporter