Another part of the equation is that in a sense, Goldpoints is not giving 112 FF miles per dollar - but only 45. That is the normal exchange rate, (10 to 1), which at 2 cents a mile is only 90 cents per $.

Somehow Radisson is subsidizing the 4-1 exchange rate, although I believe I read on some thread that Radisson is owned by the company that owns Goldpoints.

It is clear that consumers who took advantage of this were receiving something of more value than what they paid. That doesn't seem to me to be a good business model - but it could be that all parties perceive that the promotion was good for them. Does make you wonder.