Friday, February 20, 2009

Better get that fence up before it's too late

According to an article in Newsweek Magazine, the Canadian banking system has managed to outfox the financial crisis that is currently eating through the rotten apple of neo-liberal capitalism.

Guess which country, alone in the industrialized world, has not faced a single bank failure, calls for bailouts or government intervention in the financial or mortgage sectors. Yup, it's Canada. In 2008, the World Economic Forum ranked Canada's banking system the healthiest in the world. America's ranked 40th, Britain's 44th.

Canada has done more than survive this financial crisis. The country is positively thriving in it. Canadian banks are well capitalized and poised to take advantage of opportunities that American and European banks cannot seize. The Toronto Dominion Bank, for example, was the 15th-largest bank in North America one year ago. Now it is the fifth-largest. It hasn't grown in size; the others have all shrunk.

So it's probably only a matter of time before the American government decides to label us a bunch of stinking communists and invade; or before their citizens start treating the 49th parallel like it was the Rio Grande. Either way we should probably start work on that security fence. Hey, it worked for the Israelis. Human rights can wait - this is important. Many thanks to Leon for sending me the link.


Andres said...

funny my friends and i back in canada talked about how there should be a fence on the 49th parallel. would be interesting to see if it actually happens.

Big Ell said...

Canada has done more than survive this financial crisis. The country is positively thriving in it.

The writer needs to distinguish between Canadian Banks and the economy. Canadian Banks are doing well because they are ultra-conservative in nature. They did well not joining in on the sub prime fun.

The idea that Canada is thriving is laughable with 130,000 layoffs in January with a 7.2 unemployment rate. Mind you things aren't that bad in Alberta with a 4.4 unemployment rate.

The federal government has us back in debt and is spending like they are being lead by a Trudeau or Mulroney. Not that Harper has much choice as he continues to bend over for voters east of Manitoba.

It will be interesting to see how much money the Tories throw at the UAW/Big 3. Harper can't be seen as weak when he eventually kowtows to Ken Lewenza or the sleazy Big 3 CEOs.

But I am sure we will keep propping up the Big 3 and Ken Lewenza's UAW to keep those great taxpayer subsidized $35/hour union jobs in Ontario and to keep the Big 3's gas guzzling piece of shit automobiles on the road.

At least the workers at the Japanese plants in Canada are avoiding Lewenza and the UAW like the plague. I guess they like making money even if it is only $28/hour.

Big Ell said...

Mind you things aren't that bad i Canada compared to Taiwan. 600,000 job losses in January, 7%-11% contraction of the economy. After ten years of terrible carer choices I can honestly say that leaving Taiwan last year was the best thing I ever did.