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.