Why Canada has not only avoided the financial crisis, but is a great country

Fareed Zakaria’s article, The Canadian Solution at Newsweek.com, runs down why the Canadian banking industry is in such good shape as compared to American banks. Not only that, but he has some surprising — to me — statistics about Canada generally, such as:

  • Canada’s banking system is ranked 1st in the world. The U.S.? 40th
  • TD Bank used to be the 15th largest bank in North America last year. This year? 5th. (Why? So many others have shunk or disappeared).
  • Canadian banks are leveraged 18 to 1. American banks? 26 to 1. European banks? A whopping 61 to 1. (Wow)

From there he talks alot about other differences between Canada and the U.S. It made me proud of Canada. A good article to read.


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