Tuesday, September 01, 2015

Canada : The World's Best Banking System

CBA has the amazing facts on Canada's banking system, which was voted the most sound banking system in the world 7 years in a row. Just a reminder, there's no Glass-Steagall , there's no Fannie, there's no Freddie, there's no Community Reinvestment Act . No one gets to buy a house with 2% down. Canada didn't have a single major bank go bankrupt during the Great Depression of the 1930's . Canada didn't even have deposit insurance until 1967 ! Canada didn't even have a Central Bank until 1935. The Richmond Federal Reserve reminds no Canadian bank failed or needed to bailed out in the Great Recession of 2008.