As far as Canadian banks are concerned, you’ve done a great job handling them. The US is way out of line with its backstopping, guarantees and bailouts. They’re gonna finally kill the dollar.

You have to calculate not only the current account deficit but also the money send back home / taken home from the hard coin countries were citizens have lend the money for their mortgages.

This is the real difference between the eastern Eurozone countries and South-America.

If the moderators did not mind, perhaps you could post the info. A way to learn how other economies are working around the world. (After all we are globalized and so too the financial crisis.)

Since I joined this blog, my learning curve has definitely gone up, and I’ve come to appreciate my own country more. Many Canadians (myself included) take what we have for granted. Fish not knowing the water they swim in.

For instance, Canada is ranked by the World Economic Forum as having the — soundest banking system — in the world. We had a great run for more than a decade with Paul Martin as our Finance Minister. I am very sorry he left politics. He is the right person to be our Prime Minister during these uncertain times. Indeed, good for the international scene.

The pro-deregulation lobby — did not — manage to convince our government to allow high-risk mortgages (and derivatives?) til very late in the American game. Hah! Part of their argument was our financial system is falling behind, regulation is stifling competition! they said.

So we took a hit. But the exposure has not sunk any Canadian banks. They are still posting profits. Just not the record-breaking profits of the past. Definitely not bank bailouts required.