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10/09/2008 04:51 PM ID: 73925 Permalink   

Canada's Banking System World's Soundest


Canada has topped a list made by the World Economic Forum as having the most sound banking system on the planet. It is closely followed by Sweden, Luxembourg, Australia and Denmark.

The list has been greatly shaken up by the world's current financial turmoil. Great Britain, which once ranked near the top, has fallen to 44th place out of 134. The USA has fared not much better, placing at 40.

This has put them behind such countries as Barbados, Estonia, Malta, South Africa, and Namibia in the list. The list bottoms out with the nations of Lesotho, Libya, and Algeria.

    WebReporter: Mister crank Show Calling Card      
ASSESS this news: BLOCK this news. Reason:
  A bit of Patriotism ...  
Only in Canada can I get myself a bank account that costs me nothing. ie. No service charges ... ;)

God Bless you PC Financial.
  by: Daev     10/09/2008 05:06 PM     
  In a nelson voice  

All your economies are crashing.
  by: the mobile kid   10/09/2008 05:24 PM     
you can get accounts like that in many european countries.

but this article does not mention that the reason that Canadas banking system is so sound is because Canades economic system is not as reliant on banking as that of Europe or the US.

the countries mentioned are not powerful economies, with the exception of canada, and rely on a very different methods of trading internationally. basically the point made in the summary of the article is misleading in suggesting it is sounder, it is based on different principles and situations.
  by: dieu_7     10/09/2008 06:09 PM     
  @ dieu_7  
I agree with you about the different methods. i.e. - credit or cash. My wife and I along with the majority of our friends all have our houses paid for. I think in general, Canadians have a tendency to live within our means. The sub-prime mess of the U.S. is really embarrassing. People buying homes WAY above what they can afford or ever hope to pay off. It's easy to blame the corporations, but a self-analysis of peoples greedy buying practices would be more helpful.
  by: axerage   10/09/2008 06:47 PM     
While I can't comment on other countries, the reason for Canada's relative soundness actually has more to do with the facts that Canada's banking system has always been far more regulated than that of the US, and that Canadians do tend, as Axerage said, to be a more fiscally conservative lot. This penchant to pay as we go is so ingrained into the Canadian psyche that we are willing and motivated to pay taxes as long as we know that they're being used prudently, and that some of it goes to pay down our national debt. It's a sea change from attitudes in the US, and can probably be traced back in part to the Scottish who tended to settle Canada whilst the English tended to settle the US. Different ways of doing things, different cultures.
  by: Mister crank     10/09/2008 06:56 PM     
Could be that Canada has ethics where the US capitalists have no ethics.
  by: JonSmith     10/09/2008 07:25 PM     
  As an Australian,  
To "the countries mentioned are not powerful economies, with the exception of Canada" Canada's GDP is 1.432 Trillion and Australia's is 1.04 Trillion, Canada has 33 mil people Aus has 21 Mil. From my understanding the reason that Australia is in such a strong position is because we are in the middle of a resource boom and we trade heavily with Asia. I am about to buy my first home so personally i hope that interest rates and housing prices plummet will mean prime time to buy.
  by: ShiftyFarker   10/10/2008 12:09 AM     
  Australian here  
*hi fives Canada*
  by: ixuzus     10/10/2008 02:06 AM     
Help your southern brothers out! Our banking system is a joke here in the states.
  by: nicpre     10/10/2008 02:29 AM     
  Sorry NicPre  
If our banks touched your banks, they'd die. Feel free, however, to come on up. I'll trade conservative Canadians for liberal Americans any day...
  by: Mister crank     10/10/2008 02:59 AM     
  You guys know  
that RBC is active in the states as is a lot of other Canadian banks, infact RBC is pretty big down there :P
  by: hl2k   10/10/2008 04:35 AM     
As some of the others said, its our strict regulation that is helping us stay afloat. No bank in canada will give you a mortgage if the total cost of that and all other loans/credit cards equals more then 45% of your gross income.
No bank will give you a mortgage if you can't put I think 10% down up front. If you can't put it down up front you have to get insured by another group (can't remember the name) who will basically give the bank money if you default on your mortgage.

This is all what my father explained to me as I am not good with economics or money in general. So some of the facts may be a little off but it sums it up.
  by: the mobile kid   10/10/2008 06:43 AM     
  Our economy...  
Canada has a central bank that dictates interest rates and prints funny money just the same as the U.S. does.

The difference here is that we don't have an obscene national debt that is gonna tank our dollar, and our lending practices are heavily regulated.

That means that our dollar is not going to tank because of crazy government spending, and our heavily socialist government has "protected" us from too many bad housing loans.

But Canadians really do have no right to be so smug about that, because it is our heavily socialist government that also prevents us from having any real economy of our own, despite the fact that we are swimming in natural resources.

As soon as the American dollar goes, then Canadians will be very painfully reminded of the fact that Canada totally relies on export to the United States.

We are gonna go down just like you guys, and that is when the globalist criminals in both of our governments have it planned to merge us into a North American Union.

I'm happy that Americans have guns. When the U.N. comes to suppress you, I trust that you know what to do.
  by: Circuit_Monkey   10/10/2008 11:10 AM     
Nothing will happen, as the people (sheeple) will be glad that there is a solution. I think the NAU is not a bad idea, better then a world war 3. The last world depression was solved by WW2. The flobalists idea of the world government is not bad in principle, but there are some sinister elements, as to extremely reduce the world population that are fearsome...
  by: evilrat   10/10/2008 01:55 PM     
Canadian here "High fives back" and a terrorist fist jab/bump.. LOL.

However that doesnt mean we are immune to such kind of Catastrophe. We also followed US's system of lending without down payment and yanked it out. People, have been able to buy houses with mortgages that are very high due to No down payment.

All of a sudden the market went up so high, the prices quadrupled in just 1 year. I bought my house 15 years ago and believe it or not, it is in an affluent neighborhood, and my mortgage rate is at the most lowest. In fact the person living in my Bachelor unit, which is a single room, with a kitchen and a bathroom is paying my whole mortgage, the other tenant is paying for my property taxes and I am left with almost a thousand dollar to pay for garbage and school taxes.

My house is what we call here a Duplex. 2 stories 2 door garage and a huge backyard with a swimming pool. My next door neighbor cant say the same. he bought his house next to mine 2 years ago and he has started feeling the pangs. His mortgage is way too high and the falling house price is overwhelmingly looming on his head. Soon we will see people buckling once jobs become scarce and people cant afford, while selling is not an option, if you are selling at a lesser price. If we dont follow strictness in lending, we will be in a doo doo ourselves. Or perhaps just Elect Liberal and most of our economic issues are solved.
  by: isuzu     10/10/2008 03:02 PM     
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