Gee, and I thought it was the fiscal conservative twits around these parts that claimed Canada was bankrupt and its univ. healthcare was a massive money drain...
Canada's economy is suddenly the envy of the world
No financial meltdowns here, Canada boasts, and world leaders want in on the secret
Rob Gillies, Associated Press Writer, On Sunday June 20, 2010, 4:51 pm EDT
TORONTO (AP) -- Canada thinks it can teach the world a thing or two about dodging financial meltdowns.
The 20 world leaders at an economic summit in Toronto next weekend will find themselves in a country that has avoided a banking crisis where others have floundered, and whose economy grew at a 6.1 percent annual rate in the first three months of this year. The housing market is hot and three-quarters of the 400,000 jobs lost during the recession have been recovered.
World leaders have noticed: President Barack Obama says the U.S. should take note of Canada's banking system, and Britain's Treasury chief is looking to emulate the Ottawa way on cutting deficits.
The land of a thousand stereotypes -- from Mounties and ice hockey to language wars and lousy weather -- is feeling entitled to do a bit of crowing as it hosts the G-20 summit of wealthy and developing nations.
"We should be proud of the performance of our financial system during the crisis," said Finance Minister Jim Flaherty in an interview with The Associated Press.
He recalled visiting China in 2007 and hearing suggestions "that the Canadian banks were perhaps boring and too risk-adverse. And when I was there two weeks ago some of my same counterparts were saying to me, 'You have a very solid, stable banking system in Canada,' and emphasizing that. There wasn't anything about being sufficiently risk-oriented."
The banks are stable because, in part, they're more regulated.:thumbsup:
For the rest of this...http://finance.yahoo.com/news/Canadas-economy-is-suddenly-apf-807130582.html?x=0
Canada's economy is suddenly the envy of the world
No financial meltdowns here, Canada boasts, and world leaders want in on the secret
Rob Gillies, Associated Press Writer, On Sunday June 20, 2010, 4:51 pm EDT
TORONTO (AP) -- Canada thinks it can teach the world a thing or two about dodging financial meltdowns.
The 20 world leaders at an economic summit in Toronto next weekend will find themselves in a country that has avoided a banking crisis where others have floundered, and whose economy grew at a 6.1 percent annual rate in the first three months of this year. The housing market is hot and three-quarters of the 400,000 jobs lost during the recession have been recovered.
World leaders have noticed: President Barack Obama says the U.S. should take note of Canada's banking system, and Britain's Treasury chief is looking to emulate the Ottawa way on cutting deficits.
The land of a thousand stereotypes -- from Mounties and ice hockey to language wars and lousy weather -- is feeling entitled to do a bit of crowing as it hosts the G-20 summit of wealthy and developing nations.
"We should be proud of the performance of our financial system during the crisis," said Finance Minister Jim Flaherty in an interview with The Associated Press.
He recalled visiting China in 2007 and hearing suggestions "that the Canadian banks were perhaps boring and too risk-adverse. And when I was there two weeks ago some of my same counterparts were saying to me, 'You have a very solid, stable banking system in Canada,' and emphasizing that. There wasn't anything about being sufficiently risk-oriented."
The banks are stable because, in part, they're more regulated.:thumbsup:
For the rest of this...http://finance.yahoo.com/news/Canadas-economy-is-suddenly-apf-807130582.html?x=0
