(usatoday.com) Our northern neighbor sometimes seems so similar to the United States that it's hard to tell where the USA ends and Canada begins. Here's one way: Canada is the place with healthy banks, taxpayers unscathed by megabillion-dollar bailouts and no need to overhaul financial regulation because it was done right the first time.
As U.S. officials scramble to prevent a crisis sequel, the ability of Canadian banks to navigate the current financial storm is earning global plaudits. The World Economic Forum in October ranked the country's financial institutions No. 1 in the world for solvency. U.S. banks came in 40th, two rungs behind Botswana.
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As the article noted, a lot of it does have to do with Canadian tradition. Canadian banks do have low-leverage roots, which explains why no chartered bank went under during the Great Depression.
You may be amazed (or amused) to know that Canada had no central bank until 1935.
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