Strong regulation is why the Canadian banking system has had no financial crises in 150 years (video)

I promised in a recent post (If Robert Peston thinks that it’s time to stop bashing the bankers he’s wrong) to show you that an innovative, stable and fully functional financial system that avoids regular (or any) crashes is possible.  The United States (and consequently most of the industrialised world) has suffered 16 major financial meltdowns in the last 150 years but the Canadian banking system has avoided all of them. That’s right, not a single banking crisis in 150 years!

Due to copyright restrictions in order to watch the clip you need to type or copy and paste the passwordimincorrigible

(Video © Comedy Central)

Nonetheless, the banks have managed to water down banking reforms in the US and (with the connivance of the Conservative party in the UK) the EU.

Source: The Economist

Source: The Economist

To add further insult to the hard-working taxpayers who have paid figuratively and literally to save the banks, various billionaire owned media groups and especially the disingenuous Fox News lie machine are now attempting a rewriting of the history of the banking crisis among their many inaccurate free market PR outpourings as you can see in this clip compiled by LiberalViewer.

Original post published 8 January 2014

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