On op-ed piece in today’s New York Times the latest source to point out that Canada’s banking system is now the most solid and stable in the world. The reasons: Canada has a very concentrated financial system, which is dominated by just five nation-spanning banks, and one that is tightly regulated. Curiously, as the author, Theresa Tedesco, point out, the Canadian national banking model was inspired by the USA’s own Alexander Hamilton, a centralizer and concentrator from way back. This confirms a couple of longstanding obsessions of mine. One is that concentrated financial systems are… Read More