Canada's Banking system despite its reputation as a squeaky clean and relatively risk free environment is actually quite a toxic mess that is simply hidden from the public.
The following is from the Canadian Centre for Policy Alternatives, it gives an idea the scope of the bailout that Canada gave its supposedly economically sound banks. What were the banks doing that they needed a $114 Billion dollar bailout? Perhaps its time to look at public banking alternatives because despite the official narrative that everything is kosher in Canada's financial world there are major issues that cannot be ignored any longer.
Study reveals secret Canadian bank bailout
Throughout the 2008-2010 financial crisis, Canadian banks were touted by the federal government—and the banks themselves—as being much more stable than other countries’ big banks. Canadians we assured that our banks needed no bailout. However, CCPA’s latest study, The Big Banks’ Big Secret: Estimating Government Support for Canadian Banks During the Financial Crisis, suggests that this was not the case. The study reveals that Canada’s banks received $114 billion in cash and loan support from both the U.S. and Canadian governments during the 2008-2010 financial crisis. The study estimates that at some point during the crisis, three of Canada’s banks—CIBC, BMO, and Scotiabank—were completely under water, with government support exceeding the market value of the bank. - See more at: https://www.policyalternatives.ca/newsroom/updates/study-reveals-secret-canadian-bank-bailout#sthash.hQZG1XqK.dpuf
Download the full study on Canada's Banking Bailout here.
Furthermore Regulators and Investment Banks have been selling toxic paper to the public in secret and illegally. They have colluded to continue to rob the public, this is why banking in Canada must change. It is time for Postal Banking and Public Banking.
See an exert from an article from the Postal Workers Union (CUPW) President Mike Palecek on Postal Banking in Canada.
Postal banking isn't there to enrich greedy bankers or predatory lenders.
And yet, reading the "Way Forward for Canada Post" report, one would never know that postal banking could work for us. The Task Force in phase 1 of the postal review just scoffed at the idea and the parliamentary committee has dismissed it (with the NDP dissenting).
Despite the fact that Canada had a postal bank for a century (the legislation is still on the books) and that postal clerks still process moneygrams and other financial transactions, banking services are no longer considered a "core strength" by management. People who will never have to worry about their finances keep telling us that we're just fine, that we're well-served by the big banks and by outfits such as Cash Money, whose CEO testified at the parliamentary hearings.
For years now, we've been calling for Canada Post's secret banking study to be released. It would seem that eventually the parliamentarians did get to look at it for a limited period of time. Perhaps ironically, it is in the pages of the Conservatives' dissenting report where one can find the most insight into who or what is killing postal banking as an option.
It says: "The Committee saw evidence of a push to form relationships between CPC and financial institutions in 2010, but this was not met with enthusiasm by the banking sector. This sentiment was expressed clearly by the banking representatives when they testified before the Committee." In other words, "stay off our turf," as the Canadian Bankers Association publicly said.
Clearly, the banking and predatory lenders' lobby has so far prevailed in holding its "turf" by excluding the possibility of a public bank for Canadians as an alternative to getting gouged. But the big banks must not be allowed to foreclose on our possibilities. As the Liberal government prepares to make its decisions about our post office this coming April, it's up to us to insist that we want a public postal bank to be part of the way forward.
For full story see the link below.
Also see www.deliveringcommunitypower.ca
We fully agree with the return of Postal and Public banking to Canada. The current financial regulators, bankers, advisers, and so called experts on economic affairs have simply found a way to rob Canadians blind, they do not deserve to control our wealth any longer.