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The Jewish Chronicle

Sorry Canada, you’re boring

February 19, 2009 10:39

By

Joe Joseph

2 min read

Let me say one word to you: Canada. Ring any bells? It’s coming back to you. But it takes a while, doesn’t it? It’s so easy to forget Canada exists. It’s never in the news. It’s the country equivalent of the friend you always forget to invite to your party because it slips your mind he’s actually still alive. Canada’s low profile explains a lot about the country, including its motto (“Yoo-hoo! We’re over here!”).

Then, bam, out of the blue, it turns up in the latest edition of Newsweek. “Guess which country, alone in the industrialised world, has not faced a single bank failure, calls for bailouts or government intervention in the financial or mortgage sectors,” asks Fareed Zakaria. “It’s Canada. In 2008, the World Economic Forum ranked Canada’s banking system the healthiest in the world.”

Yeah, and we all know why Canada escaped the financial chaos: the bankers simply forgot Canada existed. Those Wall Street brokers who were looking for suckers to buy their toxic CDOs and their Ponzi schemes? It slipped their mind that they’d forgotten to catch a few Canadians in their web.

One adventurous broker did travel there to try to do some deals, but he gave up after spending 40 minutes trying to pitch his portfolio to a man wearing a fur-lined hood to keep out the cold — rendering his target effectively deaf, and thereby making conversation impossible. This is why so few people visit Canada: it’s so cold you use up half your baggage allowance on thermal underwear. Bankers probably also reckoned that a country with such an inhospitable climate probably only had a population of 600 or so. Maybe 700, maximum.