In an interesting position.
This article in the Washington Post says what we already know about ourselves:
The main reason for optimism here is the banking system. Experts here note that Canadian banks are more tightly regulated, more liquid and less highly leveraged. Instead of being highflying investment banks, they tend to operate in a more traditional manner, with large numbers of loyal depositors and a more solid base of capital.
“I think the regulatory framework in Canada is a little more stringent,” Gregory said, “and Canadian banks are a little more conservative in terms of lending.” The World Economic Forum this month rated Canada’s banks as the world’s soundest, ahead of banks in Sweden and Luxembourg.
Ok great. Something to be proud of. So now what?
David Frum points out another twist:
If Barack Obama wins the U.S. presidential election, as seems probable, Harper will be left as the only surviving conservative head of government in the English-speaking world. The non-English-speaking world is not much more congenial: In Germany, a very slightly conservative party governs in coalition with Social Democrats. And in France, Nicholas Sarkozy is veering further and further left with every drop in the stock market indexes, calling, in a speech this week in Brussels, for a “new form of capitalism” in which no financial institution “should escape regulation and supervision.”
that will be challenging, of course, but Frum argues “the opportunity is even greater.” Conservatives of the world – in opposition roles, think tanks, etc. — will now be watching Canada as the working model for alternatives to their governments’ increasingly left-wing policies.
This makes me happy — not just because a higher international profile is gratifying, but because the added scrutiny and responsibility to the ‘conservative cause’ worldwide might diminish Harper’s populist tendencies that I have some deep concerns about.
Combine this with the Liberal leadership race and we’re really cooking. There’s a small busload of quality contenders in that mix who will surely generate some compelling arguments and ideas in the coming months.
The economic portion of the federal leaders’ debate showed me that political dialogue in Canada can be thoughtful, genuine, forward-looking, and passionate (without excess) – surprising me considerably on all counts. Now that more of the world will be watching, let’s raise the bar higher.
