http://blogs.wsj.com/economics/2013/04/09/why-canada-can-avo...Since 1790, the United States has suffered 16 banking crises. Canada has experienced zero — not even during the Great Depression.“Whether societies have dysfunctional banking systems is really not a technical issue at all. It’s a political issue,” Mr. Calomiris said at the conference, introducing his premise as “we do know how to avoid dysfunctional banking but that we make political choices – you might even say consciously” not to have functional banking systems for most of the modern era in most countries of the world.
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