Despite Turmoil in the Global Banking System, Canadian Banks Are in Relatively Good Shape
Commentary
The world economy has seemingly entered its first widespread financial crisis since 2008, despite initial assurances by our political leadership that “there is nothing to see here folks!”
As is the case in all these crises, things are barely noticeable at first, and then things fall apart at a breathtaking pace. This has been coming for a long time. A junior bank analyst at a mediocre investment firm could have seen this coming after spending 20 minutes looking at the bank’s annual report. The establishment narrative has shifted from insisting that Silicon Valley Bank (SVB) is an isolated case to assurances that even the most reckless will be bailed out, especially irresponsible and incompetent wannabe techlords, climate grifters, and corrupt politicians with eight- and nine-digit net worths….