Bailout Dodgers

Canada had a national election the other day -- oh, you didn't notice? That would be just like them, our sneaky neighbor to the north.

Forget the talk about China or Europe or some other power possibly taking over the mantle of financial leader from the United States. The leading candidate is Canada.

Yet while Germany and other economic powers have been quick to point the finger of blame at the United States for the global financial mess, Canada has been quiet. Just biding its time. (Or waiting for hockey season to get into full swing.)

Sure, the Great White North faces a slowing global economy and falling commodities prices. But while we struggle with the deepest financial crisis since the Depression, Canada's banks are ranked the soundest in the world. According to a survey of executives by the World Economic Forum, Canada, where no banks have failed this year, is rated just ahead of Sweden and Luxembourg.

The financial superpower until last week, the United States, is No. 40, ahead of the 19th century financial superpower, Britain, at 44th, but behind Botswana (at 38; yes, Botswana).

The U.S. budget deficit is poised to swell as Washington pours hundreds of billions of dollars into the banking system. But Canada has no budget deficit. Its bailout to date (25 billion Canadian dollars) represents just 1.5 percent of its economy. Ours is costing 5 percent.

And Canada has oil. Need I say more?

Martin Hutchinson on Breakingviews.com says that "U.S. free-marketers tend to despise their northern neighbour as a hotbed of socialism, welfare handouts and sloppy economics. They should do so no longer."

So, c'mon capitalists, seize the day. Tell Hank, Hell no, we won't go - and accept Treasury's dollars. Burn those TARP cards.

Let's head north to the land of the loonie -- and freedom!

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