Paul Weinberg

Paul Weinberg lives in Toronto. He is a freelance writer and Canadian correspondent for Inter Press Services. He also writes for NOW Weekly.

Jun 062012

Call it backstop or bail-out, Canadian taxpayers could foot big bill.

by Paul Weinberg

TORONTO, May 30, 2012 (IPS) — Potential storms are on the horizon for much praised, regulated and privately-owned Canadian banks which survived the 2008 financial meltdown unscathed, unlike some of their larger counterparts in the United States.

During the crisis, Canada was given the thumbs up for having the soundest banking system in a survey of corporate executives by the World Economic Forum.

Nevertheless, the interrelated nature of the international banking system makes Canadian banks, valued at 6.3 trillion dollars in total, still vulnerable, says David MacDonald, a senior economist at the Canadian Centre for Policy Alternatives in Ottawa.


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May 142012

City could ease cash crisis if it put revenues in a bank of its own.

by Paul Weinberg

Those who participated in Occupy Toronto last fall have fond memories of economist Jim Stanford at the protest mic in front of the bank towers on King. The high point of his speech was all about a public, democratic, accountable banking system that serves the economy, not private wealth accumulation.

Now, Councillor Kristyn Wong-Tam has a plan to get Toronto out of its financial logjam with just such an effort, inspired by the 93-year-old public-owned Bank of North Dakota.

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