Stephanie Flanders, the BBC's economics editor, wrote a blog post today about Canada. She gives us an award for the "Best Prepared Country Going into the Crisis."
My friend Paulo sent the link to me as a follow-up on a discussion we had way back in November. Paulo is an architect. The last time the UK had a recession, 40% of architects were laid off. So, he's naturally quite stressed about the financial crisis. But teachers are safe, as the UK has a shortage of teachers and that's not changing any time soon.
Anyway, in our discussion, I insisted that Canada was fine. I was surprised at how the media in the UK seemed to be encouraging a panic about the "credit crunch" and insisted that we just weren't in the same situation. Paulo, being the sensible guy that he is, told me that I was wrong and that Canada's time was coming. We'd see house foreclosures, massive lay-offs and a public panic just like the UK and the USA. How could we not? We're not all that different, right?
Well, Paulo then sent me the link to the aforementioned blog post about Canada being the most prepared and the least affected by the global financial crisis.
We are, of course, affected by the crisis to the south so we're not in a complete bubble up here. There have been lay-offs, and people do feel stress about the future. But, it does feel good to have a reporter in the UK say that we're the most prepared. I have to admit, I felt some good ol' Canadian pride while reading the article.
You see, we're not often in the UK news. So, to be in the news for being sensible, prepared and "the best"...well, that's pretty darn good!
But what do you think?
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