Wednesday, February 03, 2010

History of Bank regulation

History is where you find it. In the Globe and Mail letters columns, Joe Martin responds to a Globe editorial with a succinct history of banking regulation in Canada since 1817, via the Quebec conference of 1864 and the panic of 1907-8.

Update, February 4: Roderick Benns writes in:
it's so interesting that during the Great Depression, the Canadian banking system stood up well, then, too. This was before a central bank was created to regulate credit, but Prime Minister Richard Bennett was already on the task at that time. Pretty much the only people at the time who didn't like the idea were those who ran the chartered banks, since they had to give up their profitable issue of bank notes to make way for a truly national currency. (Not to mention they were forced to move their gold reserves to the Bank of Canada....)

Thanks for the post!
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