The World’s Banking System

The World’s Banking System: Is another financial crisis looming?

Presenter: John Pope

August, 2015

The financial crisis of 2008 devastated the economy.  When banks failed, people suffered.  Many people lost their homes, and the economy went into deep recession. 

While the economy has rebounded somewhat, the institutional policies that caused the crisis are still in place, and some economists and financial experts are very concerned that another financial crisis – bigger than the one in 2008 – is inevitable.

Here are some background articles to read ahead of our Cafe discussion:

Why the Financial and Political System Failed

“We have a private financial system that routinely commits financial crimes against humanity with miniscule punishments, as approved by the government.”

A desperate failure in the financial system

“Financial markets persist with a myopic view of corporate change that allows the old guard to sit behind impenetrable walls, believing they still contribute solely because of their wealth”

Here is a report of what happened to appointed bank “examiners” when they identified problems with the banking system: Inside the New York Fed: Secret Recordings and a Culture Clash

Financial systems: failing in the west but coming soon to a village near you?

“…the system which has emerged from the crisis is little more than “a chastened version” of what was in place before.”

This view is meant to placate the fears of a bank failure:

Big Bank Failure Won’t Imperil System

“Nearly seven years after the financial crisis, Federal Deposit Insurance Corp. Chairman Martin Gruenberg said U.S. regulators can safely guide a major financial firm to failure without taxpayer bailouts or catastrophic consequences for the financial system.”


Will the recent economic meltdown in Greece have a domino effect on the world’s banking system?

Are Canadian banks safe from failure?  What happens to people’s deposits when a bank fails?

What is the role of the Bank of Canada in preventing bank failures?

Is a world financial collapse inevitable, or is the banking system now secure?