Will Capitalism Be Saved by ... Canada?

That is an overblown title. I don't mean capitalism in toto, I mean a relatively free-market banking system that, of course, is one of the principal engines of capitalism. And I don't mean saved as in saved from destruction. I mean saved from transformation into something much worse, a heavily taxed global corporatist banking system. A giant, global bank tax, ostensibly to protect us from future financial crises, is all the rage among leftist global elites these days. The idea has Dear Leader and the likes of Barney Frank and Chris Dodd (why is he still legislating anyway?) all atwitter. Ahead of a G-20 finance minister confab next week, however, Canadian Finance Minister Jim Flaherty has thrown some cold water on the idea. Justifiably so. First, because it is a terrible idea. Second, because Canada's banks avoided the whole mess and sailed through the financial crisis with nary a hiccup. So why should Canada sign up for a dose of medicine that it doesn't need and that will surely make it sicker? The question answers itself, they shouldn't. Let's assume that Flaherty means it and he and Harper can stand their ground firmly in the face of pressure to sign on. Logically then, why would other nations impose a disadvantage upon their own banks relative to Canadian banks? They could I guess, but it wouldn't be advisable. In the end then, such a proposal could fail as no nation would want to simply hand Canadian banks a license to make inroads against their banks. One cheer then for Mr. Flaherty, two in reserve pending evidence of a backbone.