From 123Gold http://www.moneytalks.net/daily-updates/4738-how-to-protect-yourself-from-a-resumption-of-trouble.html

It’s unfortunate that Canada has been in a bit of a cocoon here because they have this idea that because of resources and commodities they won't be affected. The only thing you can say for the Canadian banking system is it has not been designed by the US congress. So Canada is just as vulnerable. Also we haven’t had a real crash in Canadian residential housing prices yet.

So the idea that economies are national and can be managed by an inspired bank of Canada is nonsense. These global expansions have been universal. They afflict everything and when the party is on everybody think it’s great and they take on a whole lot of debt. The problem in the contraction is that the economy isn’t big enough to service the debt so then you have to go into the great bond revulsion whereby as I said they’ll get marked down and priced to exceptionally low numbers. Many issues will be will be in default, a feature of a post bubble contraction. The idea that the fed or the bank of Canada can provide a stimulus, all it is is throwing credit at a credit contraction and hoping that it will go away. I mean these guys are dealing without no empirical evidence whatsoever. They are dealing with theories that have been pulled out of somebody’s imagination.