In the last two weeks, four banks in the United States and one in Europe have either found themselves teetering on the brink or completely collapsed. In response, other private banks and governments all over the world have rushed to try to contain the potential financial contagion.
On Sunday, the central banks of Canada, the US, Asia and Europe all agreed to increase money available, which in turn would help banks lend more to each other so they can stay afloat.
Today on Front Burner, we are talking to Canadian Jim Stanford. Just how bad this financial crisis could get? How comparable will it be to the 2008 recession? And will this mean for the average Canadian?
For transcripts of this series, please visit: https://www.cbc.ca/radio/frontburner/transcripts