Sixty Joyless De-Britished Uncrowned Commonpoor Years (1949-2009)

Elizabeth II Vice-Regal Saint: Remembering Paul Comtois (1895–1966), Lt.-Governor of Québec
Britannic Inheritance: Britain's proud legacy. What legacy will America leave?
English Debate: Daniel Hannan revels in making mince meat of Gordon Brown
Crazy Canucks: British MP banned from Canada on national security grounds
Happy St. Patrick's: Will Ireland ever return to the Commonwealth?
Voyage Through the Commonwealth: World cruise around the faded bits of pink.
No Queen for the Green: The Green Party of Canada votes to dispense with monarchy.
"Sir Edward Kennedy": The Queen has awarded the senator an honorary Knighthood.
President Obama: Hates Britain, but is keen to meet the Queen?
The Princess Royal: Princess Anne "outstanding" in Australia.
H.M.S. Victory: In 1744, 1000 sailors went down with a cargo of gold.
Queen's Commonwealth: Britain is letting the Commonwealth die.
Justice Kirby: His support for monarchy almost lost him appointment to High Court
Royal Military Academy: Sandhurst abolishes the Apostles' Creed.
Air Marshal Alec Maisner, R.I.P. Half Polish, half German and 100% British.
Cherie Blair: Not a vain, self regarding, shallow thinking viper after all.
Harry Potter: Celebrated rich kid thinks the Royals should not be celebrated
The Royal Jelly: A new king has been coronated, and his subjects are in a merry mood
Victoria Cross: Australian TROOPER MARK DONALDSON awarded the VC
Godless Buses: Royal Navy veteran, Ron Heather, refuses to drive his bus
Labour's Class War: To expunge those with the slightest pretensions to gentility
100 Top English Novels of All Time: The Essential Fictional Library
BIG BEN: Celebrating 150 Years of the Clock Tower

Sunday, 8 March 2009

A Tale of Two Royal Banks

Royal Bank of Canada: 2008 Profit = $5 billion

Royal Bank of Scotland: 2008 Loss = £24.1 billion

Whether measured by market value, balance sheet strength or profitability, Canada's banks are rising to the top. Since the credit crunch began in the summer of 2007, the Big Five banks with a combined asset value in excess of $2.5 trillion - the Royal Bank of Canada, the Toronto-Dominion Bank, the Bank of Noval Scotia, the Bank of Montreal and the Canadian Imperial Bank of Commerce have booked a total of $18.9-billion in profits.

In roughly the same period, the five biggest U.S. banks have lost more than $37-billion (U.S.). One, Wachovia Corp., was forced to sell out to avoid failing. Another, Citigroup Inc., long the world's largest bank, may have to be nationalized and this week became a penny stock.

The picture is even more bleak in Britain. The Royal Bank of Scotland alone lost a staggering £24.1 billion this year, as much as the top five U.S. bank losses put together. I fear for the future of Britain, I really do. What that country had more so than any other country was a mighty financial services industry - London had even boastfully topped New York as the financial centre of the world.

So now what? Unlike Canada, it does not have an abundance of natural resources to guarantee its prosperity, as Britain imports most everything. If its financial system collapses, what does it have to fall back on? I'm very disappointed by this nasty turn of events, as I was preparing my family for the big move to London. Unfortunately we will now be putting off our plans for the long unforeseeable future.