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October 23, 2008


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The recent past has underscored the fact that, in finance and the economy, most things are
interconnected on a global scale. Throughout its history, Canada has been powerfully
affected by events elsewhere. Manitobans in particular are well aware of this reality. Waves
of immigration, rapid changes in commodity prices, the Great Depression, two World Wars,
and technological advances – all have had an enormous impact here. More recently, the
global financial crisis has been a stark reminder that everyone – even citizens in countries
with sound “fundamentals” – is affected by major shocks, regardless of where those shocks
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