“In Canada, not a single bank failed during the period when thousands of American banks were failing, even though the Canadian government did not provide bank deposit insurance during that era. But Canada had 10 banks with 3,000 branches from coast to coast. That spread the risks of a given bank among many locations with different economic conditions. Large American banks with numerous branches likewise seldom failed, even during the Great Depression.”
— Basic Economics by #ThomasSowell