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Were There Government Defaults in Canada During the Great Depression?

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Alberta Debt Suspended Aug_25__1937_ 1024x656

QUESTION: You always mention how there were defaults and suspension of debt during the Great Depression by states and municipals. Was this also true in Canada?


ANSWER: Oh, yes. Whenever commodities have collapsed, Alberta finds itself in trouble. Central banks look to the national market and not to the regional sectors.