Today education is regarded as the profession of the last resort. Our research suggests that the young people who enrol to become teachers are those who have passed grade 12 with the lowest points. It is hardly surprising therefore that we have not been able to produce the engineers, the scientists, and the economists that we so much need.
Nonetheless-as the recent government-led sale of the First Republic Bank to JP Morgan highlights-vulnerable institutions can still come under severe market stress. Here in Canada the spillover effects have been muted, reflecting the financial stability we are known for internationally.