Now, in Canada, we have created a society where most of us can take for granted our right to earn a fair wage and provide for our families. But we should not underestimate the importance of macroeconomic policies, frameworks, and institutions that support the standard of living that we enjoy.
One reference model is that of the US Federal Deposit Insurance Corporation (FDIC), under which deposit guarantee systems intervene to facilitate the en bloc disposal of the assets and liabilities of the bank being liquidated (in an institutional framework in which the deposit protection limit is higher than that in Europe and the FDIC is not a super senior creditor).