Fair comment Steve. Our banks didn't face any imminent failure, however a large part of the money injected came from the CMHC, and also from the US Fed.(!)
That's merely splitting hairs though, as the end result is still the same and your post is bang-on.
The global financial system is a manipulated ponzi scheme. And any ponzi scheme inevitably fails.
The QE to Insanity (or QE to Weimar), that the Bank of Bernank is currently running, is a sham that's designed to suck any remaining wealth from the middle class Americans. The Fed creates $85 billion a month out of thin air, and essentially "lends" it to the banks at 0% interest. The banks turn around and give it right back by buying US T-Bills that pay about 2% interest. The US taxpayer is on the hook for the interest arbitrage. (I hope they at least kissed them first...)
If that money was being used as loans for small businesses, etc., then there may be a chance of economic recovery.
The current highs in the stock market are the result of a massive devaluation of the currency, as opposed to any increase in the underlying value of the stock.
Physical gold and silver on the other hand...are hugely undervalued (due to massive naked-short-selling by the central banks in the paper markets....which is essentially counterfeiting)....and when the economic SHTF, they'll explode to unbelievable levels.
So all is not necessarily lost, provided you have gold or silver in your possession. A safety-deposit box at the bank is NOT in your possession....unless you happen to be the bank. And paper gold is not gold, it's just paper. But buy it quickly....because it's getting harder and harder to find any physical metal. (which explains why the price is so low....or maybe it doesn't? lol) More and more metals trades are "failing to clear", and settlement is being offered in cash instead. Gee...what a deal, eh?
Bitcoin's another option to look into for the preservation of your wealth, despite the ludicrous claims from the US that it's only used for money-laundering and buying drugs. (as if HSBC wasn't using US dollars to launder all that Mexican drug money....)
Definitely doom and gloom, but also the cold, harsh reality of the Western world these days.
I think what we're seeing with all the austerity protests in Europe is the villagers with the pitchforks and the torches starting to show up outside the castle walls. When the French finally dust off the guillotines....it's definitely into endgame!
On a positive note....at least Iceland got it right by telling the Troika to f**k off!
And yes, I'm guilty of digression too. But if it causes even one person to clue in to what's really going on....I'll consider that an acceptable digression.
To go back on topic....lol....Canadians can finish the phrase, "I's a b'y...."