Granted it can happen to any nation, look at Portugal or Lebanon’s currency this morning which is in collapse and the former on the brink of bankruptcy. Developing nations are not immune and in Vietnam, my own birth place, there was a recent collapse of a pyramid scheme. In China, of the iron-rice bowl, consumers are prey for predatory sub-prime credit. As someone pointed out, you only get one bowl per person and some lose that at the horse-track, that they don’t keep giving you bowl after bowl.
Canada’s high consumer debt ratio (400% to income or something equally incredulous) is private bankruptcy in everyway but name (Shakespeare that was). A crash ought to be induced so that these statistics can get back to normal. As it is now, these unstable consumers are on the books as “normal” when they “ain’t normal”. They are the “working-bankrupt”, like a functioning alcoholic. Canadians are wild-minded at the moment because many, as far as these numbers obfuscate, you just can not tell who has been good or bad.