Later this month Canada will host the G8 and G20.

It would be so good to see the G20 take global capitalism by the scruff of the neck and tame it.

The G20 should be the forum for agreeing key reforms to the financial sector.

No more pussy footing about!

Dream on…

But, between the communiqués, why can’t they make progress on at least one issue? Tax havens.

The super rich and their advisers have been laughing at the rest of us for decades as they stash their cash away in the Belizes of this world, out of reach of the taxman.

Canada is well placed to take the lead on this issue. The country is held up as an exemplar, a model of rectitude. The world’s soundest financial system. Stable. Well regulated, with banks that did not need bailing out by the State.

I am nodding at this as my fingers tap tap tap out the words on the keyboard.

And yet…

I pause.

Pick up any Canadian newspaper and you will find chilling stories about soaring levels of household debt.

I read that Canadian households have taken on debt to the tune of $1.4 trillion – more than $40,000 for every man, woman and child in Canada.

This is the highest household debt in the top 20 advanced economies.

Someone, somewhere, is lending the cash to fund this binge.

There are some things I just can’t explain.