Last week, a story in The Wall Street Journal caught my eye. Written by Nirmala Menon, it pointed out that Canada's economy grew significantly faster than expected in the last three months of 2010, and that a prime benficiary of the mini-boom north of the border is Conservative Prime Minister Stephen Harper's minority government, which is taking credit for it, as politicians are wont to do.

Canada's gross domestic product grew at an annualized rate of 3.3 percent in those three months, up from 1.8 percent in the previous quarter, according to data from Statistics Canada released at the end of February. That sent the Canadian dollar, already boosted by higher oil prices, spiraling to its highest level in three years, well above the U.S. dollar. Harper's Conservative government is taking credit for Canada's strong economy before unveiling a new budget, which must gain the support of at least one of the country's other major political parties or else Harper will have to call new elections.

As an oil exporter, Canada is benefitting from the current surge in world prices. But most areas of the economy are also doing well, including home building. Canada posted its largest export gains in six years, and strongest consumer spending in three years. The Great Recession never really was very great up there. But I don't necessarily credit any politician or party for Canada's good fortune. I think the real source of it is the country's long-standing, very conservative (with a small c) banking laws and regulations, which kept Canada out of the subprime sludge that slowed the American economy to a crawl. If there's one thing about Canada we should emulate in this country, it's the way they regulate their banks in the Great White North!