My remarks, I had hoped, were more to the matter of who is the cart and who is the horse. The Congress is clearly the horse; not the Treasury and not the Fed.
According to the BIS Canada is 4th worst - when it comes to debt. Or were you referring to how they slice their bacon.
If you are referring to the Fed's role in the Financial crisis, then I will disagree. Even here the Horse was Congress, i.e., it was Congress that passed the Gramm- Leach-Bliley "Financial Services Modernization Act." Yes the fed under a different chair could have nipped the nascent crisis in the bud, but without Gramm-Leach-Bliley there may have been no crisis. At worst the crisis would have involved far fewer institutions.
Remarks by Governor Mark W. Olson Before the American Law Institute and American Bar Association, Washington, D.C. February 8, 2002 Implementing the Gramm-Leach-Bliley Act: Two Years Later "However circuitous the route the actions by the Federal Reserve and the Comptroller of the Currency helped reduce the final restrictions, other than the ones on insurance underwriting, that had been in the way of full financial-service integration. Thus, by the time the Gramm-Leach-Bliley Act passed through the Congress, in the summer and fall of 1999, it was long overdue." https://www.federalreserve.gov/boarddocs/speeches/2002/20020208/default.htm