Monumental difference between U.S. and Canadian current accounts

There's plenty to worry about in Canada as a result of the spreading global credit crunch.

The Bank of Canada was so concerned that it pumped $20 billion into Canadian financial institutions yesterday--more than doubling the amount of short-term money that it makes available.

But there is one bit of positive news in the current account statistics of Canada versus the United States.

Canada had a current-account surplus of $6.8 billion at the end of the second quarter of 2008, according to Statistics Canada.

Preliminary figures for the second quarter in the United States show a current-account deficit of US$183.1 billion, according to the Bureau of Economic Analysis within the U.S. Department of Commerce.

The current account measures the balance of trade in goods and services plus income into the country from abroad as well as transfers out of the country.