Monday, 26 November 2012

Whosh! It's a bird, it's a plane? No, it's Mark Carney coming to save the UK

Let's hope his short-lived Superman imitation as Governor of the Bank of Canada works in the UK, where this blogger happens to spend a lot of time. The commercial bank and Bank of England problems in the UK are far worse, still, than any he had to face in Canada. Certainly the Conservative governments in both countries seem to believe Carney is the greatest thing since sliced monetary stimulus - see the BBC clip of the minister announcing his appointment and the CBC article.

Let's also hope the Canadian government got a few first-round draft picks and other future considerations for the sports superstar of central banking who is, after all, the first ever Bank of Canada Governor not to have served out his term (see Wikipedia links to the others in Carney's Wikipedia profile which, amazingly, someone has already updated with today's news). Raiding requires compensation. They could send Prince William and Kate over perhaps?

One never knows what goes on in the back rooms and boardrooms of government so judging his effectiveness is difficult (his one tangible accomplishment as Governor that I could dig up seems to have been to inject liquidity into the banking system during the financial crisis by buying good short-term bank assets, instead of the less effective US method of buying the toxic assets; other stuff like keeping interest rates low everyone is doing and he was not in the least responsible for the solid position of Canada's banks or of the government's finances that enabled Canada to weather the storm much better than other countries) but for all our sakes, I wish him luck and that he really proves in practise at last that the high regard all seem to have of him is justified.


farmland investment funds said...

Carney has been a fantastic central banker and the UK will be lucky to have him.

mamunsultanpur2 said...
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