Mark Carney
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Born | Mark Joseph Carney 1965-03-16 Fort Smith, Northwest Territories, Canada | |||||||||||||||||||||||||||||||||
Nationality | Canadian, Irish | |||||||||||||||||||||||||||||||||
Religion | Roman Catholic | |||||||||||||||||||||||||||||||||
Children | 4 | |||||||||||||||||||||||||||||||||
Spouse | Diana Fox | |||||||||||||||||||||||||||||||||
Member of | Blavatnik School of Government/Staff and Advisory Council, Council for Inclusive Capitalism with the Vatican, Group of Thirty, Knights of Malta, Trilateral Commission Task Force on Global Capitalism in Transition, WEF/Board of Trustees | |||||||||||||||||||||||||||||||||
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Mark Carney is an economist and banker. He holds Canadian, British and Irish citizenship and has been Governor of the Bank of England since 2013 and was Chairman of the Financial Stability Board from 2011 to 2018.[1]
Background
Mark Carney began his career at Goldman Sachs before joining the Canadian Department of Finance. He later served as Governor of the Bank of Canada from 2008 until 2013, when he moved to his current post. His term is due to expire in January 2020.[2]
He is one of the contenders to succeed the current managing director of the International Monetary Fund, Christine Lagarde, who is nominated to serve as the next President of the European Central Bank.[3][4]
Magic money
On 11 October 2019 George Kerevan wrote an article entitled "Mark Carney and Magic Money", published by Bella Caledonia:
Governor Mark Carney has never been one to follow fashion – he prefers to make it. So it is not any surprise he is bucking the trend among global central banks to slash interest rates to near zero and pump vast amounts of new money into the system.
The Federal Reserve is pumping $75bn into the so-called overnight money market, which is jargon for making it cheap for banks to lend to each other. The official Federal Reserve interest rate – that sets the trend for all US interest rates – has been cut twice this year and will probably be cut again soon.
Where the Fed treads, other follow. Central banks in Japan, India, Turkey, Brazil, Australia and New Zealand have cut interest rates. So far, these actions have not reversed the decline in manufacturing – but they have prevented a deeper slump. This is especially true in Europe where the German economy is tanking because of the loss of Chinese markets.
The European Central Bank (ECB) is keeping its official short interest rate at zero. It is also printing euros to buy 20bn a month of government bonds. Result: it has driven the yield on these bonds into negative territory. In other words – and daft as it seems – investors are now paying the German government to lend to it. And not just Germany. Governments lending at negative rates include France, Italy, Spain, Ireland, Portugal, Poland, Romania, Bulgaria and even Greece.
Carney's game plan
The Bank of England not only refuses to join in the global move to boost manufacturing, it is even considering a further restriction on car loans at a time when the UK vehicle manufacturing sector is tanking because of Brexit fears. Carney’s insouciance has provoked the ire of uber Brexiteers such as Tory MP (and rich investment advisor) John Redwood.
What is Carney’s game plan? Partly, I think, he is keeping his financial powder dry to act if there is a hard Brexit. If so, this is risky. Why not boost the economy now to reduce business uncertainty? Partly, Carney is showing the Brexiteers they will have to come to him. Theoretically, Carney is about to retire. But Boris seems in no hurry to let him go, given the crisis. If it all goes pear-shaped, Boris can then blame Carney.
My best guess is that manufacturing in the UK – unlike in America, Japan, China and Germany – is of trivial concern to the City banks that Carney represents. Mr Carney is much more concerned with defending the stability of the banking system than boosting economic growth. After all, he needs a new banking job when he finally quits Threadneedle Street.[5]
Events Participated in
Event | Start | End | Location(s) | Description |
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Bilderberg/2011 | 9 June 2011 | 12 June 2011 | Switzerland Hotel Suvretta St. Moritz | 59th meeting, in Switzerland, 129 guests |
Bilderberg/2012 | 31 May 2012 | 3 June 2012 | US Virginia Chantilly | The 58th Bilderberg, in Chantilly, Virginia. Unusually just 4 years after an earlier Bilderberg meeting there. |
Bilderberg/2018 | 7 June 2018 | 10 June 2018 | Italy Turin Hotel Torino Lingotto Congress | The 66th Bilderberg Meeting, in Turin, Italy, known for months in advance after an unprecedented leak by the Serbian government. |
Bilderberg/2019 | 30 May 2019 | 2 June 2019 | Switzerland Montreux | The 67th Bilderberg Meeting |
Bilderberg/2022 | 2 June 2022 | 5 June 2022 | US Washington DC Mandarin Oriental Hotel | The 68th Bilderberg Meeting, held in Washington DC, after an unprecedented two year hiatus during which a lot of the Bilderberg regulars were busy managing COVID-19 |
Bilderberg/2023 | 18 May 2023 | 21 May 2023 | Portugal Lisbon Pestana Palace Hotel | The 69th Bilderberg Meeting, held in Lisbon, with 128 guests on the official list. The earliest in the year since 2009. |
Bilderberg/2024 | 30 May 2024 | 2 June 2024 | Spain Madrid | The 70th Bilderberg Meeting |
Halifax International Security Forum/2010 | 20 November 2010 | 22 November 2010 | Canada Halifax Nova Scotia | Spooky conference in Canada in November 2010 |
WEF/Annual Meeting/2008 | 23 January 2008 | 27 January 2008 | Switzerland | At the 2008 summit, Klaus Schwab called for a coordinated approach, where different 'stakeholders' collaborate across geographical, industrial, political and cultural boundaries." |
WEF/Annual Meeting/2009 | 23 January 2009 | 27 January 2009 | World Economic Forum Switzerland | Chairman Klaus Schwab outlined five objectives driving the Forum’s efforts to shape the global agenda, including letting the banks that caused the 2008 economic crisis keep writing the rules, the climate change agenda, over-national government structures, taking control over businesses with the stakeholder agenda, and a "new charter for the global economic order". |
WEF/Annual Meeting/2013 | 23 January 2013 | 27 January 2013 | World Economic Forum Switzerland | 2500 mostly unelected leaders met to discuss "leading through adversity" |
WEF/Annual Meeting/2014 | 22 January 2014 | 25 January 2014 | World Economic Forum Switzerland | 2604 guests in Davos considered "Reshaping The World" |
WEF/Annual Meeting/2015 | 21 January 2015 | 24 January 2015 | World Economic Forum Switzerland | Attended by a lot of people. This page lists only the 261 "Public Figures". |
WEF/Annual Meeting/2016 | 20 January 2016 | 23 January 2016 | World Economic Forum Switzerland | Attended by over 2500 people, both leaders and followers, who were explained how the Fourth Industrial Revolution would changed everything, including being a "revolution of values". |
WEF/Annual Meeting/2017 | 17 January 2017 | 20 January 2017 | World Economic Forum Switzerland | 2950 known participants, including prominently Bill Gates. "Offers a platform for the most effective and engaged leaders to achieve common goals for greater societal leadership." |
WEF/Annual Meeting/2019 | 22 January 2019 | 25 January 2019 | Switzerland | |
WEF/Annual Meeting/2020 | 21 January 2020 | 24 January 2020 | World Economic Forum Switzerland | This mega-summit of the world's ruling class and their political and media appendages happens every year, but 2020 was special, as the continuous corporate media coverage of COVID-19 started more or less from one day to the next on 20/21 January 2020, coinciding with the start of the meeting. |
WEF/Annual Meeting/2023 | 16 January 2023 | 20 January 2023 | World Economic Forum Switzerland | The theme of the meeting was "Cooperation in a Fragmented World" |
References
- ↑ "Bank of Canada Governor Mark Carney"
- ↑ "Mark Carney’s term extended and Sir Jon Cunliffe re-appointed at the Bank of England"
- ↑ "Christine Lagarde faces ECB test of legendary diplomatic skills"
- ↑ "EU capitals cool on Mark Carney to succeed Christine Lagarde at IMF"
- ↑ "Mark Carney and Magic Money"