Mark Carney

Mark Carney
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, Group of Thirty, Knights of Malta, The Council for Inclusive Capitalism with the Vatican, Trilateral Commission Task Force on Global Capitalism in Transition, WEF/Board of Trustees
Governor of the Bank of England In office July 1, 2013 - Present Preceded by Mervyn King  Chairman of the Financial Stability Board In office November 4, 2011 - Present Preceded by Mario Draghi  Governor of the Bank of Canada In office February 1, 2008 - June 3, 2013 Preceded by David Dodge Succeeded by Stephen Poloz

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.

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.

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.

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.

 

Events Participated in

Event	Start	End	Location(s)	Description
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.
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	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	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	World Economic Forum 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"

Many thanks to our Patrons who cover ~2/3 of our hosting bill. Please join them if you can.