Mark Carney

From Wikispooks
Jump to navigation Jump to search

Person.png Mark Carney   Powerbase SourcewatchRdf-icon.png
Mark Carney.jpg
BornMark Joseph Carney
1965-03-16
Fort Smith, Northwest Territories, Canada
NationalityCanadian, Irish
ReligionRoman Catholic
Children4
SpouseDiana Fox
Member ofKnights of Malta

Employment.png Governor of the Bank of England Wikipedia-icon.png

In office
July 1, 2013 - Present
Preceded byMervyn King

Employment.png Chairman of the Financial Stability Board

In office
November 4, 2011 - Present
Preceded byMario Draghi

Employment.png Governor of the Bank of Canada Wikipedia-icon.png

In office
February 1, 2008 - June 3, 2013
Preceded byDavid A. Dodge
Succeeded byStephen 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.[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]

16 March 1965| 

Events Participated in

EventStartEndLocation(s)Description
Bilderberg/20119 June 201112 June 2011Switzerland
Hotel Suvretta
St. Moritz
Bilderberg/201231 May 20123 June 2012US
Virginia
Chantilly
Bilderberg/20187 June 201810 June 2018Italy
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/201930 May 20192 June 2019Switzerland
Montreux
Hotel Montreux Palace
The 67th Bilderberg Meeting


References