Mark Carney

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


Mark Carney

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Osborne's Phantasmagorical Creation

After Pasty-Gate, no one expected Chancellor George Osborne to make an even bigger fool of himself. However, going to the best schools equips one with creative sensibilities - must be all those cold showers.

Boy George introduced the world to his comic book creation, Mark Carney, as the soon to be Governor of the Bank of England. Osborne told the press: Carney was the "outstanding candidate" for "avoiding big bail outs and securing growth."

Carney's record

This was supposedly whilst Carney was in charge of the Bank of Canada. There's only one thing wrong with Osborne's gushing praise, he made it up. Carney didn't avoid big bail outs, there was no need since Canada was not exposed to the nasty antics of the banks to anything like the US and UK - so no bail outs were required. And worth noting, Carney arrived at the Bank of Canada in 2008, by then, any 'saving' policy was already in place, so no action required on behalf of George's superhero. Also, in terms of growth, resource rich Canada has done very nicely over the past five years with the rise of China and India, hence growth required no intervention by Carney.

We do know that Carney was very active during his time at Goldman Sachs, advising the Russians over their financial crisis in the late 1990s, however, he failed to notice that his own company were betting against the Russians sorting their problems out or was it that Goldman thought that Carney was less of a superhero than Boy George thinks he is.

The question has to be asked, is Carney is the right man for the job, as the man in charge at the Bank he will now be responsible for regulation, as well as, running the biscuit committee and printing money but can we trust a man who failed to notice what he's own company were doing? The answer's easy, the only action Carney took whilst in charge in Canada was to print some money for the banks, stupidly called Quantitative Easing. This experience made him a perfect choice for the bank job here. Since Osborne's economic strategy rested solely on giving money to the banks, in the vain hope that they would use it to boost the economy. The banks did not lend the money, they kept it to play the commodity markets; silly George told Carney to print some more.

The sad thing about Carney is that he failed to grasp that the deep structural problems of the UK economy, that he observed, was due to his money printing activities that exacerbated the housing boom and contributed the social inequality that he expressed so much concern about.

Carney is no outsider

Wife: Diana is English, educated at Marlborough and comes from wealthy country stock, i.e. pig farming.

Sister-in-law: Lady Tania Rotherwick, married to the 3rd Baron Rotherwick, i.e. Robin Cayzer, a Tory peer.