New Bank of England Governor: Mark Carney

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Mark Carney, the current governor of Canada’s central bank, has just been appointed as Bank of England Governor. He will take the position in on 1st July 2013.

We’ll be doing some research to find out whether this is good or bad news. We would have preferred Adair Turner, but as someone who has been extremely explicit about the monetary roots of the financial crisis, he was most likely seen as too radical.

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Comments (10)

  • comment_avatar

    Dave

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    Former goldman sachs man. Eeek!

    Reply

  • comment_avatar

    vince

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    From the little I have read he seems a bit of a hawk and a conservative.We will not get much change in the system from him.Radical thinking is a way off yet….but let us keep plugging away,they have got to listen eventually.

    Reply

  • comment_avatar

    Simon

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    Former Goldman’s man, one wonders who he is really working for.

    Reply

  • comment_avatar

    chefdave5

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    Will he blow the lid on the debt-based money conspiracy? Unlikely!

    Reply

  • comment_avatar

    Peter Sullivan

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    Latest utterances I’ve heard from Mark Carney is that maybe the Monetary Policy Committee within the Bank of England ought to abandon the idea of Inflation Targeting as it hasn’t worked recently and instead “Go for Growth”. Even Mervyn King seems to be saying something similar in his recent speech “Twenty years of inflation targeting” (9 Oct 2012).

    Well my reaction to that is: inflation targeting might have worked – or would have made you realise sooner that the present debt based money system cannot work or be controlled, if you included asset price inflation in your target. But you didn’t.

    Somehow asset price inflation was simply ignored. The inflation target used was the CPI index which excludes housing costs. It was as almost as if asset inflation didn’t matter & that all that was required was to keep control of the “underlying” inflation in the economy (whatever that means). So house prices could inexorably rise & far outstrip wages & that wouldn’t have any bad consequences. And so what happens – there is a period of calm or Great Stability & then all of a sudden, out of the blue, we have the Great Recession. Ho hum.

    “Going for Growth” – just hope that doesn’t mean more debt.

    Reply

    • comment_avatar

      Peter Sullivan

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      I need to make a correction to my last post. Towards the end of his speech I cited -”Twenty years of inflation targeting” (9 Oct 2012), Mervyn King did in fact still support inflation targeting. I made my comment before reading the whole speech. And for that I apologise.

      Reply

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