Halifax Tar
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I think denying a recent former Gov of the Bank of England has no hand in their current financial situation is just blatant bias.
Liberal (Minority/Majority) Government 2025 - ???
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I think denying a recent former Gov of the Bank of England has no hand in their current financial situation is just blatant bias.
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Brexit did the heavy lifting there.
Brexit that Carney was fully against.
The UK ignored his advice and suffered the predictable consequences. Blaming Carney for that is asinine.
MilEME09
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If you advised your CEO not to do something, they do it anyway, are you to blame for the consequences?
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Is 6yrs out from being the G of the B of E still considered ‘recent?’
If a person got divorced 6yrs ago, can they stay say, ‘recently divorced?’
How about if a person lost their spouse 6yrs ago, are they newly widowed?
Halifax Tar
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I understand criticism of Carney causes an immediate emotional reaction for some. But your not comprehending what I have written.
I said he has a hand in it.
Halifax Tar
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You tell me. People still try to throw shade on Harper around these parts. He hasn't been in power in 11 years.
Biases are a hell of a drug.
MilEME09
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Carney was out march 2020. In the fall of that year covid got worse but brexit talks were stalled and went no where for some time. Until the BoE spiked interest rates to 5.25%, then combined with other factors inflation spiked.
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Sooner or later a person needs to let go - it’s just not healthy to keep rehashing things over and over and over.
Britain is the mess it is in because it abandoned oil, gas and LNG for the wonderful world of wind and solar and then forgot to ensure they had the backup available. Prices have chased many major industries out of country. All of these were following policies that Carney encouraged. So yes, Carney is at least partially responsible. He was told that Brexit was coming and as a banker, not a ruler, he should have taken the necessary steps to smoothen the changes. There are lots of countries not part of the EU that are doing just fine thank you very much
If it was any other country, I'd agree with you. But their own government, institutions and media are putting out reports about how bad Brexit has turned out. Also, they had a decade of austerity before Brexit. So if conservatives want to argue that Carney should have opposed austerity let them put that one out.
And that's equally (or more) moronic.
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Please site a country that exited the EU like the UK and has been able to rebuild its trade network successfully?
Genuinely curious what exact policies you think he should have implemented as BoE Governor but failed to do.
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Brexit was like a car wreck. You can brace but its more about mitigating the the damage than having a successful outcome.
In a Canadian context, its like ripping up CUSMA and telling the bank of Canada to deal with it. There is no path to prosperity, just mitigating the fallout
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Managing brexit was managing absolute economic body blow. It effectively ripped up the most successful free trade deal the UK would ever have.
Did the UK have rough years afterwards? Yes. Could carney have done something different? I would love to hear what you think that should have been. But the main drivers of the economic struggles remains brexit, not Carney.
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I wish people here would separate the internet as a whole versus what is said here.
People here aren't blaming harper for anything, or dragging harpers kids into conversations, yet because some idiot on facebook or twitter does it people feel like they are justified doing likewise here.
I think the stated goal of this section of milnet is to be better than those cesspools
Central bank governors in the British or Canadian models have very few tools in their toolbox. By and large their entire existence revolves around periodic adjustments to the ‘overnight rate’ of interest charged by the central bank on loans to commercial banks to float liquidity. This is the benchmark interest rate for the country’s financial system.
This interest rate is basically a throttle on inflation. When inflation is low - which usually means the economy is lagging - a decrease in interest rates spurs access to credit, and spending increases, heating up the economy but also increasing inflation. Conversely if the economy is running too hot and inflation is deemed too high, increasing interest rates tightens borrowing and slows everything down a bit.
That’s most of it right there. The central banks can increase or decrease interest rates to stimulate or sedate the economy and the keep inflation within a desired range. They cannot, however, do anything directly about tons of other economically relevant government policy. A government making poor choices can torpedo the economy no matter what the central bank does to interest rates.
This interest rate is basically a throttle on inflation. When inflation is low - which usually means the economy is lagging - a decrease in interest rates spurs access to credit, and spending increases, heating up the economy but also increasing inflation. Conversely if the economy is running too hot and inflation is deemed too high, increasing interest rates tightens borrowing and slows everything down a bit.
That’s most of it right there. The central banks can increase or decrease interest rates to stimulate or sedate the economy and the keep inflation within a desired range. They cannot, however, do anything directly about tons of other economically relevant government policy. A government making poor choices can torpedo the economy no matter what the central bank does to interest rates.
ArmyRick
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Moving on from Brexit and British issues (whether Carney is to partially blame or blame free is a different and separate topic).
We all know I am a biased Conservative (at this time) ands I still support Pierre as leader, lets get that out of the way.
I see nothing encouraging from PM MC for the near future and the last year has been just as discouraging.
I still see big promises and very little returns. Even getting called out by main stream media for lackluster results. The sovereign wealth fund? Its not.
We all know the dog pile of issues going on here, don't need to list them. We have discussed the floor crossing issue and we can all agree its legal but we each have an opinion as to whether its ethical or not.
First thing Liberals do is move to get a majority in committees and then start shutting down committees immediately (or going "in camera" which means the public is not entitled to know what is going on). And the Carney messiah worshippers are ok with this? This is beyond alarming. The Liberals greatest weapon is the political ignorance of the Canadian public.
We all know I am a biased Conservative (at this time) ands I still support Pierre as leader, lets get that out of the way.
I see nothing encouraging from PM MC for the near future and the last year has been just as discouraging.
I still see big promises and very little returns. Even getting called out by main stream media for lackluster results. The sovereign wealth fund? Its not.
We all know the dog pile of issues going on here, don't need to list them. We have discussed the floor crossing issue and we can all agree its legal but we each have an opinion as to whether its ethical or not.
First thing Liberals do is move to get a majority in committees and then start shutting down committees immediately (or going "in camera" which means the public is not entitled to know what is going on). And the Carney messiah worshippers are ok with this? This is beyond alarming. The Liberals greatest weapon is the political ignorance of the Canadian public.
they didn't get in in the first place. GB was johnny come lately. And yes there were advantages to join but there were lots of negatives as well. But the biggest problem GB has is that the costs for heating and power have gone ballistic as have taxes. Plus a number of the expensive modifications they had to make to conform to the EU standards were never repealed after BREXIT which left them with the worst of both worlds
First and foremost his encouraging of wind and solar power put England at a huge disadvantage. According to statistics and projections by the end of this decade balancing the network will cost them almost 8 billion pounds, up from 2-7 last year. They are spending 80 billion to improve the distribution system which will reduce the costs back to 2.9 billion in 2031. Carney's influence is all over their current power problems. Now I am not a banker, nor are any of you I suspect, but I do know that if you live on borrowed money eventually the cost of that money will exceed your ability to re-pay it: welcome to Britain, with us following right behind. The feds spent 40 billion less than they expected last year but a paltry 1.2 billion is all they channeled into debt payment. The rest was re-designated to other destinations. Since Carney is now in charge it is safe to assume that this is his attitude towards a nation's economy. As head of Britain's bank he should have identified their expenditures on power as being non-sustainable. That by itself would have kept their factories running.
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