Mark Carney – A Canadian View

It is always great to receive comments and, even better, when those comments add to your own knowledge of who is actively screwing the 99%. Leaving the comments at the bottom of the article http://radicalsoapbox.com/who-sets-uk-interest-rates/ didn’t seem right so Nadine’s comments are below, unedited.

Submitted on 2014/05/28 at 4:59 pm

Matt Taibbi, the Rolling Stone finance writer who rose to fame with his description of Goldman Sachs as a “vampire squid,” set his sights on Canada’s Mark Carney in a blog post Thursday. (Stephen Harper and Jim Flaherty promoted Carney over others and he rose to the top very quickly at a very young age with their support.)

http://www.huffingtonpost.ca/2012/12/06/matt-taibbi-mark-carney_n_2253342.html

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In a note to clients earlier this week, Brown Brothers Harriman chief currency analyst Marc Chandler declared that Carney “is leaving Canada as the proverbial bloom is coming off the rose.”

“The economy is under-performing [and] excesses are evident in the housing market and households,” the analyst wrote.

Besides suggesting that Carney is leaving just as his legacy is about to take a hit, Chandler also seemed to be suggesting that Canada is in for a reckoning over sky high household debt levels.

http://www.huffingtonpost.ca/2013/04/18/canada-household-debt-mark-carney_n_3111268.html

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Oh, my goodness. The lie Canadian banks were not bailed out is being perpetuated world-wide. The Prime Minister of Canada insisted the Canadian banks were not bailed out although he did admit about $70 billion provided them with needed “liquidity.” Now we know that the Bank of Canada gave $114 billion to bail out the banks.

Carney didn’t do anything special: it was that some of the rules were still there to prevent the most egregious abuses. Banks have become insurance companies, investment banks and commercial banks. I have no idea whether the commercial banks are protected from those speculations in derivatives that they engage in. I do know that the top Canadian banks borrowed billions from the Federal Reserve discount window after the 2008 crisis and one bank received monies from the AIG bailout via TARP.

Flaherty and Harper were offering sub-prime loans and extending years of payment to 40. They quickly retracted these policies when they saw what was happening in the US in 2008. We need a higher interest rate to deal with that problem. Carney did not manage that well; he only threatened to raise rates and chided the citizens to not get in debt.

There are opposing points of view about the greatness of Carney: http://tinyurl.com/bwnodmx

Also: http://tinyurl.com/cs2m4qv

Goldman Sachs does NOT care about the public purpose. They are here for profit-making. Why can’t we learn from what we have seen already?

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Was it just a coincidence Goldman Sachs (aka, vampire squid) opened a Canadian branch in Toronto when Carney is head of the Bank of Canada? Is it also a coincidence that since Carney has been in charge of interest rates he has kept the rate at almost zero(1%) thereby creating spending and housing bubbles that now reflect the same numbers that existed in America just before their meltdown? Is it just a coincidence as our bubble numbers are about to burst Carney is leaving? Isn’t that what happened in the U.S. with Greenspan?

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