UK Is Beyond Saving By The Canadian - Carney Will Regret taking The Bank Of England Reigns - By Matthew Lynn (29/11/12) PDF Print E-mail
Matthew Lynn   
Thursday, 29 November 2012 09:38

MarketWatch

There are plenty of questions that the English might ask about their new central bank boss. Mark Carney, the governor of the Bank of Canada, who this week agreed to take control of the Bank of England, is not exactly a household name.

A good place to start would be: who is he? Or, why can’t someone British be found to do the job? But the most pertinent one is this: What on earth persuaded him to take the job?

In reality it is easy to understand why British Chancellor George Osborne decided to bring in an outsider. The bank has done a terrible job of steering the British economy. The outgoing governor, Sir Mervyn King, has appeared increasingly clueless about what it needs to do to dig the U.K. out of the permanent recession into which it has slipped.

What is hard to understand is why Carney accepted.

The U.K. is in a far more economic trouble than the markets have yet have realized. In the five years that Carney will be in charge, the U.K. will lose its triple-A rating. It will go through another deep recession. The government will change, and there will be a big drop in sterling.  It is hardly an appetizing prospect. Carney is a brave man to take up the challenge, but a foolish one.


There were very few British candidates with the credibility to be offered the job. The bank needs reform, but an insider such as the leading candidate Paul Tucker couldn’t be expected to change it. Adair Turner, the chairman of London’s financial regulator, campaigned for the job, but was discredited by his enthusiastic support for the euro — it is hard to taken seriously when you are closely identified with the most ineptly designed economic experiment of the post-war era. Bank of England governors used to be chosen from the City’s finance houses, but they were so discredited by the financial crisis you would be reluctant to put any of them in charge of a Las Vegas casino, never mind a central bank.  That left the government with little choice but to bring in a foreigner.



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Immutable Golden Laws, Central Bank Extremes, Gold Standard Recall - By Jim Willie CB (29/11/12) PDF Print E-mail
Jim Willie CB   
Thursday, 29 November 2012 09:37

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The Matterhorn Interview With Chris Cook - “The Petrodollar Is Either Dead Or Dying” - By Lars Schall (28/11/12) PDF Print E-mail
Lars Schall   
Wednesday, 28 November 2012 08:50

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Evergreen: QE Till Infinity - By Bruce Krasting (28/11/12) PDF Print E-mail
Bruce Krasting   
Wednesday, 28 November 2012 08:48

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The Gold Market Through China's Eyes - By Jeff Clark (27/11/12) PDF Print E-mail
Jeff Clark   
Tuesday, 27 November 2012 11:08

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