Mark Carney is new Bank of England Governor

[TalkinPeace2]

a good thing?
I have my fingers crossed.

[sieglinde]

gods, no offence but Canada is just about the most right-of-centre place in the Anglophone world. He'll be a great help to the same old people, I bet.

Maybe we should discuss this elsewhere, but aren't we facing a triple dip less because of the banking sector than because of the balance of trade deficit?

[MiniTheMinx]

Agree Edam, we are facing a possible triple dip recession partly because of stagnant wages, whilst Carney will be paid twice what King was paid. I wonder if he's heart is in it? he wasn't interested initially but was interested when he realised he would be getting a 50% increase on his current salary. It is money that has persuaded him to take the job.

[edam]

I'm not impressed by a former employee of Goldman Sachs being put in charge of the Bank of England. It's like putting a fox in charge of the hen house. He may or may not have done very well in Canada but still, Goldman are the problem, and he's contaminated by his background there.

We need a Leveson Inquiry into the banking crisis and the culture and practices of the industry...

[noddyholder]

He has done a good job in canada he has to be an improvement here. Merv is finished and too in the pockets of the govt even though they claim he isn't.

[GlitKnit]

Imagine. My back account at the Bank of England

[GlitKnit]

Shiver

[noddyholder]

FGS you old strumpet this is a serious economic thread. Now go and find someone to sort your overdraft

[DudeIAmSoFuckingRock]

@ glitknit

sorry for the folks i forgot this was a money thread.

[GlitKnit]

oh i ve googled her.
id HAVE her

even though she has the brain of a HOUSE

[TalkinPeace2]

but married with 4 kids and a hockey playing wife .....

[PerryCombover]

agreed
like a straight Clooney

[GlitKnit]

my interest rate is set to HIGH HIGH HIGH

[GlitKnit]

Mark Carney - come and ease me, quantatively

[GlitKnit]

lowering the tone since 2003

[GlitKnit]

PHWOARRRRRR

he can fiddle with my central reserve any day

[noddyholder]

Carney will be known as carnage before long! He will implement unpopular measures and then the tories can pass the buck to him on the back of his success in Canada.

[TalkinPeace2]

unlikely - because the level of government debt massively outweighs the interests of savers

[noddyholder]

I think interest rates will rise under his watch. Hopefully.

[MoreBeta]

A somewhat realistic and slightly sceptical piece from the Telegraph sums it up for me under the following headline.

Carney the Canadian is 'the world's greatest central banker', since Alan Greenspan?

The final paragraph is how I feel about the appointment:

"The UK certainly needs this appointment to work out, but the new arrival deserves continuous scrutiny from sceptical parliamentarians and, yes, from a (hopefully) free press. After all, Mark Carney is a banker, not a magician."

I hope he does a great job but am also a little uncomfortable with the hype so far.

[niceguy2]

I think he will do a good job but it's important we don't have unrealistic expectations like many first did back when Obama was elected.

From what I've read he's well respected by just about everyone, has great experience, second to none contacts and is not only suitably qualified in his own right but is also able to manage & lead. Very important skills for a man in his position.

As Robert Peston said that even Ed Balls complimented the choice. And that's as rare as hen's teeth. Ed complimenting something that Gideon has done.

[nowwearefour]

I was totally shocked by the announcement but very keen to see what his approach will be and how things will turn out!

[nooka]

I live in Canada where he is very well regarded and where there is a certain amount of wringing of hands about his departure. He is very well thought of in banking and regulatory circles and certainly given a lot of the credit for Canada doing pretty well through the financial crisis despite huge exposure to the mess in the States. Parts of Canada do have significant natural resources but really only Alberta is booming, Ontario and Quebec where most of the people/industry/banking sector is based has struggled. The Canadian financial system is very conservative though, so it will be interesting to see how he does. Expectations are certainly very high.

[TalkinPeace2]

Morebeta
its worth reading his full CV - and that of his wife.
I first heard of him in an Economist article, but his whole track record shows a different approach .....

[MoreBeta]

What I want to see him do is come in and sell out all the Gilts the BoE bought under Quantitative Easing - without losing taxpayers money. I also want him to raise rates to equal the real rate of inflation so savers get a decent return. Finally, I want him to make banks reveal the true scale of bad loans on their balance sheets.

That will test his resove and his skills.

[MoreBeta]

I am very dubious. Yes he got Canada through the financial crisis but with a booming economy based on natural resources and a tiny banking/finance sector compared to London.

He may be a good central banker, he may even turn out to be a very good BoE Governor but frankly his experience in Canada is near irrelevant to the UK situation.