Mark Carney - the new Governor of the Bank of England

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Ok, so George Osbourne has announced the new Bank of England governor for an eight year term. The current man who will be appointed is, Mark Carney.

He's actually a relatively unexpected candidate, and the first non-British man to be governor.

I hadn't heard much about him, myself, but here's the brief on him, from that highly reliable source, Wikipedia:

Mark J. Carney (born March 16, 1965) is the eighth and current governor of the Bank of Canada and the current Chairman of the G20's Financial Stability Board.[1] These appointments were on October 4, 2007 (for a seven-year term), and on November 4, 2011 (for a three-year term).[2][3] Carney achieved these positions by working his way up the ranks of Goldman Sachs, the Canadian Department of Finance, and the Bank of Canada as Deputy Governor. Carney has been credited with shielding Canada from the worst effects of the late-2000s financial crisis, and has earned recognition by the Financial Times and TIME magazine as a top figure in the financial world.

It seems, judging by his current credentials, that he might be a pretty good man for the job (based on the above short summary). If I remember I'll update my views on this once I've read the economist articles on this, but what do people think?

kd
 

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Another Goldman Sachs person in power; *Grabs tinfoil hat* the illuminati are here.

I'll be curious to see how he does in all honesty.
 
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I'll update my views on this once I've read the Spectator articles on this.

Oh, and inb4 the poostorm regarding his salary. ;)

Seems to be well regarded, and Ed Balls agrees with the appointment which I suppose is a good thing. He kept Canada in reasonable good health whilst the World around her crumbled. However, it's strange that he took the job now but not when he was first approached some months ago.
Ultimately, I'm not sure that it'll really matter who's in charge though.
 
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I'll update my views on this once I've read the Spectator articles on this.

Oh, and inb4 the poostorm regarding his salary. ;)

Seems to be well regarded, and Ed Balls agrees with the appointment which I suppose is a good thing. He kept Canada in reasonable good health whilst the World around her crumbled. However, it's strange that he took the job now but not when he was first approached some months ago.
Ultimately, I'm not sure that it'll really matter who's in charge though.

Yeah, it seems good that both agree on this, and Canada has indeed done impressively well, which is why I'm genuinely intrigued as to how well it goes.

8 year term as well, is particularly interesting. Gives him much much longer to implement change, something that would be useful for prime ministers, presidents or the such like. I do like e long term appointment. It means they can focus more long run than just 'short-run, woooo, I want to win next time' kind of thing...

Lets not talk about pay :p

kd
 
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Goldman Sachs?

That moral compass of the global financial system...

I think we should make the BoE actually independent.
 
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So will he do anything different or just continue to print money?

He only does a five year term apparently (on BBC news at the moment), but he does have significant powers over bank regulation. Considering his role on the financial stability board, it really makes sense.

As for those who are bashing the whole Goldman Sachs thing, he's done a significant stint in public sector areas.

kd
 
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Goldman Sachs?

That moral compass of the global financial system...

I think we should make the BoE actually independent.

How? Do you recommend we hire someone who has no working knowledge of the banking system. A politician perhaps...?
 
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How? Do you recommend we hire someone who has no working knowledge of the banking system. A politician perhaps...?

By allowing it to persue goals without Whitehall interference that was surfacing for examle during and also the start of the financial crisis. Their pre-crash models seemed to have a splash of Gordon Brown to them. BoE acts almost like a company-at-arms, and I think that causes its own problems.

As for recruitment I'm sure it could manage itself.
 
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By allowing it to persue goals without Whitehall interference that was surfacing for examle during and also the start of the financial crisis. Their pre-crash models seemed to have a splash of Gordon Brown to them. BoE acts almost like a company-at-arms, and I think that causes its own problems.

As for recruitment I'm sure it could manage itself.

Ah I see! I thought you you meant independent from the banks themselves, i.e. the BoE being led by someone with no banking experience. I totally agree with what you actually mean. :)
 
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[TW]Fox;23249333 said:
He isn't a current GS employee though, is he? People are allowed to move on and change employers, you know.

No, but it is experience in a company that has certain issues raised in respect of its practices and ethics.

Larger than that it seems to be a continued endorsement of the somewhat discredited anglo-american banking system. I suppose I'm hoping for giant leaps where I'm lucky to see little steps..
 
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Ah I see! I thought you you meant independent from the banks themselves, i.e. the BoE being led by someone with no banking experience. I totally agree with what you actually mean. :)

I think we've had enough of that in the past, the idea I or you can with presumably no banking experience... go and lead a major bank.

Sure, there is the argument of equivilent education or experience to even be in the offering... but I think we should in the main keep banking to bankers not wanna-be bankers.
 
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I think he's a good choice. Has made some very positive steps for Canada, isn't archaic and has some good ideas to help move things forward

£480K salary + 30% no contrib pension too!

Nice!
 
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So George Osborne appointed him, and Alistair Darling and David Blanchflower both say he's a good choice, so there doesn't appear to be much dissent against this appointment. I just have a slight concern however that the establishment won't react kindly to a foreigner in an establishment job, and as such will make his job a lot harder.
 
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So George Osborne appointed him, and Alistair Darling and David Blanchflower both say he's a good choice, so there doesn't appear to be much dissent against this appointment. I just have a slight concern however that the establishment won't react kindly to a foreigner in an establishment job, and as such will make his job a lot harder.

Here's hoping that petty mindedness is put to one side. His CV is excellent and he should be allowed to get on unhindered.

Reading up on him he appears to have kept Canada out of the financial meltdown and that alone is impressive.
 
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So George Osborne appointed him, and Alistair Darling and David Blanchflower both say he's a good choice, so there doesn't appear to be much dissent against this appointment. I just have a slight concern however that the establishment won't react kindly to a foreigner in an establishment job, and as such will make his job a lot harder.

One would hope that won't be a problem. Everybody is fluent in money.
 
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