Monday, November 26, 2012
Expect lower interest rates and far more QE
Carney named as new Bank of England governor
From Wiki: The Bank's decision to provide substantial additional liquidity to the Canadian financial system,[16] and its unusual step of announcing a commitment to keep interest rates at their lowest possible level for one year,[17] appear to have been significant contributors to Canada's weathering of the crisis.[18]
Posted by hpwatcher @ 03:42 PM (4747 views)
18 thoughts on “Expect lower interest rates and far more QE”
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Ajax23 says:
LOWER interest rates, really? We are pretty much at the point where people are being paid to take out loans as it is.
All to the deterement of savers (the prudent) i might add. I went to the bank last week the best instant access account was 1.8%… i talked with my feet.
I don’t know this guy but can he be worse than Sir Merv, (hope he gets stripped of his knighthood too)… probably.
will says:
Ex Goldman Sachs, they’re taking over the World.
little professor says:
Yep. Spent 13 years at Goldman, then after devoting his life to “public service” used his position in the Canadian Ministry of Finance to exempt Goldman Sachs from $38bn of taxes owed to the Canadian people.
The vampire squid spreads its tentacles still further.
enuii says:
Guess what, the BBC has just missed out the 13 years he spent with Goldman Sachs when they reeled off his CV and said how well qualified for his position.
little professor says:
MISSION COMPLETE!
timmy t says:
LP @4 – very interesting that! Funny how all these politicians are paying GS for advice when they all used to be the ones GIVING advice to GS. You’ve got to take your hat off to GS though, they might all be as bent as a nine bob note but they’re very successfully and legally raping us all.
mark says:
maybe the public should be made aware of this and the people who own so much power without any votes
little professor says:
Carney is still well-liked in Canada as he has helped to reinflate their housing bubble by suppressing interest rates and encouraging private debt. Expect the same here
letthemfall says:
I liked the way they said Canada had no banking crisis, implying it’s a prime qualification for Carney, adding that Canada has no investment banking (just an aside).
Crippy says:
yes the myth of canada being a bailout free banking syste is actually not the truth, they just covered up their bail out better!
hpwatcher says:
>he has helped to reinflate their housing bubble by suppressing interest rates and encouraging private debt
That’s why he got the job. Same old, same old.
libertas says:
Fascism is the merger of corporate and state power (Mussolini)
paul says:
That’s a misquote libertass. Corporazione does not mean corporation, it means guild.
I find it rather funny that the Times chief economics dullard David Smith predicted Paul Tucker or Lord Turner for the job. Obviously the formers performance in front of the Select Committee and the latters architecture of this whole sorry mess must have completely missed the Times economics editor too.
nubbers says:
A bit of background information from one who has been blogging about the Canadian house price bubble (now crash) for some years:
http://www.greaterfool.ca/2012/11/26/dear-england/
icarus says:
The Chairman of the Treasury Select Committee said that Mr Carney “ticks all the boxes” but added that his committee would question him on matters such as how he will approach macro-prudential stability and what his views on quantitative easing are.
er….aren’t these two of the biggest boxes that should already have been ticked?
timmy t says:
icarus… quite. You’d think questions like that were part of the interview process…
I think there was only one box – Ex-Goldman Sachs, check, when can you start?
hpwatcher says:
The Chairman of the Treasury Select Committee said that Mr Carney “ticks all the boxes” but added that his committee would question him on matters such as how he will approach macro-prudential stability and what his views on quantitative easing are.
So exactly what did they talk about at the interview? Rare plant species of the British Isles?
God almighty….you couldn’t make it up.
mark wadsworth says:
Timmy T, nope, the one box which was ticked was over at Goldman Sachs HQ “Have we placed on of ours into a top banking job?”