I assumed that a man who was governor at the Bank of Canada, then governor at the Bank of England, would be a smart man financially. Granted, during his time at the Bank of Canada,
Jim Flaherty made financial decisions, not Carney. Carney did what Flaherty told him to do.
Today we heard that Carney was also a realtor, which he stated to mean that he and Trump have something in common. They know each other from prior dealings. They have history. Who knew!
Regarding managing tariffs, and leading Canada through rough times to stability, Carney's track record might not support that. London is warning Canada that Carney may create more turmoil than tariffs have already created.
"Over eight years at the Bank of England,
Carney was at best an indifferent Governor, and, at worse, a disappointing failure. Despite his huge salary of more than £600,000 a year ... quickly nick-named him “the unreliable boyfriend” for his
constant changes of direction on interest rates.
He printed too much money in the wake of the financial crisis, and then repeated the mistake all over again in the wake of the referendum on leaving the EU, responding as if he was in the middle of a financial emergency instead of dealing with a minor blip in trading relations.
...
By the time he left office, Carney had created a mess which his successors have struggled to clear up.
Inflation spiked up to a peak of 11.1 per cent in the UK, compared to 5.2 per cent in France, or 8 per cent in Italy, hardly a country known for controlling prices effectively, largely because the Bank had printed too much money.
As the LDI crisis in 2022 made clear, the Bank has lost its once formidable grasp of the inner workings of the City, and
allowed pension funds to build up far too many high-risk assets, triggering a potential collapse of the gilts market that the Bank had to bail out.
...
Time and again,
Carney has proved himself a man of high intelligence, but remarkably poor judgement.
...
Canada is going to get a self-regarding technocrat who may have plenty of connections but has left behind a trail of wreckage in every major job he has ever held."