Monday, 1 July 2013

Happy Canada Day?

Besides a superabundance of not very nice lager and 146 years as a country, Canadians have something practical to celebrate this Canada Day: Mark Carney is now our problem.

BBC Breakfast's segment on Carney this morning was predictably fawning. The only question, it seems, is whether this incredibly brilliant man - "the outstanding central banker of his generation", and a George Clooney lookalike! - will be quite as brilliant as everyone expects, or only moderately brilliant.

I don't share the BBC's faith in central planning. Carneys confidence doesn't inspire any confidence in me; it fills me with dread.

Watch this programme, and decide for yourself. His interviewer had the temerity to question aggressive money printing and ultra-low interest rates. Carney turned on him, smirking: “Is this all about you, Neil? Is it about the money you’ve saved and the return on that in your bank account?”

Clearly our wise and beneficent central bankers must disregard such quaint concerns, for the greater good.

A happy day for Canada, perhaps, but things are looking even worse for Britain.