Goldman Sachs Guy: Mark Carney, Song and Dance


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Mark Carney has been the Governor of the Bank of Canada since 2007.  During his time as Governor, the main chartered banks were injected with “liquidity” totaling about $114 billion because of the financial crisis of 2008.  The Prime Minister denied that this injection was a “bailout.”  The Canadian banks also borrowed from the US Federal Reserve discount window–one bank alone borrowed $10 billion.

Canadian banks have gradually been deregulated and now are getting bigger than ever before.  They can sell insurance, make investments and take deposits where previously they had been just boring depository banks.  They are also getting bigger through acquisitions of other banking institutions.

Mark Carney gets credit for keeping Canadian banks from failing during the crisis but it was mostly luck (“horsehoes”) or previous regulation that actually kept the financial system stable.  Carney and Finance Minister Flaherty frequently warn Canadians to get out of debt even though savings earn very little interest with our low interest rate policy and wages are stagnant or decreasing while prices continue to increase.  Debt levels in Canada reflect the conditions of our economy.  At the same time, the government has decided to impose austerity on the population by reducing expenditures across the board by 10% including loss of government jobs.

Here’s a little song for Mark Carney as he leaves Canada to become Governor of the Bank of England:

When I was a Lad” (Carney Style)

By Polemic – Macro Man 

After prompting from a reader and getting bored of guessing Italian election outcomes, we have adapted Messrs Gilbert and Sullivan’s “When I was a Lad” from “HMS Pinafore“. Instead of the Queen’s Navy, we think the B.o.E is more topical. 

“When I was a Lad” (Carney Style)

When I was a lad I served a term

As a junior trader at the Goldman firm.

I cleaned the books and soon wasn’t poor,

As I traded debt and made the profits soar.

Chorus.

He traded debt and made the profits soar.

I traded debt so carefully

That now I am the Governor of the B.o.E

Chorus.

He traded debt so carefully

That now he is the Governor of the B.o.E

As trading boy I made such a fee

That they gave me a post in the ministry

As Canadian minister with no recourse

I introduced a tax on income trusts at source.

Chorus.

He introduced a tax on income trusts at  source

I introduced the tax when at the ministry

So now I am the Governor of the B.o.E 

Chorus.

He introduced the tax when at the ministry

So now he is the Governor of the B.o.E

In raising tax I made such a name

That a central bank governor I soon became

I saw a crash, chose policies to suit

To prevent Canada becoming destitute.

Chorus.

To prevent Canada becoming destitute.

I passed so well through the G.F.C

That now I am the Governor of the B.o.E

Chorus.

He passed so well through the G.F.C.

That now he is the Governor of the B.o.E

Of central bank skills I acquired such a grip

That they took me into the partnership.

Bernanke, Merve and then Draghi

All showed me the way to play the great Q.E.

Chorus.

All showed him the way to play the great Q.E.

Balance Sheet Constraint won’t apply to me

Now that I am the Governor of the B.o.E

Chorus.

Balance Sheet Constraint won’t apply to he

Now that he is the Governor of the B.o.E.

I grew so known that I was sent

By a select committee into Parliament.

I always voted for the strong growth call,

I never thought of thinking of inflation at all.

Chorus.

He never thought of thinking of inflation at all.

I thought so little, they rewarded me

By making me the Governor of the B.o.E

Chorus.

He thought so little, they rewarded he

By making him the Governor of the B.o.E

Now bankers all, (don’t look at me Moody)

If you want to rise to the top of the tree,

If your soul isn’t bothered by a ratings fall

Be careful to be guided by this golden rule.

Chorus.

Be careful to be guided by this golden rule.

Preach growth, restraint yet huge Q.E.

And you all may be Governors of the B.o.E

Chorus.

Preach growth, restraint yet huge Q.E.

And you all may be Governors of the B.o.E

http://www.goldmansachs666.com/2013/02/goldman-sachs-guy-mark-carney-song-and.html

About Old Boy

Love the past and the future but live in the present

Posted on March 4, 2013, in buisiness, Government, International affairs, politics, UK, Wealth and tagged , , , , , , , , . Bookmark the permalink. Leave a comment.

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