Go Home Carney! Ten Reasons Why Mark Carney Should Resign As Governor of the Bank of England (And Go Back To Canada)

Dr Vernon Coleman MB ChB DSc FRSA

Mark Carney, the governor of the Bank of England, has announced that he is leaving in June 2019.

Here are ten excellent reasons why he should go – and go now.

1) During the Referendum campaign, Carney campaigned hard for the establishment pro EU side. This was outrageous. The Bank of England is supposed to be politically neutral. Carney’s predictions about Brexit (like most of his predictions) have been proved completely wrong. Carney does not understand, or sympathise with, the British people.

2) When Carney was hired (just a year or two ago) it was argued that he was a ‘sound man’ because the Canadian economy was healthy. It is now looking as Carney simply managed to get out in time. The Canadian Economy has recently been described as ‘ugly’. Canada’s Gross Domestic Product is falling and a massive house price boom has led to massive debts.

3) Carney is a Goldman Sachs boy. Goldman Sachs is the dirtiest, nastiest, greediest bank on the planet. (And that is saying something!). We do not want a Goldman Sachs boy in charge of the Bank of England.

4) Carney is a party animal and seems to me to regard himself as some sort of banking rock star. He is constantly photographed at social events when he really should be doing what he is very well paid for – looking after the British economy.

5) It is clear that Carney’s policy of printing money has been disastrous.

6) Carney’s policy of keeping interest rates low has punished existing savers and discouraged new savers. What is the point of saving when the return on your money is considerably less than the rate of inflation? Those savers who are still putting money aside are being forced to ‘gamble’ and many are investing in high risk investments in order to obtain a return on their money. Carney’s policy has led to the development of bubbles everywhere. It will all end in many tears and much poverty. (But Carney, who is paid a fortune, will continue to get richer and richer.)

7) Carney’s predictions and warnings have been woeful. We’d do better with a cheap fairground charlatan.

8) Low interest rates have led to the boom in house prices continuing further and further into bubble territory. Prices have risen so far that young house buyers are struggling to get onto the housing ladder and the Government has had to resort to giving away taxpayers’ money in an attempt to deal with the problem.

9) Carney’s absurd low interest rate policy is destroying the long-term prospects of thousands of British businesses. The problem is that the low interest rate helps failing businesses to survive. And while failing businesses cling on to life, businesses which are healthy cannot grow.

10) Carney appears arrogant and out of touch with the British people who are his employers. He appears to some (me included) as a foreigner who has no long-term interest in Britain.

And so, go home Carney! (And go as soon as you like. We’ll pay the rest of your contract for you to go home now.)

Copyright Vernon Coleman 2016