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The new 'Carlsberg' Bank of England governor: be very afraid

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Is it time for the useless and clueless Mervyn King to go?

Post by sickchip on Fri Feb 10, 2012 9:41 pm

More quantitative easing......really??!! Is that the best the governer of the BoE can manage? This is just the equivalent of an online casino giving it's punters some 'free' money to gamble with.........it's just a £50billion payday for bankers and will not serve the public one iota - in fact it will harm the ordinary joe because it will devalue sterling and ultimately joe public will pay for that via more cuts.

IMO Mervyn King should have went years ago.....totally incompetent, and impotent. I wouldn't trust the idiot with the housekeeping let alone major national financial decisions.
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Re: The new 'Carlsberg' Bank of England governor: be very afraid

Post by oftenwrong on Fri Feb 10, 2012 10:41 pm

The Politicians are probably glad to have had a lightning-conductor.

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Re: The new 'Carlsberg' Bank of England governor: be very afraid

Post by sickchip on Fri Feb 10, 2012 10:43 pm

....and what a calamitous racket the conductor orchestrates!
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Re: The new 'Carlsberg' Bank of England governor: be very afraid

Post by Stox 16 on Wed Feb 15, 2012 3:27 am

sickchip wrote:More quantitative easing......really??!! Is that the best the governer of the BoE can manage? This is just the equivalent of an online casino giving it's punters some 'free' money to gamble with.........it's just a £50billion payday for bankers and will not serve the public one iota - in fact it will harm the ordinary joe because it will devalue sterling and ultimately joe public will pay for that via more cuts.

IMO Mervyn King should have went years ago.....totally incompetent, and impotent. I wouldn't trust the idiot with the housekeeping let alone major national financial decisions.

Well I do not believe that QE has worked overall myself....as it looks like banks are holding to this money....but its a interesting question anyway.

Economic elites in banking and finance sector have been consuming the vast majority of all UK Quantitative easing totalling some £350 Billion pounds and UK taxpayer pick up some £157 billion overspending and borrowing with no substantial sign of any UK recovery taking place. While the banking and finance sector shareholders have taken no liability for there banks that made bad gambling bets while running undercapitalised businesses deals that they hoped would make them a fine profit on and that would of added to there end of year dividend.

So for me the financial and banking sector and it shareholders should be made totally liable for the actions of there own boards of directors and not the general public who had no say in there actions. I note with great interest that Conservative Home page has stated that Nationalised banks should have had compensation to banking shareholders who’s share value has fallen by more than 90%. Well my answer to them is that you wish to gamble on the stock market, then you should expect too not only pick up dividends in the good years but take full debt liability in the bad times.
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Re: The new 'Carlsberg' Bank of England governor: be very afraid

Post by astra on Wed Feb 15, 2012 11:36 am

This reminds me of a few years back when BCI, and LLoyds went tits up.

The shareholders never thought of the taxpayer in the good times, never even looked at us, but when the bad times came, it was the likkle peeps paying their TAX (Something TOTALY alien to these shareholders) who had to bail them out!

Steel companies and car manufacturers get in financial trouble, the last one TVR, and no help from us.

I do not understand the ligic whereby we HAVE to help those who despise us!

(This goes for Governments in India, Pakistan, and most of central Africa, but that is stirring it and I must desist!)
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Re: The new 'Carlsberg' Bank of England governor: be very afraid

Post by oftenwrong on Wed Feb 15, 2012 11:57 am

There are a hundred Establishment stooges waiting in the sidelines to take over exactly where Mervyn King leaves off.

His face is on the dartboard so that the Chancellor's isn't.
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Re: The new 'Carlsberg' Bank of England governor: be very afraid

Post by Stox 16 on Wed Feb 22, 2012 12:53 am

oftenwrong wrote:There are a hundred Establishment stooges waiting in the sidelines to take over exactly where Mervyn King leaves off.

His face is on the dartboard so that the Chancellor's isn't.

Well it would be very interesting to see who?
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The new 'Carlsberg' Bank of England governor: be very afraid

Post by skwalker1964 on Tue Nov 27, 2012 8:59 am

Lots of links in this one. For those, please see the original post at http://skwalker1964.wordpress.com/2012/11/27/the-new-carlsberg-bank-of-england-governor-be-very-afraid/

It’s been announced that the new governor of the Bank of England is going to be Mark Carney, currently governor of the Bank of Canada, when his term expires in 2013. George Osborne considers him the ‘Carlsberg’ of candidates – BBC News showed him defending Carney’s high salary and saying:

He is quite simply the best, most experienced and most qualified person in the world to be the next governor of the Bank of England and to help Britain’s families and businesses through these difficult economic times.

Probably. So much for the hyperbole. A little research will show that Carney has the confidence of most of the world’s financial community. The same financial community that took us into the mess that ordinary British people are now being expected to pay for.

But what does Carney’s appointment really mean for those ordinary British people? Well, it may turn out to be very bad news for most people in the UK – and a means by which Osborne and Cameron hope to extend the impact of their neoliberal, ideological cuts-agenda beyond the 2015 general election.

Carney has been hailed for his role, as Bank of Canada governor, in Canada’s relative immunity to the financial crisis. However, the role he played was in enforcing a ‘risk-averse fiscal and regulatory environment’ and in injecting liquidity into Canada’s banking system (in other words, the same ‘quantitative easing’ that has made no difference in the UK except to give banks more cash to sit on). Fiscal conservatism means that he’s going to be fully on-side with the Tory’s cuts agenda, and a readiness to use QE isn’t going to be a game-changer for the UK economy.

These aren’t the only reasons for my disquiet. There’s a lot more in Carney’s history to be concerned about. Carney used to work for Goldman Sachs, a finance house that has been shown to have made a fortune by betting against its own clients. Goldman Sachs is huge, and Carney may have had nothing to do with those misdeeds.

However, he was involved in GS’ work with post-apartheid South Africa’s international financing – which Naomi Klein showed, in her excellent book ‘Shock Doctrine’, to have been a form of extortion that robbed ordinary South Africans and forced them to agree to pay off the debts run up by their oppressors.

Carney also worked for GS on Russia’s 1998 debt crisis – for which GS was criticised for betting against Russia’s ability to pay its debts at the same time as advising the country’s leadership. The ‘solution’ to that crisis involved further entrenchment of the oligarchy and more trouble for ordinary Russians, who had already been massively impoverished by the actions of the financial elite in the early 90s.

There’s more. Commenting on the appointment, George Osborne – the ‘mastermind’ of the ‘suck money out of the UK economy by slashing spending – that’ll cure the recession’ approach to macroeconomics, said:

I look forward to working with Mark as we continue to rebalance our economy, deal with our debts, and equip Britain to succeed in the global race.

while Carney himself said:

Obviously I think that I can play a constructive role as the next governor in relaunching this institution with its new responsibilities, contributing to price stability, to financial stability and to ensuring that the rebalancing of the UK economy — which is under way — is seen through over the course of the next five years.

ensuring that the rebalancing of the UK economy..is seen through over the course of the next five years“. ‘Rebalancing’ – like ‘supply-side reforms’ – is Conservative shorthand for cutting the public sector and reducing wages so that taxation can be reduced for the wealthy, who then become further-enriched because the country is more ‘competitive’. ‘Rebalancing’ is what has cost us degraded pensions and added years to our working lives before we can retire.

It’s degrading the NHS that all us ordinary people rely on so much, so that public satisfaction with it fell from 70% under Labour to 58% when measured earlier this year – and probably lower now, as more nurse jobs are cut (7,000 so far), funding is cut in real terms, and the right-wing press continues its propaganda assault to prepare the way for further ‘reforms’.

It’s this ‘rebalancing’ that has cost hundreds of thousands of public-sector workers their jobs, frozen their wages and destroyed their morale. It’s also the same phenomenon that has impoverished private-sector workers to the point where some believe that it’s only fair that the government do the same to the public sector.

Most chillingly, Carney has a vision of a world where this kind of behaviour becomes even more the entrenched norm than before. In 2009, Carney gave a speech to a Bank of Canada conference entitled ‘Rebalancing the Global Economy‘:

Globalized product, capital, and labour markets lie at the heart of the New World Order to which we should aspire.

At the heart of Carney’s vision for the world lies an even deeper embedding of a system that impoverishes poor people, ‘globalising’ their labour so that employers can drive down their wages to the lowest possible level in order to maximise profits; a system whereby we’re all ruled by ‘the markets’, who can pull their cash out of a country to bring it to its knees – post-Apartheid South Africa, the very country where Carney ‘helped’ with its marketisation – is such a case.

The same system that (though before Carney’s tenure as BoC governor) deliberately faked a crisis in Carney’s own country in order to strip health and welfare provisions for ordinary Canadians. The very system that has brought us to our current situation.

In installing a man with such views, Osborne is trying to ensure that the Tories’ state-stripping, ideological measures will stay in place even if the Tories are punished by the electorate as they should be at the next election.

If Carlsberg really made Bank of England governors, I fear that they wouldn’t make one like Mark Carney.
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Re: The new 'Carlsberg' Bank of England governor: be very afraid

Post by oftenwrong on Tue Nov 27, 2012 10:29 am

Mr. Carney possesses a unique selling point. He's not one of the cosy cartel of London Bankers who scratch each other's backs.

However he will quite quickly discover that the British custom is to build up public figures solely in order to bring them down again.
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Re: The new 'Carlsberg' Bank of England governor: be very afraid

Post by tlttf on Wed Nov 28, 2012 7:35 am

Nothing like like a good slagging off before somebody starts their new job, however if Carlsberg did have a bank job they should look no further -

We are all fans of Canada now. The outbreak of cross party support for the appointment of Dr Carney to the Bank of England was based on enthusiasm for the way Canada got through the last boom and bust crisis in much better shape than the UK. There were no failures of major banks, a smaller drop in output and a much quicker recovery. So we need to ask what were the magic ingredients behind this success?

It was not just better Central banking, though that did help. The Central Bank of Canada did make enough liquidity available to banks at a time when the Bank of England was preaching moral hazard and watching banks go bust as a result. Today Canada has an official interest rate of 1%, and an inflation rate below the 2% target. It was also the state of the Canadian public accounts. that helped Canada through the Credit Crunch.


http://johnredwoodsdiary.com/2012/11/28/the-lessons-from-canada/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+JohnRedwoodsDiary+%28John+Redwood%27s+Diary%29

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Re: The new 'Carlsberg' Bank of England governor: be very afraid

Post by skwalker1964 on Wed Nov 28, 2012 11:53 am

tlttf wrote:Nothing like like a good slagging off before somebody starts their new job, however if Carlsberg did have a bank job they should look no further -

We are all fans of Canada now. The outbreak of cross party support for the appointment of Dr Carney to the Bank of England was based on enthusiasm for the way Canada got through the last boom and bust crisis in much better shape than the UK. There were no failures of major banks, a smaller drop in output and a much quicker recovery. So we need to ask what were the magic ingredients behind this success?

It was not just better Central banking, though that did help. The Central Bank of Canada did make enough liquidity available to banks at a time when the Bank of England was preaching moral hazard and watching banks go bust as a result. Today Canada has an official interest rate of 1%, and an inflation rate below the 2% target. It was also the state of the Canadian public accounts. that helped Canada through the Credit Crunch.

Canada hardly had the same level of exposure to the banking crisis as the UK. Besides, as my article pointed out, Canada already faked a crisis in the 90s as an excuse to cut public spending. Ordinary people suffer, but the headlines look 'good'.
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Re: The new 'Carlsberg' Bank of England governor: be very afraid

Post by Ivan on Wed Nov 28, 2012 12:32 pm

tlttf. Another splendid, well researched and well argued article from Steve Walker. It’s a pity that the same can’t be said about your lazy response. Anyone who posts a link to the site of that extreme right-wing headbanger Redwood destroys the credibility of their message in an instant. Redwood is the lunatic who was advocating even less regulation of the financial sector shortly before the global crash of 2008, so what does he know about anything? And if you must quote Redwood, at least put his words in inverted commas, otherwise it appears that you’re passing them off as your own, and that amounts to plagiarism.


Source: gwladrugby.com

According to your twisted reasoning, we shouldn’t “slag off” a person for their past ‘form’ when they start a new job. Had you bothered to read Steve’s article, you would have seen how awful Carney and his policies have been with regard to South Africa and Russia. He may also have set Canada up for a fall, because his unsustainably low interest rates have created a real estate bubble there. But, hey, maybe you’ll show some consistency (though I doubt it) and not “slag off” Ed Miliband when he takes on his next job as Prime Minister in 2015, or earlier if this evil government should collapse into the mire of its own making.

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Re: The new 'Carlsberg' Bank of England governor: be very afraid

Post by blueturando on Wed Nov 28, 2012 2:19 pm

Steve Walker - Left Winger

John Redwood - Right winger

Eaxch person can choose who they like to believe or they can make up their own minds based on the information out there.

TLTTF......Please try and tow the socialist line a bit more, you're giving Ivan a migrane. Thank you

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Re: The new 'Carlsberg' Bank of England governor: be very afraid

Post by tlttf on Wed Nov 28, 2012 6:02 pm

I'm now standing in the naughty corner blue. Very Happy

Ivan, my putting the link there shows there is no plagiarism involved, however if that has also become a LAW on the board then I shall abide by the rules.

By highlighting the past info as an attack seen as reasonable by yourself Ivan. Does that mean the 2 Ed's and all previous mp's that were part of the previous government should be discounted for their failings, or is that seen as okay?

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Re: The new 'Carlsberg' Bank of England governor: be very afraid

Post by Phil Hornby on Wed Nov 28, 2012 7:18 pm

I admire the Tories for having mistakes of nature like Redwood , Gove and Pickles in their midst (other weird, weedy, or grotesquely fat people are available).

It serves to ensure that nobody who is remotely sane would ever accidentally vote for the Poison Party - while also providing a ready-made raft of bogey-men with whom to frighten errant grandchildren who refuse to go to bed when told to do so... Very Happy
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Re: The new 'Carlsberg' Bank of England governor: be very afraid

Post by oftenwrong on Wed Nov 28, 2012 7:45 pm

It seems to be traditional, Phil

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Re: The new 'Carlsberg' Bank of England governor: be very afraid

Post by Phil Hornby on Wed Nov 28, 2012 8:07 pm

What a line-up ! Sir Keith Joseph ( too mad), and is that Carrington ( too posh), Howe (too owlish), Thorneycroft (too much the would-be grandee) and Thatcher ( too satanic)? Who's the other bloke ? Angus Maude? ( if so, too many sons called Francis).

But still nobody here as vomit-inducing as 'Archie' Gove.... Shocked
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Re: The new 'Carlsberg' Bank of England governor: be very afraid

Post by Ivan on Wed Nov 28, 2012 8:16 pm

Never mind, Phil. Gove may have escaped from 'The Beano' (and rumour has it that when he was a small child he played in a sand pit and a cat tried to cover him over), but I'm sure you will enjoy this, courtesy of YouTube:-

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Re: The new 'Carlsberg' Bank of England governor: be very afraid

Post by skwalker1964 on Wed Nov 28, 2012 9:27 pm

Ivan wrote:Never mind, Phil. Gove may have escaped from 'The Beano' (and rumour has it that when he was a small child he played in a sand pit and a cat tried to cover him over), but I'm sure you will enjoy this, courtesy of YouTube:-


I shouldn't laugh. But I am...
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Re: The new 'Carlsberg' Bank of England governor: be very afraid

Post by Phil Hornby on Wed Nov 28, 2012 9:37 pm

I certainly don't find the accident amusing.

How could I ? - he got up again...... Evil or Very Mad
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Re: The new 'Carlsberg' Bank of England governor: be very afraid

Post by Ivan on Wed Nov 28, 2012 9:46 pm

tlttf wrote:-
Ivan, my putting the link there shows there is no plagiarism involved
No it doesn’t. The first paragraph was written by you, the second was written by the Vulcan. Unless you put other people’s words in inverted commas, they are assumed to be your own.

By highlighting the past info as an attack seen as reasonable by yourself Ivan.
I don’t understand that sentence, sorry. Rolling Eyes

Does that mean the 2 Ed's and all previous mp's that were part of the previous government should be discounted for their failings, or is that seen as okay?
Excuse me, but I thought you were implying that someone taking up a new post should get a blank cheque:-
Nothing like like a good slagging off before somebody starts their new job
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Re: The new 'Carlsberg' Bank of England governor: be very afraid

Post by Ivan on Fri Nov 30, 2012 1:09 pm

Here comes another "slagging off", as Carney has been employed before:-

Does Mark Carney really deserve his reputation as a super-banker?

Extracts from an article by Dan McCurry:-

“Carney arrived at the Bank of Canada in February 2008, when the world crisis was already in full swing. It would be impossible for him to have implemented policy that retrospectively saved Canada from turmoil. He was simply there when nothing happened and is happy for people to believe he is a genius as a result.
As for Osborne’s comment on "securing growth"? The fact is that countries like Canada and Australia are rich in resources at a time when the expansion of China has created massive demand for them. Carney didn’t arrange for the rise of China, although if someone had attributed it to him, you can bet he’d allow the myth to perpetuate.

For Canada, the last five years have been so benign that Carney could have turned up to work and played ping pong all day. Yet, here we are, pouring praise on him. We don’t know how this guy would be in a crisis, because he’s never been in one. Yet he’s a genius, according to George Osborne.

Osborne has returned regulation to the Bank of England, in the bizarre belief that it can do a better job. This obviously ignores BCCI and Barings. Carney is supposedly qualified as a regulator as he has private banking experience at Goldman Sachs. However, it seems that he advised Russia on its 1998 financial crisis while Goldman was simultaneously betting against the country's ability to repay its debt. This bloke doesn’t know what’s happening right under his own nose.”


For the full article:-
http://www.newstatesman.com/politics/2012/11/patten-davies
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Re: The new 'Carlsberg' Bank of England governor: be very afraid

Post by skwalker1964 on Sat Dec 01, 2012 11:05 am

Awesome info, Ivan - and this is the bloke who's supposedly going to help complete the 'rebalancing' of the UK economy...
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Re: The new 'Carlsberg' Bank of England governor: be very afraid

Post by sickchip on Sun Dec 02, 2012 11:38 am

...interest rates.......repossessions!!

It's the future! cheers
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Re: The new 'Carlsberg' Bank of England governor: be very afraid

Post by oftenwrong on Sun Dec 02, 2012 1:04 pm

Morning, sickchip!

Good to see that the Delphic Oracle continues to function. Laughing
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Re: The new 'Carlsberg' Bank of England governor: be very afraid

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