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Meet Canada's New Central Bank Head

Tyler Durden's picture





 

The bottomline? Economists' models cannot explain consumer bubbles, tech bubbles or commodity bubbles. Nor can they predict a post-bubble future.

- Stephen Poloz

As is well known, Goldman's Mark Carney is leaving the Bank of Canada on June 1 to take over the UK money printer in a few months, at which point he will proceed to create about GBP25 billion per month out of thin air, pushing the total monthly G-7 liquidity injection to a healthy $200 billion (an annualized rate of $2.5 trillion). Which meant that a successor had to be found. Moments ago we learned just who that is, and surprisingly it does not appear to be yet another Goldman Sachs Partner, MD or even Vice President. Carney's replacement is Stephen Poloz, the former head of Export Development Canada.

Promptly upon the announcement Poloz noted that flexible inflation targeting no threat to credibility, and Canada's monetary policy has helped through crisis, and that experience at EDC gives him a feel for Canada's economy. If nothing else, at least he has held a real job. Unlike those mandarins in the Marriner Eccles building. Either way, his monetary stance is largely unknown, although it will hardly be a hurdle to the other lunatics who have taken over the money printing asylum.

From the Times Colonist:

The appointment to a seven-year term follows a lengthy five-month search process set in motion by Finance Minister Jim Flaherty after Carney announced he would step down June 1.

 

"Stephen Poloz has a long and distinguished career in the public and private sectors with 30 years experience in financial markets, forecasting and economic policy,” Flaherty said in a statement.

 

"I am confident he has the skills and experience required to lead the Bank of Canada at a time of global economic uncertainty."

 

Poloz has been president and chief executive at EDC since 2011. He joined the organization in 1999 as vice-president and chief economist, and in 2004 was named senior vice-president, corporate affairs.

 

Poloz spent five years with Montreal-based BCA Research, and 14 years with the Bank of Canada in various capacities. He holds degrees in economics from the University of Western Ontario and Queen’s University.

 

"This has been an extremely thorough process as we sought the best candidates from around the world," Flaherty said.

 

"Mark Carney has been a visionary leader, an economic partner and a friend. Over the past few years we have faced some unprecedented economic challenges and we surmounted."

 

Carney, who is leaving to take over the top job at the Bank of England, won respect across the global financial community for his leadership and deft handling of the challenges wrought by the recession.

 

The early favourite to replace him had been Tiff Macklem, 51, the second-in-command at the bank who had apparently been groomed for the prestigious post.

 

The position comes with a salary of between $431,800 and $507,900.

So... not Goldman? Not even as a first year analyst? Maybe him and Kuroda went to a summer camp together, run by Robert Rubin, because this abdication to its global domination role is very much unlike Goldman.

Scotia already has a quick profile on the new head, and (not) surprisingly, it appears to be another dove.

New BoC Governor Stephen Poloz’s views on monetary policy are “unknown quantity,” Scotiabank economists Derek Holt and Dov Zigler write in client note.

 

Markets may take appointment as “dovish nod”; background in export sector may be seen as govt emphasizing challenges facing Canadian exporters, including elevated currency

 

Poloz has “generally avoided public commentary” on monetary policy; last speech was April 26, 2012, dealt with Canada-Japan trade relations

That said, anyone hoping that Poloz will be the first to buck the trend of the central bank chart presented previously, and hike rates is advised to not hold their breath. The CAD is certainly not worried, and promptly weakened to 1.01

* * *
Finally, for those curious, some thoughts on the the financial crash from none other than Poloz, where he expressed a surprisingly objective view of the world. It remains to be seen just how his G-7 colleagues will pervert this.

From BusinessEdge:

How did we fall so fast? Look back to 9/11 trauma

 

A better question to ask, perhaps, would be: "Where did it begin?" A fuller understanding of the fundamentals of the crisis would almost certainly provide an insight into how it might end. Many would point to the first failed rollover of mortgaged-backed commercial paper in August 2007 as the catalyst to the crisis.

 

Fair enough, but the root of the matter goes deeper, and much longer ago, than that.

 

Arguably, the turmoil we are experiencing today is linked directly to the trauma of Sept. 11, 2001. We now know that 9/11 spawned a "live for the moment" boom in U.S. consumer spending and borrowing, the likes of which have never been seen before.

 

This caused a major upswing in real estate prices, on the basis of which lenders created a balloon of consumer debt, including extending credit into the subprime space. Key to this lending was the presumption that any future debt service difficulties could be buried in a  refinancing package based on the rising equity value of the home.

 

Nor was this expansion of leverage restricted to the U.S. housing market. The extended period of strong global growth fostered a belief that investment risks had become a thing of the past.

 

Investors - particularly professional fund managers - were therefore encouraged to leverage their investments in order to boost overall returns.

 

Investors competed for deals, rather than deals competing for investors, and risk premiums were driven even lower in the process.

 

The U.S. housing bubble broke back in 2006, but it would be August 2007 before the house of cards would really start to come down.

 

With home prices on the decline, sub-prime mortgage holders were better off simply walking away fromtheir houses.

 

Doubt crept into the mortgage-backed commercial paper market, and fromthere, into the interbank market. We now are faced with a global desire to reduce leverage, and governments have provided mountains of liquidity to keep things orderly.

 

There are now signs of healing and every reason to believe that the credit crunch will fade over time.

 

So, where will it end? The most important implication of the above interpretation of events is that the credit crisis is the product of an underlying economic downturn, not the other way around.

 

At the heart of that downturn is a shift in U.S. consumer psychology, away from"living for the moment" and back to "saving for tomorrow.”

 

That shift will take time to complete, and its real impact is now being felt everywhere, fromGermany to Chile to Russia to China and all points between.

 

In other words, even after the credit crunch is sorted out, we will be left with a traditional downswing in the global business cycle. Such  cycles have a lot of common characteristics: Repricing of risk, widening interest rate spreads, weak commodity prices and a rising U.S. dollar.

 

These symptoms are likely to persist until the global business cycle runs its course - and given the revision that has taken place in U.S. consumer psychology, that bottomis likely to be at least a year away, probably longer.

 

The bottomline? Economists' models cannot explain consumer bubbles, tech bubbles or commodity bubbles. Nor can they predict a post-bubble future.

 

However, business cycles do have a natural rhythm, and that means the outlook will remain challenging for at least the next 12-18 months.

 


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Thu, 05/02/2013 - 16:39 | Link to Comment EscapeKey
EscapeKey's picture

Has Goldman Sachs approved of this?

Thu, 05/02/2013 - 16:51 | Link to Comment Buckaroo Banzai
Buckaroo Banzai's picture

In unrelated news, 9mm ammo is finally starting to become available online again at something less than insane prices (i.e. only 2x pre-insanity prices). 22lr unfortunately is still very hard to find, unless you are willing to pay a stupendous markup.

Thu, 05/02/2013 - 16:59 | Link to Comment flacon
flacon's picture

She looks "sexy" - she must have credibility. 

 

 

OH Fuck! I think I've seen that lady before! Holy shit! It's her!:

 

http://tinyurl.com/cxansly


Thu, 05/02/2013 - 17:13 | Link to Comment traderjoe
traderjoe's picture

Correction: they print debt-money out of thin air. Huge distinction.

The commercial banks, under fractional reserve banking, print the 'currency' (I refuse to call it money) out of thin air and then lend it back to the sovereign at interest, with the collateral of your future labor. 

I call it the scam of the century. 

Thu, 05/02/2013 - 17:14 | Link to Comment Abraxas
Abraxas's picture

This new guy is either another lizard or a scapegoat. We'll see.

Thu, 05/02/2013 - 17:21 | Link to Comment bank guy in Brussels
bank guy in Brussels's picture

So this Canuck central back head Stephen Poloz sez:

« ... every reason to believe that the credit crunch will fade over time ... »

And Tyler Durden calls this

« a surprisingly objective view of the world » ? !

WTF ? !

Don't sell out to the dark side on us now, Tyler !

Thu, 05/02/2013 - 17:30 | Link to Comment negative rates
negative rates's picture

That guy better be at least 6 feet tall, cause if he gives me that cross eyed Mary look one too many times, i'll flatin um to the floor.

Thu, 05/02/2013 - 17:44 | Link to Comment Tyler Durden
Tyler Durden's picture

"The bottomline? Economists' models cannot explain consumer bubbles, tech bubbles or commodity bubbles. Nor can they predict a post-bubble future."

We'll take an optimist over an econo-hubrist with a delusion of grandure any day.

Thu, 05/02/2013 - 17:56 | Link to Comment Womb Service
Womb Service's picture

Hey Tyler, sorry if this was already posted, but you may want to look at this CBC documentary that came on the heels of the "Secret World of Gold." It is called "The Monarchs of Money."

http://www.youtube.com/watch?v=7T_VxdLJdDU

This is the official link. Not sure if it will play in the US. There are some other links available.

PS- Carney comes across as an unbelievable douche.

Thu, 05/02/2013 - 18:02 | Link to Comment prains
prains's picture

i think the word you're looking for is;  smarmy

Thu, 05/02/2013 - 19:53 | Link to Comment Arkadaba
Arkadaba's picture

I thought he came across as scared. Very defensive.

Thu, 05/02/2013 - 21:01 | Link to Comment phyuckyiu
phyuckyiu's picture

Ohhhh mahhhh gawwwwd did they just promote a GOY? WTF is this world coming to. I think I just saw a pig fly outside my window.

Thu, 05/02/2013 - 22:25 | Link to Comment palmereldritch
palmereldritch's picture

Poloz's comments were insightful, candid, refreshing, abstract yet grounded.
(Translation: Non-banker)

Sat, 05/04/2013 - 00:44 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

Lizards and goats and bulls, oh my!!

Thu, 05/02/2013 - 16:54 | Link to Comment macholatte
macholatte's picture

 

Honey, where's my Goldman?

It's not my job to keep track of your stuff. But if I was going to look I'd check under the Wall Mart bag under the bed in the guest room.

Yup. There's Goldman.

(with apologies to "Defending the Caveman")

Thu, 05/02/2013 - 17:04 | Link to Comment Colonel Klink
Colonel Klink's picture

The Medusa grows another snake head.

Thu, 05/02/2013 - 17:42 | Link to Comment prains
prains's picture

Francis

this is not a joo conspiracy it's a GIANT FOREHEAD conspiracy, I'm telling you, look at all these fuckers, you could puts lites on these guys and land cargo planes on that strip.

 

 

<notwithstanding current ZH re-seeding hairlines of course>

Thu, 05/02/2013 - 17:43 | Link to Comment Jekyll_n_Hyde_Island
Jekyll_n_Hyde_Island's picture

   Conspiracy!  He's a Jew and no one knows because it's a secret canadian Jew society!  Please, please for the love of Abraham don't take me seriously.

  However, this should be enjoyed by all:

  http://www.engrish.com/2012/11/because-he-can/

Thu, 05/02/2013 - 17:56 | Link to Comment prains
prains's picture

+LOL

what happens when the blades get dull 

Thu, 05/02/2013 - 22:31 | Link to Comment palmereldritch
palmereldritch's picture

Enjoy it while you can because soon global standardized English marketing services will sadly make that product, a thing of the past

Thu, 05/02/2013 - 17:48 | Link to Comment azzhatter
azzhatter's picture

Fuck You Carney. You look like a pussy

Thu, 05/02/2013 - 17:57 | Link to Comment Spigot
Spigot's picture

He will do as he is told to do.

Thu, 05/02/2013 - 16:40 | Link to Comment reader2010
reader2010's picture

Wow. Another Sociopath, bitcheZ!

Thu, 05/02/2013 - 16:48 | Link to Comment Buckaroo Banzai
Buckaroo Banzai's picture

looks like a puffy-faced douchebag

Thu, 05/02/2013 - 17:12 | Link to Comment freewolf7
freewolf7's picture

Another ornament for the lamppost.

Thu, 05/02/2013 - 16:42 | Link to Comment stinkhammer
stinkhammer's picture

is he Jewish?

Thu, 05/02/2013 - 16:52 | Link to Comment Kirk2NCC1701
Kirk2NCC1701's picture

NO.  Shocking, I say.  Shocking!

Thu, 05/02/2013 - 16:55 | Link to Comment localsavage
localsavage's picture

Is his wife?

Thu, 05/02/2013 - 20:59 | Link to Comment phyuckyiu
phyuckyiu's picture

If his wife is, then at least his kids will be allowed in the club. Jews are smart, they realize they can't depend on the Dad to be the father of the child. They can depend on the wife to be the Mother however.

Thu, 05/02/2013 - 17:28 | Link to Comment buzzsaw99
buzzsaw99's picture

token goy boy

Thu, 05/02/2013 - 16:42 | Link to Comment NoWayJose
NoWayJose's picture

The Canadiens at least know that you have to remove a little top soil, and dig into the dirt to find something useful.  Their main exports are found this way, so they can hope the new guy learned something.  I'm not surprised the Canadien dollar dropped a bit.  Again, if he learned anything about exports, he knows that Canada does not need a stronger dollar.  What will be interesting is whether he sets up a direct yuan exchange like the Aussies did.

Thu, 05/02/2013 - 16:53 | Link to Comment Buckaroo Banzai
Buckaroo Banzai's picture

"What will be interesting is whether he sets up a direct yuan exchange like the Aussies did."

Not if he values his life, he won't.

The day that happens, you'll know the USA is completely fucked.

Thu, 05/02/2013 - 16:55 | Link to Comment Kirk2NCC1701
Kirk2NCC1701's picture

My sources say that he would love to set up a CAN/CNY exchange, but that he has 'bosses' to answer to.  Who answer to (roll over for) bosses south of the border.

Thu, 05/02/2013 - 19:34 | Link to Comment oddjob
oddjob's picture

Bank of Canada answers to the City of London.

Thu, 05/02/2013 - 22:36 | Link to Comment palmereldritch
palmereldritch's picture

Bank of Canada is owned by HRM

Thu, 05/02/2013 - 17:34 | Link to Comment TheCanadianAustrian
TheCanadianAustrian's picture

"Again, if he learned anything about exports, he knows that Canada does not need a stronger dollar."

-1.

Thu, 05/02/2013 - 16:45 | Link to Comment Yen Cross
Yen Cross's picture

     Makes me want to watch the cult classic movie, " Coneheads"...

Thu, 05/02/2013 - 16:49 | Link to Comment Metalredneck
Metalredneck's picture

Meet the new boss,

Same as the old boss...

Thu, 05/02/2013 - 16:49 | Link to Comment Pareto
Pareto's picture

Meet the new boss.  Same as the old boss.  But, we won't get fooled again, or, its different this time.  Take you're pick.

Thu, 05/02/2013 - 16:50 | Link to Comment Kaiser Sousa
Kaiser Sousa's picture

Fuck you Carney.....

Thu, 05/02/2013 - 17:10 | Link to Comment Likstane
Likstane's picture

Fuck you Steven Poloz...

Thu, 05/02/2013 - 17:12 | Link to Comment Likstane
Likstane's picture

My bad...Fuck you Stephen Poloz...

Thu, 05/02/2013 - 16:54 | Link to Comment LeisureSmith
LeisureSmith's picture

These "top men" photo's seem as photoshopped as the girls in the chick mags, only leaning more towards gravitas and clean cutness instead of tall, bronzed and skinny. I laugh.

Thu, 05/02/2013 - 16:59 | Link to Comment Poetic injustice
Poetic injustice's picture

Ohhh, Canada is again in capable hands and will continue saving banks.

Thu, 05/02/2013 - 17:00 | Link to Comment Yen Cross
Yen Cross's picture

   When Carney was an infant, his mother hung him[upside-down] in the closet to avoid having a "flat head". Little did she know, all the grey matter settled in his forehead.

Thu, 05/02/2013 - 17:04 | Link to Comment Uncle Zuzu
Uncle Zuzu's picture

"I'm gonna have to go ahead and sort of disagree with you there"

http://youtu.be/_uHBFiAnpZs

Thu, 05/02/2013 - 17:09 | Link to Comment YHC-FTSE
YHC-FTSE's picture

"challenges facing Canadian exporters, including elevated currency", sounds ominous. Another central banker racing to the bottom?

Well, he's not a GS, JPM, or MS alumni so that's good. I'll take whatever good news I can get these days.

Thu, 05/02/2013 - 17:32 | Link to Comment walküre
walküre's picture

Because the value of the USD is clearly too low right now. The USD should be priced 20% to 40% better against all other currencies because it is ultimately the best currency in the world, maybe even the universe. It is so good that even paper bills with Mickey Mouse face on it are accepted worldwide at face value. Yup, we are the best!

My advice to Stephen Poloz is to print Cdn like there's no tomorrow. Don't be shy. Beat that $85 billion a month the Fed is doing in relative terms to the Cdn situation.

That is how we might see USD appreciation against the rest. You have to outdo the Yanks at their game.

Thu, 05/02/2013 - 17:09 | Link to Comment q99x2
q99x2's picture

6 man cell will handle North America and Europe.

Thu, 05/02/2013 - 17:17 | Link to Comment FranSix
FranSix's picture

Export Development Corporation is the same as the U.S. Export Import Bank.  The money they lend is printed out of thin air to buy aircraft, which is thereby lent to the largest financial corporations of the world, notably GE Finance Capital.  GE Finance Capital then sells the leases for aircraft they generate to investors seeking a yield, mostly banks.  A normal life span is about 20 years.  Airlines generate certain debt tranches for Credit Default Swaps.

The taxpayer is essentially on the hook for the most financially unstable sector in the economy, the airline industry.  That being said, the airline index is cresting out at a high and should be turning down for the third leg of a triple waterfall crash. It's just a question of when.

It's the only index that clearly had its high in yr. 2000 and has been in a bear market ever since.  You would want to use a log scale chart to appropriately guage the chart over the long term.

http://quotes.ino.com/charting/index.html?s=PACF_XAL&t=&a=&w=&v=dmax

 

Thu, 05/02/2013 - 17:27 | Link to Comment FranSix
FranSix's picture

A couple of notes:

The Canadian dollar became a reserve currency last year.

The Canadian housing bubble is still very vigorous:

http://www.gettingtechnical.com/01_home/market_commentary/can_en.html

Thu, 05/02/2013 - 17:41 | Link to Comment GoinFawr
GoinFawr's picture

"Use jets while you still can."-Douglas Coupland (1991)

Thu, 05/02/2013 - 17:51 | Link to Comment RealitySpike
RealitySpike's picture

EDC was an investor in my company (along with sister agency BDC)...when the financial crisis hit they both reneged on a $250K tranche and forced the company into bankruptcy to close the file (which put 25 people out of work). Fortunately we salvaged it (and 1/3 of the jobs) with a management buyout which still required some political arm twisting because they just wanted us to go away.

Sat, 05/04/2013 - 00:46 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

Wow, that’s not the kind of thing they want to expose. No wonder they can still operate at a ‘profit’ if they simply refuse to pay debts they owe.

Thu, 05/02/2013 - 17:16 | Link to Comment venturen
venturen's picture

Everyone loves a "Palooza"!

Thu, 05/02/2013 - 17:13 | Link to Comment alangreedspank
alangreedspank's picture

If Alan Greenspan turned away from his Randian views, this guy can be saying the opposite of that topmost quote in a heart beat.

Thu, 05/02/2013 - 17:15 | Link to Comment venturen
venturen's picture

Al Quadia would be much better served to just get a couple positions at Central Banks....Matter Fact Bernanke kind of has that look. Montary Suicide...frightening. 

Thu, 05/02/2013 - 17:28 | Link to Comment Yen Cross
Yen Cross's picture

    I'm going to miss 'Merv The Swerve' @ BOE. He was always reliable.  I could usually short cable and walk away with some pips when the BOE was on the podium.

    In any case, the numbers out of London over the last few days look (caugh...caugh) promising. Carney can play the 'good guy' in June and keep the inevitable "BOE QE" in the stable for another month. What a great name for a "Derby Horse"?

           {QE Infinity}

Thu, 05/02/2013 - 17:48 | Link to Comment walküre
walküre's picture

what track? odds?

Thu, 05/02/2013 - 18:02 | Link to Comment Yen Cross
Yen Cross's picture

    lol.  Some kingdum in the Persian Gulf<>  I'm on the early release list, 'just behind the Fed.'

Thu, 05/02/2013 - 17:58 | Link to Comment reload
reload's picture

Cable sellers will come to love MC, I think he is going to get settled in and then go full 24/7  monetisation--not just gov debt, but packages of distressed commercial bank held asets also.

Thu, 05/02/2013 - 17:22 | Link to Comment Darth Raider
Darth Raider's picture

Why Has Carney toake the job?

 

 

http://www.youtube.com/watch?v=AYVZKpH3pnM

Thu, 05/02/2013 - 17:22 | Link to Comment krugergate
krugergate's picture

DIRECT YUAN EXCHANGE - BRILLIANT

Thu, 05/02/2013 - 17:24 | Link to Comment maskone909
maskone909's picture

it is so strange to see that almost every developed nation has been infultraited by central banking regimes.

Thu, 05/02/2013 - 17:33 | Link to Comment Zer0head
Zer0head's picture

Poloz spent five years with Montreal-based BCA Research,

 

good ol BCA of debt supercycle fame

 

the update

http://www.bcaresearch.com/pdf/BCASRsep62012.pdf

 

the 2007 original

http://www4.fdewb.unimaas.nl/koersportfolio/images/BCA_Research_-_An_Inf...

Thu, 05/02/2013 - 17:34 | Link to Comment GoinFawr
GoinFawr's picture

Canuckistan would probably have been better off with Victoria Grant

Thu, 05/02/2013 - 17:34 | Link to Comment RobD
RobD's picture

I bet his nick in school was Stephen "The Forehead" Poloz. He could rent that thing out lol.

Thu, 05/02/2013 - 17:41 | Link to Comment Zer0head
Zer0head's picture

there should be something damning in here somewhere

http://www.google.com/webhp?complete=0#complete=0&site=webhp&q=site:repe...

Thu, 05/02/2013 - 20:51 | Link to Comment Vuke
Vuke's picture

Thanks for the search ZerOhead.  Interesting  but unreadable stuff below. However it is somewhat alarming to realize this guy sees the current situation as just another business cycle.

This paper reviews various competing theories of structural unemployment and considers whether they may be used to explain any of the rise in unemployment experienced by Canada during the most recent economic cycle. The central message that emerges is that one should take into account multiple possible structural explanations when forming judgments about the non-accelerating- inflation rate of unemployment (the NAIRU). Furthermore, the degree of uncertainty associated with existing empirical work suggests that one should allow for a range of NAIRU estimates in reaching an understanding of economic developments. A balanced assessment of the available methodologies suggests that the NAIRU has risen somewhat during the 1990s, mainly because of a steep rise in the rate of payroll taxation. Nevertheless, the paper concludes that this rise in the NAIRU is likely to be temporary, both because the payroll tax effect ought to be digestible over time and because some reforms to the unemployment insurance system have already been implemented.

Thu, 05/02/2013 - 17:45 | Link to Comment lordchimp253
lordchimp253's picture

Wha...? That 2008 BusinessEdge article Poloz wrote shows him to be a complete ignoramus. He totally fails to identify the cause of the bubbles, and instead blames nothing more than psychology -- a shift to a more "consumer" driven attitude following 9/11. Sorry, that's retarded. Any explanation of a boom and bust cycle that neglects to discuss central banking is a failure.  

 

http://canadianmarketreview.com/2013/05/02/stephen-poloz-will-replace-carney-as-bank-of-canada-governor/

Thu, 05/02/2013 - 17:53 | Link to Comment FranSix
FranSix's picture

Fargo Business Television:

http://watch.bnn.ca/the-close/the-close-may-2013/the-close-may-2-2013/#clip918167

With Mr. Poloz, it's all about credibility.  Canada has no gold in its' central bank:

http://watch.bnn.ca/the-close/the-close-may-2013/the-close-may-2-2013/#clip918230

World Gold Council comments on gold, that it should be taking it's place as foreign currency reserve:

http://watch.bnn.ca/headline/headline-may-2013/headline-may-2-2013/#clip917990

Thu, 05/02/2013 - 17:58 | Link to Comment RealitySpike
RealitySpike's picture

Canada may be circling the toilet bowl but at least our banks are in decent shape (according to Bloomberg): #3, 4, 5, and 6. Every major Canadian bank was in the top-25.

P.S. the air haead Bloomberg reporter (Julie Hyman) somehow managed to miss this in her Bloomber TV report. 

Thu, 05/02/2013 - 18:09 | Link to Comment lordchimp253
lordchimp253's picture

Canadian banks are crap. They teeter on the edge of bankrupcy because they depend on fractional reserve credit. That is why they needed to be bailed out in the last financial crisis, and they will need bailouts again in the next one.

Thu, 05/02/2013 - 18:27 | Link to Comment Zer0head
Zer0head's picture

chimp please be careful not to offend our Canadian bros and sistahs

they have a very fragile identity and cling to anything that helps them to elevate their self-image (if they want to believe that their banks are the kings of the world - that's okay as in the final analysis it is a moot point, eh!)

Fri, 05/03/2013 - 13:22 | Link to Comment lordchimp253
lordchimp253's picture

I actually am a Canadian, and I can confirm that everything you just said is true. 

Thu, 05/02/2013 - 20:11 | Link to Comment RealitySpike
RealitySpike's picture

You call $75B in mortgage purchases a bailout...Bernanke does that before breakfast

Thu, 05/02/2013 - 18:44 | Link to Comment El_Puerco
El_Puerco's picture

Canadians will be very Happy!.. with,"Stephen Poloz"..


 

 

 

Thu, 05/02/2013 - 19:23 | Link to Comment juslen
juslen's picture

Oh for fuck sake. Just look at where he comes from.

http://en.wikipedia.org/wiki/Export_Development_Canada

"As a Crown corporation, EDC operates at arm's length from the federal government and according to commercial principles. EDC's mandate is spelled out in the Export Development Act. The Corporation is financially self-sustaining. Its treasury and risk management strategies enable it to assist Canadian exporters without relying on tax dollars. EDC raises funds by charging fees for its services and interest on its loans, as well as issuing debt in capital markets."

You know, I heard that currency debasement is a great way to BOOST exports! lol.. this guy comes from a company in bed with the government, no different than working for Goldman.

 

 

Thu, 05/02/2013 - 20:14 | Link to Comment mendigo
mendigo's picture

He looks confused.
That much is a good sign.

Thu, 05/02/2013 - 21:12 | Link to Comment phyuckyiu
phyuckyiu's picture

He doesn't have that 'I've been going to Bohemian Grove and sacrificing babies since you were born you little twat' look.

Thu, 05/02/2013 - 22:36 | Link to Comment steelrules
steelrules's picture

Forget GS, this guy was probably hand picked by Rothschild.

Thu, 05/02/2013 - 22:37 | Link to Comment Rathmullan
Rathmullan's picture

apparently goldman needed some storage space and found it.

"The Bank of Canada today holds less gold than at any other point in its 79 year history. The total reserve of just over 3 tons pales in comparison to the highest level recorded in its history – 1,023 tons in 1965. This means that there are about 0.003 ounces of gold sitting in reserve at the BoC for every Canadian, or just a little under $5.80 at today´s market prices."

http://mises.ca/posts/articles/the-bank-of-canadas-gold-hoards/

Fri, 05/03/2013 - 08:04 | Link to Comment f16hoser
f16hoser's picture

Fuck I hate Central Bankers almost as much as I hate Politicians!

Do NOT follow this link or you will be banned from the site!