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On The Goldman Path To Complete World Domination: Mark Carney On His Way To Head The Bank Of England?

Tyler Durden's picture


Back in November we penned "The Complete And Annotated Guide To The European Bank Run (Or The Final Phase Of Goldman's World Domination Plan)" in which we described what the long-term reality of Europe, not that interrupted by the occasional transitory LTRO cash injection and other stop-gap central bank measure, would look like. And yet there was one piece missing: after Goldman unceremoniously set up its critical plants in Italy via Mario Monti and the ECB via Mario Draghi, one key target of Goldman domination was still missing. The place? Why the center of the entire modern infinitely rehypothecatable financial system of course: England, which may have 1,000x consolidated debt/GDP, but at least it can repledge any asset in perpetuity thus giving the world the impression it is solvent (no wonder AIG, MF Global, and now the CME are scrambling to operate out of there). Which is why we read with little surprise that none other than former Goldmanite, and current head of the Bank of Canada, is on his way to the final frontier: the Bank of England.

From the FT:

Mark Carney, the governor of Canada’s central bank, has been informally approached as a potential candidate to replace Sir Mervyn King as head of the Bank of England in June next year.


One of the world’s most respected central bankers, Mr Carney, 47, now heads the Financial Stability Board, which oversees global financial regulation. He was approached recently by a member of the BoE’s court, the largely non-executive body that oversees its activities, according to three people involved in the process.

Far more importantly, Carney was a 13 year veteran of Goldman Sachs, most recently and very appropriately co-head of sovereign risk, which is ironic considering that Goldman had a grand rehearsal for the Greek currency swaps fiasco precisely with Carney at the helm in 1998, when Goldman got into hot water for the first time because while the company was advising Russia it was simultaneously betting against the country's ability to repay its debt. Sounds like yet another man doing the will of god: it is only fair he be promoted to run world banking capital.

More from the FT:

Very rarely are national central banks headed by foreign citizens, with a notable exception being Stanley Fischer, the American appointed as Israel’s central bank governor in 2005. Naming a foreigner as governor of the 318-year-old central bank would break with tradition, although Mr Carney has a British wife, studied at Oxford university, and worked at Goldman Sachs in London early in his career. “As a Canadian national he is a subject of the Queen,” said one supporter. “That is important.”

And most importantly, we can now update the map of Goldman conquests so kindly put together by The Independent last year, from this:

to this:

Is anyone left?


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Tue, 04/17/2012 - 18:49 | 2352951 Bay of Pigs
Bay of Pigs's picture

Yeah, run away from the epic housing collapse before it hits in Canada.

Nice work Mark.

Tue, 04/17/2012 - 18:56 | 2352965 12ToothAssassin
12ToothAssassin's picture

Game, set, match bitchez.

Tue, 04/17/2012 - 18:59 | 2352972 spiral_eyes
spiral_eyes's picture

On a long enough timeline, the survival rate for everyone (even vampire squid) drops to zero.

Tue, 04/17/2012 - 19:01 | 2352984 SHEEPFUKKER

Planet in scarcity of intelligent lifeforms. 

Wed, 04/18/2012 - 00:56 | 2353757 Oh regional Indian
Oh regional Indian's picture

Planet Dearth....

Sheep, that needs to go into some hall of fame. Brilliant!

Planet Dearth... Such a sad name!


Wed, 04/18/2012 - 10:03 | 2354645 Mark Carney
Mark Carney's picture


Tue, 04/17/2012 - 19:04 | 2352996 wang (not verified)
wang's picture

the epic housing collapse has been a long time coming, any idea what the trigger might be? anyone who exited the CDN market 2 or 3 years ago (thinking the bubble was about to burst) have had their sorry asses handed to them with prices in some markets 30% or 40% higher - not that I don`t think it is going to crater but why and when are the questions

Tue, 04/17/2012 - 19:12 | 2353000 Renfield
Renfield's picture

It's been China that's held it up this long. As China cools, the property market here and in Aus will continue its collapse (already begun).

Tue, 04/17/2012 - 19:14 | 2353024 wang (not verified)
wang's picture

I know Van was soft against huge numbers a year ago  but Tor is sizzling with extremely low inventory. Look at some of the secondary and tertiary markets e.g. Winnipeg or Regina imagine a half million for an older ranch in decent hood in an effing frozen turdra.

Tue, 04/17/2012 - 19:46 | 2353042 Renfield
Renfield's picture

Sorry, I linked the wrong chart. I'll find a better one and update this comment.

Trouble with those charts is they are out of date. Aus and Canada, the "resource" currency countries, experienced the same thing - the downturn began, but was "rescued" by loose gov policy and Chinese bubble money, which is now beginning to peter out. The big picture still remains: as China goes, so goes Canada. (The financing has to come from somewhere.)


This was the graph I meant to link in the first place. I have too many bookmarks and clicked the wrong one...yeah, I know, try being a little less eager next time, right? It's still a bit out of date but I haven't found a good (i.e., from a reliable source) 2012 chart yet.

I find the Canada Bubble blog a good resource to watch what's going on in the Canadian market:

Generally speaking, I watch Chinese government policy on speculation, to anticipate what will happen in our housing market. It sure as hell isn't local investment that fuelled this latest leg up in the Canadian and Australian "resource" economy bubbles.

Tue, 04/17/2012 - 20:12 | 2353113 wang (not verified)
wang's picture

thanks for that, I have also read Mish and the Greaterfool guy but they have been sooo  wrong for so long that even if it corrects 50% you would be higher than when they were saying the peak has arrived

Tue, 04/17/2012 - 22:48 | 2353461 Careless Whisper
Careless Whisper's picture

One of the world's most respected central bankers...

There is no such thing as a respected central banker, and why would TD repeat this crap from the controlled Financial Times? What kind of bullshit is this? Oh, and, "Masters of the Eurozone?" Perhaps a better description would be Criminals and Tyrants of the Eurozone.

Oh, and Mister Carney is "a subject of the Queen"? And who is the Queen a subject of? That would be the Lord Mayor of the City of London Corporation, which is a sovereign nation where corporations (mostly banks) get to vote because they are people too.



Tue, 04/17/2012 - 23:01 | 2353494 palmereldritch
palmereldritch's picture

Who better then to helm the bridge of the Mother Ship (aka The Debt Star )?

Tue, 04/17/2012 - 23:16 | 2353523 rocker
rocker's picture

Goldman Sachs Rulers of the World.  It is so Sssaaaaaaaaasaddddddddddddddddd.

Wed, 04/18/2012 - 00:33 | 2353725 Western
Western's picture

the Queen is not subject to the lord mayor of london.. lol

Wed, 04/18/2012 - 05:34 | 2354048 Careless Whisper
Wed, 04/18/2012 - 06:14 | 2354068 Kiwi Pete
Kiwi Pete's picture

No she isn't. To quote from that wikipedia page

'At Temple Bar the Lord Mayor presents the City's pearl-encrusted Sword of State to the Sovereign as a symbol of the latter's overlordship. The Sovereign does not, as is often purported, wait for the Lord Mayor's permission to enter the City.'

Thu, 04/19/2012 - 04:48 | 2357494 Western
Western's picture

Did he actually post a wiki article as a response?

Tue, 04/17/2012 - 23:09 | 2353507 ChrisFromMorningside
ChrisFromMorningside's picture

The bigger they are, the harder they fall. 

Pass the popcorn. 

Tue, 04/17/2012 - 19:28 | 2353034 Paul Atreides
Paul Atreides's picture

I have been looking at this recently and it is my opinion that the bubbles are centered around major urban/industrial centers (with the exception and inclusion of properties like lake front cottages).

Travel 2+ hours outside of one of these centers in Canada and housing becomes quite affordable

The Canadian housing bubble seems to be more thickly skinned as the mortgage laws in Canada are quite strict when compared to american laws. I think it will take a major event to Canadian currency or employment precentages to replicate the housing collapse that we have been witnessing in the US. Knowing what I have learned on ZH and other sources I would think this would start from a major cascadding derivative event most likely coming out of Europe.


Tue, 04/17/2012 - 19:58 | 2353064 wang (not verified)
wang's picture

depends how you define affordability but I agree concentric circles become cheaper the further out except in Toronto you move from urban to vacation property, which is totally insane


this thing in Toronto just sold with multiple offers for $900  (its only half the house in the picture) and its on a busy street and is one of the cheapest (non condos) in the central area

I understand the Chinese thing but it is not just Chinese but Iranian $$$ as well as BRIC $$$$ pouring in - in the Toronto Condo market some buildings 80% investors, it is like effing Dubai in downtown Toronto. I know it will burst but timing that is the challenge (likely a fools game to try and time real estate, but then again)

Tue, 04/17/2012 - 23:04 | 2353497 MeelionDollerBogus
MeelionDollerBogus's picture

"purchasing power"

as long as the person can save and/or borrow without default/hardship then so let it be.

Some can't but there's been opportunities. Not tons but some.


Tue, 04/17/2012 - 19:09 | 2353013 Silver Pullet
Silver Pullet's picture

I hope it does so I can sell the condo in Vancouver and buy the farmland on the Island. A steady influx of foreigners is keeping the prices up though.

I think, in Vancouver anyway, the crash is going to be more like a dip.

My 2 pence.

Tue, 04/17/2012 - 19:52 | 2353076 DormRoom
DormRoom's picture

The trigger will be a hard landing in China.  All the hot money (Toronto Bay St.) into Western resources will stop.  That's why the markets are hot.  The Canadian economy has recovered because of the commodity superbubble, and not because of Canadian Central Bank.


If China has a hard landing, Canada will experience some dark winters.  Though Vancouver will remain hot, because rich Chinese will try to exchange their yuans for hard assets like property, in a friendly nation like Canada.


Tue, 04/17/2012 - 23:50 | 2353612 darkpool2
darkpool2's picture

You basically captured it. As long as Canada is perceived as relatively safe and economically stable, AND provided it remains relatively easy to immigrate to and invest in Canada, the funds will keep flowing. Its a small pond so money flows exaggerate asset price changes. As Tyler keeps reiterating, its the FLOW that keeps things going. Another thing is Canada is NOT the US ( very important these days as political risk keeps rising down there). Lastly,its also part of the flight of paper to harder assets. Not every dime can or will go to PM's. A safer living environment for the family is also a very valuable asset.

Tue, 04/17/2012 - 19:12 | 2353023 francis_sawyer
francis_sawyer's picture

On a long enough timeline, the survival rate for hair on the scalp of GS dudes turns to zero...

Tue, 04/17/2012 - 21:04 | 2353219 NoClueSneaker
NoClueSneaker's picture

How about skinning Lloyd tommorrow? ( con public viewing ) ...

Don't give a fuck about the "timeline long enough". I do live in the perverse shit about 34 years, since Zbignew kicked off his program.

All the motherfuckers who have been in charge since then are the filthy liars, and they made this whole world brain damaged.

Congrats to all the Reagan cocksuckers - he brought the mega-filth on the market.  Barry is his most devoted fan - I knew it about 2 yrs. before this ugly peace of shit became teleprompter-in-chief . No1 wanted to hear a word of my scepticism.


Shit, I do really need a bullet in my brain. I'm obsolete and disgusted.


Wed, 04/18/2012 - 00:32 | 2353721 Renfield
Renfield's picture

You're not the one who needs a bullet in the brain.

Tue, 04/17/2012 - 18:56 | 2352968 knukles
knukles's picture

Ever notice in the Annual Queen's Celebration of Diminioshment and Humiliation in the City, He rMajesty (or his as the case may be when the right honorable Prince of Penises asscends to the throne) walks several steps behind His Honour the Lord Mayor Wanker in Chief of the City?
Many folk just do not get it, so to speak. 
There is Always as Reason for Tradition, Myth and Ceremonial Standards.
This shit does not just appear without reference.

Ah, just like who was it, Vivinar at Goldman said to Tiabbi (one of two comments starting this whole miasma of Goldman) "We Own the World."


Tue, 04/17/2012 - 19:02 | 2352985 ZackLo
ZackLo's picture

So he's moving on to the main tent in the circus.

Tue, 04/17/2012 - 19:04 | 2352986 The Alarmist
The Alarmist's picture

And the fact that they (parliament) do not immediately answer the door when black rod bangs against it? iIs it a sign that "jingle-mail" is a viable strategy?

Tue, 04/17/2012 - 19:01 | 2352983 Renfield
Renfield's picture

We ran away from Aus just before the epic housing collapse hit there. Trouble was Canada was the only place we could go...from the fire, into the fry pan. But it still worked out better for us on an individual circumstance level. Not convinced old Mark is going to find things much better in England than he has here but maybe he has a better arrangement worked out there.

Not to justify any bankster pig (is he the one who sold all of Canada's gold back around 2001?), but that said, I can't really blame anyone - even a bankster - for acting to improve or preserve their own individual situation provided they aren't doing so on a sociopathic, destructive level. It comes down to we each need to do what we have to for ourselves and our families.

Tue, 04/17/2012 - 19:09 | 2353009 knukles
knukles's picture

Not whether MarkieBoy finds the Olde Lady of Threadneedle Street to his bloody liking, it's whether the VampireSquid gets to dig deeper into her Gold Vault, Reserves, lack of oversight and audits, infinite rehypotication, administration of regulations, LMBA (BoE oversight, LOL.  Oversight, my ass.) Borrowings capacity, Golbal Wire Transfer Credibility. (Nobody ever questions an incoming wire from the Fed or the Olde Lady... "You're free to move around, the money." to paraphrase the ad.

It's whether the Squid find Markie and the Olde Lady to their liking.

Tue, 04/17/2012 - 19:15 | 2353025 Renfield
Renfield's picture

I have little doubt they will. The fiat system that spawned the squid (and JPig, and Shitibank, and Douche, etc.) pretty much came from there, dinnit?

Could see it as the prodigal son returning home.

Tue, 04/17/2012 - 19:31 | 2353048 knukles
knukles's picture

Actually, I've become significantly more jaded than the return of the prodigal son.  
If the serious behind the scenes banking families, which I have little doubt do exist such as the Rose Shield, etc., they'd not be inclined to be installing their own into positions as such. 
Rather, by placing an expendable, replacable tool in such positions of authority and responsibility thereby ensuring arms length plausable deniability, they insulate themselves from the furore yet to come, the repurcussions and demise of the stage props.
If my menory seves me well, was it not Rome that offered up it's own financial and power enablers when they became too arrogant, absorbed and aggressive for crucifixion along the Apian Way thereby quelling the unruly masses at the worst of times? 

Tue, 04/17/2012 - 19:42 | 2353067 Renfield
Renfield's picture

heh - I guess that's jaded, but I'll take it. Beats seeing nobody being offered up anywhere, when some serious propitiation is so called for.

Since our respective "justice" departments won't do it, let the bigger criminals set up the smaller ones for a public fall, suits me...If Carney gets his then that'll be at least more satisfying than the deafening silence so far. Not sure I mind the unruly masses getting quelled if it means society doesn't descend into complete anarchy. I'm not so easily satisfied with the appearance of "justice" as I am worried about what will happen when misery filters through enough of the 99 percenters to lead to complete rage and despair. They called the Romans a lot of things, but I bet "stupid" wasn't one of them and they really knew how to build and maintain empire, right?

As for justice for the big fish you're talking about at the top...that will take some serious planning and I bet it won't come from any government.

Tue, 04/17/2012 - 22:04 | 2353354 MeelionDollerBogus
MeelionDollerBogus's picture

No one really sold "all of Canada's gold"

we have quite a lot in the ground, coming up on a regular basis.

Wed, 04/18/2012 - 00:01 | 2353640 palmereldritch
palmereldritch's picture

And by 'we' you mean The Crown ?

Wed, 04/18/2012 - 01:18 | 2353682 Renfield
Renfield's picture

According to Eric Sprott, yes they did:

And see this:

"According to the latest Bank of Canada statistics, its gold reserves total only US$160 million. Contrast this modest figure to its US$28.604 billion in U.S.-dollar-denominated reserves and US$19.055 billion in other foreign currencies. IMF reserves are more than twenty times gold reserves.

"Given those intentions from other central banks, and given that gold is only 0.262% of the Bank of Canada's reserves, there's a good case to be made that gold is underserved. This relative paucity does not impel the Bank of Canada to back up the truck and shovel gold into the vault: not at these prices, which are on the high side. As I'll explain below, there is a way to boost Canada's gold reserves by using market forces to concentrate the accumulation when prices are on the low side. In a sentence, it involves letting Canadian corporations pay their federal income taxes in gold bullion.

"With regard to selling the reserves it formerly had, the Bank of Canada has an enviable record. There was no "Brown bottom" when the Bank of Canada decided to offload its gold. Instead of blunderingly selling near the bottom, the Bank of Canada's reserve managers sold at the top. The original decision to offload the gold was made in 1980, when the 1970s gold bull market had started to crack. Had the Bank of Canada been a private investment institution, it would have eaten out on that sell call for the rest of the 1980s – perhaps for longer."

According to my own notes, Canada's reserves were less than 190 tonnes at the beginning of 1994, when it disposed of another 67 tonnes. Canada has sold an average of nearly 13 tonnes per year since. Canada is now the world's only major economic power to have virtually eliminated its gold reserves. I would have to try to find where I got those particular figures, but FWIW there they are.

There is a lot in the ground coming up. But it isn't owned or bought by Canada as reserves. It's owned by those private miners, and of course, their customers - including foreign central banks. Not hard to figure out who they are...

Tue, 04/17/2012 - 21:54 | 2353320 CPL
CPL's picture

Here it reset to 1995 prices.

Tue, 04/17/2012 - 18:48 | 2352954 ebworthen
ebworthen's picture

All those centuries to rid society of oppressive Monarchs and arrogant Nobility and they are reincarnated as bankers.

Tue, 04/17/2012 - 20:02 | 2353099 20-20 Hindsight
20-20 Hindsight's picture

Banksters indeed!

Wed, 04/18/2012 - 03:55 | 2353994 Shylockracy
Shylockracy's picture

To get rid of nobility as the ideal of honor, selflessness and voluntary public service was the biggest mistake civilisation ever made. Your caricatural view of nobillity is informed by 300 years bankster propaganda, corruption and subversion. Mind you there is no nobility left in the world anymore, especially not in England. Once the ideal of voluntary duty and honor dies, noble men cease to exist.

By the way, the roman republic, without a well established nobility would not have lasted 500 years. Just google "mos maiorum".



Wed, 04/18/2012 - 05:19 | 2354039 falak pema
falak pema's picture


Don Quichotte must be laughing in his grave; but Paratge when it reigned true was a blessing. Paratge and Hubris; the dividing line between selfless honor and overpowering pride and greed. Now all packaged neatly into 'Reason of State' hegemonical ideology, justifying social darwinism as a healthy destructive process. Manifest destiny and rule of the best etc. etc. etc. 

Civilization morphs from one to other; its called the entropy effect and it is fed on success not failure. Once you undestand that successful civilizations are programmed to decay PRECISELY because they have succeeded you understand the human conundrum and why losing is the best way to feel hungry once again for Paratge and virtuous living and for wanting to win the RIGHT way. 

Humility always comes first to wash away what remains of hubris, once destroyed by Nemesis, then the hunger for reclimb the hill.


Wed, 04/18/2012 - 17:33 | 2356220 ebworthen
ebworthen's picture

Couldn't have said it better myself.

Tue, 04/17/2012 - 18:50 | 2352957 dannyboy
dannyboy's picture

This is so fucking sad and frustrating it's getting beyond a fucking joke, why does nobody but a handful care?

Tue, 04/17/2012 - 19:46 | 2353073 AUD
AUD's picture

If you accept the full faith & credit of either the BoC or the BoE, then you do not care either.


Tue, 04/17/2012 - 18:54 | 2352964 dick cheneys ghost
dick cheneys ghost's picture

Are we in the "Twilight Zone"?.....


Or is this just a bad dream?

Tue, 04/17/2012 - 18:56 | 2352970 Ag1761
Ag1761's picture

Short CAD long GBP

Tue, 04/17/2012 - 21:59 | 2353341 CPL
CPL's picture

No...long USD.


The powers that be are going after oil prices.  Knee cap the CAN support and in theory oil drops in price against the USD because CAN gets weaker.


Every move, every single one right now is to figure out how to extend cheap oil illusions until the pots are empty.  There is no other reason to go to war over anything else right now.

Tue, 04/17/2012 - 22:03 | 2353350 MeelionDollerBogus
MeelionDollerBogus's picture

oddly WTI keeps going up on a trend ~ 4 wks while Brent is mostly down in its trend - daily noise being another story - bringing the $ arb closer together.

Wed, 04/18/2012 - 08:00 | 2354192 CPL
CPL's picture

Once both prices meet, someone on top will merge the two oil markets together.


Then we'll start to see real pricing once the illusion of competion is gone.

Thu, 04/19/2012 - 17:34 | 2359626 MeelionDollerBogus
MeelionDollerBogus's picture

what odds do you give in a 3rd market opening that's arctic oil, Russian or Canadian, heading for China?

Tue, 04/17/2012 - 18:58 | 2352971 Pretorian
Pretorian's picture

This is the reason why Russian revolution in 1920 took place where 99% of population nationalized 1% wealth. Why they are pushing the 99% again.

Tue, 04/17/2012 - 20:50 | 2353192 Malachi Constant
Malachi Constant's picture
  1. The reason Russian revolution hit in 1917 was that Rothschields wanted to gain access to Russian natural resources, and this they did.
  2. 99% have always been gullible cowards, happy to serve 1% in exchange for artificial food. 1% is the only source of their orders - if nobody orders them to be angry, they won't lift a finger. So be sure that all rioting is scripted by the very same 1% and overseen by strategically placed employees of Xe aka Blackwater aka Academi.
Tue, 04/17/2012 - 22:52 | 2353470 fightthepower
fightthepower's picture

Best comment ever!

Tue, 04/17/2012 - 18:58 | 2352973 cossack55
cossack55's picture

Why are they all honkey-assed mofos?  Wheres the fk'in diversity?

Tue, 04/17/2012 - 19:02 | 2352990 NotApplicable
NotApplicable's picture

Too be fair, it's a B&W picture. They likely have different colors /shades of suits.

Tue, 04/17/2012 - 19:15 | 2353028 francis_sawyer
francis_sawyer's picture

The negro ratted on them...

Wed, 04/18/2012 - 00:42 | 2353736 Renfield
Renfield's picture

Because Gideon Gono and Domingo Cavallo ain't in the Eurozone. Patience, grasshopper. They're working on the free borders thing and soon enough you'll have a perfect rainbow of criminals at the top. Maybe gays and women, even. (Hi there, Blythe, where do you see yourself in five years?)

Tue, 04/17/2012 - 19:03 | 2352988 Jean Lazard de ...
Jean Lazard de Rotschild's picture

eeehm Karel van Miert died in 2009...

Tue, 04/17/2012 - 20:30 | 2353155 Withdrawn Sanction
Withdrawn Sanction's picture

Natural causes, was it?  ...or acute lead poisoning?

Wed, 04/18/2012 - 05:59 | 2354058 Jean Lazard de ...
Jean Lazard de Rotschild's picture

fell off a ladder while having a heart attack...

Tue, 04/17/2012 - 19:02 | 2352991 TwoShortPlanks
TwoShortPlanks's picture

Well we're gonna need a mammoth collapse to rid us of these evils, not partial. No armies, no defence, no hiding.
Long rope.

Tue, 04/17/2012 - 19:04 | 2352994 Renfield
Renfield's picture

I can't help getting the feeling that this western fiat currency "who's who" and their respective news, are getting less relevant as time passes, to the real economy. The steadily growing one that nobody can talk about too freely, yet.

A friend of a friend of mine had boxes of detergent that could not be sold legally (not stolen, just not packaged or shipped or something per gov regulations - I'm not sure the details but the gov said no to selling it). That got sold around the neighbourhood for a nice profit. All the local kids love him b/c he hired them to bag it for them at a very reasonable wage. All cash. Guy makes enough money that he and his family don't need to worry, and he is a real entrepreneur.

Tue, 04/17/2012 - 19:05 | 2352998 fuu
fuu's picture

Charquid squid for a quid.

Tue, 04/17/2012 - 19:05 | 2352999 Arnold Ziffel
Arnold Ziffel's picture


Median House price = > $1 million;

Median Salary = < $65,000

...according to Dr Housing Bubble.

When this Bubble meets the inevitable, inexorable Pin.....Kapow!

Tue, 04/17/2012 - 19:43 | 2353016 Renfield
Renfield's picture

Arnie, check it:

We all know how a "booming" subprime market turns out, don't we?

Tue, 04/17/2012 - 20:03 | 2353105 oddjob
oddjob's picture

Get in line. You and 10 million others have made that call countless times. Homes in Vancouver are getting cheaper for the Chinese as the Yaun advances.

Tue, 04/17/2012 - 19:07 | 2353003 q99x2
q99x2's picture

They look healthy enough to live to see their sentencings take place.

Financial Terrorists all of them.

Tue, 04/17/2012 - 19:12 | 2353017 Jean Lazard de ...
Jean Lazard de Rotschild's picture

Except for Karel van Miert, he already died...

Tue, 04/17/2012 - 19:10 | 2353010 Coldfire
Coldfire's picture

One of the world's most respected central bankers ...

The irony is that this was meant as a compliment.

Tue, 04/17/2012 - 19:18 | 2353029 Renfield
Renfield's picture


It's - how you say? - one of them there ox-and-morons...!

Tue, 04/17/2012 - 21:59 | 2353342 MeelionDollerBogus
MeelionDollerBogus's picture

in Soviet Canada, Irony fits you ... doncha think?

Wed, 04/18/2012 - 00:35 | 2353728 Renfield
Renfield's picture

Marked you up for funny. Altho I think Canada's spot as Financial Idol will last about as long as Alanis did after Glen Ballard quit writing her songs for her.

Tue, 04/17/2012 - 20:06 | 2353108 Dr. Engali
Dr. Engali's picture

I think that's the first time I've seen banker and respected in the same sentence.

Tue, 04/17/2012 - 22:06 | 2353363 Albertarocks
Albertarocks's picture

Actually it wasn't all that big a compliment since it was actually more or less a typo.  It was a statement that had been ammended by the editor in the name of 'good taste'.  It was originally written as:  "The world's only respected central banker...."

Tue, 04/17/2012 - 19:10 | 2353015 El Gordo
El Gordo's picture

Just keep on stackin'.

Tue, 04/17/2012 - 19:18 | 2353033 Auburn
Auburn's picture

The Bank of Canada told The Globe and Mail that the newspaper report indicating Mr. Carney had been approached as a potential candidate was not accurate. Mr. Carney, who is respected around the world, and most recently was also tapped to head the global Financial Stability Board, would not comment to the newspaper.

Tue, 04/17/2012 - 19:37 | 2353060 lizzy36
lizzy36's picture

It would be very unlikely that Mr. Carney would become head of the BoE.

As most likely Mr. Carney's next logical step will be running for Prime Minster of Canada after his term at BoC is done. 

Tue, 04/17/2012 - 19:57 | 2353089 jimmyjames
jimmyjames's picture

As most likely Mr. Carney's next logical step will be running for Prime Minster of Canada after his term at BoC is done.


Makes sense-after leading clueless Canadian Prime ministers and Finance ministers around by the nose for all those years he might as well be the exalted ruler of the new class of slaves he created-

Tue, 04/17/2012 - 21:50 | 2353311 MeelionDollerBogus
MeelionDollerBogus's picture

wow. Prime sinister.

Well.... what's worse, Stephen Harper or Goldman Sachs?

sadly it's still Goldman Sachs. Then again. Carney could have done tons of fiat rape-damage to Canada for Goldman and hasn't... perhaps their grip on him is not as powerful as the Empire would like.

Move along, move along,these aren't the gold bars you're looking for. There was a boating accident.

"there was a boating accident"

Tue, 04/17/2012 - 21:59 | 2353337 frosty zoom
frosty zoom's picture

viceroy harper will never relinquish!!!!!!!!!!!!

Tue, 04/17/2012 - 19:41 | 2353065 Tyler Durden
Tyler Durden's picture

So a central bank denying a statement will be, for the first time in history, the truth? Dont they have to deny it at least two more times for its to be dead and buried?

Wed, 04/18/2012 - 01:45 | 2353841 GoldmanSux
GoldmanSux's picture

Carney and Jamie Dimon loathe each other. JPM will lobby against as Carney would love to  mess with their London operations.

Tue, 04/17/2012 - 19:19 | 2353035 Eric L. Prentis
Eric L. Prentis's picture

The vampire squid really is wrapped round the face of humanity! Shows what stealing and paying protection money to politicians accomplishes. And the more incompetent they are, the better their outcome, which is fortunate for them. We are just along for the ride.

Tue, 04/17/2012 - 19:22 | 2353039 Chartist
Chartist's picture

Honestly, it's time America treat New York City like Canada treats Quebec:  like some foreign enitity.

Tue, 04/17/2012 - 19:51 | 2353081 Crash N. Burn
Crash N. Burn's picture

like Canada treats Quebec:  like some foreign enitity. 


You've got that backwards lad, have a look:

French versus English Volume 51


Tue, 04/17/2012 - 19:24 | 2353044 Racer
Racer's picture

Where can I emigrate to now... oh b"^gg;:..............

Tue, 04/17/2012 - 23:15 | 2353513 TNTARG
TNTARG's picture

Try the south hemisphere. Far even from Fukushima's consequences.  Try the Patagonia.

Tue, 04/17/2012 - 19:42 | 2353066 SumGuy
SumGuy's picture

I don't know if anyone here noticed this, but Carney's words TODAY about keeping Canada's BOC interest rate at 1% (expected) included some rather hawkish comments that the market interpreted as BOC will raise rates by .25 or .5 by the end of the year.  The algos responded by jacking CAD/USD into orbit starting at 9 am today.

But someone needs to tell the algos that BOC only makes statements like that to cool the housing market.  BOC will never raise rates until the FED does.  The canadian economy can't tolerate a higher CAD (and nobody ever thought it could for so long at parity with USD).

Speaking as a CDN, I can tell you the CDN real estate market is NOT overheated nor in a bubble.  Vancouver and some parts of Toronto are way out of whack with the rest of canada, but that's it.


Tue, 04/17/2012 - 20:02 | 2353085 Renfield
Renfield's picture

Sure, because "it's different here", right? Oh, and "everyone wants to live here".

Canadians are just a lot richer, and savvier, and more productive, than ANNNNNNY of those lazyass Americans or British or European markets or anywhere else in the Western world, whose housing markets also were NOT in a bubble. But CANADIAN houses are actually WORTH $500,000 on a $50,000 household income! Wouldn't have anything to do with Chinese resources speculation of course.

"Speaking as a CDN", indeed...just in case we were wondering who the morons were standing in those lines to "buy" a rundown shack in Calgary or Edmonton in the hopes of finding an even bigger moron two years down the line. Good luck with that, hosehead.

Mind you, it won't affect anyone personally, since that savvy Canadian government has agreed to underwrite ALL bad mortgages in Canada. Long live Canadian central banksters.

Tue, 04/17/2012 - 20:46 | 2353184 SumGuy
SumGuy's picture

The CDN residential market is not full of vacation properties and second homes that were built in the US and was the reason for the US housing crash.  You can't get an "interest only" mortgage in Canada.  If you can't put 25% down then mortgage insurance is manditory.  Look up Canada Mortgage and Housing Corporation (CMHC) - the US has nothing like it.  We don't have "community-based lending" pressures that set quotas for banks to give mortgages nor did our politicians (at any level of gov't) enact or create failed home-ownership initiatives for political gain.

Tue, 04/17/2012 - 23:25 | 2353359 Renfield
Renfield's picture

Bullshit. It would sure be nice if you gave any sources or data at all, preferably credible, for any of your assertions. Canada certainly IS "full of vacation properties and second homes". Nor was that the "reason for the US housing crash". Go ahead and buy a house, hell buy 20, IF YOU CAN AFFORD THEM. The reason for that crash and the others around the world was that house prices outstripped income by multiples, so the banks securitised the debt and sold them on. That's on first (owner occupied) homes as well as 2nd, 3rds, etc., and Canadian banks do the same thing. These houses were (are) the collateral underpinning CDOs and other derivatives. So when the collateral mortgage went bad (imminently predictable on multiples of 5-9 times income), so did the derivatives supported by them. At those debt-to-income multiples most people cannot afford even ONE house no matter how much debt they are handed. Oh, and BTW Canada's banks are exposed to the derivatives market to the tune of $18.8 trillion:

...and their Tier 1 capital ratios are no better than their US peers:

While personal bankruptcies are currently low and declining in Canada, and bank capitalization levels improving, the bigger question is personal debt-to-income levels and WHO is underwriting this skyrocketing property mortgageholder debt.

The CMHC guarantee is one of the stupidest things this government has ever done. It turns the whole country into one giant Fannie&Freddie. Basically the banks can write as many bad loans as they like. And if socialising Canada's bad property risks wasn't done for political gain, was it just stupidity? Look up the the bloody CMHC yourself. Essentially things will stay great as long as China enables Canadians to continue to pledge increasing levels of debt against stagnant incomes. Once China cools - and it will - unemployment will pay the piper here. Those nice impaired loan ratios will not stay low for long unless China really IS a miracle of perpetual growth and decides it likes inflation and rowdy peasants.

Essentially the thing that you seem to think is so great is what guarantees that a house price crash will become a national, public-account problem here right away. It is one of the most boneheaded government moves I've ever seen in socializing bankster risk. But you're wrong that the US "has nothing like it". It does: it's called Fannie Mae and Freddie Mac.

In the meantime, our subprime market is now also beginning to thrive, making an already bad situation worse;

Mortgage market tiptoes toward subprime    

Tighter CMHC rules are pushing more and more people into subprime borrowing to finance their real estate plans.

As the big banks get choosier about who they'll lend money to in this hot housing market, people with questionable credit are benefiting from Canada's once-small but now booming subprime mortgage industry.

The Canadian Real Estate Association released figures Monday showing Canadian home sales rose 2.5 per cent in March, and the average Canadian home sold for $369,677 last month.

That was actually a slight decline from the level of a year ago, but it comes on the heels of almost uninterrupted strong gains over the previous two years.

Fuelling that boom is a growing pile of mortgage debt, an increasing amount of which isn’t coming from Canada’s major lenders. That’s largely because of recent developments at the Canada Mortgage and Housing Corporation.

The CMHC is the Crown corporation mandated to oversee Canada’s housing industry. The vast majority of Canadian mortgages show up on its books, because CMHC insures the mortgages approved by banks.

In 2010 and again in 2011, hoping to slow down a red-hot housing market, the Department of Finance tinkered with the rules surrounding who can qualify for CMHC-insured mortgages. Moves to shorten the maximum length of the mortgage and raise the minimum percentage a borrower must have as a down payment combined to make CMHC insurance harder to come by.

“The banks don’t want to take on anything that’s not insured by CMHC," Toronto mortgage broker Marcus Tzaferis of Morcan Direct says. “So that’s pushing borrowers farther and farther out of the mainstream to find financing.”

Industry experts suggest the big banks are currently rejecting as much as 20 per cent of mortgage applications because they don’t qualify for CMHC insurance.

But alternative lenders like Home Capital Group, Equitable Group and Counsel Corp. have stepped in to fill the market niche of funding borrowers who don’t meet traditional lending requirements — known in industry parlance as “subprime” borrowers.

'There’s a perception that Canada avoided the subprime mortgage crisis because we’re conservative and we have a good system. But it’s not really the case.'—Benjamin Tal, CIBC economist

"There’s a perception that Canada avoided the subprime mortgage crisis because we’re conservative and we have a good system," CIBC economist Benjamin Tal says. "But it’s not really the case."...Tzaferis says the section of his business that deals with subprime borrowers is up maybe 50 per cent in recent months. “It’s not a huge part of the business but there’s definitely been a spike in activity.”...“It’s pretty small for now,” Tal says. “But if things keep growing the way they are, there’s absolutely the potential for it to become a problem.”

They go by many names, but whether they’re known as subprime, alt-a or near prime, alternative mortgages play a legitimate role in any normal-functioning housing market....Reid suggests that the total size of what Home Capital calls the "non-prime" mortgage market is about 20 per cent of the overall market, or $200 billion...Proportionately, Canada’s subprime market is about the size today as the U.S. market was in roughly 2004 or so, Tal notes. After 20 years on the fringe of the housing market, by 2007, about a third of U.S. mortgages were subprime.

In retrospect, it’s easy to see that was a bubble about to burst, and Tal suggests part of the reason Canada was spared the same sort of speculative froth was because the U.S. market imploded so completely....

Tue, 04/17/2012 - 21:47 | 2353296 MeelionDollerBogus
MeelionDollerBogus's picture

Vancouver, Edmonton, Toronto. High house prices vs income.

Elsewhere: not so much. Wages are not so hot but even so I'd suggest strong savings and if one can manage, no mortage. Otherwise save in gold & silver for the biggest down-payment you can make for the lowest rate & ensure it's within your means to pay without hardship. So long as people follow that we'll be okay.

Tue, 04/17/2012 - 20:01 | 2353100 Dr. Engali
Dr. Engali's picture

The first sign of a bubble is Sumguy denying there is a bubble.

Tue, 04/17/2012 - 19:55 | 2353090 20-20 Hindsight
20-20 Hindsight's picture

Shhhh....ush....  The Canadian public is enamoured with Mr. Carney.  The guy can do no wrong.  He's a saint.  Please do not wake Canadians from their deep slumber. Z-Z-Z-Z-Z-Z-Z.

Tue, 04/17/2012 - 20:56 | 2353199 oddjob
oddjob's picture

Carney must be doing something right. Seems no Americans have the balls to take on Dimon. Fat, lazy and stupid..yes you are.

Tue, 04/17/2012 - 19:56 | 2353093 nothing can go wrogn
nothing can go wrogn's picture

Paper pyramids and digital dreams. A war of algorithms to capture ethernet frames.

Dungeons and Dragons for bald men in office towers. Sterility then senility courtesy of entropy.

The weight of the last stone placed atop the pyramid scheme, will be heralded with woe and likely a scream. There was nothing in there but air it seems.

Shouldn't be long now. They still can't print oil, natural gas or a cow.

There is no wealth in the city, only abstractions and mind games. A war must be started a terrorist to blame.

Time is circular and there's always a fall, and when this pyramid hits the ground it will be good for us all.

Tue, 04/17/2012 - 20:06 | 2353110 jonjon831983
jonjon831983's picture

Wow, seems like Canada has been pushing for closer ties to the Queen and UK.  Now bringing CB's over?

Tue, 04/17/2012 - 21:08 | 2353222 oddjob
oddjob's picture

Canada is a corporation owned by the City of London.

Tue, 04/17/2012 - 21:41 | 2353288 MeelionDollerBogus
MeelionDollerBogus's picture

owned more by the Queen than the City. However, it would be foolish to push that distinction too far in practical matters.

Tue, 04/17/2012 - 20:15 | 2353128 zerotohero
zerotohero's picture

Carney comes from behind the goal - tries to backhand it by the post and is stopped cold - takes it to the blue line cuts between two defense and rifles one between the pads - the crowd goes wild - WINNING.

Tue, 04/17/2012 - 20:43 | 2353176 reTARD
reTARD's picture

Only part of the NWO plans, Europe-region. The Illuminati members had taken their posts in Europe. Let the austerity (ie raping and pillaging) commence at ludicrous speed! 

Tue, 04/17/2012 - 21:42 | 2353286 MeelionDollerBogus
MeelionDollerBogus's picture

Is anyone left?

Jon Corzine to run Ireland?

Tue, 04/17/2012 - 21:55 | 2353326 frosty zoom
frosty zoom's picture

good riddance...

Tue, 04/17/2012 - 22:08 | 2353368 Howard
Howard's picture

Bullish on Goldman Sachs. They control the world.

Wed, 04/18/2012 - 05:01 | 2354029 falak pema
falak pema's picture

they control a financial world in ruins; they have no option but to print, print, print...and it will come back and bite them.

The whole central banking cabal has nowhere to turn.  It will be interesting to see how both Ben B and Mario D will try and exchange Old T Notes/Bonds for new ones to extend and pretend that alles gut in the central banking world; all the while the Titanic of private banks sing, we won't sink as long as super Mario and Caesar Ben are at the helm.

Now the new BOE head joins the choir. What a Vatican Curia we have there; it wont save them from the coming Reform.

Borgias one and all...

Tue, 04/17/2012 - 23:30 | 2353562 TNTARG
TNTARG's picture

Well, the European Union coherence. Cohesion?

Tue, 04/17/2012 - 23:53 | 2353621 JohnKing
JohnKing's picture

Muppet planet.

Wed, 04/18/2012 - 01:43 | 2353838 Motorhead
Motorhead's picture

"...most respected central bankers..."  Says who?

Wed, 04/18/2012 - 02:33 | 2353886 PeeTee
PeeTee's picture

@ Tyler:

There is at least one gross error in the figure.
Karel van Miert (Belgium) died in 2009:


Wed, 04/18/2012 - 03:50 | 2353989 Grimbert
Grimbert's picture

Who's running Northern Ireland?

Wed, 04/18/2012 - 07:27 | 2354138 Sandmann
Sandmann's picture

Dublin through the An Chomhairle Aireachta Thuaidh-Theas


The kind of thing that will give the Mexican Government joint say in California

Wed, 04/18/2012 - 08:05 | 2353998 Shylockracy
Shylockracy's picture

In Vienna in the times of Kreditanstallt, the technical term attributed to these high-profile servants was "Paradegoyim", which means Parade Gentiles or Gentiles for Show. The term is not current today, but the reality it depicts has not changed since then.

Wed, 04/18/2012 - 04:45 | 2354018 obelisks
obelisks's picture
Free People of the World UNITE: The Use of Gold Dinars and Silver Dirhams GOES VIRAL!

Dean reports that the use of physical gold and physical silver in the form of gold dinars and silver dirhams, has spread from Malaysia to Indonesia and has now gone viral in Singapore, Brunei and Philippines!

the best part of this for me is that it just happens to be an Islamic country which is slowly and quietly eroding the power of the banksters ha ha ha ! Talk about irony !! gosh I hope Malaysia isn't invaded

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