Saturday, November 5, 2011

The 'Harper Government' And The Financial Stability Board

A growing Empire; doubtless; while we dream,
And know that that the King of Heav'n hath doom'd
This place our dungeon, not our safe retreat
John Milton, Paradise Lost, Book II, Lines 315-317

Well folks, the optics on this one are really greasy and seeming to only to get more so into the future. The 'Harper Government' has realized its goal of getting "our" central banker to be the head of the Financial Stability Board. Not that Mark Carney has enough to do as the head of the Bank of Canada! I am sure that most Canadians would sleep much better if the pretty Mr. Carney stayed home and stuck to his knitting! I am sure that all of you in the know of such things have carefully perused all the copy in the Globe & Mail and I am sure in all the other better sheets and tomes. I am sure you have some problems with this appointment...

Bank of Canada - Ottawa, Ontario

First of all considering the mans working past, this is certainly going to raise many eyebrows among the citizens of every involved state in the world. It will soon become apparent that the choice of an unaffiliated academic is always the best and safest choice for the job of Central Banker in any country. Having come from very high up in Goldman-Sachs just doesn't look very good. To me it looks like the said outfit has a foot right inside the government of a nation-state and now they are planning to get the inside goods on every other possible customer and / or competitor! Hide the silver folks...

Now I have read today something about a central banker from a country that doesn't have any banks big enough to fail (i.e. Canada!) is going to be over all the other mega nations that have very many said such banks? Does this even make any sense? Why in heavens name would the 'Harper Government' risk this?  What is in it for us? The Opposition is beavering away, and the Oracle of Ottawa would so much love to help!

Has anyone thought to read the act? D'uh! The Bank of Canada Act, Chapter B-2, especially section 6 para- 2 especially! Which states "The Governor and Deputy Governor shall be persons of proven financial experience and shall devote the whole of their time to the duties of their offices under this Act or any other Act of Parliament." Has there been an Act passed recently that will allow our Central Bank Governor to devout all this extra time for other peoples problems? Has the Bank of Canada Act also been suitably amended? Sounds like a wicked Question Period on Monday!

Why doesn't he just free up a ton of time and suggest the only sane thing, and that is bring back the old regulations? Why doesn't someone stand up and grill the shit out of the wee blue finance minister as soon as possible on this fiasco?? And if not, when are we planning to change the name of Canada to Goldman-Sachsada???

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