Carney Carnage

Bank of Canada Governor Mark Carney has announced that he will shortly become the Governor of the Bank of England.

Two decades ago I would have been cheering for him over this move.  Today I think it is a huge mistake for Mr. Carney and unfortunate for Canada as well.

In my estimation, he is leaving the best managed economy in the world to see if he can rescue a giant ship that has already sunk.

It is not my intent here to brag about Canada.  We are not without problems and in part at least we have survived because we were late to the subprime paper party that allowed Wall Street to destroy the financial foundations of the entire Free World.

Carney is a cool and capable bureaucrat.  If anybody can fix the financial mess in Britain he is likely the one to do it.  I wish him well.