Thursday, 16 June 2016 11:33

The Worst Governor Ever?

Mark Carney was drafted in from Canada to try and breathe fresh air into the Bank of England. We think that he has been financially incompetent and that he has been losing the Bank credibility with his failed forecasts for a number of years. With Brexit scaremongering among his latest failed achievements, we would argue that it's now time for him to pack his bags before he does any more damage to the Bank's reputation.

Mark Carney became the Governor of the Bank of England in 2013, he replaced what was a pretty decent and competent person that was Sir Mervyn King on July the 1st 2013.

Since Mr Carney became Governor he has made several public forecasts about which way the economy has been moving towards. Unfortunately for him, almost every single prediction has failed to materialise. He has been consistently wrong on just about everything.

Only a year or so ago, he was continuing to warn that interest rates were set to rise, he warned people to be careful. To anyone that knew anything about finance, this was obviously bogus. Rates were never in danger of rising. Look at our own predictions where we were laughing at him, and giving our reasons why. It wasn't even hard to see that rates weren't rising.

Now the internet is full of reports covering Mark Carney's new predictions that rates won't rise until 2020.

http://www.dailymail.co.uk/money/news/article-3644443/Bank-expected-air-Brexit-fears-investors-bet-rates-kept-frozen-FOUR-years.html

We can't foresee conditions where they will rise until 2030, they may never rise again as Central Banks continue this race to the bottom to devalue their own currencies to encourage exports and pay off their own national debts. It will go to a gold standard before rates will ever rise again. Now that's a prediction you can put money on.

Now Carney - despite being wrong on all the fundamentals of finance - wants to try throwing his dice at the Brexit question. First of all it's a very political move and one that the Bank should have no place interfering in - he doesn't have a remit for it. Even if it was right - which the bank doesn't have a history of being under Carney - he's now talked of the UK being a risky place to invest in after Brexit, he's now labelled Sterling as being a risky place to put capital. That's just plain stupid.

Mr Carney is due to stand down in 2018, we would urge him to consider moving that forward two years. If Brexit does happen and we lose Cameron and Osborne, Carney will almost certainly have to quit when a new Chancellor arrives.

We need a full clearout of all these failures, let's start again.

3 comments

  • Comment Link Thursday, 16 June 2016 13:06 posted by Anonymous

    Mark is a crony of osborne and cameron, he is not their on merit. He is there to do their bidding and he has taken the Credibility of the Bank of England to a whole new low.

  • Comment Link Saturday, 18 June 2016 17:45 posted by Garth

    Nobody wins when we start to target success, the trouble with the likes of these lenders is that their perfect customer base are the stupid ones who don't understand economics. They can't run their own finances, they can't even look after themselves.

    All they can do is write crazy letters complaining about how lenders have missold them this or missold them that. They think that every misselling scandal results in a free meal.

  • Comment Link Saturday, 18 June 2016 17:49 posted by Hppy1

    [quote=Garth]Nobody wins when we start to target success, the trouble with the likes of these lenders is that their perfect customer base are the stupid ones who don't understand economics. They can't run their own finances, they can't even look after themselves.

    All they can do is write crazy letters complaining about how lenders have missold them this or missold them that. They think that every misselling scandal results in a free meal.

    [/quote]

    Don't people have the right not to be taken advantage of though. I understand people are desperate but that doesn't give other the right to subject them to endless punitive charges in the way of interest and late payment fines.

    It's never going to be easy for lenders because some borrowers don't give a dam about paying anything back. I know lenders are making big efforts to separate how they deal with those that can't pay back from those that won't pay back and if they can get the right balance then they will be looked upon as a better part of society.

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