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Mark Joseph Carney is an economic giant who’s now constantly making headlines. Even his critics can’t deny his achievements.
Meet the Economic Giant
Mark was born in March 16, 1965. He was educated at Francis Xavier High School in Edmonton, Harvard University, St Peter’s College, Oxford and, Nuffield College, Oxford (bagging a PhD in economics in the year 1995). For 13 years, he worked for Goldman Sachs at their various offices in important cities. Between the year 2004 and the year 2007, he worked at the Canadian Department of Finance. From 2003 to 2004, he was a deputy governor of the Bank of Canada. In February 2008, he became the 8th Governor of the Bank of Canada. He’s also serving as Chairman of the G20’s Financial Stability Board (assuming that post in the year 2011).
What’s So Special About Mark Carney?
Mark is said to have saved Canada from the adverse financial circumstances of the late-2000s. And as a result of this, he was given accolades by top financial magazines. This feat was achieved by giving enough liquidity to the Canada’s financial system, keeping Canadian banks well funded, keeping interest rates very low, and other conservative measures. The Canadian economy has survived the global credit crunch, and is now doing well.
On November 2012, George Osborne (the British Chancellor of the Exchequer) made it public that Mark would be the next Governor of the Bank of England. He’s expected to succeed Sir Mervyn King at the end of June 2013. He’ll be the 1st Governor of the Bank of England who’s not a Brit, since the founding of the Bank in the year 1694. The official term for a governor of the Bank of England is 8 years, but Mark has mentioned the possibility of stepping down after 5 years. His annual remuneration is close to $1 million USD – far more than his predecessor.
Mark Carney has enjoyed an enviable academic career and a professional career. He’s highly paid and is soon to be paid even higher. Because he shielded Canada from the adverse effects of the world financial crises (while many other countries languishing), he’s now seen as someone who can bring Midas Touch to the British economy. In order to achieve this, the Bank would be given more powers.
I wish Mark Carney the best of luck in his career. I hope he’ll be able to meet the expectations of the British people, and return the British economy to an denominating position in the world scene. However, the strategies that work in one context might fail in another context. What works in one country might fail in another, as a result of many factors that space and the time would not permit me to mention. The best central bank governor is not a magician. In the midst of these accolades and honours, Mark should tread very carefully, for the whole world is now watching him. If he does well, the accolades will continue. If not, the praises and commendations would turn to morbid criticisms. Rather than being realistic, the public are often idealistic. This moment, the public may say: “The crown is ideal.” The next moment, the public may say: “The crown is not ideal.” So that ‘Blessed is he who comes in the name of the Lord!’ will not be turned into ‘Crucify him! Crucify him!’
Conclusion: Whatever the Bank of England does under Mark will have profound impacts on the British economy and the Cable (and perhaps Europe and/or the world). Nevertheless, the good news for Forex traders the world over is that, whatever happens to the Cable; whether it goes up or it goes down, we can make money from it by going long or going short.
This article is ended with the quote below:
“…However, ensure that you never get too optimistic and take bigger and bigger risks as a result of overconfidence.” –Steven Giles
