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Should Mark Carney be rehired as governor of the Bank of England?

Some people think he's the best bet for a stable economy after Brexit

Financial gossip columns - yes, we hang out there - are aflutter with the news that the UK government might ask Mark Carney to stay on as governor of the Bank of England after his term finishes next year.

What it means: Being in charge of monetary policy (controlling the country’s money supply, basically) might not sound like the most glamourous of job roles, but in British banking circles, Mark Carney is Beyoncé. As governor of the UK’s central bank he and his staff make sure the UK’s financial system is stable and prices don’t swing up and down too wildly.

Central bank governors, like politicians, are only supposed to hold the job for a set number of years (unlike politicians, they’re not elected or meant to take sides in any political argument). But some people think Carney has done such an awesome job that the government should rehire him. That’s partly because they think it’ll be a lot harder for a newbie to keep the economy stable if it encounters a lot of changes during Brexit, which is scheduled for March 2019.

Others think electing a central bank governor for the new, not-in-the-EU Britain should be as simple as ABC: Anyone But Carney. Jacob Rees-Mogg and other Brexiteers have complained that Carney acts as a double-agent for Project Fear by making over-gloomy predictions about the post-Brexit economy.

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Reader Comments

  • RW

    Your right to a degree. You mentioned “the wandering Jew”.

    I elaborate that the Jewish people, historically have tended to migrate almost exclusively to locations that are economically and culturally vibrant already. I would speculate that Jews have thrived in these places and have often improved the bounds of their economies and knowledge base.

    You can also ask; how many massive entertainment conglomerates, Nobel winners or billionaires has Isreal developed? If Jews are so capable, why isn’t Tel Aviv the Rome of our time?

    Jews are successful because they value education, maintain a strong social cohesive, they actively monitor and have a good sense for Zeitgeist wherever they are and they carefully choose the places they settle and congregate themselves heavily in these choice locations.

    But most importantly (haulocaust increased the importance of this aspect), they actually designed their culture for success. They not only attend Harvard, they use what they learned to better the group as a whole. With as much, they studied intricate networking systems, adapted to it and in many cases improved upon them. (See how Japan acquired Aegis warships and made them better).

    Of course there is nothing wrong with any of this. It’s when you elaborately gain disproportionate power in any society where you would stand out, you must take care when attempting to make a society better (Civil Rights movement) and rewriting that society all together (mass immigration). Ask blacks in China, Mexico, Philippines or India how much opportunity they have? Go to businesses owned by their American diaspora and see how many blacks they hire. Go to Silicon Valley and see how many East or South Asian tech workers wish they could work with more black people. California might work as a state, but as a nation, I think your rolling the nuclear dice here. I hope we can succeed as a tolerant pluralistic superpower but at this stage in human societal development, it’s a pipe dream.

    And if Jews really are the icon for success, they would see that fundamental human successes happen over generations. Just look at the rest of the planet? Are we ready?