The Canadian economy is on wobbly ground right now, amid speculation of a financial crisis, and a major housing bubble affecting the housing industry right now. The most concerning news for everyone right now is the bubble bursting, and it will have a massive impact on the economy. After what happened in the United States, things don’t look too great for Canada, and people are looking for someone to blame.
That person happens to be none other than Mark Carney, and it could lead to a major financial crisis with millions of jobs lost and political upheaval in the country. The reason why people are pointing the finger at Mark Carney is because he was the Governor of the Bank of Canada, during the financial crisis, and is regarded by many to be an outstanding central banker.
He was hired to run the Bank of England, and Carney’s signature move is to cut interest rates early before a financial crisis happens. His quick thinking and decisive action enhanced his reputation as a banker and that is why he was appointed as Governor of the Bank of Canada. Carney is known today as an exceptional crisis-central banker, but he has failed to make an impact and save the inevitable bursting of Canada’s housing bubble.
Looking at why he was unable to make a significant impact in Canada, you find that it is Mark Carney’s penchant of making easy policy and leaving before the ship sinks that has backfired massively in Canada. You can’t expect to run the same play twice, and expect the same result, because you need to adapt to the situation and run your best play. Carney has been guilty of taking things too easy and believing that he can bail himself out of trouble, but this time things aren’t working out for him.