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He has no experience of elective office. He won by the narrowest of margins, and hasn’t even spent much of his recent career in his own country. Canadians took a huge leap of faith yesterday in voting for Mark Carney as their next prime minister at a moment in their history when the American president Donald Trump has imposed huge tariffs on their country and even threatened to annex it. Still, at least they can reassure themselves that Carney’s vast experience as Governor of the Bank of England means he is a safe pair of hands. But there is one...

The dangers of printing money are well-documented. Too much money chasing too few goods leads to higher prices and lower growth. Hundreds of billions of pounds of so-called quantitative easing (QE) during the financial crisis skewed this perception as the Bank of England repeatedly fired up the printing presses to try to revive the UK’s ailing economy. Inflation at first failed to rear its ugly head, until it did. And policymakers and taxpayers are now counting the cost of Britain’s £895bn monetary experiment. QE is a process where Threadneedle Street creates money that is used to buy government bonds, known...

EXPLOSIVE: “It is good that the Chinese currency has become the global reserve currency.” Is Canada's Mark Carney the REAL Manchurian Candidate? And does Mark Carney want to TANK the US Dollar? “Yet another ‘impartial’ British bureaucrat goes into left-wing politics. At @bankofengland, Carney backed ruinous Net Zero policies and money printing. The British state is completely rigged. A new Government in 2029 needs to dismantle this apparatus.” That’s how former British Prime Minister Liz Truss summed up the selection on X — NOT ELECTION — of Mark Carney as the new Liberal Party of Canada leader and soon to...

[snip] "We propose a limit of between 10,000 pounds and 20,000 pounds per individual as the appropriate balance between managing risks and supporting wide usability of the digital pound," [BoE Deputy Governor Jon Cunliffe] said in a speech to members of UK Finance, a banking industry body. A limit of 10,000 pounds would mean that three quarters of people could receive their pay in digital pounds as well as holding pre-existing balances in the same account, while a 20,000 pound limit would allow almost everyone to use digital pounds for day-to-day transactions, Cunliffe said.

The Bank of England has begun its sell-off of government debt: a process called QE that resulted in a flood of money going into capital markets so that asset prices carried on heading up after the financial crisis. This is the end of an era - and the beginning of another. It is one of the most important watershed moments in recent economic history - not that you'd necessarily have noticed it. For this afternoon is when the era of quantitative easing (QE) gives way to the era of quantitative tightening (QT). The Bank of England, which has spent the...

The global debt market is orders of magnitude larger than the stock market, and debt instruments across the globe have nearly reached the breaking point due to the Fed’s steady increase in interest rates this year (combined with seemingly endless money printing and other disastrous fiscal policies). Because bond values have an inverse relationship with interest rates, as interest rates go up, the value of bonds and other debt instruments already issued goes down. With each Fed rate increase, bond values are cratering, leaving debt investors holding substantial losses and leading to a collapse in the number of potential buyers...

The Bank of England unveiled the design of a new banknote celebrating mathematician Alan Turing, who helped Britain win World War Two with his code-breaking skills but is believed to have killed himself after being convicted for having sex with a male partner. The new 50-pound ($69) note features an image of Turing, mathematical formulae from a 1936 paper he wrote that laid the groundwork for modern computer science, and technical drawings for the machines used to decipher the Enigma code. The polymer note also carries a quote by Turing about the rise of machine intelligence: “This is only a...

The US Justice Department moving to drop the criminal charges against former National Security Adviser General Michael Flynn who was prosecuted in connection with the Robert Mueller investigation into alleged "Russian collusion" with President Trump's campaign in 2016. The Justice Department is asking that the charges be dismissed "with prejudice" meaning they cannot be refiled in the future...... The US Supreme Court has overturned the conviction of a former aide to New Jersey Governor Chris Christie convicted in 2016 of fraud...... Oregon's Governor Kate Brown is talking about a regulated re-opening of Oregon business starting May 15th with new "rules"...

DAVOS, Switzerland (AP) - The global economic outlook just got brighter after this week's big stimulus from the European Central Bank, leading policymakers from around the world said Saturday. In a panel at the World Economic Forum in Davos, they said a perkier Europe, coupled with a prolonged period of low oil prices, could help shore up the global economy following a period of underperformance that has prompted many forecasters to reduce their growth forecasts. "Lower oil prices and the big decision by ECB could further improve world economic outlook," said Haruhiko Kuroda, governor of the Bank of Japan.

Mark Carney, the head of the Bank of England, and other officials from the BOE were put through a five hour marathon of questioning yesterday by Parliament’s Treasury Select Committee covering everything from how long the BOE plans to continue Quantitative Easing (QE), to the potential for Scotland to vote for its independence, to what it knew and when it knew it about the rigging of the Foreign Exchange market by colluding global banks. The bombshell of the day, however, did not occur during the session on the Foreign Exchange scandal, which is stacking up to be a more serious...

Wipe-clean plastic bank notes earmarked to replace paper cash are a “breeding ground” for superbugs, scientists claim. More durable than the cotton currently used for £5-£50 notes, polymer provides a welcome home for diseases such as E.coli and the MRSA superbug. The findings completely contradict Bank of England claims that hygiene lies at the core of their proposal. In a bombshell study on currency and bacteria, Turkish and Dutch scientists lathered seven currencies with bacteria including the euro, US dollar, Croatian kuna, and Romania’s polymer leu. While the euro proved the cleanest, with no sign of passing bacteria, polymer leu...

Here is an interesting Gallup poll that came my way today from a friend "BC". The poll was taken last month. It shows European Countries Lead World in Distrust of Banks.   Thirteen percent of Greeks said they had confidence in their country's banks or financial institutions in 2012, leading the nearly all-European list of countries where trust in financial institutions was among the worst in the world last year. Seven European Union countries had trust levels lower than 30%, far below the median 55% across 135 countries. Even in the EU's largest funder of the eurozone bailouts, Germany, fewer than four...

Mark Carney will try to devalue the pound by as much as 15 percent after he takes over as Bank of England Governor in July in a last ditch attempt to cement the UK recovery, PIMCO, the world’s largest bond house, has warned. Growth in Britain is going to remain “challenged” for the next three to five years as the Government continues to shrink the public sector and cut the budget deficit. As banks and households also grapple with their excessive debts, “that leaves one policy tool outstanding, which is basically the currency”, PIMCO managing director and sterling bond head...

The Biggest Financial Scandal In History?Michael SnyderJuly 5, 2012 We always knew that the financial markets were rigged, but this is getting ridiculous. It is now being alleged that 20 major banks have been systematically fixing global interest rates for years. Barclays has already been fined hundreds of millions of dollars for manipulating Libor (the London Inter Bank Offered Rate). But Barclays says that a whole bunch of other banks were doing this too. This is shaping up to be the biggest financial scandal in history, and criminal investigations have been launched on both sides of the Atlantic. What those...

Banks across the world were fixing interest rates in the run-up to the financial crisis but regulators failed to take action to stop it, the former head of Barclays claimed yesterday. Giving evidence to Parliament Bob Diamond said Barclays had raised the issue of banks ‘under-reporting’ the true amount they were having to pay to borrow money but were ignored. He declined to say that the regulators “were asleep at the wheel” but added: “There was an issue out there. (It) should have been dealt with”. But Mr Diamond denied that the Bank of England told him specifically to ‘fix’...

Libor rates are calculated for different currencies each day under the auspices of the British Bankers' Association, using quotes that are submitted by banks on a panel, based on the banks' estimated borrowing costs. More than $800 trillion in securities and loans are linked to Libor, including $350 trillion in swaps and $10 trillion in loans, including auto and home loans, according to the CFTC. No other banks or individuals have been charged with wrongdoing. Banks that have disclosed they are being investigated include Citigroup Inc., C +3.72% Deutsche Bank AG, DBK.XE +2.02% HSBC Holdings HBC +1.00% PLC, J.P. Morgan...

The Bank of England announced this afternoon that it would attempt to flood banks with cheap cash in order to stave off tensions in the interbank credit markets, according to Dow Jones. This report followed rumors of coordinated central bank action to bolster liquidity across the world, however the BOE's plan appears to be much more U.K.-centric.

The Bank of England governor, Mervyn King, was so concerned about the health of the world's banks in March 2008 that he plotted a secret bailout of the system using funds from cash-rich nations, according to a US embassy cable released by WikiLeaks. Six months before the world financial crisis reached its peak, forcing taxpayers to rescue collapsing financial institutions, King told US officials in London that the UK, US, Switzerland and Japan could jointly enable a multibillion-pound cash injection into global banks, overriding the "dysfunctional" G7 nations. The leak may allow King to claim that he – rather than...

George Soros, the Democratic Party's Progressive Puppet Master , is often referred to as the "man who broke the bank of England" in the 1992 Sterling crisis. During that crisis, he made $1 billion in one day at the expense of British taxpayers. At the time Soros was suspected of dealing based on inside information. The rumor then was that Soros was acting on insider information obtained from the French central bank and the German Bundesbank. The insider information was that they would not support the British pound, despite a pre-existing arrangement to do so. Given that Mr. Soros is...

November 27, 2009 Dubai in Deep Water As Ripples From Debt Crisis Spread Patrick Hosking and David Robertson Work has been halted on the artificial islands Fears of a dangerous new phase in the economic crisis swept around the globe yesterday as traders responded to the shock announcement that a debt-laden Dubai state corporation was unable to meet its interest bill. Shares plunged, weak currencies were battered and more than £14 billion was wiped from the value of British banks on fears that they would be left nursing new losses. Nervous traders transferred the focus of their anxieties from the...