More substantial about Carney's economics: he infected the UK (and global) financial regulation to climate, ESG and DEI politics.
Banks and investment houses now seek to implement government policies (while losing money on those). They have nil aptitude or skill in the matter, nor is it their fundamental task in the economy. Finance is now managing shadows rather than adding value by financing economic growth. Rather it is managing economic decline: how to dig a deeper hole for yourself.
Yes, he is the poster boy for a slew of centre-left strictures (climate, ESG, and DEI) which have crippled finance, all in the name of faddish virtue signalling. Just manage money and investments better, I always want to yell to bankers who seem to want to be part of a centre-left NGO, without enduring the far lower salary. It is when institutions become too complex, taking on myriad and often contradictory goals, that they fail. I’m a good Jeffersonian; do less and do it far better. Carney is the mirror opposite of this
Thank you for the excellent piece as always! I was looking forward to hearing your thoughts on this since the election results became clear. It is certainly a shame that Poilievre was unable to pivot effectively to the new electoral landscape, I agree that he seemed to otherwise be a competent conservative that we could use far more of!
I am also eagerly looking forward to your next update on Argentina, since Milei’s latest success in partially floating the peso without triggering a major devaluation, and crucially therefore keeping a lid on inflation. As always this doesn’t get much coverage in the news so would be curious to hear your perspective on what could still trip him up ahead of the elections later this year?
Dear William, many thanks for the kind words about our latest. Yes very frustrating about Poilievre; a first rate populist talent (not a lot of that out there) so its a double blow. He just couldn’t seem to pivot, after all those years of hounding hair boy. A great pity.
Yes, you bet, I promise we will return to the greatest economic experiment in the world; Milei, free market economics and the perpetual basket case that has been Argentina. Yes, he is going from triumph to triumph; of course the centre-left media blob are underreporting this, both because they hate what is happening ideologically and so few of them can do decent economic reporting anyway (more on that in the founders briefing tomorrow). But its a vital, fascinating, positive story; I promise we will return to him, and soon! Fondly and thanks, John
Dear John, thank you for kindly taking the time to reply. I couldn’t agree more on both topics. The FT for example seems to bury any good news about Argentina at the bottom of its website, while putting any bad news (such as his unfortunate crypto scandal) on the front page. Alas he is doing too well to ignore in the long run.
Here's one you did not know about Mark Carney. When he lived over here in the UK, one of his children developed a childhood trauma. He sent that kid to the now disgraced and closed Tavistock gender clinic.
Tavistock practised chemical drugging and genital mutilation before the NHS thought it enough and shut them. In truth: the malpractice lawsuits from mistreated kids were stacking up. Once those kids grow up, they start asking questions and most want to revert, but no one can reconstruct their breasts or penis, nor is the steroid treatment reversible: organs have misdeveloped by then. The kids have lifelong medical complications, a reduced life expectancy, and many commit suicide. So the NHS thought: shut now or go bust on malpractice suits.
One of the things I will never insure: gender treatment medical liability. Lawsuits are simply waiting in the wings. It could bust just about all childrens' hospitals in the US.
Paradoxically, suicide rates pick up with treatment, which limits the number of kids suing for malpractice running full course.
"A court case brought by detransitioner Keira Bell was the final nail in Tavistock’s coffin. Bell testified she was fast-tracked into puberty blockers at 16 without fully understanding the consequences. The lawsuit triggered a wider probe, leading to the damning Cass review, which concluded that the treatment was harmful to children and little evidence existed to justify it."
Shame on those who cannot take a joke, John! Absolutely, the liberals are in because of Trump. The threat of annexation and tariffs drove it. You would have thought they might have calmed down after destroying hair boy. The energy markets will probably dictate western Canada’s fate. Although I have a theory on how that may play out.
I guess it is an economic colony, but still an independent sovereign state nevertheless. Threaten that and the public will surely vote for whatever rejects it most, even if it hurts them. It stirred up national pride and pushed even moderate voices to double down on independence talk. The same thing happened in Greenland. I still cannot for the life of me understand the administration’s approach to this.
Trump had to reset his campaign to Harris, when he had already won the election against Biden. He did that with conviction... Pollièvre did not manage (and may not have realised he had to) stepping from Trudeau to Carney as opponent.
TDS is all around us, and I hope it doesn’t spill over to JD Vance. I want JD to be our next President with an appointment for John in the State Department.
From your lips Terri, to God’s ear on Vance and my putative appointment! Seriously, I too am terribly glad to be a realist, to see the world as it is and then try to make it better
Honestly, you are more than capable, but I sense foreign policy is your first love.
And if anyone asks me what I was doing with my life between the ages of 18-20, I would say: no comment! I was the most well intentioned late bloomer in the room.
Why stop there? Wouldn’t a Jeffersonian such as John be better at the head of the table? Regrettably, speaking across the pond, rightly or wrongly, it has spilled over to Mr Vance. The MSM especially are petrified of him and see him as a more serious and focused disrupting threat to the centre left.
Very kind to both of you; I’m afraid my rather wild earlier life rather precludes this for me; though I still think a spot at the table very possible. For once, I think the MSM has it right, though in terms of norms I think it is good. Vance is serious, focused, knows precisely why he is a realist; and he is the future.
Kieran, i’d say at the least that’s a possibility; fingers crossed as I dont want to tempt the gods, but yes, there will be some real opportunities for both me and ethical realism
Two Canadas really: Alberta, Saskatchewan and to a lesser extent Manitoba, want out. They are not served in the least by Ottawa.
Do a regional trade deal. Of course there will be all sorts of challenges around it. Do it nonetheless.
More substantial about Carney's economics: he infected the UK (and global) financial regulation to climate, ESG and DEI politics.
Banks and investment houses now seek to implement government policies (while losing money on those). They have nil aptitude or skill in the matter, nor is it their fundamental task in the economy. Finance is now managing shadows rather than adding value by financing economic growth. Rather it is managing economic decline: how to dig a deeper hole for yourself.
Yes, he is the poster boy for a slew of centre-left strictures (climate, ESG, and DEI) which have crippled finance, all in the name of faddish virtue signalling. Just manage money and investments better, I always want to yell to bankers who seem to want to be part of a centre-left NGO, without enduring the far lower salary. It is when institutions become too complex, taking on myriad and often contradictory goals, that they fail. I’m a good Jeffersonian; do less and do it far better. Carney is the mirror opposite of this
Thank you for the excellent piece as always! I was looking forward to hearing your thoughts on this since the election results became clear. It is certainly a shame that Poilievre was unable to pivot effectively to the new electoral landscape, I agree that he seemed to otherwise be a competent conservative that we could use far more of!
I am also eagerly looking forward to your next update on Argentina, since Milei’s latest success in partially floating the peso without triggering a major devaluation, and crucially therefore keeping a lid on inflation. As always this doesn’t get much coverage in the news so would be curious to hear your perspective on what could still trip him up ahead of the elections later this year?
Dear William, many thanks for the kind words about our latest. Yes very frustrating about Poilievre; a first rate populist talent (not a lot of that out there) so its a double blow. He just couldn’t seem to pivot, after all those years of hounding hair boy. A great pity.
Yes, you bet, I promise we will return to the greatest economic experiment in the world; Milei, free market economics and the perpetual basket case that has been Argentina. Yes, he is going from triumph to triumph; of course the centre-left media blob are underreporting this, both because they hate what is happening ideologically and so few of them can do decent economic reporting anyway (more on that in the founders briefing tomorrow). But its a vital, fascinating, positive story; I promise we will return to him, and soon! Fondly and thanks, John
Dear John, thank you for kindly taking the time to reply. I couldn’t agree more on both topics. The FT for example seems to bury any good news about Argentina at the bottom of its website, while putting any bad news (such as his unfortunate crypto scandal) on the front page. Alas he is doing too well to ignore in the long run.
Thanks as always for the essential insights!
The Best Revenge is To Be Unlike Him Who Performed The Injury...
Marcus Aurelius
Use it as motivator.
My all-time favourite philosopher, Dianne! Stoicism is surely an river from which ethical realism flows
Self control, and clear thinking is always the path to choose. Yes John, you wisely found this river.
Here's one you did not know about Mark Carney. When he lived over here in the UK, one of his children developed a childhood trauma. He sent that kid to the now disgraced and closed Tavistock gender clinic.
Tavistock practised chemical drugging and genital mutilation before the NHS thought it enough and shut them. In truth: the malpractice lawsuits from mistreated kids were stacking up. Once those kids grow up, they start asking questions and most want to revert, but no one can reconstruct their breasts or penis, nor is the steroid treatment reversible: organs have misdeveloped by then. The kids have lifelong medical complications, a reduced life expectancy, and many commit suicide. So the NHS thought: shut now or go bust on malpractice suits.
One of the things I will never insure: gender treatment medical liability. Lawsuits are simply waiting in the wings. It could bust just about all childrens' hospitals in the US.
Paradoxically, suicide rates pick up with treatment, which limits the number of kids suing for malpractice running full course.
"A court case brought by detransitioner Keira Bell was the final nail in Tavistock’s coffin. Bell testified she was fast-tracked into puberty blockers at 16 without fully understanding the consequences. The lawsuit triggered a wider probe, leading to the damning Cass review, which concluded that the treatment was harmful to children and little evidence existed to justify it."
Shame on those who cannot take a joke, John! Absolutely, the liberals are in because of Trump. The threat of annexation and tariffs drove it. You would have thought they might have calmed down after destroying hair boy. The energy markets will probably dictate western Canada’s fate. Although I have a theory on how that may play out.
I guess it is an economic colony, but still an independent sovereign state nevertheless. Threaten that and the public will surely vote for whatever rejects it most, even if it hurts them. It stirred up national pride and pushed even moderate voices to double down on independence talk. The same thing happened in Greenland. I still cannot for the life of me understand the administration’s approach to this.
You will be on for the reform call!
Trump had to reset his campaign to Harris, when he had already won the election against Biden. He did that with conviction... Pollièvre did not manage (and may not have realised he had to) stepping from Trudeau to Carney as opponent.
TDS is all around us, and I hope it doesn’t spill over to JD Vance. I want JD to be our next President with an appointment for John in the State Department.
I am so glad I am a Realist
From your lips Terri, to God’s ear on Vance and my putative appointment! Seriously, I too am terribly glad to be a realist, to see the world as it is and then try to make it better
John, I could not be more serious friend!
Honestly, you are more than capable, but I sense foreign policy is your first love.
And if anyone asks me what I was doing with my life between the ages of 18-20, I would say: no comment! I was the most well intentioned late bloomer in the room.
Why stop there? Wouldn’t a Jeffersonian such as John be better at the head of the table? Regrettably, speaking across the pond, rightly or wrongly, it has spilled over to Mr Vance. The MSM especially are petrified of him and see him as a more serious and focused disrupting threat to the centre left.
Very kind to both of you; I’m afraid my rather wild earlier life rather precludes this for me; though I still think a spot at the table very possible. For once, I think the MSM has it right, though in terms of norms I think it is good. Vance is serious, focused, knows precisely why he is a realist; and he is the future.
Special envoy to Europe then?
Kieran, i’d say at the least that’s a possibility; fingers crossed as I dont want to tempt the gods, but yes, there will be some real opportunities for both me and ethical realism
True!