WDEL Blog: Allan Loudell

It's no accident a Canadian will be the new Governor of the Bank of England

This will be a seemingly arcane and esoteric post.

But I think it says volumes the Brits have tapped the governor of the Canadian central bank to preside over the Bank of England.

Before I refer you to an article and audio interview about the subject, four points from me:

(1). Governors of central banks arguably rival presidents and prime ministers for influencing a country's fiscal outlook, and consequently - in practical terms - its economy.

(2). The Canadian economy performed particularly well during the big recession; no major Canadian banks failed; Canadian banks are leveraged much more conservatively; and Canadian financial institutions were much slower to embrace credit derivatives.

(3). The Brits were not provincial (pun intended) about picking a FOREIGNER to head their central bank. Could you imagine the stink if the Obama Administration chose a foreigner to head the FED, even if legally possible? (Granted, Britain & Canada are both Commonwealth countries and have the same Queen as head of state!)

(4). Although enormously respected in international financial circles, Mark Carney appears to have maintained an intellectual and psychological distance from the banking community. For example, rather than condemn, he said the "Occupy" protesters were exercising a "democratic expression of views" and were "entirely constructive".

Hear my interview with Canadian journalist, author, & playwright John Ibbitson, Ottawa bureau chief of Canada's national newspaper, The GLOBE & MAIL...

Audio Here


Posted at 8:01am on November 27, 2012 by Allan Loudell

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Comments on this post:

Tue, Nov 27, 2012 8:32am
Allan, I think this is a good sign. As you point out, Canada is one of the few countries to weather the recent economic downturn. Their monetary policies must have been of a higher standard than either the U.S. or U.K. So now the Mother Country can learn from a colony! Just don't get any ideas about replacing the Queen as Head of the Commonwealth!

Mike from Delaware
Tue, Nov 27, 2012 10:24am
Maybe American banks would learn from their northern neighbor.

Tue, Nov 27, 2012 12:52pm
Times have changed. I see no decrying against the socialism often associated with our neighbor to the north... Perhaps, as the record of this bank president shows, what often gets mislabeled as Socialism, is just good, old-fashioned, common sense...

As two commentators above have noted, we need to apply those values to this country....

Tue, Nov 27, 2012 9:48pm
I too think they've made a wise decision. England isn't really foreign to Canada anyway, and after all, it's only a bank president.

What strikes me is the fact that we have a foreigner in the White House who seems to have more love for Kenya than he does for America. I welcome him to resign the presidency and go live there anytime. I'll even contribute to his moving expenses!

Wed, Nov 28, 2012 2:01am
Mr. Pizza. Obama is more American than you are... You lose credibility when you talk like that...

Wed, Nov 28, 2012 6:19am
Credibility with who? Obamaphobes like you?

I don't expect to have credibility in today's world simply because I speak the TRUTH. Goes with the territory.

Allan Loudell
Wed, Nov 28, 2012 7:37am
I never cease to be amazed how even a discussion about the governors of central banks - and fiscal policy - somehow gets reduced to an exchange of sarcasm about President Obama.

But for the record, mrpizza, I've seen several articles in international media about how President Obama's star has actually FALLEN in Kenya and many other African countries, because the President has paid SO LITTLE attention to sub-Saharan Africa. So if the President - as you say - has "more love for Kenya than he does for America", we sure ain't seeing it.

In fact, I'll stick my neck out: I'd bet the President's advisers told the President NOT to lavish attention on sub-Saharan Africa, particularly during his first term, to AVOID the very sort of sarcastic attack that you just demonstrated. (Although clandestine U.S. military ops in sub-Saharan Africa are another story!)

That said, as his just-concluded, Southeast Asian trip demonstrated, this President HAS been much more visible on Asian issues (apart from southwest Asia & the Middle-East!). Some commentators have suggested this President is actually more at home in Asia than in Africa, having spent part of his childhood in Indonesia.

Interestingly, President George W. Bush probably got more involved with African issues (for which he's gotten little credit from Right or Left for differing reasons!). Of course, no one was going to accuse Mr. Bush of loving Africa more than the United States.

Allan Loudell

Wed, Nov 28, 2012 7:26pm
Allan: I've heard the first lady out of her own mouth refer to Kenya as "Barack's home country". Very telling if you ask me.

Wed, Nov 28, 2012 8:24pm
In addition, Obama himself back in 2007 referred to Kenya as "his people". I'm not making this stuff up. The sound bytes are out there for any media person to access. Straight from the horse's mouth, you could say.

Allan Loudell
Thu, Nov 29, 2012 5:53am
What is so offensive? Like no white (European-American) politician ever made such references to the "home country"?

For example, to Ireland or Poland or Italy? I don't have time to do an exhaustive search. But honestly, I don't see the indignation.

My point remains: Although all the polling I saw suggested most people in sub-Saharan Africa (like most of the rest of the world) supported President Obama's re-election (although, in fairness, they weren't very familiar with Mitt Romney), the ecstasy for President Obama receded. He didn't go out of his way to deal with sub-Saharan African issues (other than Islamist infiltration), NOR did he visit the region.

Allan Loudell

Thu, Nov 29, 2012 7:02pm
Allan: I think you're making the case here that people in sub-Saharan Africa may have more sense than most Americans.
At least the Africans didn't seem to treat him like some kind of messiah the second time around.

My number one issue with Obama is that he DOES NOT answer to the American people. He's all about what the rest of the world thinks of him and America, especially those who disagree with him be damned. I've never in my life seen somebody other than his sidekick Joe Biden act so vain as to constantly pat himself on the back and say "look at me".
This president even makes me long for the good old days of Bill Clinton, another great narcisist.

And yes, I can point out a few Republicans I don't personally care for either, such as Charles "they can go commit suicide" Grassley and former Maryland congressman Wayne Gilchrest, who I held my nose and voted for in about 10 elections over 20 years. Thank God at least we now have Andy Harris!

Thu, Nov 29, 2012 8:22pm
Allan: It's about an hour and 15 minutes later than my last comment, and I've thought of a simpler answer to your question. The white European-American politicians referred to the "old country" in a secondary rather than primary sense. In other words, they were Americans first.

Obama, on the other hand, refers to Kenya in more of a primary sense. The way something is said has a lot to do with its meaning. He's a Kenyan or an Indonesian more so than he's an American. In fact, he seems in my view to think being an American is almost something to be ashamed of.

Personally, I'm of German and Scottish heritage, but I'm still an American above all else. I hope you are too.

Thu, Nov 29, 2012 9:00pm
Oh, and I just thought of another Republican that I find to be toxic: Christine O'Donnell. I may even fear her more than Obama. She's now talking about running against Coons again in
'14! How many times can she destroy the Delaware Republican party without it becoming totally extinct?

They'd better run her out of town quick!

Mike from Delaware
Thu, Nov 29, 2012 9:57pm
I guess that's when her bank account will again need refilling from campaign money - heh heh.

Thu, Nov 29, 2012 10:57pm
Yep. That seems to be how she makes her living.

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