Mr. Carney goes to New York.
It’s clear that Mark Carney likes foreign journalists better than Canadian ones. He turns to the BBC, Bloomberg, and now the New York Times when he wants to get out points.
In today’s edition of the Times, a major interview with Mark Carney.
Carney went to the Times offices in Midtown Manhattan and spent more than an hour there talking with them. That’s not something he affords to Canadian media outlets who need to make due to short, and curt, answers that often show his dislike for having to answer their pesky questions.
The interview talked about reviewing plans for a possible invasion of Canada by the Americans, reducing reliance on American products and supply chains from the F-35 to Starlink, but at the same time talking once again about forming a bloc with the Americans and Mexicans on potash and other fertilizer inputs.
All of that is interesting, but the thing the Trump administration will take away from this is that once again, Mark Carney is looking at doing away with the US dollar as the global reserve currency.
Mr. Carney on Wednesday also reiterated his long-held view that a global financial system wholly dependent on the U.S. dollar was unsustainable. A move to a multipolar system in which there are several reserve currencies would “provide more flexibility,” he said.
He acknowledged that there was a “directional shift” underway in which countries were re-evaluating their exposure to the U.S. dollar, but he conceded that any pivot would be limited until there was “proper liberalization” of China’s currency and financial system. Still, Mr. Carney said he expected the demand for U.S. dollar alternatives to grow, in part because of the Trump administration’s decision to rewire trading relations and use integration as “leverage.”
This isn’t a new way of thinking, Carney pushed this same kind of thinking when he was Governor of the Bank of England.
The bits about the invasion by the United States and dropping the F-35, that was for the domestic audience. This part about the US dollar is a message for the Trump administration, people like Scott Bessent and Jamieson Greer.
Let’s see how it is received.
Understanding the American side…
I mentioned and played part of the Jamieson Greer interview in the video above, but if you have the time and haven’t watched him yet, it’s worth your time. I find Greer to be well spoken and reasonable even when I disagree with his conclusion.
Watching and listening to him, you get a better understanding of the thinking behind their trade moves.
Funding failed promises and rewarding terrorism…
Did you know that Mark Carney has pledged another $100 million of your tax dollars to the Palestinian cause? Did you know that since the October 7, 2023 terrorist attacks launched by Hamas against Israel we have pledged $600 million.
I was writing about that in the Toronto Sun today.
It’s revolting, it’s sickening, it rewards terrorism - especially since Hamas has no disarmed and none of the promises they made in exchange for Canada providing money and recognizing a Palestinian state have been met.
Don’t worry, we can still spare another $100 million.
