PORT TOWNSEND, Wash. (MarketWatch) — Imagine Ben Bernanke being described as a “fiscal and economic rock star.”
Or envision a major U.S. financial publication touting Bernanke as a possible Presidential — or, in this case, Prime Ministerial — candidate.
That’s exactly what’s been happening in Canada the past few months, the country’s central banker, Mark Carney, being hoist upon one pedestal after another.
The handsome, pleasant and even-keeled Carney even appeared on a recent flier for an upscale haberdashery chain. Fiscal fashion?
Carney, who’s never run for political office and has shown no sign he will (maybe he’ll be bank-drafted?) seems quite content to be the nation’s economic father figure, a symbol of Canada’s strong economy and sound banking system — and also, its stern-lecturer-in-chief, blasting big banks in the U.S. for taking risks and Canadian consumers for taking on too much debt.
Carney-mania may have reached a new high last week when Terence Corcoran, editor of the influential Financial Post, wrote a column exploring the possibility of a Prime Minister Carney with the headline of, well, “Prime Minister Carney?”
Corcoran said gossip — always a firm foundation for a story — has it that Carney has political ambitions and “may even have his long-term eye on the Prime Minister’s job.” Then again, for all we know, Carney may also have his eye on a new Volvo S80 sedan.
Oh… my… gawd. They said similar things about Greenspan in the US until 2006. Remember “the maestro?”
Canada only looks good because it’s in the midst of a massive, credit fueled, foreign cash fueled real estate bubbles. You know there’s a problem when 1000 square foot 3 bedroom bungalows in the Toronto suburbs are over $400k. So this too shall pass, with a thud, when the time comes. Canada is like the US with a 7 year lag. – Lee Adler