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Andrew Baldwin's avatar

Great op-ed by Peter Best.

Carney is not only not an original thinker, but on most subjects he doesn’t even bother to think at all. He doesn’t agree with his father’s take on residential schools. How so? Does he dispute his father’s claim that a parent of an Indigenous child had to sign an application form for the child to be admitted to a residential school? Probably not, but he doesn’t say. He really doesn’t say anything, just the minimum timid response to align him with the Liberal policy of connecting residential schools with Satanism and he'll leave it at that.

Ask him for his policy on Ukraine and he says that Ukrainian territorial integrity must b resp;ected? What does that mean exactly? That Kyiv should resume control of all the territory it controlled when the Russian invasion occurred on February 22, 2020, i.e. with most of Donetsk and Luhansk still not under its control? That all of the territory in the four oblasts formally annexed by Russia in 2022 should return to Kyiv’s control? That things should go back to how they were before mid-March 2014, i.e. before Russia annexed the Crimean peninsula? Probably the latter, but he won’t exactly say and he won’t deign to say why.

On January 30, 2018, in testimony before the Select Committee on Economic Affairs of the House of Lords, Bank of England Governor Carney was asked by Lord Livermore if he were surprised that the Office of National Statistics was unwilling to correct known errors in the Retail Prices Index. The “known errors” expression came from Chris Giles of the Financial Times and really related only to the use of the Carli formula at the elementary aggregation level in the index, a problem adequately resolved by the experimental RPIJ series calculated by the ONS. However, Carney had no problem with the question and responded: ““We would share some of those views about how the index is calculated, using the Carli method, which has an asymmetric bias, and how housing costs are implemented, as well as issues about clothing. So there are some known errors.” (Note the use of the royal we, habitual with Carney.) These three issues are really just two, since the use of the Carli formula instead of Jevons makes a bigger difference for clothing than for any other expenditure category. This, as I said, is adequately fixed in the RPIJ series, which Carney has never deigned to mention in any of his public remarks. The “how housing costs are implemented” is typical Carney vagueness. He is necessarily vague, since the RPI methodology is essentially the same accounting costs approach methodology used in the Canadian CPI which he had NEVER found any fault with in all his years working for the Bank of Canada and the Department of Finance. He was just a hired gun, paid a lot of money to defend the UK CPI and CPIH and to attack the RPI, so that was what he was going to do.

Carney’s father does seem to have been a very good man, with a lot more integrity than his son.

Allby's avatar

Great article one worth saving Wanda just wants to perpetuate the money for nothing machine. Carney has sold his soul to the devil along time ago anything for money and power

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