Mark Carney Sworn In as Canadian Prime Minister amid US Trade War

THE GUARDIAN: Former Bank of Canada and Bank of England governor becomes 24th PM and expected to call election soon

Mark Carney has been sworn in as Canada’s 24th prime minister, capping a sudden rise to power for the former governor of the Bank of Canada and the Bank of England.

Less than a week ago, Carney beat the former finance minister Chrystia Freeland, the former government house leader Karina Gould and the former member of parliament Frank Baylis with a dominant 85.9% of the vote, in a closely watched leadership race. He has no prior elected experience and does not have a seat in the House of Commons, making him a rarity in Canadian history.

Carney is expected to announce an election in the coming days, reflecting both the urgency of Canada’s trade war with the US, and the awkward reality that as prime minister without a seat in parliament, he is unable to attend sessions of the House of Commons. » | Leyland Cecco in Toronto | Friday, March 14, 2025

Carney vs Trump: Comparing Two Very Different Leaders

Mar 11, 2025 | Mark Carney will be Canada's next Prime Minister. It is hard to imagine 2 more contrasting figures, and from the get go, Carney has decided to challenge Trump directly. We are about to witness a real live experiment in two totally different approaches to leadership.

Canada has the chance of electing a giant to put little Tom Thumb south of Canada’s border in his place. Canada needs to inflict the severest economic pain possible on the States for its leader’s chutzpah for even suggesting annexation. Canadians certainly won’t want to give up a superior way of life for an inferior one. – © Mark Alexander

Mark Carney Chosen to Succeed Trudeau as Canada's Prime Minister and Liberal Party Leader | DW News

Mar 10, 2025 | On Sunday, Canada's Liberal Party chose Mark Carney to replace Justin Trudeau as its party leader and Canada's next prime minister. Carney is a former central banker who worked as Director of the Central Bank of Canada until 2013, when he became the first non-British person to become Governor of the Bank of England. Canada will hold federal elections in October 2025, prompted by Trudeau's resignation as prime minister. The Liberals hope Carney can generate increased support for the party after many months of Trudeau's low approval rating.

'Canada Will Never, Ever Be Part of America’: Mark Carney Wins Race to Replace Canada's Trudeau

Mar 10, 2025

Mark Carney is just the man Canada needs right now. He will make a great prime minister. He must win the election in these dark times. Long live Canada! Vive le Canada ! – © Mark Alexander

Kanada: Mark Carney wird Nachfolger von Justin Trudeau | DW Nachrichten

Mar 10, 2025 | Mitten im Handelskonflikt mit den USA vollzieht Kanada den Machtwechsel an der Staatsspitze. Doch geht der Plan auf?

Es lebe Kanada! – Mark Alexander

Vive le Canada ! Down with Trump’s USA!

'Canada never, ever will be part of America': Carney wins party race to be Canada's next PM.

Former central banker Mark Carney won the race to become leader of Canada's ruling Liberal party and will later succeed Justin Trudeau as prime minister.

Carney takes on the role as Canada is locked in a potentially catastrophic trade war with the US. Carney said that while Canada had not asked for the fight: 'We will win.'


Read the Guardian article here.

Related articles here.

Click here to watch the NYT video.

Mark Carney to Be Next Canada PM after Winning Liberal Leadership Race

THE GUARDIAN: Former central banker will be only second prime minister in Canadian history without a seat in parliament

Mark Carney, the former central banker who oversaw the response to financial crises in North America and the UK, will become the next prime minister of Canada after winning the race to lead the country’s federal Liberal party.

Carney, 59, takes on the role as Canada is locked in a potentially catastrophic trade war with the US, long its closest ally and largest trading partner. Earlier in the week, Donald Trump announced a 25% tax on all Canadian goods, with a carveout for the automotive and energy sectors. The tariffs have the power to push Canada’s fragile economy in a recession.

Ahead of the announcement, the outgoing prime minister, Justin Trudeau, electrified the crowd by telling Liberals he was “damn proud” of his government’s legacy.

But he warned of dangerous time for the country. “This is a nation-defining moment. Democracy is not a given. Freedom is not a given. Even Canada is not a given,” he told supporters.

He also drew on the “elbows up” rallying cry to intense applause - a phrase from ice hockey legend Gordie Howe popularized in recent weeks amid threats from Trump to annex Canada. » | Leyland Cecco in Toronto | Sunday, March 9, 2025

LE FIGARO :

Canada : Mark Carney devient le futur premier ministre en succédant à Justin Trudeau : L’ère Trudeau a pris fin cette nuit au Canada avec l’élection de l’ancien gouverneur de la banque nationale, un homme sans expérience politique qui devra, pour rester premier ministre, gagner les élections générales prévues au plus tard en octobre. »

ZEIT ONLINE :

Wirtschaftsexperte Mark Carney wird Nachfolger von Justin Trudeau: Die Liberale Partei von Kanadas Premierminister Justin Trudeau hat Mark Carney zum neuen Parteichef gewählt. Dieser wird damit zunächst bis zu den Wahlen Premierminister. »

"We're Going to Stand Up to a Bully" | Mark Carney on President Trump’s Canada Trade Tariffs

Feb 1, 2025 | Mark Carney, the front-runner to be the new Canadian PM, is interviewed by Faisal Islam and reacts to Donald Trump's tariff announcement.

We in the UK must stand by Canada. We must also stand by Denmark. And by the other countries which are being bullied by President Chump. I hope Mark Carney becomes Canada's next prime minister. He would make a fine prime minister for Canada. Furthermore, Canada needs this solid man right now. – © Mark Alexander

Banker, Investor, Prime Minister? Mark Carney Bids to Lead Canada.

THE NEW YORK TIMES: The former governor of the Canadian and British central banks announced he was running to become head of the Liberal Party and prime minister.

Mark Carney, a banker who served as an informal economic adviser to Prime Minister Justin Trudeau, announced that he was vying to be leader of Canada’s Liberal Party. | Sean Kilpatrick/The Canadian Press, via Associated Press
Mark Carney, one of the world’s most prominent central bankers and an evangelist of green investment, announced on Thursday that he was running to be leader of Canada’s Liberal Party and the country’s next prime minister. If he wins, he would lead the party into national elections this year.

“I’m here to ask for your support,” Mr. Carney, 59, said as he announced his candidacy in Edmonton, Alberta. “I’m here to earn your trust.’’

Mr. Carney also said the country faced major challenges that he was prepared to take on. “My generation of Canadians is lucky,” he said. “We had a good time. A time to prosper. The system that our parents built worked well for us. But those good old times, my friends, are over. Our times are anything but ordinary.”

Canadian politics have been in turmoil since Prime Minister Justin Trudeau’s announcement this month that he intended to step down, leaving the job after nearly a decade in power amid the steady fading of his once starry global profile.

Mr. Trudeau leaves a treacherous legacy to any successor: The party is in tatters, with the opposition Conservatives leading the Liberals by more than 25 percentage points in recent opinion polls as voters have grown disenchanted with the country’s direction.

Mr. Carney, who served as an informal economic adviser to Mr. Trudeau during the pandemic, is seeking to portray himself as an outsider and distance himself from Mr. Trudeau’s recent policy struggles, including soaring housing costs, an overstretched health care system and high prices for everyday goods. » | Vjosa Isai and Matina Stevis-Gridneff | Reporting from Toronto | Thursday, January 16, 2025

I feel sure that Mark Carney would make a great prime minister of Canada. If he gets elected, wouldn't it be a wonderful idea for the USA to be subsumed into the great country of Canada? The USA could be made either Canada's eleventh province, or it could be broken up into a few provinces and territories. Whichever way the annexation is executed, the Americans would be the winners. For starters, Americans would be entitled to free, first-class healthcare, a safer and more civilised country to live in, a country similar to their own country but with a European sophistication and flavour. Canada doesn't need a MACGA movement, because Canada never lost its greatness in the first place!

Go for it, Mr. Carney! Be gentle on Trump, don't threaten to invade, just do a deal with him. And when you do that deal, outmanoeuvre him. Show Mr. Trump that you understand the 'art of the deal' as well as he does!

Executed well, this could be a win-win situation for both parties. – © Mark Alexander

Government Is Undercutting UK Institutions, Says Former Bank Governor

Read the article here.

What Tory MPs are saying about Kwasi Kwarteng's future »

Capitalism Is Doomed If Ethics Vanish, Says Bank of England Governor

'We simply cannot take the capitalist system for granted,' says Carney.

THE GUARDIAN: Mark Carney issues strong critique of City behaviour and warns of growing sense that basic social contract is breaking down

Capitalism is at risk of destroying itself unless bankers realise they have an obligation to create a fairer society, the Bank of England governor has warned.

Mark Carney said bankers had operated a "heads-I-win-tails-you-lose" system. He questioned whether traders met ethical standards and said that those who failed to meet high professional standards should face ostracism.

Speaking at a City conference, the Bank's governor warned that there was a growing sense that the basic social contract at the heart of capitalism was breaking down amid rising inequality. "We simply cannot take the capitalist system, which produces such plenty and so many solutions, for granted. Prosperity requires not just investment in economic capital, but investment in social capital."

In a strongly worded critique of City behaviour in the run-up to the financial crisis, Carney said market radicalism and light-touch regulation had eroded fair capitalism, while scandals such as the rigging of Libor markets had undermined trust in the financial system.

"Just as any revolution eats its children, unchecked market fundamentalism can devour the social capital essential for the long-term dynamism of capitalism itself. To counteract this tendency, individuals and their firms must have a sense of their responsibilities for the broader system."

Carney told delegates at a conference on inclusive capitalism in London – which was attended by the former US president Bill Clinton – that big banks had operated in a "heads-I-win-tails-you-lose bubble", with personal gain hotly pursued by bankers. » | Angela Monaghan | Tuesday, May 27, 2014

Mark Carney and His Stupid ‘Forward Guidance’

Mark Carney: Independent Scotland Must Sign Up for the Euro to Join the EU

Mark Carney has warned an independent Scotland would have
to sign up for the euro to join the EU

THE DAILY TELEGRAPH: The Bank of England Governor tells MSPs Scotland would have to join the euro in the "fullness of time".

The Bank of England’s Governor has warned an independent Scotland would be forced to promise to replace the pound with the euro if it wanted European Union membership.

In a major blow to Alex Salmond’s economic case for separation, Mark Carney told a Westminster inquiry that all new applicants to the EU have to join the single currency in the “fullness of time”.

He also told MPs it is a “distinct possibility” the Royal Bank of Scotland would have to move its headquarters south of the Border if there is a ‘yes’ vote in September’s independence referendum.

In triple blow to Alex Salmond’s economic case for independence, the Governor said a separate Scotland’s taxpayers would have to guarantee billions of pounds of deposits held by Scottish banks in England. » | Simon Johnson, Scottish Political Editor | Tuesday, March 11, 2014

Mark Carney: No Need for an Immediate Rate Rise

Mark Carney, Canadian Governor of the Bank of England

THE DAILY TELEGRAPH: Bank of England governor seeks to reassure markets that interest rate rise is not imminent, saying he doesn't want to focus on one indicator

Bank of England Governor Mark Carney has pledged there will be no “immediate” increase in interest rates as unemployment nudges closer to the 7pc threshold in an apparent softening of his forward guidance policy.

He said Bank of England policymakers look at “overall conditions in the whole labour market”, rather than just one indicator, and that any change, when it comes, would be “very gradual”.

The governor, who said that the UK economy was "in a different place" to when he introduced the guidance, added: “We don’t see an immediate need to change monetary policy."

Asked if he would consider lowering the 7pc threshold, Mr Carney added: “There are a broad range of things we could do, I wouldn’t jump to that conclusion … we’re trying to get across is that it’s all about overall conditions in the labour market.

“We wouldn’t want to detract from that focus by unnecessarily focusing on one indicator.” » | Denise Roland | Thursday, January 23, 2014

My comment:

"No need for an immediate rise [in interest rates]" – Mark Carney

No, there is no need for him. He's sitting pretty with his huge salary and exorbitant expenses. The rest of us have to make ends meet from our savings. What a thoughtless, unreasonable man Carney is!

Never in my lifetime can I remember not being able to get interest on my capital that at least equates to the rate of inflation, and then some. Does this man have no sense of true capitalism? Does this man have no sense of economic history?

What an utter disappointment this Governor is! – © Mark

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