BOE's Mark Carney Urges Replacing Dollar With Libra-Like Reserve Currency

[Horn]

After Jerome Powell's neutral-to-slightly-dovish-but-mostly-boring speech on Friday morning, investors could be forgiven for suspecting that this year's Fed-sponsored gathering in Jackson Hole might be disappointingly dull (especially with all that's going on in Trump's twitter feed, the escalating trade war and escalating geopolitical unrest).


Then along came former Goldman banker and current (outgoing) BOE governor, Mark Carney, who in his lunchtime address laid out a shocking, radical proposal - perhaps the most stunning thing to ever be unveiled at Jackson Hole - urging to replace the US Dollar with a "Libra-like" reserve currency in a dramatic revamp of the global monetary, financial and economic order.






While it was unclear if Carney was focusing on Libra as the new reserve currency, or simply was hoping to find something against which the dollar could be devalued, the proposal was clearly shocking as it suggests that the central bank quiet acceptance of cryptocurrencies (especially in Japan) has been what many have speculated all along: a "currency" against which fiat money can be devalued in hopes of sparking fiat hyperinflation that inflates away record amounts of fiat debt.


Of course, such a new system would bring about the end of US hegemony, and effectively end the dollar-based global financial system, dramatically scaling back the US's influence in the global economy, and making rising powers like China and Russia critical players an increasingly multipolar world.... especially if they propose a gold-backed dollar alternative to the world. That this would quickly emerge as the new reserve currency - together with whatever stablecoin/crypto central bankers deign to be the dollar's replacement - goes without saying.


Carney's proposal comes just a few months before he's due to step down from his position leading the Bank of England.


We note that, because it is a well known fact that central bankers tend to speak the truth once they have quit their position of power and influence. Yet it is quite shocking for Carnery to do so while still in office; the bottom line, Carney sounded like nothing less than an Austrian-school economist, who admits that the existing neo-liberal/Keynesian system has collapsed.


Speaking to fellow policy makers and academics at Jackson Hole, Wyoming, he said that in the short term central bankers must deal with the situation as it is. But he also warned that “blithe acceptance of the status quo is misguided,” and dramatic steps will ultimately be needed. It's what he said next that was stunning:


"In the longer term, we need to change the game," Carney said. "When change comes, it shouldn’t be to swap one currency hegemon for another."

https://www.zerohedge.com/news/2019-08-23/unprecedented-shocking-proposal-boes-mark-carney-urges-replacing-dollar-libra

[Horn]

I'm not sure if crypto-currency is any less barbarous than gold.

[keehah]

r (https://www.reuters.com/article/g7-summit-macron-africa-idINFWN2NS105)euters: France's Macron calls for agreement on financial aid to Africa (https://www.reuters.com/article/g7-summit-macron-africa-idINFWN2NS105)

PARIS, June 10 (Reuters) - French President Emmanuel Macron called on Thursday on G7 nations to find an agreement as part of efforts to reallocate $100 billion in International Monetary Fund (IMF) special drawing rights to African states.

Macron told a news conference he would like the sale of gold reserves to help finance this planned aid for Africa.

Could be bullish for gold. Zogger mutts tend to liquidate their country's reserves before a jump in the price of gold. 13 year Goldman Sachs banker Mark Carney did this to Canada. Perhaps too former Rothschild bank employee Macron?

https://en.wikipedia.org/wiki/Mark_Carney

In October 2012, Carney was named "Central Bank Governor of the Year 2012" by the editors of Euromoney magazine...

Carney served as Chairman of the Bank for International Settlements' Committee on the Global Financial System from July 2010 until January 2012.
Carney is a member of the Group of Thirty, an international body of leading financiers and academics, and of the Foundation Board of the World Economic Forum.

National Post: Mark Carney, man of destiny, arises to revolutionize society. It won't be pleasant (https://nationalpost.com/opinion/peter-foster-mark-carney-man-of-destiny-arises-to-revolutionize-society-it-wont-be-pleasant)

Jun 05, 2021
What Carney ultimately wants is a technocratic dictatorship justified by climate alarmism

In his book Value(s): Building a Better World for All, Mark Carney, former governor both of the Bank of Canada and the Bank of England, claims that western society is morally rotten, and that it has been corrupted by capitalism, which has brought about a “climate emergency” that threatens life on earth. This, he claims, requires rigid controls on personal freedom, industry and corporate funding.

Carney’s views are important because he is UN Special Envoy on Climate Action and Finance. He is also an adviser both to British Prime Minister Boris Johnson on the next big climate conference in Glasgow, and to Canadian Prime Minister Justin Trudeau.

Since the advent of the COVID pandemic, Carney has been front and centre in the promotion of a political agenda known as the “Great Reset,” or the “Green New Deal,” or “Building Back Better.” All are predicated on the claim that COVID, and its disruption of the global economy, provides a once-in-a-lifetime opportunity not just to regulate climate, but to frame a more fair, more diverse, more inclusive, more safe and more woke world.

Carney draws inspiration from, among others, Marx, Engels and Lenin, but the agenda he promotes differs from Marxism in two key respects. First, the private sector is not to be expropriated but made a “partner” in reshaping the economy and society. Second, it does not make a promise to make the lives of ordinary people better, but worse. Carney’s Brave New World will be one of severely constrained choice, less flying, less meat, more inconvenience and more poverty: “Assets will be stranded, used gasoline powered cars will be unsaleable, inefficient properties will be unrentable,” he promises...

[Steven] Koonin [former undersecretary for science at the Obama-era U.S. Energy Department] notes in his book that Carney “is probably the single most influential figure in driving investors and financial institutions around the world to focus on changes in climate and human influences upon it…. So it’s important to pay close attention to what he says.”

Edit to add: BoC sell-off was in 2016, under BofC Governor Stephen Poloz, not Mark Carney. And it was a bottom.
My memory was mistaking the gold sell-out with the earlier BofC pre-bailout of 'sub-prime' (CMHC) mortgages even though Canada did not have a real-estate correction in 08-09. http://gold-silver.us/forum/showthread.php?57181-It-Begins-Anti-Money-Power-Lawsuit-Filed-in-Canada

https://resourceworld.com/none-canada-sells-gold/

Will Canada’s sale of its gold become known as “Poloz’s Bottom,” named after BofC Governor Stephen Poloz? It’s possible, especially if gold was to rise sharply in the coming years, as it did following “Brown’s Bottom.”

Also just came across this recent report:

CBC: Former Bank of Canada governor Mark Carney says he'll do 'whatever' he can to support the Liberal Party (https://www.cbc.ca/news/politics/mark-carney-liberal-1.5982535)

Apr 09, 2021
As speculation about his political future heats up, former Bank of Canada governor Mark Carney made it clear Friday that he's a big-L Liberal supporter who will do "whatever" he can to advance the party's interests.

Carney has been touted by some pundits and political observers as a possible future Liberal Party leadership candidate.

[monty]

I am in favor of replacing the dollar with this barbaric form of money:

https://i.postimg.cc/m2PvLyHz/F600-BAF1-CAEE-4-E97-BC9-D-91-BB8-A67-F3-FA.jpg

https://i.postimg.cc/xCsZYXj3/850434-DE-3-F3-A-4630-B902-7-F5211042-C3-A.png

[keehah]

Monty, those dollars are generations apart. Check out current year:


https://mobile.twitter.com/drjacobsrad/status/1401219812420993031


hyper- prefix
Definition of hyper- (Entry 2 of 2)
1 : above : beyond : SUPER-
hypermarket
2a : excessively
hypersensitive
b : excessive

[monty]

Monty, those dollars are generations apart. Check out current year:


https://mobile.twitter.com/drjacobsrad/status/1401219812420993031



hyper- prefix
Definition of hyper- (Entry 2 of 2)
1 : above : beyond : SUPER-
hypermarket
2a : excessively
hypersensitive
b : excessive

I know they are, but I do think they get the message out there.

As for the current year, we haven't seen anything yet.

[keehah]

PM Mark Carney urges replacing carbon taxes with Libya-like foreign policy

nationalpost.com: Mark Carney says carbon tax served a purpose 'until now,' calls for credible alternative (https://nationalpost.com/news/politics/mark-carney-on-carbon-tax-senate)

May 09, 2024
But Carney told senators that any new climate policy should not only be better and more effective than the carbon tax, but also have the power to drive investment
cbc.ca: Carney kills consumer carbon tax in first move as prime minister (https://www.cbc.ca/news/politics/mark-carney-drops-carbon-tax-1.7484290)

Mar 14, 2025
Prime Minister Mark Carney wasted little time in removing a potent point of attack for the Conservatives in recent years: the consumer carbon tax.

After being sworn in on Friday, Carney signed a prime ministerial directive instructing that the fuel charge be removed effective April 1...

Shortly after Carney signed Friday's directive, B.C. Premier David Eby announced at a town hall meeting that his government would be drafting legislation to scrap his province's consumer carbon tax.
bnnbloomberg.ca: Canada commits to new NATO pledge to spend 5% of GDP on defence by 2035, marking biggest increase since WWII (https://www.bnnbloomberg.ca/business/politics/2025/06/25/canada-commits-to-new-nato-defence-spending-pledge-to-hit-5-per-cent-of-gdp-by-2035/)

June 25, 2025
The five per cent will be broken down into two parts, with the first 3.5 per cent aimed at core defence needs including jets and weapons, and the remaining 1.5 per cent on defence-related investments including infrastructure.

“Throughout Canada’s history, there have been turning points when the world’s fortunes have been in the balance, and each time Canada has chosen to step up to lead on the path of democracy and freedom,” Carney said to reporters at the summit following the announcement. “We’re once again at one of those moments. If we want the world of tomorrow to be shaped by our values, Canada must be ready.”

Earlier this month, Carney announced Canada would spend an additional $9.3 billion on defence spending and meet NATO’s previous two per cent of GDP target this fiscal year, after years of pressure to do so from allies. Up until then, Canada had never hit that mark despite its 2014 pledge to do so. The federal government is expected to spend about $62 billion on defence this year.

In an interview with CNN International on Tuesday, Carney said reaching five per cent of GDP would amount to $150 billion per year.

“It is a lot of money,” Carney told CNN host Christiane Amanpour...

“Depending on how the threat environment evolves globally, if we are moving to the higher and higher levels of defence spending because that’s necessary, then we will have to make considerations about what less the federal government can do in certain cases and how we’re going to pay for it,” he added.
torontosun.com: Remember Carney’s new carbon taxes? They’re still coming (https://torontosun.com/opinion/columnists/goldstein-remember-carneys-new-carbon-taxes-theyre-still-coming)

Jun 25, 2025
Before Mark Carney became prime minister, he was the world’s leading corporate lobbyist for higher carbon taxes to fight climate change. After becoming prime minister, not so much.

His one concrete action to date has been to remove his predecessor’s unpopular consumer carbon tax.

But Carney never said he was scrapping carbon taxes.

His own media release when he announced his new policy on Jan. 31, while running for the Liberal leadership, was: “Mark Carney presents plan for change on consumer carbon tax.”

What Carney actually said he would do was to fold the consumer carbon tax into what he described as an “improved and tightened” industrial carbon tax, known as the Output Based Pricing System (OBPS).

He said this reformed carbon tax would make “big polluters” pay the added costs they face of using fossil fuel energy to create almost all goods and services, without passing them along to Canadians in higher prices...

Carney also said he would create a second carbon tax known as a Carbon Border Adjustment Mechanism.

That means imposing carbon tariffs on foreign goods imported into Canada...

For example, the Carney government could impose a tariff on U.S. goods imported into Canada — meaning higher prices for Canadians — because the U.S. doesn’t have a national carbon tax.

Given Carney’s long-standing support for higher carbon taxes, it’s logical to assume that while he has gone silent on his carbon pricing policies, he hasn’t abandoned them, despite having a lot of other issues on his mind at the moment...

While Carney has talked about supporting “decarbonized” oil and gas, our current technology for lowering emissions through such measures as carbon capture and storage, lags far behind our ability to build pipelines and other “nation-building” infrastructure policies.

Another problem is that the previous Liberal government’s policy of dramatically increasing Canada’s immigration levels has put upward pressure on emissions,