'Careful-With-Money' Carney Takes the Reins
By Staff News & Analysis - July 01, 2013

Mark Carney goes in to bat for Britain … Governor Mark Carney takes the Tube on his first day … Mark Carney started his first day at the Bank of England with a Tube ride on the central line and a slew of advice on how he might try to fix the British economy. – UK Telegraph

Dominant Social Theme: Mark Carney, the most brilliant central banker of his generation, takes the subway to work.

Free-Market Analysis: We've been tracking the fulsome articles about Mark Carney in the UK Telegraph, which is an influential royalist newspaper in Britain.

This is the best one yet.

While the Telegraph publishes many interesting articles that debunk mainstream verities, when it comes to really important cultural institutions like the Royal Family and central banking, Telegraph editors are ever-ready to reinforce standard memes. Here's more:

The Canadian, with a reputation for being careful with money, has eschewed the services of a chauffeur. He was spotted on the underground before 7am by City veteran Justin Urquhart Stewart, managing director of Seven Investment Management, who tweeted: Despite the problems of the British economy, Mr Carney had time to discuss the colour of Mr Urquhart Stewart's socks.

He also got a lift from the sharpest rise in manufacturing activity for more than two years added to signs of an economic revival. His first duty is expected to be a briefing with officials about the agenda for his first meeting of the Monetary Policy Committee, which starts on Wednesday and which will announce Thursday.

In addition, the New Economics Foundation today urges the new Governor to reform the Bank's remit to escape the quantitative easing "trap" and to pave the way for building small businesses. The British Chambers of Commerce, meanwhile, has written Mr Carney an open letter asking him to do more to ensure a stable business environment.

… John Longworth, director general of the British Chambers of Commerce, supports the business bank case in his letter. He says: "We are struck by the success and importance of the Business Development Bank of Canada in your native country, and hope you can help the business bank to develop a similar vision and remit."

It occurs to us that there are those who might not believe that an active promotion is underway when it comes to central banking. This sort of article should surely put that assumption to rest.

Central banking is often portrayed as the habitat of good, gray men who labor in obscurity on our behalf. But Carney is NOT "going to bat for England." And he is NOT "careful with money."

The reality is that modern central bankers print monopoly money out of thin air. The rest of us are obliged to use it.

By creating great booms and busts via the over-printing of currency, the process significantly impoverishes huge swaths of the population over time.

It is the most destructive and devilish contraption operated today. The only thing more destructive is outright war.

And yet, as we can see in this article in particular, Mark Carney is to be portrayed as a humble man who rides the subway to work, discusses socks with a stranger and is "careful with money."

After Thoughts

Perhaps he is, in fact, careful with his money. But not yours.

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