{"id":7499,"date":"2015-04-23T06:12:20","date_gmt":"2015-04-23T11:12:20","guid":{"rendered":"http:\/\/olduvai.ca\/?p=7499"},"modified":"2015-04-23T06:12:20","modified_gmt":"2015-04-23T11:12:20","slug":"canadas-central-bank-is-headed-by-a-comedian","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=7499","title":{"rendered":"Canada\u2019s Central Bank is Headed by a Comedian"},"content":{"rendered":"<h3 class=\"art-postheader\"><a title=\"Permanent Link to Canada\u2019s Central Bank is Headed by a Comedian\" href=\"http:\/\/www.acting-man.com\/?p=37006\" rel=\"bookmark\">Canada\u2019s Central Bank is Headed by a Comedian<\/a><\/h3>\n<p><strong>Yet Another Delusional Bubble Blower<\/strong><\/p>\n<p>Canada is home to one of the most egregious housing and credit bubbles in the world \u2013 a legacy of its former central bank governor Mark Carney, who is now blowing a similarly dangerous bubble in the UK as governor of the Bank of England. For some background information on this, see:<\/p>\n<p><a href=\"http:\/\/www.acting-man.com\/?p=28004\">Carney\u2019s Legacy: Canada\u2019s Credit and Housing Bubble<\/a><\/p>\n<p><a href=\"http:\/\/www.acting-man.com\/?p=30623\">Mark Carney: If There is a Bubble, It\u2019s Not Our Fault<\/a><\/p>\n<p><a href=\"http:\/\/www.acting-man.com\/?p=36181\">A Tale of Two Bubbles<\/a><\/p>\n<p>After having slashed interest rates to the bone in Canada and instigating a mortgage credit and consumer lending boom that has\u00a0<em>inter alia\u00a0<\/em>led to one third of Canadians complaining that they can no longer sleep properly due to worries about their huge debt loads, Mr. Carney is now presiding over\u00a0<em>this<\/em>\u00a0in the UK:<\/p>\n<p><a href=\"http:\/\/www.acting-man.com\/blog\/media\/2015\/04\/1-BoE-base-rate.jpg\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-37007\" src=\"http:\/\/www.acting-man.com\/blog\/media\/2015\/04\/1-BoE-base-rate.jpg\" alt=\"1-BoE-base-rate\" width=\"600\" height=\"294\" \/><\/a>The BoE\u2019s current base rate is the lowest since the central bank was founded in the late 17<sup>th<\/sup>\u00a0century \u2013 click to enlarge.<\/p>\n<p>Stephen Poloz picked evidently up where Carney left off. While the data on Canada\u2019s housing bubble are plain as day to anyone with a set of eyes and an IQ temperature above 80, the comedian who has become Mr. Carney\u2019s replacement as governor of the Bank of Canada somehow just can\u2019t see it. This is highly reminiscent of Ben Bernanke\u2019s frequent denials in 2006 that there was a housing bubble in the US, even as the bubble became so freaking obvious one literally had to be in a coma not to see it. From a\u00a0<a href=\"https:\/\/twitter.com\/ForexLive\/status\/543042874758402048\/photo\/1\">tweet by Forex Live<\/a>\u00a0in December last year:<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canada\u2019s Central Bank is Headed by a Comedian Yet Another Delusional Bubble Blower Canada is home to one of the most egregious housing and credit bubbles in the world \u2013 a legacy of its former central bank governor Mark Carney, who is now blowing a similarly dangerous bubble in the UK as governor of the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[942,103,4899,4900,995,943],"class_list":["post-7499","post","type-post","status-publish","format-standard","hentry","category-economics","tag-bank-of-canada","tag-canada","tag-economic-bubble","tag-housing-market-bubble","tag-mark-carney","tag-stephen-poloz"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/7499","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7499"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/7499\/revisions"}],"predecessor-version":[{"id":7500,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/7499\/revisions\/7500"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7499"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7499"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7499"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}