It was a routine press conference given by Canada’s Finance Minister Jim Flaherty and Bank of Canada Governor Mark Carney on the results of Friday’s G7 meeting.
After reassuring Canadian’s that they “probably have the most efficient, effective financial system in the world”, Carney was asked how Wednesday’s coordinated interest rate cut came together and who drove the process.
His answer revealed not only a “code of silence” among Central Bank leaders, but also hinted that those same leaders might have some special powers — at least if we are to believe they all independently decided an interest rate cut was a good idea at the exact same time.
Bank of Canada Governor Mark Carney
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3 comments so far
The “code of silence” that you speak of is the real enemy we face, globally. As we continue to have faith in those that would put us to ruin, so shall we continue to be crushed by their ignorant decision-making.
When we demand a coherent, literal account of all that is happening in the financial bedrooms of the world, in their “most secret” of meetings, only then will we be able to sort out this gargantuan mess we find ourselves in.
- Posted by Sarah McGovernAs an environmental and political economist and anthropologist, I believe that what you are referring to as the “code of silenc” is actually the “secret” that has come to us since Medieval times and in some fashion since the beginning of trade between human groups. IT IS CAUSED DEBT AND SALVERY..
- Posted by Elizabeth GossettBased upon limied info I have, it seems to me this stupit-man-made-predicamental cerdit crunch initially was generated by unwised government intervenion in so called U.S. FREE housing Marke to boost over all economic growth in the world’s largest economy.Now as peices of the issue come to surface and get mixed with global leaders reacionary intervenions creates more confusions within, no-longer, free market sysem. The over all outcome =The sheer Size of the crises>avialable tools, therefore we need to invent a new tool, so capeable to attack directly the heart of the problem= The existing devaluated (sub-prime related) U.S.mortgages.
- Posted by Oliver Mishan