“A REMARKABLE YEAR FOR MARK CARNEY” (July 2, 2014)
Thus The Wall Street Journal today. “Mark Carney has come in for plenty of criticism as he completes his first year as governor of the Bank of England,” elaborates the newspaper. “Just as well then that the Canadian’s self-confidence remains armor-plated.” Congratulations! And armor-plated self-confidence is precisely what central bankers need to survive, let alone be successful. Now that they have become more important to the economy than presidents and prime ministers across the world, they are exposed to every criticism imaginable. His latest boo-boo with rising interest rates notwithstanding, Carney has done pretty well (“Households Brace for Rate Rise,” June 13, 2014). And so has the British pound, which is at its five year high as of late. With some luck, the governor of the Bank of England will join the likes of Alan Greenspan, Ben Bernanke, and Mario Draghi in the central bankers’ hall of fame. Fingers crossed.