PART 2 -- CONTINUED: A CIVIL DISCUSSION WITH IAN MOFFAT FLUSHING OUT THE TRUE STORY ABOUT CARNEY

CONTINUING OUR DEBATE, IAN MOFFAT REPLIED, CHALLENGING MY CLAIMS AND SAID        

"Lloyd Budzinski B.Sc., J.D., K.C., you keep saying, "He saved the UK from a recession and Canada during the 2008 crisis because he saw what bank entrepreneurs did in the USA with phony mortgage funds," which is patently incorrect. Canadian banks did not participate in subprime mortgages or their derivatives due to banking laws put in place long before Carney ever came on the scene; there's no need to print money. British financial columnist Mattew Lynn recently pointed out that Carney presided over low growth and a decline of London as the world's leading financial centre, with the BOE printing far too much money, stoking an asset bubble which in turn resulted in the highest inflation rate in the G7."

I REPLIED

Mark Carney, the Governor of the Bank of Canada during the 2008 financial crisis, played a significant role in navigating Canada through the turmoil. Here are some key points about his role:

Interest Rate Cuts: Carney implemented aggressive interest rate cuts to stimulate the economy and maintain liquidity

Quantitative Easing: Although Canada did not engage in traditional quantitative easing, Carney facilitated a cash-for-assets swap program with the Canada Mortgage and Housing Corporation to ensure banks had enough capital to lend.

Global Coordination: Carney was instrumental in organizing the international response to the financial crisis as part of the G8 and G20, advocating for coordinated and decisive action.

Regulatory Reforms: He pushed for international regulatory reforms through the Financial Stability Board to strengthen the global financial system.

Carney's actions helped Canada recover more quickly from the crisis than other countries, and his leadership was widely praised.

Yes, Mark Carney significantly prevented Canadian banks from heavily investing in mortgage-backed securities like their U.S. counterparts did before the 2008 financial crisis. Here are some key points:

Regulatory Environment: Canada's banking system was already highly regulated and more conservative than the U.S.'s. This meant Canadian banks were less exposed to risky mortgage-backed securities.

Risk Management: Carney emphasized strong risk management practices and maintained higher capital requirements for banks, which helped limit their exposure to risky investments.

Proactive Measures: Carney and the Bank of Canada took proactive measures, such as slashing interest rates early in the crisis and implementing a cash-for-assets swap program with the Canada Mortgage and Housing Corporation to ensure liquidity1.

AS FAR AS LYNN'S CRITICISM, LIKE I SAID, THE BREXIT PEOPLE DIDN'T ALL LIKE HIM BECAUSE HE POINTED OUT THEIR MISTAKES.

Matthew Lynn supports Brexit and has written several articles supporting it and criticizing the European Union's trade policies.

Regarding his criticism of Mark Carney, Lynn accused Carney of being partisan and damaging the Bank of England's reputation by attacking former Prime Minister Liz Truss. (WHO WAS IN OFFICE FOR A VERY SHORT TIME BECAUSE OF HER POLICIES) Lynn argued that Carney's policies during his tenure as Governor of the Bank of England contributed to economic issues in the UK.

Reactions were divided. Some agreed with Lynn, believing that Carney's interventions were inappropriate and overly political2. Others defended Carney, arguing that his actions were necessary given the economic challenges faced by the UK.

NOTWITHSTANDING THESE COMMENTS AFTER CARNEY LEFT THE ROLE, THE UK CONTINUED TO USE HIS SERVICES

World economists generally hold Mark Carney highly regarded for his leadership during the financial crisis and his contributions to global financial stability1. Here are some key points:

1. Crisis Management: Carney is praised for his proactive measures during the 2008 financial crisis, which helped Canada weather the storm better than many other countries12.
2. Global Coordination: As Chair of the Financial Stability Board, Carney was crucial in coordinating international efforts to strengthen the global financial system1.
3. Climate Action: As the UN Special Envoy for Climate Action and Finance, Carney has been recognized for integrating climate considerations into financial policies.
4. Regulatory Reforms: Economists appreciate his push for regulatory reforms to enhance the resilience of the financial system1.

Overall, Carney's tenure as a central banker and his ongoing work in climate finance have earned him respect and admiration from many in the economic community.

YOU DECIDE HOW EFFECTIVE HE WAS?