What does the Bank of England actually do? | Mark Carney
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- เผยแพร่เมื่อ 22 พ.ย. 2024
- Can financial markets help fight climate change? What's the true economic theory behind austerity? What does the Bank of England actually do?
Tune in to today's episode of Leading, where Mark Carney joins Rory and Alastair to answer all these questions and more.
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What a joy to listen to an intelligent, rational analysis of the traumas of the last 15 years in the UK! It is in such sharp contrast to the lies, hyperbole and empty promises we are constantly subjected to. More like this, please 🙏
Fully agree.
Seconded.
I wonder whether they can get that scoundrel Lachlan Murdoch to appear on their show?
Feels like this should be on the “everyone should listen to this curriculum!” Outstanding, thank you All.
Well said. I just sent the podcast link to my daughter who did an MBA at City University. I remember passing the Bank of England when I travelled to her graduation ceremony at the Barbican. (From oop north!) I asked her if Mark Carney's ideas had permeated City University. She certainly speaks with echoes of his ideas.
Gentlemen, as someone who has some understanding of this area (but not direct and not expert in any way), I just want to say thanks. This was bloody brilliant. When Gove said "I think the people of this country have had enough of experts", he said exactly the opposite of what most us here know. We can never have enough of experts. Each time I listen to your podcasts, you open another door.
Exactly so.
Yes, but then there are experts, and then there are experts!
@@AnDroid-vq5oo Yes. There are experts and there are experts....and those who have been proven correct since Brexit are surely experts. The BOE has no changed it's estimates of the cost of Brexit as they actually have happened.
Thank you!... To both of you and Mr Carney, for being an oasis of sane, rational thought and discussion, in a polarized and sometimes toxic landscape, again thank you...
Thanks David Cameron for the referendum! Appreciate you knackering the economy! Great legacy.
The guy who tried to keep the ship afloat while the government were drilling holes in the hull.
Fabulous. Thanks. Carney is formidable
Took me far too long to realize behind mark is a painting and not his beautifully grand tiled floor and blue arches
It took your comment to make me realise.
The beauty of _trompe l'oeil._ 😊
I really enjoyed listening to this very clear and intelligent man
living for the changing backgrounds in each of the episodes, tells you a lot about everyone
Love to painting behind Mark, works really well as a background.
Many lessons can be learned indeed. Grandpa Alistair doesn't have his own space and is being sent to his grandchild's bedroom where he gives the impression of being chased. Rory took better care of himself as Tories always do and managed to create a small but very pricy escape in London where he can spout his own thoughts comfortably and undisturbed in all peace and quietness. Ex banker Carney is clearly the winner here. He is the most polished of them all and acts untouchable while sitting on top of the world no matter what he does in life.
@@QuaintQuipsterI like it to:would you know the artist or name of the picture, please?
What a guy! We need more like that and certainly in the politics of the UK. Thanks to you both for getting him on your podcast.
That's as good as a conversation I've listened to for quite some time. An excellent hour of my time. Thank you so much!
Superb interview - absolutely loved it. Well done to all.
This is a great interview, it’s really interesting how you both unarm your guests and really allow the listener to get to know these people past the sound bites and opinion pieces we normally hear.
I love it when a smart, knowledgeable, long-term & ‘Big’ thinker is also capable of clear, concise and directed teaching commentary. This was an excellent and interesting conversation. Thank you.
26:37 I just want to say thank you to Mark for explaining this, it's great when an expert can clearly and concisely explain very complicated issues.
Keep up the good work guys. Loving the content.
Keep up the awesome work gentleman. This is the best thing since the internet.
Thank you gentlemen for your informative episode.
please never stop doing this, it helps more (and is helpful to more) than you'll ever know. thank you 🙏🙏🙏 (and greetings from vienna)
Right or wrong these are very bright people and I'm inclined to believe them because they are coherent. It is encouraging that there are people like Mark around and disheartening that they are not in power. A wonderful talk, thank you.
Amazing interview, so insightful. Thank you Rory and Alastair! You are educating the masses in a calm and generous way. Keep it up!
One of the best interviews I've heard in a decade. Well done.
Amazing interview, a very measured man and a safe pair of hands. Gives me hope having Mark on the side of the climate 😊
The UK was Very lucky to have this guy in BoE at such a Time in Our history. Thank you Mark 👍
A seriously fascinating discussion of the 2008 nightmare from a perspective I've never heard.
Thanks guys!
Thank you Mark Carney. Wish you were still at the Bank of England!
Epic interview with no bs. If only Carney had become a politician 😢. Whoever else has had the honesty and experience to say to us all that our real income hasn't improved since 2007.
Rory and Alistair have a recurring theme, close to both their hearts. The theme of gifts and skills contributing to being an excellent commentator, are not invariably the ideal skills for a leader. I prefer to listen to commentators from the periphery and I'm bored by the yahboo language of political leadership. Anglican bishops sometimes became much more interesting, AFTER they had retired. Many bishops are nowadays brave enough to speak against ' party assumptions ', pre-retirement.
He still can potentially if Justin Trudeau loses in 2025 mark carney can run to be the next leader of the liberal party
I couldn’t have turned off the interview! Mark Carney was very engaging, able to explain complex issues in a straight forward way …. and such a beautiful smile!
Hi Lads , wonderful that you praised our hard labour & brilliant social policies of the last 40 years !! Boys from the Blackstuff was a huge inspiration to many of my generation who were born in the 60's !! Proinseas de Rossa was a more than capable minister of our rainbow coalition of the 90's which granted some cohesion during our single term of austerity !!
You guys do the best interviews! 👏🏻👏🏻👏🏻
This is an excellent interview - all three of you!
Thank you Mark Carney - yes we do want action on climate change. I have to say that I always thought investment bankers were the enemy. You have changed my view
Great interview! Going into the details is what we're all here for
Fantastic explanation of what we have been through.
Great episode. Thank you.
Simply fantastic episode
Excellent podcast. Thank you.
I found this facinating. I would happily hear more from this guest.
Another great chat, many thanks to Mark for everything he and his team did when he was Governor BoE, and all the best for all the work to come with climate change, it's everyone's no.1 challenge. Cheers RichardM
Congratulations on inviting such a great partner to exchange views with on such key issues. Having worked in banking for 38 years I still gained new insights. I've been a fan of his ever since I learned that he irritated Jacob Rees-Mogg. I remain a fan and after that podcast am an even greater fan! Well done and keep up the work of maintaining our sanity!
Brilliant discussion. Informative and entertaining. 😊
An incredibly good interview, thank you Rory and Alistair
Great podcast, thank you. Yes, please do bring Mark back for more chats.
An excellent interview, thank you gentlemen.
Incredibly insightful! Thanks
Outstanding, brilliant. So good to be in the same virtual room with such a smart genuine positive and experienced person. Thanks!
What a great imterview
He was a great guest who clearly has a big role to play in future....could easy see him a Canadian Premier.
Thanks Rory and Alastair 👍
Hopefully not!!! Watch him at Davos.
Fantastic. Charisma in bucket loads!❤
I was a recently retired HT when austerity hit. I could see clearly that the cuts in school budgets would hit not only pupils, parents and staff, but also suppliers of school equipment. Do a hit to the UK economy as all our suppliers were British. Incredibly shortsighted!
Very true. Entirely self defeating.
A good book to understand the last financial crisis is Niall Fergusson’ s The ascent of money…
You and Mark Carney kept me listening to the end. have him back!
This is the type of information that would be amazing to condense somehow and put it out on the BBC so the general public understand how their vote matters!
Guys - This interview just shows you how your background and presentation makes a difference to your credibility. Perception is 9/10ths of what we consider as reality.
Much of this was above my head but the analysis and debate in such measured tones was a lesson for others to follow. Well done to all 3 of you. David McCabe dublin
The quality and content just gets better and better. Thank you, I'm learning so much
Fantastic conversation
Great discussion: Carney is very clear. The UK's falling/failing productivity topic wasn't drilled down far enough: the lack of investment is the macro reason, but what about at the individual level? Is our éducation system keeping up, for example ?
What a fantastic interview! Very important for all of us to understand. Unfortunately I was waiting for what can be done to increase growth in the current circumstances.
Increasing overall investment and directing some investment away from real estate and financial securities (stock, bonds, those kind of things) into businesses that employ people and create stuff would likely improve productivity and therefore growth after a while.
It also likely would reduce asset price inflation (the price of real estate, financial securities, etc.) as less of the money being created is being used to purchase houses and stocks, 26:45 explains how most of the money in the UK is created.
One of the best and most informative podcasts/videos you've done. Thank you so much.
Very, very, impressive. I loved his explanation about markets based on markets,
Carney says the quiet part out loud: "investment banking" has nothing to do with either investment or banking. It's about creating markets on markets on markets and taking a commission thereon. Investors can make or lose money, investment bankers make money no matter what.
Financial Instruments make me cringe.
One of the best of us, well interviewed.
? Are you real?
Very good at explaining things, bring Mark Cagney back. Love this pod cast.
Bring Mark Carney back
In
Great podcast guys !
Excellent program! I’d love to hear more from Mark Carney .
I learned so much from this. I especially liked his point that to get people to buy in to the difficulty of combatting climate change, it was important to reach them with something tangible like heat pumps.
Are you in Canada? Heat pumps are not so great at minus 30
Excellent interview - thanks
Great listen!
Brilliant interview - great questions guys.
Love your podcast
Great interview, but I would like to have heard what Carney thought about financial inequality and the fact that some people benefitted from, or at least in spite of, the financial crash and Brexit - the fact that we are _not_ all in it together. Intensely relaxed or troubled?
This was a great video to watch. Glad Mr. Campbell discovered Canada.
& Osbourne.
My personal opinion, for what it's worth, is that Mark Carney rocks.
What an amazing "get," and all three together have made my Sunday afternoon. Hope to hear more from Mark Carney in future podcasts..
Absolutely brilliant podcast!!!!
A really interesting conversation with a top guy. Thank you.
I'll always defer to Mark Blyth's study on austerity.
In summary it says that in the entire history of the world, the number of instances where a government has succeeded in cutting its debt by reducing goverment spending during a recession.
Is ZERO
We should also never forget that austerity failed in its stated objective - not just in the sense that it didn't reduce government debt - but it increased it.
Also Rory is a bit cheeky here when he points out that the UK didn't have loads of money to spend into the economy (even though we did in fact end up spending loads of money on Austerity because it cost us so much) - he's kind of presenting a false choice.
Either we restart the economy with a spending spree - or we restart the economy by making it smaller.
We could have just done nothing in terms of major fiscal and monetary policy - kind of like the US did (with a few exceptions) - and the US recovered quicker than anywhere in Europe which was wedded to austerity
Absolutely right.
Shared to Facebook. I've understood things I never had. I wish I'd had access to a lecture like this is sixth-form as I was becoming a voter a decade ago.
Great discussion!
Excellent content guys best wishes.
Fantastic episode in in the explanations given.
Interesting interview. I appreciate Mark's comments on the progress made in investments in green energy, and the importance of encouraging this as part of the solution.
"There was some controversy with Carney's time running the Bank of England. Staff members compared his temper flare-ups to 'being tasered'." A former acquaintance of mine got 'tasered' by Mr Carney. I'm sure he's a very nice man notwithstanding that - most of the time.
Superb.... encouraging intellect at last. I do however think that there's a mental health crisis lurking deep down impacting productivity. Almost a crisis of confidence in ourselves...
Discussions like this are invaluable, thank you. I feel less and less educated when it comes to understanding what is going on because the flow of information is so untrustworthy from incumbent politicians who we so often depend upon to be intelligent and honest. Something Rory said in interview many years ago to James o'Brien was that politicians don't have time to sit down and think. So in my view it turns into a divisive landscape of politicians not saying anything (avoiding questions because they aren't confident in their knowledge and judgement to defend a popularist witch-hunt) and others being radical with unrealistic, ideological and extremist contributions.
Enjoyed listening to the breakdown, especially as someone who was only 10 when the financial crisis kicked off!
The popular media around it, with films like the Big Short and Margin Call focus heavily on the US - so great to get a UK perspective!
Fabulous. When he was Governor, I didn't understand all he said but I felt he wanted the public to understand. A plain, honest speaker unlike past and present Governor.
What do leaders do?
They develop people.
That's profound and not understood in British businesses.
Nice chap.
Thank you Alistair, Rory and especially Mark. Great insights and great to know we have people like you Mark working on our behalf to drive the net zero transition 💚
So much love for Mark Marney, brilliant human being.
Thanks for the master class; it was just great.
This has been brilliant, both on the history and understanding. But also on the positive side of action on climate change. Where the money is spent is the direction we go. It's good to know the money is going in the right direction.
More practical optimists! More smart self-deprecators! Thanks!!!
A fascinating discussion with the three very clever men thank you so much . Rory i have to say you would make an excellent prime minister and boy does our country need someone we could trust and respect ! Most of Tory and Labour MPs have lost all credibility i will not vote for any of them . Posted by Ian Parkins
Great, really, thank you for doing these shows. Two gripes if I may: You have an incredibly accomplished and intelligent guest and should have lent him the courtesy of finishing all his well constructed and insightful sentences. Also, Mr Carney does not in any way sound like a politician, he sounds like a technician, someone who actually knows what he is talking about. Thank goodness there are people like him who are willing to influence without taking credit, that's far more consequential. I conclude that the only way the UK is going to get back onto a path that allows it to unlock its full economic potential is to become a de facto member of the EU, sans inflluence. Please do bring Mr. Carney back to the show with a focus transitioning our economies to net zero.
In times of economic crisis, politicians should step aside and let these guys take charge
26:25… he says at this point “we are losing all of our listeners”….nope, Rory’s spot on. This is precisely what we demand answers for…fist pounding desk.
An excellent interview, felt like I was back in my uni Economics lectures when he was explaining Money Supply qnd the role of the Central Bank - should be required listening for all voters
Hurrah! Fantastic reference to Ignatieff! Takes me back thirty years...
Sunday 19 Nov - wonderful learnings in this discussion