Good riddance Mark Carney! When you think about it, it’s not surprising that he would, “pull a Greenspan” and leave the mess he’s created to some new stooge. After all, his reputation for being the new maestro would be tarnished if the Canadian economy tanked on his watch.
The unfortunate news is that someone new has to become the Governor of the Bank of Canada. Personally, I think no one should replace Carney and the Bank should be abolished. Anyone who critically examines central banking must, if they are intellectually honest, come to the same conclusion. However, this doesn’t negate the fact that someone new must be chosen. Deputy Governor Tiff Macklem has been cast as the front-runner, with Jean Boivin and Paul Beaudry being the other media favourites. However, I have my own list that I’d like to share with Mises readers,
1. Walter Block. A Professor of Economics at Loyola University in New Orleans and Senior Fellow with the Ludwig von Mises Institute, Block is more than qualified to lead the central bank into oblivion. From 1979 to 1991, he was the Senior Economist with the Fraser Institute, so he knows much about the Canadian economy.
2. Chris Horlacher. A Chartered Accountant who’s worked with Euro Pac Canada (Peter Schiff’s Canadian brokerage branch), Horlacher currently provides his expertise to companies as an independent entrepreneur. He’s one of the Directors of the Ludwig von Mises Institute of Canada, where he has written numerous articles clearly showing what’s wrong with the Canadian housing market. Horlacher knows exactly what a central bank does and how to prevent the mayhem it creates.
3. Tom Velk. A Professor of Economics at McGill University, Velk has got some serious creds. With a PhD from the University of Wisconsin, he’s served on the Board of Governors of the Federal Reserve and has worked for the World Bank. He specializes in money and banking, monetary theory, and public policy.
He’s written for the Wall Street Journal, the Canadian Forum, Globe and Mail, Financial Post, Montreal Gazette, Le Devoir, and the CBC. But the best part about Velk? He’s an establishment economist turned Austro-libertarian. My brother had him as a Prof two years back, so I attended a couple of his lectures. He was teaching Keynesian macroeconomics but with absolute reluctance. He often inserted his Austrian views into the talk and the Leftist-hippie-Che-Guevara-loving-progressive-socialist students would go berserk! To me, it’s a win-win: an establishment economist with an Austrian viewpoint.
…Well those are my picks. Although I’m sure there are many more people that, if given the chance, would reform and eventually end the Bank of Canada.