Canada's New PM, Mark Carney: Pro-CBDC, Anti-Decentralization
OTTAWA, CANADA - FEBRUARY 15: Canada's Liberal Party Leader Candidate Mark Carney speaks to the ... More press at a watch party for the NHL 4 Nations Face-Off game between the United States and Canada at the Hometown Sports Grill on February 15, 2025 in Ottawa, Canada. Carney is vying for the leadership position of the Liberal Party of Canada after Prime Minister Justin Trudeau stepped down from his position. (Photo by)
Mark Carney is Canada's new Prime Minister, and recent polls have his Liberal Party up against the Conservative Party in a flipping of fortunes ever since Justin Trudeau stepped down. He has called for an April 28th election to try to cement his rule.
Despite the overwhelming unpopularity of central bank digital currencies among Canadians and the Bank of Canada even restraining the digital Canadian dollar from launching, it's instructive to read into Mark Carney's experience as the head of two central banks and his perspectives on it. In his book Views, for example, he is quoted as saying.
"The most likely future of money is a central bank stablecoin, known as a central bank digital currency or CBDC," [Carney] wrote."
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In his book, as you might expect from a central banker, Carney expounds at length about how he doesn't believe that cryptocurrencies are the future. He thinks that in a democracy, it's impossible to have monies that stem from private allocations. He also has a traditional aversion to private currencies, the sort of "wildcat banking" orthodox economists argue required central banking to step in in the first place. Of course, he also believes that cryptocurrencies enable crime of all kinds.
Some of the irony of a central banker taking so many roles in inequality and environmental impact is that they are very much part of the problem. This is very much a "Ministry of Peace" issue.
Research shows that monetary policy after the Great Recession helped deepen economic inequality - especially unconventional monetary policy. And though Mark Carney's website shows that he is dedicated to making housing more affordable, his policies and the monetary policy of central bankers have done the very opposite - and may have led to nearly a 5% increase in real housing prices.
Bitcoin emerged in response to the mess central bankers created. Mark Carney applauded Occupy Wall Street though he consistently bristles at mentions of his private sector links such as his background as a banker with Goldman Sachs during the leadup to the Great Financial Crisis or his recent association with Brookfield Asset Management.
Yet, in unleashing a future of inequality where the rich were bailed out by the federal government and creating a tidal wave of "trickle-down" economics that nobody voted for, as well as an expansionary monetary supply that made inflation inevitable - we now live in an age of populist anger and disillusionment stemming from failed promises to younger generations that will see the economy fail around them - and nowhere as hard as the United Kingdom and Canada - ironically places where Mark Carney garnered awards for heading their monetary policy. Or as Julian Assange put it: 'Bitcoin is the real Occupy Wall Street.'
Bitcoin is a hedge against this world, giving the government power to see and control everybody's transactions. Bitcoin is also the only option for some who saw that the system would return the very same people who contributed to its failure to claim power as its savior - like Mark Carney.
Mark's stance on CBDCs has not come up in his campaign, which primarily focuses on economic growth. Yet, it would change how Canada and CBDC adoption worldwide has come to pass. With an American President dead-set against CBDCs (but embracing stablecoins, perhaps as proxy-CBDCs), international sentiment has been turning against CBDCs with the BIS (the central bank for central banks) pulling away from China's Project M-Bridge.
With faltering adoption in places like China and Nigeria, CBDCs are cresting. Yet an election that cements Mark Carney's power as Canada's leader, while not directly impacting this decision, would show a popular mandate for public power over private interests - reinforcing a CBDC mentality and installing a former central banker who is an ardent fan of central bank digital currencies as Prime Minister. The Bank of Canada might take it as a symbol that despite their failed attempt - a CBDC might be a good idea, especially with a friendly Prime Minister and Parliament around them.
As Mark Carney ascends to power in Canada and maintains his mandate to rule, his policy stances and economic gravitas are a significant reason why he claims he deserves to lead. Yet, in peeling some of the layers behind both, it's clear that there's more than meets the eye - a question that should inspire more investigation and reflection.
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