OTTAWA — Bank of Canada Governor Mark Carney warned on Friday that failure to implement promised G20 reforms could jeopardize the global economic recovery and, in turn, worsen the outlook for Canada.
In a speech highly critical of global leaders’ track record in coordinating policies, Carney blasted proposals to replace the U.S. dollar as the world’s reserve currency.
He said governments should restore their faith in the current international monetary system by making adjustments, including a commitment to more flexible exchange rates in countries like China.
"The current functioning of the international monetary and financial systems is beginning to force a wrenching real adjustment across major economies," Carney said in the prepared text of a speech he was to deliver in Calgary, Alberta.
(snippet)
Read more: HERE
In a speech highly critical of global leaders’ track record in coordinating policies, Carney blasted proposals to replace the U.S. dollar as the world’s reserve currency.
He said governments should restore their faith in the current international monetary system by making adjustments, including a commitment to more flexible exchange rates in countries like China.
"The current functioning of the international monetary and financial systems is beginning to force a wrenching real adjustment across major economies," Carney said in the prepared text of a speech he was to deliver in Calgary, Alberta.
(snippet)
SDRS OR DOLLARS
France aims to use its G20 presidency next year to discuss Chinese proposals to use the International Monetary Fund’s Special Drawing Rights more widely as a reserve currency.
But Carney said there is no viable short-term alternative to the U.S. dollar as the world’s reserve currency, and he urged G20 members to keep up the momentum on more mundane reforms rather than trying to reform the system too radically.
"There is no miracle cure," Carney said. "Faith is required, but not in a barbarous relic or a utopian global central bank. Rather, countries must restore their faith in the adjustment process under the current system."
He said G20 discussions will inevitably include debate of China’s controls on its yuan currency, widely seen as giving Chinese exports an unfair advantage.
France aims to use its G20 presidency next year to discuss Chinese proposals to use the International Monetary Fund’s Special Drawing Rights more widely as a reserve currency.
But Carney said there is no viable short-term alternative to the U.S. dollar as the world’s reserve currency, and he urged G20 members to keep up the momentum on more mundane reforms rather than trying to reform the system too radically.
"There is no miracle cure," Carney said. "Faith is required, but not in a barbarous relic or a utopian global central bank. Rather, countries must restore their faith in the adjustment process under the current system."
He said G20 discussions will inevitably include debate of China’s controls on its yuan currency, widely seen as giving Chinese exports an unfair advantage.
Read more: HERE
The comments here have been lacking. Is everyone that busy working? Or just mindless with nothing to say?
ReplyDeletethe ship is sinking slow and steady
ReplyDeletethe sheep are to stupid to stand for anything
and all goverment jobs just get better
and taxes are going up
nothing has changed
move along nothing to see
happy times in you losses
No, not to busy
ReplyDeleteNo, not totally mindless
Just realized that this too
Is all bush's fault !
Damn him anyway !
Im just tired. The politicians arent doing anything to fix the problem. They are just making it worst. I feel so bad for my children .What chance to they have.
ReplyDelete12:44,
ReplyDeletethe reason comments have decreased prior to last year or six months ago is due to growing apathy. More feel the futility of everything and stop caring.
In all directions we look that's not on the fictional shows of mind numbing and delusion birthing television or without the vision of a drug altering reality we can see how engulfed we are in this.
Unless the Earth opens up and swallows the orcs then we're doomed.
some of us are already woke up. many sheeples are still in the matrix. by the time they wake up it is too late. GOOD
ReplyDeleteCarney is another Goldman's Sach hack.
ReplyDeleteI keep trying to push the prep concept with my family in a very subtle low key fashion, but keep getting there is more to life than silver, food stores etc.
ReplyDeleteIt blows me away they feel my life is somehow lessened by diversifying my holdings and increasing my self reliance. It then dawns on me people in general will hide from bad news and enter into a state of denial. Only when faced will the brutal truth will they try to act which most likely will be vastly more difficult to resolve.
What will I say or how should I act with my family and friends who decided to fritter valuable time and resource in the face of our obvious economic collapse.