16 March 2020 to Obilivion 
Andrew John Bailey (born 30 March 1959)
is a British central banker who has been Governor of the Bank of England since 16 March 2020.
Previously he served as the Chief Cashier of the Bank of England from January 2004 until April 2011, Deputy Governor of the Bank of England for Prudential Regulation from April 2013 to July 2016 and Chief Executive of the Financial Conduct Authority from 2016 to 2020.[1]
Education[edit]
Bailey attended Wyggeston Boys’ Grammar School, Leicester, from where he went to Queens’ College, Cambridge, where he gained a bachelor’s degree in History (promoted to MA by seniority in 1985) and a PhD from the Faculty of History, University of Cambridge in 1984 with a thesis on The impact of the Napoleonic Wars on the development of the cotton industry in Lancashire: a study of the structure and behaviour of firms during the Industrial Revolution.[2][3]
Career[edit]
After university, Bailey became a research officer at the London School of Economics, before joining the Bank of England in 1985.
He has worked at the Bank of England in a number of areas, most recently as executive director for banking services and as Chief Cashier, as well as head of the bank’s Special Resolution Unit (SRU). Previous roles include Governor’s private secretary, and head of the International Economic Analysis Division in Monetary Analysis.
Between the onset of the financial crisis in August 2007 and until April 2011, Bailey was responsible for the bank’s special operations to resolve problems in the banking sector, and in 2009 was chairman and chief executive of Dunfermline Building Society Bridge Bank Ltd.
On 1 April 2013, Bailey became the chief executive of the new Prudential Regulation Authority[4] and the first deputy governor of the Bank of England for Prudential Regulation.
On 26 January 2016, it was announced that Andrew Bailey would take over as CEO of the UK Financial Conduct Authority.[5] He replaced Tracey McDermott, who became acting CEO after Martin Wheatley resigned following a vote of no confidence by George Osborne in July 2015.[6]
ITS ALL DONE WITH SWAPS. TTIP , AADHAAR , THE DEHLI FARMER PROTESTS #ID2022
2013 to 2020
Mark Joseph Carney OC (born March 16, 1965)
is a Canadian economist and banker who served as the governor of the Bank of Canada from 2008 to 2013 and the governor of the Bank of England from 2013 to 2020. Since October 2020, he is vice chairman and head of Impact Investing at Brookfield Asset Management. He was the chair of the Financial Stability Board from 2011 to 2018. Prior to his governorships, Carney worked at Goldman Sachs as well as the Department of Finance Canada.
Carney graduated from Harvard in 1988 with a bachelor’s degree with high honours in economics,[3] before postgraduate studies at the University of Oxford at St Peter’s College and Nuffield College, where he received master’s and doctoral degrees in the same field in 1993 and 1995, respectively.[8][9] The title of his DPhil thesis is “The dynamic advantage of competition”.[10]
Goldman Sachs[edit]
Carney spent 13 years at Goldman Sachs[11] and worked in their Boston, London, New York City, Tokyo, and Toronto offices.[12] His progressively more senior positions included: co-head of sovereign risk; executive director, emerging debt capital markets; and managing director, investment banking. He worked on South Africa’s post-apartheid venture into international bond markets, and was involved in Goldman’s work with the 1998 Russian financial crisis.[3]
In 2003, Carney left Goldman Sachs to join the Bank of Canada as a deputy governor.[citation needed] One year later, he was recruited to join the Department of Finance Canada as senior associate deputy minister, beginning that role on November 15, 2004.[13]
Financial crisis[edit]
Carney’s actions as Governor of the Bank of Canada are said to have played a major role in helping Canada avoid the worst impacts of the financial crisis.[20][21]
The epoch-making feature of his tenure as Governor remains the decision to cut the overnight rate by 50 basis points in March 2008, only one month after his appointment. While the European Central Bank delivered a rate increase in July 2008, Carney anticipated the leveraged-loan crisis would trigger global contagion. When policy rates in Canada hit the effective lower-bound, the central bank combatted the crisis with the non-standard monetary tool: “conditional commitment” in April 2009 to hold the policy rate for at least one year, in a boost to domestic credit conditions and market confidence. Output and employment began to recover from mid-2009, in part thanks to monetary stimulus.[22] The Canadian economy outperformed those of its G7 peers during the crisis, and Canada was the first G7 nation to have both its Gross Domestic Product (GDP) and employment recover to pre-crisis levels.[citation needed]
The Bank of Canada’s decision to provide substantial additional liquidity to the Canadian financial system,[23] and its unusual step of announcing a commitment to keep interest rates at their lowest possible level for one year,[24] appear to have been significant contributors to Canada’s weathering of the crisis.[25][page needed]
Canada’s risk-averse fiscal and regulatory environment is also cited as a factor. In 2009 a Newsweek columnist wrote, “Canada has done more than survive this financial crisis. The country is positively thriving in it. Canadian banks are well capitalized and poised to take advantage of opportunities that American and European banks cannot seize.”[26]
Carney earned various accolades for his leadership during the financial crisis: he was named one of Financial Times‘s “Fifty who will frame the way forward”,[27] and of Time Magazine‘s 2010 Time 100.[28] In May 2011, Reader’s Digest named him “Editor’s Choice for Most Trusted Canadian”.[29]
In October 2012, Carney was named “Central Bank Governor of the Year 2012” by the editors of Euromoney magazine.[30]
Governor of the Bank of England[edit]
On November 26, 2012, Chancellor of the Exchequer George Osborne announced the appointment of Carney as Governor of the Bank of England.[40] He succeeded Sir Mervyn King on July 1, 2013.[41] He was the first non-Briton to be appointed to the role since the Bank of England was established in 1694.[42] The Bank of England was given additional powers from 2013, such as the ability to set bank capital requirements.[43]
Prior to taking up the post, Carney had already indicated disagreement with the Bank of England’s Executive Director of Financial Stability Andy Haldane, specifically on leverage ratios and on bank break-ups. He has been quoted as saying that Haldane does not have a “proper understanding of the facts” on bank regulation.[22] He was thought to have been offered a total pay package of about £624,000 ($844,000 USD) per year, approximately £100,000 ($135,000 USD) more per year than his predecessor.[41]
Since 2020[edit]
Carney was appointed as United Nations special envoy for climate action and finance as he prepared to step down as governor of the Bank of England in March 2020.[44] In January 2020, UK Prime Minister Boris Johnson appointed Carney to the position of finance advisor for the UK presidency of the COP26 United Nations Climate Change conference in Glasgow;[45] at that time the conference was scheduled for November 2020 but it was later postponed to November 2021.[46]
As of October 2020, Carney is vice chairman at Brookfield Asset Management where he leads the firm’s environmental, social and governance (ESG) and impact fund investment strategy.[47][48][49] In February 2021, Carney had to retract an earlier claim that the $600 billion Brookfield Asset Management portfolio was carbon neutral. He based his claim on the fact that Brookfield has a large renewable energy portfolio and “all the avoided emissions that come with that”. The claim was criticized as accounting tricks as avoided emissions do not counteract the emissions from investments in coal and other fossil fuels responsible for Brookfield’s carbon footprint of about 5,200 metric tons of carbon dioxide.[50][51]
In February 2021, Carney joined the board of fintech company Stripe.[52] As of March 2021, Stripe was valued at $95 billion.[53]
Carney helped launch the Glasgow Financial Alliance for Net Zero (GFANZ) at COP26 in Glasgow in November 2021. He acts as the group’s Co-Chair.[54]
ED. ( We are looking for Linkages and Policy continuities ) Lord King and Carney Didn’t ever work together at the BoE but will have liased at BIS meetings and of course during GFC 1 there was central bank coordination) Post Crisis and the Carbon Narrratives is a linkage here…????
In January 2012, King received a letter from the government’s former chief scientific adviser Sir David King, Zac Goldsmith, former environment minister John Gummer (and 17 others) warning of the possibility of a carbon bubble.[66] King agreed to an evaluation of the matter.[67]
Brexit[edit]
Carney warned many times that Brexit was expected to negatively influence the UK economy. Consequently, Brexit activists accused him of making statements favouring the UK’s continued membership of the European Union (EU) before the British EU-membership referendum.[56][57] He replied that he felt it was his duty to speak up on such issues.[58]
In September 2018, Philip Hammond, the chancellor of the Exchequer, confirmed speculation that Carney would remain as Governor until January 2020, in order to ensure a “smooth” transition after the UK was set to leave the EU on March 29, 2019, a departure deadline that was missed.[59]
In November 2018, Carney warned that large parts of the British economy were not ready for a no-deal Brexit. Speaking on BBC Radio 4’s Today Programme, Carney explained that fewer than half of businesses have initiated contingency plans.[60]
In February 2019, speaking about the global economy, Carney provided a less negative perspective on Brexit, stating that globalisation has resulted in “imbalances of democracy and sovereignty”, and that Brexit “is the first test of a new global order and could prove the acid test of whether a way can be found to broaden the benefits of openness while enhancing democratic accountability”.[61]
Monetary policy in the 2019 international monetary and financial system[edit]
In his August 23, 2019, speech delivered at the Federal Reserve Bank of Kansas City‘s 2019 annual Jackson Hole Economic Symposium at Jackson Lake Lodge, entitled “The Growing Challenges for Monetary Policy in the current International Monetary and Financial System”, Carney said that the “widespread use of the US dollar—the dominant currency pricing—in “trade invoicing, in place of the currency of either the producer or the importer”[62] has had a “destablilizing” effect on the global economy, according to Reuters.[63] About 50 percent of international trade relies on the US dollar as the “currency of choice.” This represents “five times greater than the US’s share in world goods imports, and three times its share in world exports.”[64] Dominant currency pricing is not problematic when there is “synchronised growth” globally, Carney said. When “the tide is rising in America while receding elsewhere”, the system needs to be revamped. Carney cited an article[62] by Markus K. Brunnermeier, Harold James, and Jean-Pierre Landau on the potential role of digital currency area (DCA) in redefining the international monetary system.[64]
Speaking only hours after US President Donald Trump had posted on Twitter that he blamed Federal Reserve Chairman Jerome Powell‘s policies creating fears of an economic recession—and then threatened China with more retaliatory tariffs—Carney urged central banks to work together to replace the US dollar as reserve currency. He cautioned against choosing another new hegemonic reserve currency like the Renminbi and suggested instead, a “new Synthetic Hegemonic Currency (SHC), such as Libra,[63][64][65] which could potentially be provided “through a network of central bank digital currencies,” that would decrease the US dollar’s “domineering influence” on trade worldwide.[64][65]
Carney also said that the recent increase in the perception that a no-deal Brexit is likely, is “evidenced by betting odds and financial market asset pricing” resulting in the UK now having “the highest FX implied volatility, the highest equity risk premium and lowest real yields of any advanced economy.”[64]
DARK WINTER, CLADEX, EVENT201 #AADHAAR TO #IABATO YOU SAY #ARYANS I SAY #ARIANS
MELISSA CUIMMEI – THE IRISH INQUIRY, EXPLAINS THE (“WHY?”) OF EVENT 201
Climate change[edit]
Carney has taken a leading position on the need for climate action.[66]
Taskforce on Scaling Voluntary Carbon Markets (TSVCM)[edit]
In 2020, Carney launched the Taskforce on Scaling Voluntary Carbon Markets—an initiative to increase trading of voluntary carbon offsets—[67] with Bill Winters as Group Chief Executive.[68] The TSVCM is sponsored by the Institute of International Finance.[68] Taskforce members include more than “40 leaders from six continents with backgrounds across the carbon market value chain”, including representatives from the Bank of America, BlackRock, Bloomberg‘s New Energy Finance, BNP Paribas, BP, Boeing, Goldman Sachs, Tata Steel, Total, IHS Markit, and LSE.[68] In a December 3, 2020 Financial Times article, Carney said that the voluntary global carbon offset market was an “imperative” to help reduce emissions. The Times article cited Carney saying London would likely be the host of the new “new pilot market for voluntary carbon offsets” which could be “set up” by December 2021.[67]
ED. ( We are looking for Linkages and Policy continuities ) Lord King and Carney Didn’t ever work together at the BoE but will have liased at BIS meetings and of course during GFC 1 there was central bank coordination) Post Crisis and the Carbon Narrratives is a linkage here…????
In January 2012, King received a letter from the government’s former chief scientific adviser Sir David King, Zac Goldsmith, former environment minister John Gummer (and 17 others) warning of the possibility of a carbon bubble.[66] King agreed to an evaluation of the matter.[67]
The Six Ways on Sunday, Carbon Currency end game 16 to 1 on, what are the odds of that?
Moral to market sentiments[edit]
On December 2, 2020, Carney delivered the first of four Reith Lectures—the BBC’s flagship annual series.[69] In “How We Get What We Value – From Moral to Market Sentiments”, he said society had come to esteem financial value over human value and moved from market economies to market societies. The series covers a trio of crises—credit, Covid and climate.[69]
Personal life[edit]
Carney met his wife, Diana Fox, a British economist specializing in developing nations, while at the University of Oxford.[29] She is active in various environmental and social justice causes.[70] The couple married in July 1994 while he was finishing his doctoral thesis.[71] They have four children and lived in Toronto, before moving to the Rockcliffe Park neighbourhood of Ottawa and then moving to London in 2013.[3] They moved back to Ottawa when Mark Carney left his role in the Bank of England.
During his Harvard years, Carney was backup goalie for the school’s ice hockey team.[3][72] Carney continued playing the sport with the Oxford University Ice Hockey Club while studying at Nuffield College, Oxford.[73]
Carney completed the 2015 London Marathon in 03:31:22, which was 17 minutes faster than his time at the 2011 Ottawa Marathon.[74][75]
Carney speaks fluent French. In addition to his Canadian citizenship, he also holds Irish[76] (two of his grandparents are from County Mayo) and British citizenship.[77] He has distant relatives in Liverpool and is a supporter of the city’s Everton F.C.[78] He is also a supporter of the Edmonton Oilers.
There was some controversy with Carney’s time running the Bank of England. Staff members compared his temper flare-ups to ‘being tasered’.[79]
2003 to 2013
Mervyn Allister King, Baron King of Lothbury KG, GBE, DL, FBA (born 30 March 1948)
is a British economist and public servant who served as the Governor of the Bank of England from 2003 to 2013. He is a School Professor of Economics at the London School of Economics. He is also the Chairman of the Philharmonia.
studied economics at King’s College, Cambridge, St John’s College, Cambridge, and Harvard University. He then worked as a researcher on the Cambridge Growth Project, taught at the University of Birmingham, Harvard and MIT, and became a professor of economics at the London School of Economics. He joined the Bank of England in 1990 as a non-executive director, and became the chief economist in 1991. In 1998, he became a deputy governor of the bank and a member of the Group of Thirty.
King was appointed as governor of the Bank of England in 2003, succeeding Edward George. Most notably, he oversaw the bank during the financial crisis of 2007–2008 and the Great Recession.
After graduation, he worked as a researcher on the Cambridge Growth Project with future Nobel Laureate Richard Stone and Terry Barker at the University of Cambridge. He then taught at the University of Birmingham and was a visiting professor at Harvard and Massachusetts Institute of Technology [MIT]where he shared an office with then Assistant Professor Ben Bernanke. King says that while at Birmingham, he was influenced by the Austrian School of Economics.[8] From October 1984 he was Professor of Economics at the London School of Economics where he founded the Financial Markets Group.[5] In 1981, he was one of the 364 economists who signed a letter to The Times condemning Geoffrey Howe‘s 1981 Budget.[9][10]
The financial crisis in the late 2000s[edit]
After becoming Bank governor, King explained that Bank of England policy was “similar to that of the Federal Reserve” under Alan Greenspan. Greenspan described his approach as “mitigat[ing] the fallout [from the bursting of a bubble] when it occurs”.[13] King agreed with Alan Greenspan that, “It is hard to identify asset price ‘bubbles’.”[13]
Other warnings about the UK housing market followed, including from the National Institute of Economic and Social Research in 2004[14] and the OECD in 2005.[15] King noted the “unusually large” difference between the RPIX and CPI at the beginning of 2004 (the latter does not include house prices as part of its inflation measure, whilst the former does),[16] and, six months later, that UK house prices had risen “to levels which are well above what most people would regard as sustainable in the longer term”, having increased by more than 20% over the preceding year and more than 100% over the preceding five.[17]
In 2005, The Economist described the run-up in UK house prices as forming part of “the biggest bubble in history”,[18] and, by October 2007—when the UK housing bubble was at its peak[19] — the IMF was reporting that the UK housing market was “overpriced by up to 40 per cent”.[20] As noted by the OECD, house-price volatility “can raise systemic risks as the banking and mortgage sectors are vulnerable to fluctuations in house prices due to their exposure to the housing market.”[21]
Dean Baker in The American Prospect said the failure by Greenspan and King to tackle the bubbles in their respective countries’ housing markets resulted in catastrophic “fallout” when the bubbles burst, resulting in the worst recessions in both countries since the Great Depression.[22] UK–US inaction may be compared to action taken by China[23][24][25][26][27] and Australia.[28]
Another result of the financial crisis was King’s rejection of the bank’s devout focus on price stability, or inflation targeting, a policy that was instituted after Black Wednesday in 1992 and that was continued by King after becoming governor in 2003.[29] One of the two early lessons King drew from crisis were that “price stability does not guarantee stability of the economy as a whole” and that “the instruments used to pursue financial stability are in need of sharpening and refining.”[30]
The 2012 Financial Services Bill, in transferring the majority of macroprudential regulatory powers from the FSA to the bank, will grant the Financial Policy Committee (chaired by King) the power to curb lending in booms, including placing limits on the public’s access to mortgages.[31] A former, senior BoE official summed up the bank’s pre-crisis performance: “How can you look back with the benefit of hindsight and see it as a success? We were responsible for financial stability and we utterly failed to take any avoiding action against the greatest financial crisis in our lifetimes”.[4] David Blanchflower said that, even as late as the summer of 2008, King did not even see the financial crisis coming.[32]
In its review of Bank of England accountability, one of the major complaints of the Treasury Select Committee was the bank’s refusal to undertake an internal review of its performance during the financial crisis.[33] Such a review would pose difficulties since evidence on how its most senior policymakers arrived at their decisions was destroyed as a matter of course.[33] By contrast, the United States publishes the Federal Reserve’s deliberations with a five-year lag, which have provided “the most detailed picture yet of how top officials at the central bank didn’t anticipate the storm about to hit the U.S. economy and the global financial system.”[34] As in the UK, the US central bank’s failure led to a new regulatory framework, the 2010 Dodd–Frank Wall Street Reform and Consumer Protection Act.[34]
Banks bailout[edit]
King had faced accusations[who?] of refusing funding to the Northern Rock Bank, precipitating a run on that bank, a situation not seen in the UK since 1914.[45] King later said that it had been the chancellor, Alistair Darling, not he, who had the final word on refusing the necessary help to Northern Rock.[46] In his review of King’s tenure as governor, Times journalist David Wighton wrote:
Sir John Gieve, the Deputy Governor for financial stability, . . . was widely seen as the fall guy for the Bank’s dithering over Northern Rock a few months earlier. In fact, he had been urging King to act, and his allies accused King of failing to defend him when the chairman of the Commons Treasury Committee accused Gieve of being “asleep in the back shop while there was a mugging out front”. Gieve’s mother had died at the height of the Northern Rock crisis and he had taken a few days off. King failed to make clear to the committee that this was why his deputy had been away. King’s behaviour had been “very bad form”, according to one former Bank director.[43]
In his memoirs, Alistair Darling was critical of King for emphasising moral hazard—the doctrine of not saving the banks from the consequences of their own mistakes—instead of rescuing the banks by pumping money into them as the banking-system meltdown occurred in autumn 2008.[47] Despite his refusal to give funding to the retail banks, he retained his job, and submitted in defence to a Treasury Select Committee (New York Times/Financial Times, 20 September 2007) that his actions were on the basis that the Bank of England was the “lender of last resort” but subsequently supported moves to provide funding to those banks which had been nationalised or partly nationalised.[citation needed]
Political interventions[edit]
It has been alleged that King’s Mansion House speech for 2009 helped to bolster the Conservatives during the approach to the general election by issuing high-profile criticisms. King called for the break-up of the country’s biggest banks, as well as arguing that, unless the bank was given more active, interventionist powers to ensure financial stability, it would be like a church: able to “do no more than issue sermons or organise burials.”[30][43] King later advised a rebalancing of the economy, increased saving, and an “elimination of the structural deficit”.[40] In November 2009, he told MPs that the then Labour government’s intention of halving the deficit over the next five years was insufficient.[48] In May 2010, just days after the Coalition government was formed,[49] King said he had spoken to Chancellor George Osborne and supported his plans to cut spending by a further £6 billion within the 2010–11 fiscal year.[48] The Liberal Democrats did not need to be talked around to agreeing to the severity of the cuts.[50]
In November 2010, it was revealed that some senior staff at the Bank of England (one of them was David Blanchflower)[32] were uncomfortable with King’s endorsement of the government’s public spending cuts, accusing him of overstepping the boundary between monetary and fiscal policy. King’s support for the government’s cuts was in spite of concerns within the bank that cutting spending so rapidly could derail the UK’s nascent economic-recovery.[48] These revelations led to accusations of King being a “coalition courtier”[51] and of making “excessively political”[52] interventions with regard to UK economic policy.[50]
The accusations were given greater weight after the December 2010 WikiLeaks Cablegate.[53][54] As a result of the WikiLeaks disclosures and David Laws‘ account of the Tory-Lib-Dem coalition-talks, King was asked by the Political and Constitutional Reform Select Committee to explain why he was seemingly cited in the talks as backing Tory plans to introduce spending cuts this year.[55] King insisted to the committee that “at no stage did I offer any advice on the composition of any measures designed to reduce the government deficit”;[56] the committee implicitly accepted King’s explanation of events as he is not even mentioned, let alone criticised, in their final report.[57]
According to George Osborne, Gus O’Donnell made an offer to have King brief the Tories and Lib Dems during the Coalition’s formative talks; however, the parties suspected they “knew what he was going to say and . . . also thought it was more appropriate for our Treasury spokesmen to talk to him”.[58]
King was criticised again in May 2012 on BBC Radio 4’s Today programme, on the day before an election, after he expressed approval of Coalition austerity measures.[59]
In January 2012, King received a letter from the government’s former chief scientific adviser Sir David King, Zac Goldsmith, former environment minister John Gummer (and 17 others) warning of the possibility of a carbon bubble.[66] King agreed to an evaluation of the matter.[67]
ED. ( We are looking for Linkages and Policy continuities ) Lord King and Carney Didn’t ever work together at the BoE but will have liased at BIS meetings and of course during GFC 1 there was central bank coordination) Post Crisis and the Carbon Narrratives is a linkage here…????
The BoE’s Financial Policy Committee, established to identify emerging bubbles in the financial system, agreed in March 2012 to ask Parliament for new policy tools to be used to prevent another financial crisis. King said that the FPC narrowed its choice of instruments to three—the power to ensure banks have countercyclical capital buffers, the ability to force banks to hold more capital against exposure to specific sectors judged risky, and the power to set leverage ratios—because it will be important to explain to parliament and the wider public why it is or is not using them.[68]
Late March 2019, he argued that the UK should leave without a deal in the wake of the UK’s decision to leave the European Union, arguing that the economic consequences would be limited, and that the UK was well-prepared after six months of preparations.[69]
1993 to 2003
Edward Alan John George, Baron George GBE PC DL (16 September 1938 – 18 April 2009),[1]
known as Eddie George, or sometimes as “Steady Eddie”, was Governor of the Bank of England from 1993 to 2003[1] and sat on the board of NM Rothschild and Sons. George joined the Bank of England in 1962. Apart from secondments to Moscow State University, the Bank for International Settlements and the International Monetary Fund, he remained there throughout his career.
During the early part of George’s governance, his successful relationship with then-Chancellor of the Exchequer Kenneth Clarke gained for them the nickname of ‘the Ken and Eddie Show’.[3] Upon the Labour Party coming to power at the 1997 general election, the Bank was given independence in setting UK interest rates by Gordon Brown, the incoming Chancellor of the Exchequer.[1] George was succeeded as Governor of the Bank of England in July 2003 by Mervyn King.
George attracted controversy in 1998 when he was widely reported to have made a statement to London newspaper executives implying that unemployment in the north of England was a price worth paying to preserve affluence in the south of the country. He later claimed that his remarks had been misconstrued.[4]
1983 to 1993
Robert “Robin” Leigh-Pemberton, Baron Kingsdown, KG JP PC (5 January 1927 – 24 November 2013)
was a British Peer and banker, who served as Governor of the Bank of England from 1983 to 1993.[1]
In 1954, he was called to the Bar, and he practised law for several years before returning to Kent to manage the family estate of Torry Hill.[3] He served as a Justice of the Peace and as Leader of Kent County Council.[4] He eventually became chairman of the National Westminster Bank, then Governor of the Bank of England from 1983 until 1993.[5] He was appointed to the Privy Council in 1987,[6] He also served on the board of directors of the Bank of International Settlements
1 July 1973 – 30 June 1983
Gordon William Humphreys Richardson,
Baron Richardson of Duntisbourne KG, MBE, TD, PC, DL (25 November 1915 – 22 January 2010) was a British banker, former lawyer, and former Governor of the Bank of England.[1]
In office 1 July 1973 – 30 June 1983
He was called to the bar at Gray’s Inn in 1946, becoming a member of the Bar Council between 1951 and 1955, but abandoned law for a career in the City. He became a director of J. Henry Schroder & Co in 1957, and was later chairman between 1962 and 1973.
He was appointed Governor of the Bank of England in 1973, and remained in that position until 1983. November 1973 saw a run on London and County Securities, marking the start of the secondary banking crisis.
The Prime Minister of Luxembourg was commissioned to produce a report on the subject, and
he proposed that monetary union should be achieved by 1980. This was agreed by the six at a summit in Paris in
1972, and endorsed by Edward Heath’s pro-European Conservative Government, and a precursor to the ERM
was set up, called the snake, by which members agreed to peg their currencies to each other, but the snake
soon ran into trouble because of the instability of the dollar during the final stages of the Vietnam War and then
the problems caused by the huge rise in oil prices which followed the Yom Kippur War in the Middle East in 1973,
and the snake was abandoned in 1979. Now,we joined the snake in 1972, but remained in it for just eight weeks,
before speculative pressures against the currency forced exit, and in the process, we lost $2.5 billion of foreign
exchange reserves in six days, a precursor perhaps of what was to happen with the ERM, and upon leaving the
snake, we reverted to a floating currency.
While serving as governor, Richardson joined the Privy Council (1976)
Richardson was a member of the Morgan Stanley advisory board from 1984. Between 1985 and 1991, he was a member of the Group of Thirty, and thereafter remained as their Honorary Chair. He was chairman of the Pilgrim Trust from 1984 to 1989.[5]
On the evening of 22 January 2010, the Bank of England released a statement announcing Richardson’s death.[6]
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Corporate watch false dilemmas guide to crisis https://t.co/GxFg7olgs4 via @issuu
— Real-Estate Land Development Limited (@RealEstateLand3) March 25, 2023
https://drive.google.com/file/d/1unCyOc-eh7uoHF_2RR9wK5308k76vPFs/view?usp=sharing
https://drive.google.com/file/d/1Yyb_nAbqxEP8LWgCqHZYDaiYGnWWHrlN/view?usp=sharing
Hellas is a verse drama by Percy Bysshe Shelley, written in 1821 and published in 1822
The world’s great age begins anew,
The golden years return,
The earth doth like a snake renew
Her winter weeds outworn:
Heaven smiles, and faiths and empires gleam,
Like wrecks of a dissolving dream.
…
Oh, cease! must hate and death return?
Cease! must men kill and die?
Cease! drain not to its dregs the urn
Of bitter prophecy.
The world is weary of the past,
Oh, might it die or rest at last![3]
It´s always nice to be able to quote a bit of Shelly,
Castlereagh appears with other members of Lord Liverpool’s Cabinet in Shelley’s poem The Masque of Anarchy, which was inspired by, and heavily critical of, the Peterloo massacre:
I met Murder on the way –
He had a mask like Castlereagh –
Very smooth he looked, yet grim;
Seven bloodhounds followed him
All were fat, and well they might
Be in admirable plight,
For one by one, and two by two,
He tossed them human hearts to chew
Which from his wide cloak he drew.
[17]
Carol Quigley is very good on the public opinion point in Tragedy and hope he says this.
Quigley’s words.p.232 tragedy and Hope.
´´but criticism should have been directed rather at the hypocrisy and lack
of realism in the ideals of the wartime propaganda and at the lack of honesty of the chief negotiators in carrying on the pretence that these ideals were still in effect while they violated them daily, and necessarily violated them. The settlements were clearly made by secret negotiations, by the Great Powers exclusively, and by power politics. They had to be. No settlements could ever have been made on any other bases. The failure of the chief negotiators (at least the Anglo-Americans) to admit this is regrettable, but behind their
reluctance to admit it is the even more regrettable fact that the lack of political experience and political education of the American and English electorates made it dangerous for the negotiators to admit the facts of life in international political relationships.”
Like Pope we find our actors
´´All, all alike, find reason on their side´´
mais par impatience de souffrir
On the present discontents, Burke opined
USURY HELL´S FUEL MANS OPPRESSOR
BOURGEOIS RESOLUTION AND
GLOBALISATION UN ENTANGLED.
Let Them Eat Bugs.
We had some freinds here for Dinner last Sunday, At a hotel in Copenhagen breakfast offered in the morning included two different types of Baugs, I shit you not.
I know no photograph it never happened?
https://www.danhostel.dk/en/news/bugs-breakfast-three-danhostels
1 thought on “The Fish always rots from the Head. Governors of the Bank of England since 1973. From the Snake to SVB. Turds all the way down.”