Thank you for the interview with Tim Moen, Darcy. Most people who have read Inflation Overshooting Carney’s doorstopper of a book “Value(s)”, including Tim, seem to have overlooked the most salient passage in it, where he comes out as a pom pom boy for the US Fed’s disastrous Average-Inflation Targeting framework, introduced in August 2010 just a few weeks after he was appointed special advisor to Justin Trudeau on the economic recovery. This was the framework that led the US Fed to post, in June 2022, the highest PCECPI inflation rate in more than four decades. The copycat Bank of Canada policies led to the same result here. This is a link to my own book review of Value(s), with commented quotes from the book, before the destructive impact of the policies Carney called for had been fully confirmed:
Beyond having terrible views and other economic subjects, Carney is a rotten communicator. As I say in my review: “Highly technical terms, like ‘scutage’ (‘a tax levied on a vassal or a knight in lieu of military service’) are introduced without explanation, as if his target audience were, in this case, British medievalists.” He is the same way in his public speeches, which abound in acronyms and initialisms, as if everyone knew what BIS stands for. (It is the Bank for International Settlements, the central bankers’ central bank.)
When Carney’s book came out, just around St. Patrick’s Day, Terry Corcoran, the opinion editor for the Financial Post, had a review of it that was all “If you’re Irish, come into the parlour” blarney. I am part Irish too, but it seems to me that a Financial Post review of an economics book shouldn’t totally ignore that this was a guy who favoured dysfunctional monetary policies that had never been tried before. We had a brief online correspondence where he was his usual rebarbative self. He asked me to sum up my argument in a single sentence. I did, and he neve published anything to acknowledge Carney’s inflation overshooting views. I suppose that was meant to teach me a lesson that I didn’t know how to succinctly state a thesis, and would never make a journo. Later, in July 2022, when it was confirmed that the CPI inflation rate for June 2022 in Canada was 8.13%, the highest rate in 40 years, I rather think it showed that he has terrible judgement as to what views deserve to be published.
Thank you for the interview with Tim Moen, Darcy. Most people who have read Inflation Overshooting Carney’s doorstopper of a book “Value(s)”, including Tim, seem to have overlooked the most salient passage in it, where he comes out as a pom pom boy for the US Fed’s disastrous Average-Inflation Targeting framework, introduced in August 2010 just a few weeks after he was appointed special advisor to Justin Trudeau on the economic recovery. This was the framework that led the US Fed to post, in June 2022, the highest PCECPI inflation rate in more than four decades. The copycat Bank of Canada policies led to the same result here. This is a link to my own book review of Value(s), with commented quotes from the book, before the destructive impact of the policies Carney called for had been fully confirmed:
https://ottawa.bibliocommons.com/v2/record/S26C1266362
Beyond having terrible views and other economic subjects, Carney is a rotten communicator. As I say in my review: “Highly technical terms, like ‘scutage’ (‘a tax levied on a vassal or a knight in lieu of military service’) are introduced without explanation, as if his target audience were, in this case, British medievalists.” He is the same way in his public speeches, which abound in acronyms and initialisms, as if everyone knew what BIS stands for. (It is the Bank for International Settlements, the central bankers’ central bank.)
When Carney’s book came out, just around St. Patrick’s Day, Terry Corcoran, the opinion editor for the Financial Post, had a review of it that was all “If you’re Irish, come into the parlour” blarney. I am part Irish too, but it seems to me that a Financial Post review of an economics book shouldn’t totally ignore that this was a guy who favoured dysfunctional monetary policies that had never been tried before. We had a brief online correspondence where he was his usual rebarbative self. He asked me to sum up my argument in a single sentence. I did, and he neve published anything to acknowledge Carney’s inflation overshooting views. I suppose that was meant to teach me a lesson that I didn’t know how to succinctly state a thesis, and would never make a journo. Later, in July 2022, when it was confirmed that the CPI inflation rate for June 2022 in Canada was 8.13%, the highest rate in 40 years, I rather think it showed that he has terrible judgement as to what views deserve to be published.
Thanks Andrew. I think you should be doing more writing.