Mark Carney: Britain’s celebrity central banker

George Pickering student of economic history at the LSE and Mises University has an interesting piece. He talks about Mark Carney who has emerged as a big celebrity central banker:

An awed hush descended over the crowd, as the most powerful man in the British economy prepared to give his response. Sitting at the front of the room, Bank of England governor Mark Carney surveyed his audience, paused to consider the question for a moment, and then finally decided on his answer: “Pizza.”

The event in question took place last month, when Mr. Carney visited Whitley Academy in Coventry, a small provincial city in the English midlands, where he was questioned by a group of 12–18 year old pupils on everything from his favourite kinds of food (pizza, for the record) and chocolate, to his favourite television programmes, to whether he preferred dogs or cats. The event was part of the BBC’s “School Report” initiative, which aims to give young people a taste of what it’s like to work for Britain’s state-sponsored news and entertainment monolith. As well as Mr. Carney, BBC School Report has also allowed pupils to meet with celebrities such as Angelina Jolie. But even in such illustrious company, the pupils’ meeting with the man in charge of the world’s oldest central bank left them impressed with how “informal” and even “cool” he was.

They aren’t alone. Ever since he was appointed to the position in 2013, the personality and antics of the UK’s monetary policy czar have delighted and captivated the press. In the eyes of the British public, everything from his square jaw to the accent stemming from his far-off and exotic homeland of Canada, makes Mr. Carney appear closer to some sort of Hollywood celebrity than to the technocratic coterie of crumpled grey suits who preceded him in the post. Over the past year in particular, Mr. Carney has happily cultivated for himself a degree of national visibility from which many of his predecessors would have shied, even when the media’s adulation of the BoE governor seems to centre as much around personality as it does around policy. After he cut interest rates to their lowest level in history this summer, for example, the media were delighted to photograph him conspicuously attending a music festival just days later, replete with brightly coloured polo shirt and a “glitter tattoo” on his face. In the immediate aftermath of Britain’s vote to leave the European Union, which Carney loudly proclaimed to be the “toughest day” he’s ever faced as BoE governor, he was nevertheless sure to be photographed chatting with famous actors at Wimbledon. London’s Evening Standard even went so far as to call him “the biggest babe in banking,” on account of his “George Clooney good looks.”

As absurd and amusing as this all may be, it nevertheless represents a development which could provide clues to what the future of the British political landscape might look like. When placed in the context of the disarray and chaos engulfing Britain’s political system at present, Mark Carney’s self-conscious ascent into the elite club of “celebrity” central bankers, could have more to it than first meets the eye.

Ironically, Post Brexit it is these starry qualities which are keeping Britain at bay. But for how long will it last?

It is interesting how the fortunes of the two central banks – England and India- intertwined in 2013. The same piece could easily have been written for  India as well. I mean the Indian media reporting fawning was as atrocious and fawning as in British lands. Just that India has thankfully escaped but the torture and entertainment  continues even now..

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