14: New Governor of the Bank of Canada to Serve the 1%

Herb Wiseman

This year marks the 75th anniversary of the Nationalizing of the Bank of Canada. Jack Layton thought that it would be a good time to review its functioning and supported my resolution to that effect. Alas he died a few months later.

The BoC’s role has been changing as the liberal and conservative handmaidens increasingly act for their corporate and financial masters. It is why COMER launched a legal action.

I just reviewed the job advert for the Governor of the Bank of Canada and, contrary to the Bank’s role in legislation, the advert is looking for someone who will support the 1% but the advert is spinning the role as in the interest of all Canadians.

Some of the phrases from the advert follow:

On responsibilities of the governor and the BoC:
“…Keeping inflation low stable and predictable, promoting the efficiency of capital markets and the integrity of the Canadian currency, while contributing to the development of stronger, more robust domestic and international financial systems…”

On being “an exceptionally well-qualified candidate:”
“…Unquestioned technical competence in monetary policy and, more broadly, macro-economics, coupled with a highly developed understanding of the financial sector, both institutions and markets, domestically and internationally.”

The role of the Bank of Canada is also to create conditions for employment. That is not mentioned in the advert. The union leadership of this country should be paying attention because of another item in the advert:
“Few positions influence more directly the performance of the Canadian Economy than that of the Governor of the Bank of Canada.” I agree with this statement but it is clear that the person being recruited would pay little attention to needs of the 99% except to continue to ratchet down wages and cut back on benefits.

The person being recruited must be focused on the financial sector and enhancing its power. The financial sector continues to look for lower wages, reduced benefits, lower taxes, fewer regulations, an expanded private sector and how next to exploit the environment for the benefit of the few.

The financial sector is the part of the economy that recurringly breaks down because of its excesses and casino mentality. It is a the myth that an unfettered financial class is vital to the 99%. Please share this email widely and post it on your Facebook wall. This job description reflects the ongoing tilting of the balance in our economy towards the wealthy classes.

Our Comment: We can only applaud and join Herb Wiseman in spreading it as widely as possible. W.K. (COMER)