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OTTAWA, CANADA - FEBRUARY 15: Canada's Liberal Party Leader Candidate Mark Carney speaks to the ... More press at a watch party for the NHL 4 Nations Face-Off game between the United States and Canada at the Hometown Sports Grill on February 15, 2025 in Ottawa, Canada. Carney is vying for the leadership position of the Liberal Party of Canada after Prime Minister Justin Trudeau stepped down from his position. (Photo by Andrej Ivanov/Getty Images)
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Mark Carney is Canada’s new Prime Minister, and recent polls have his Liberal Party up against the Conservative Party in a flipping of fortunes ever since Justin Trudeau stepped down. He has called for an April 28th election to try to cement his rule.
Despite the overwhelming unpopularity of central bank digital currencies among Canadians and the Bank of Canada even restraining the digital Canadian dollar from launching, it's instructive to read into Mark Carney's experience as the head of two central banks and his perspectives on it. In his book Views, for example, he is quoted as saying.
"The most likely future of money is a central bank stablecoin, known as a central bank digital currency or CBDC," [Carney] wrote."
CBDCs and stablecoins vs. cryptocurrencies as a frontier for money
In his book, as you might expect from a central banker, Carney expounds at length about how he doesn't believe that cryptocurrencies are the future. He thinks that in a democracy, it's impossible to have monies that stem from private allocations. He also has a traditional aversion to private currencies, the sort of "wildcat banking" orthodox economists argue required central banking to step in in the first place. Of course, he also believes that cryptocurrencies enable crime of all kinds.
We live in the economic world central bankers created
Some of the irony of a central banker taking so many roles in inequality and environmental impact is that they are very much part of the problem. This is very much a "Ministry of Peace" issue.
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