Carney has much practice devaluing the Canadian loonie. He is perfectly suited as the new head of the Bank of England. From Zerohedge:
As Mark Carney steps aside from his role at the Bank of Canada to undertake all manner of easy money in the UK, we thought a reflection on the ‘stealth’ QE that he has been engaged with, very much under the radar, in the US’ neighbor-to-the-north was worthwhile. It seems quietly and with little aplomb, Carney’s BoC has grown its balance sheet by over 21% YoY – the most since 2009. If that was not enough to make someone nervous, the quantity of Canadian government bonds on the BoC’s balance sheet has grown at a remarkable 46% YoY! All of this has taken place during a time when ‘supposedly’ the Canadian economy has been reasonably strong and foreign demand for debt high. With Canada’s CAD267bn debt due in 2013, we suspect this ‘stealth’ QE will continue to rise.
Where is this easing reported in the Canadian news media? Inflation in Canada is rampant–that can be seen in the price of housing alone. But who is covering the monetary expansion of the loonie? So now we Canadians who have Canadian dollars suffer the abuse of both ZIRP (zero interest rate policy) and QE.
It’s all monopoly money.