Everything Mark Carney said on any show that made the record, most notable first. Each card names its show and opens the statement there.
Carney: Long-Term Interest Rates Will Rise Notably This Decade
“I believe that very central banker-y answer, but I believe long-term interest rates are going to rise, notably this decade. I long felt that we were in a low for long, and I felt that for a long time. I was right about it for a long time. Now I feel that there…”
Carney: Recent Regional Banking Failures Put a Silver Bullet Into Stablecoins
“I think this probably puts a, you know, a silver bullet into stable coins.”
Carney: Big Oil Companies Talk More Than They Invest in Green Energy
“I think big oil is talking more than they're acting. I don't think that the scale of this, in most cases, the scale of investment in the energy of the future, you know, the relative investment there, which is a relatively small percentage of overall cashflow a…”
Carney: Achieving Net Zero Requires Growing Nuclear Power 50% by 2050
“There's no net zero without nuclear power. A lot of people don't like to think about nuclear and think that there's an easy right to shut it down, but in fact we have to grow it by another 50% between now and twenty-fifty worldwide.”
Carney: DeFi and Crypto Are in the Post-Bust Despair Phase
“So we're at that phase, certainly, I think, in the DeFi crypto universe.”
Carney: Mainstream commercial deployment of hydrogen energy will arrive in years
“I think the example a little closer to home for me would be in hydrogen, where we've had a couple of those euphoric cycles. The last one was early 2000. We're entering another, and I think a much more solidly grounded one. Time will tell though. I can't actual…”
Carney: 10% of US Regional Banks Fail Mark-to-Market Capital Tests
“Almost one in 10 U S regional banks would fall below their minimum capital levels if all of their assets were marked to market.”
Carney: Mid-Sized Regional Banks Face Systemic Danger From Flighty Corporate Deposits
“Kind of barbell strategy was, it was dangerous to be in that awkward middle where you're a large regional, and therefore you have a lot of corporate deposits, deposits above the minimum, They turn out to be much more flighty. What we saw with Silicon Valley, w…”
Carney: Fintech and technology are shifting the financial system toward narrow banking
“And as a bigger picture point, the system is moving towards a form of narrow banking as a core competitor to a fractional fractional reserve banks. In other words, banks that create their own money and leverage up. And it's able to do that. The system's able t…”
Carney: Expecting a Return to Pre-Inflation Low Interest Rates Is Unrealistic
“To assume that we're going back to that world after we get through this bout of inflation is also in my view, an unrealistic assumption. You're just gambling for redemption on that one.”
Carney: Banking turmoil will slow US growth and trigger a recession
“Let's say in the US, it'll probably slow growth by, you know, half to three quarters of a percentage point. It's probably enough if people felt that the US economy was on the cusp of you know, this narrow path between avoiding recession and having a recession.…”
Carney: The Federal Reserve Will Cap Interest Rates at 5.25%
“And you know, if we had been talking at the end of February, early March before Silicon Valley bank, I would have said something to the effect of, I think the fed may have to go to six percent fed funds. Now I think they'll probably stop at five, five and a qu…”
Carney: Delayed Federal Reserve Rate Hikes Allowed Financial Sector Excesses
“And that meant that You know, they lost six to nine months probably of tightening, ah, time that could have been spent initiating a more gradual tightening, squeezing out some of the excess which built up, you know, in these late stages of a cycle, you get the…”
Carney: US Clean Energy Investment Will Overtake Europe Within Years
“They have the U S in the, in this space of the time, since we last spoke has gone from well behind Europe, the UK, amongst the major industrialized countries in addressing climate change to putting in place, you know, the measures now driving with the investme…”
Carney: The European Banking System Is in Better Shape Than the US
“I don't think I've ever been in a position in my career where I've been able to say the European banking system is in better shape than in most other countries. And certainly the U S in this case but that is the case, so their financial system is is, is solid.”
Carney: Crypto and DeFi face pullback, but resilient apps will establish bottom
“The extent to which you're at the furthest end of the spectrum in terms of risk tends to have a larger effect on the value, at least in temporary terms for those risk assets. You could crypto various DeFi applications in that camp. They've had a very large run…”
Carney: Tech investors in 2022 face a boom before an inevitable bust
“Well, actually, I think the first thing to say, Harry, is you are seeing a boom right now. You just haven't seen the bust yet.”
Carney: NFT and metaverse ownership innovations will ultimately endure
“A series of other elements that are being developed around NFTs and the fractionalization of ownership or different forms of ownership in the metaverse. These are new elements of finance or new elements of the economy, bridges and payment made possible by thes…”
Carney: Many cryptocurrencies and crypto assets will not survive
“Look, I think that there's a wide form of, as you know, and those listening will know, there's a wide range of cryptocurrencies, crypto assets. Many of them will not survive.”
Carney: Bitcoin acts as an amplifier of market risk, not a hedge
“What we've seen to some extent with Bitcoin, and it's too short a time series to be definitive about this, is that in some respects been an amplifier of overall risk appetite, certainly over the course of the last”
Carney: Scaling crypto payment systems will inevitably face central bank oversight
“When a payment system gets to scale, it's in everybody's interest that that system is operationally resilient, that it's well grounded, and that it's as efficient as possible. And in all of those respects, it becomes more and more difficult at large scale for …”
Carney: Successful cryptocurrencies must eventually integrate with central monetary systems
“And my view at least is that the value of the crypto asset, the cryptocurrency that links over time, there's a Laffer curve, the more successful it is, Ultimately, the more it will need to be brought into the core of the system, perhaps linked with a stable co…”
Carney: Crypto and DeFi face a pullback, but resilient applications will survive
“To some extent, it's been indiscriminate, and there can, you know, there's likely to be a pullback. Now, let me not say, unless anyone thinks that, that a pullback means an end, because I think I've tried to stress that there's real value being created There i…”
Carney: Central bank digital currencies will operate at the wholesale level
“Well, one of the things I expect to happen is that there will be central bank digital currencies. That they will be at the wholesale level. So they will serve many of the wholesale applications of some of the stable coins and others.”