FERNANDO: Carney's Ideas Have Already Failed

Mark Carney’s Ideas Have Already Failed. Why Would We Give Him Another Chance?

By Spencer Fernando, Exclusive to the National Citizens Coalition

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Mark Carney is attempting to run as an outsider.

To say this is a brazen move would be an understatement.

In September of 2024, Prime Minister Justin Trudeau appointed Carney as the Chair of the 'Leader’s Task Force on Economic Growth,' a sign that Carney and Trudeau were of one mind when it came to Canadian economic policy.

Carney was also Justin Trudeau’s choice for Finance Minister, until their scheme blew up in spectacular fashion when then-Finance Minister and Deputy Prime Minister Chrystia Freeland resigned.

The fact that Trudeau wanted Carney as Finance Minister again indicates that they are of one mind when it comes to economic policy.

That alone would be enough to make Carney’s claim of ‘outsider’ status absurd.

But there’s more.

Yesterday, it was announced that the Net-Zero Asset Managers (NZAM) initiative is “suspending operations.”

NZAM was launched by Mark Carney to bring together financial institutions to finance climate initiatives. In recent weeks and months, NZAM has been hemorrhaging members, with bank after bank pulling out. Following the departure of BlackRock, the initiative appears to be coming to an end.

This is another way in which Carney aligns with Justin Trudeau: an embrace of an anti-development ideology that has caused significant economic and social damage in the Western world.

It’s difficult to overstate how much of a failure these policies have been.

Carney and Trudeau embraced a set of policies – including the carbon tax – that have dissuaded investment in the energy sector, driven up the cost of energy and thus driven up the cost of living, redirected energy investment to authoritarian states like Russia and Venezuela, raised the cost of manufacturing in free nations thus benefitting Communist China, and shifted economic and production power away from the West and towards nations that are often deeply hostile.

Keep in mind, these anti-growth policies were put in place at a time when the Canadian government was rapidly increasing immigration.

Thus, unsustainable population increases were combined with policies that brought down our standard of living.

Unsurprisingly, this has resulted in a per-capita recession, and surging social tensions.

Carney and Trudeau were in lockstep on these profoundly damaging policies.

A vulnerable nation

Having established that Carney’s claim of ‘outsider’ status is ludicrous, let’s look at his next likely branding move.

With Canada facing the possibility of severe economic damage from U.S. tariffs, Carney will almost certainly attempt to brand himself as a steady and reasonable leader at a time of crisis.

Carney is indeed well-spoken, and some will view his time as Bank of Canada Governor and Bank of England Governor as an asset.

However, while seeming calm may be beneficial for a central bank governor, that alone says little about how someone would handle being a national leader, nor does it speak to whether someone embraces damaging ideas.

Thus, in Carney’s case, his work following his central bank stints speaks much more loudly about how Canada would fare under his leadership.

At this moment, Canadians find ourselves facing down a threat from the U.S. at a time when we are incredibly vulnerable.

And we are vulnerable precisely because of the ideas and actions of Justin Trudeau and Mark Carney.

Remember, it was Trudeau and Carney’s scheming that blew up the Liberal Party and led to the proroguing of Parliament – effectively leaving Canada without national leadership at a crucial moment.

It was Trudeau and Carney’s ‘net zero’ policies that resulted in our country failing to build pipelines that could have ended our whole-sale reliance on the U.S. and could have enabled us to sell energy across the globe.

The embrace of ‘net zero’ has cost Canada hundreds of billions of dollars in potential energy sector investment, investment that could have helped fund the rebuilding of the Canadian Armed Forces, strengthening our crumbling social programs, and lowering taxes for economically struggling Canadians.

If Carney and Trudeau’s policies led Canada to the terrible situation we find ourselves in today, why would we trust Carney now?

In effect, we’ve already seen what Carney as Prime Minister looks like:

It looks like the past decade under Justin Trudeau, a decade in which Canada has become less safe, less prosperous, less respected, and more vulnerable.

Carney thus represents an attempt to put a more genteel face on the same policies that have caused such damage to our country.

Why would we want to make that mistake?

Spencer Fernando is one of the most popular and prolific political voices in Canada. He is a writer and campaign fellow for the National Citizens Coalition. Join the mailing list to receive his exclusive weekly columns in your inbox.

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