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<oembed><version>1.0</version><provider_name>naked capitalism</provider_name><provider_url>https://www.nakedcapitalism.com</provider_url><author_name>Yves Smith</author_name><author_url>https://www.nakedcapitalism.com/author/yves-smith</author_url><title>Marshall Auerback: Bank of Canada Governor is Wrong on Too Big To Fail and Wrong on Canada&#x2019;s Banking System | naked capitalism</title><type>rich</type><width>600</width><height>338</height><html>&lt;blockquote class="wp-embedded-content" data-secret="23B4mBVGEw"&gt;&lt;a href="https://www.nakedcapitalism.com/2012/11/marshall-auerback-bank-of-canada-governor-is-wrong-on-too-big-to-fail-and-wrong-on-canadas-banking-system.html"&gt;Marshall Auerback: Bank of Canada Governor is Wrong on Too Big To Fail and Wrong on Canada&#x2019;s Banking System&lt;/a&gt;&lt;/blockquote&gt;&lt;iframe sandbox="allow-scripts" security="restricted" src="https://www.nakedcapitalism.com/2012/11/marshall-auerback-bank-of-canada-governor-is-wrong-on-too-big-to-fail-and-wrong-on-canadas-banking-system.html/embed#?secret=23B4mBVGEw" width="600" height="338" title="&#x201C;Marshall Auerback: Bank of Canada Governor is Wrong on Too Big To Fail and Wrong on Canada&#x2019;s Banking System&#x201D; &#x2014; naked capitalism" data-secret="23B4mBVGEw" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" class="wp-embedded-content"&gt;&lt;/iframe&gt;&lt;script type="text/javascript"&gt;
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</html><description>Yves here. It was very telling, and disappointing, to find out that the Governor of the Bank of England in waiting, Mark Carney, has been critical of the ideas of Andrew Haldane, the executive director of financial stability of the Bank. Haldane has the goods on major banks, and has come up with both colorful and insightful critiques as well as creative solutions. It now becomes clear why George Osborne made this surprising pick: Carney sees nothing wrong with large, universal banks, while the departing Governor, Mervyn King, Haldane, and the head of the soon-to-be-disbanded FSA, Adair Turner, were unified in their desire to cut the mega-banks down to size.  By Marshall Auerback, a portfolio strategist, fellow with the Economists for Peace and Security, and a research associate for the Levy Institute. Cross posted from New Economic Perspectives  As a Canadian, perhaps I should feel a surge of patriotic pride now that Mark Carney has been designated the new head of the Bank of England &#x2013; quite a step up for the current governor of the Bank of Canada. That said, his recent attack on the Bank of England&#x2019;s Andy Haldane in a Euromoney interview last month, does give one some cause for concern, particularly as it evinces the usual complacency that most Canadians seem to feel about the basic soundness of their own banking system, which essentially upholds the universal banking model as a viable one.</description><thumbnail_url>http://www.nakedcapitalism.com/wp-content/uploads/2012/11/boc.jpg</thumbnail_url></oembed>

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