Prime Minister of Canada Mark Carney Part 2
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00:00Prime Minister of Canada The Mark Carney
00:04His Political Career and Achievements
00:07Everything about the and Prime Minister of Canada Mark Carney, his life, and everything about him.
00:12Part 2
00:14Before the 2016 Brexit referendum, Carney warned that leaving the European Union could cause a recession.
00:21After the resignation of Prime Minister David Cameron, he made another public announcement shortly after the result supporting a departure.
00:28He announced that the financial system would operate normally to assuage public concerns.
00:33Afterwards, the bank cut interest rates in half from 0.5% to 0.25% and restarted quantitative easing.
00:42At the start of the Covid-19 pandemic in the United Kingdom, as Carney was set to leave the governorship in March 2020,
00:49the bank cut interest rates by 0.5% to protect against the pandemic's expected economic shocks.
00:57In 2020, Carney served as one of many informal advisers to Canadian Prime Minister Justin Trudeau,
01:04advising him on the government's Covid-19 economic response.
01:08Carney reportedly advised Trudeau on Canada's response to the Covid-19 pandemic,
01:13with Trudeau looking to Carney to help Canada get out of its recession.
01:17Due to this, Carney was speculated to potentially become Minister of Finance,
01:22and later, Canadian Prime Minister If Trudeau resigned.
01:26In October 2020, Carney was vice chairman at Brookfield Asset Management BAM,
01:31where he led the firm's environmental, social and governance ESG and impact fund investment strategy.
01:37In February 2021, Carney retracted an earlier claim that the US$600 billion Brookfield Asset Management portfolio was carbon neutral.
01:47He had based his claim on the fact that Brookfield has a large renewable energy portfolio and all the avoided emissions that come with that.
01:54The claim was criticized as accounting tricks, because avoided emissions do not counteract the emissions from investments in coal and other fossil fuels responsible for Brookfield's carbon footprint of about 5,200 metric tons of carbon dioxide.
02:08In January 2020, UK Prime Minister Boris Johnson appointed Carney to the position of finance advisor for the UK presidency of the COP26 United Nations Climate Change Conference in Glasgow.
02:22At that time, the conference was scheduled for November 2020, but it was later postponed to November 2021.
02:29In 2021, Carney spoke at the Liberal Party Policy Convention, declaring his support of the party, but stopping short of pledging to run under its banner.
02:39Later that year, he ruled himself out as a candidate in the then-speculated 2021 Canadian federal election, owing to his COP26 commitments.
02:49Carney endorsed Catherine McKenney's candidacy for mayor of Ottawa in the 2022 mayoral election.
02:55In October 2023, he endorsed the UK Labour Party's Shadow Chancellor Rachel Reeves to be the next Chancellor of the Exchequer in a video following Reeves' speech at the Labour Party conference that year.
03:08Following Labour's victory in the 2024 election, Carney was part of a task force which saw the creation of a British national wealth fund.
03:16On September 9, 2024, Carney was named by Justin Trudeau to chair the Liberal Party of Canada's Leaders Task Force on Economic Growth.
03:25His name was briefly mentioned upon the resignation of Chrystia Freeland as a possible candidate for finance minister in Trudeau's ministry.
03:33On January 16, 2025, Carney officially announced that he was running in the 2025 Liberal Party of Canada leadership election.
03:41Carney also announced that he stepped down from all executive, board and advisory positions that he was part of in order to focus on his leadership campaign.
03:50By February 9, his campaign had raised more than $1.9 million in donations from over 11,000 people and received endorsements from 66 Liberal caucus members.
04:01Carney won on the first ballot with over 85.9% of the vote, making him the leader of the Liberal Party.
04:08In 2020, Carney launched the Task Force on Scaling Voluntary Carbon Markets, an initiative to increase trading of voluntary carbon offsets with Bill Winters as Group Chief Executive.
04:20The TSVCM is sponsored by the Institute of International Finance.
04:24Task Force members include more than 40 leaders from six continents with backgrounds across the carbon market value chain,
04:31including representatives from the Bank of America, BlackRock, Bloomberg's New Energy Finance, BNP Par, IBAS, BP, Boeing, Goldman Sachs, Tata Steel, Total, IHS Market, and LSE.
04:48In a December 3, 2020, Financial Times article, Carney said that the voluntary global carbon offset market was an imperative to help reduce emissions.
04:58The Times article cited Carney saying London would likely host a new pilot market for voluntary carbon offsets that could be set up by December 2021.
05:08In September 2024, Carney became a Special Advisor and Chair of the Liberal Task Force on Economic Growth.
05:16Shortly after the appointment, it was revealed Brookfield Asset Management had solicited the federal government for CAD$10 billion in funds as part of a CAD$50 billion Canada-only asset fund.
05:28Carney did not need to follow standard ethical disclosures mandatory for prime ministerial advisers
05:34because he was employed by the Liberal Party rather than the prime minister's office.
05:39According to Carney, in 2012, Canadian Prime Minister Stephen Harper asked Carney, who was then governor of the Bank of Canada,
05:47if he would join the Conservative government as Minister of Finance.
05:51Carney declined, stating in a February 2025 interview with the CBC that he felt it wasn't appropriate for him to proceed with the offer
06:00because he felt it was not right to go directly from being governor into elective politics.
06:05Carney was approached by the Liberal Party to run for leader in their 2013 leadership election.
06:10He ultimately declined to do so.
06:13As he prepared to step down as governor of the Bank of England, Carney was appointed as United Nations Special Envoy for Climate Action and Finance in March 2020.
06:23In January 2020, UK Prime Minister Boris Johnson appointed Carney to the position of Finance Advisor for the UK Presidency of the COP26 United Nations Climate Change Conference in Glasgow.
06:37At that time, the conference was scheduled for November 2020, but it was later postponed to November 2021.
06:44In 2021, Carney spoke at the Liberal Party Policy Convention, declaring his support of the party, but stopping short of pledging to run under its banner.
06:54Later that year, he ruled himself out as a candidate in the then-speculated 2021 Canadian federal election, owing to his COP26 commitments.
07:04Carney endorsed Catherine McKenney's candidacy for mayor of Ottawa in the 2022 mayoral election.
07:11In October 2023, he endorsed the UK Labour Party's Shadow Chancellor Rachel Reeves, to be the next Chancellor of the Exchequer, in a video following Reeves' speech at the Labour Party conference that year.
07:24Following Labour's victory in the 2024 election, Carney was part of a task force which saw the creation of a British national wealth fund.
07:32On September 9, 2024, Carney was named by Justin Trudeau to chair the Liberal Party of Canada's Leaders' Task Force on Economic Growth.
07:41His name was briefly mentioned upon the resignation of Chrystia Freeland as a possible candidate for finance minister in Trudeau's ministry.
07:48On January 16, 2025, Carney officially announced that he was running in the 2025 Liberal Party of Canada leadership election.
07:57Carney also announced that he stepped down from all executive, board and advisory positions that he was part of in order to focus on his leadership campaign.
08:05By February 9, his campaign had raised more than $1.9 million in donations from over 11,000 people, and received endorsements from 66 Liberal caucus members.
08:16Carney won on the first ballot with over 85.9% of the vote, making him the leader of the Liberal Party.
08:23His margin of victory surpassed Justin Trudeau's 2013 margin, winning all 343 electoral districts.
08:30On March 14, 2025, five days after winning the leadership election, Carney was sworn in as the 24th Prime Minister of Canada, along with the 30th Canadian Ministry.
08:40Upon taking the oath of office, he became the first Canadian Prime Minister born in any of its territories as opposed to provinces,
08:47and the third born west of Ontario after Joe Clark and Kim Campbell.
08:51He is the second Prime Minister to have earned a PhD.
08:54Additionally, he is the first to have never served in prior elected office,
08:58and the first since John Turner not to be sitting in the House of Commons at time of appointment.
09:03In his first act as Prime Minister, Carney signed a prime ministerial directive to end the consumer carbon tax by April 1,
09:10while ensuring that April's carbon rebate continues.
09:14The directive was affirmed by an order in council signed by Governor-General Mary Simon.
09:19Carney's first foreign visits were to France and the United Kingdom on March 17, to strengthen mutual security and sovereignty.
09:27During the latter visit, Carney met with King Charles III for the first time as Prime Minister.
09:33Carney was widely expected to call a federal parliamentary election for late April or early May 2025,
09:40ahead of the required election date in October.
09:43On March 22, the Liberal Party announced that Carney would contest the South Ottawa rioting of Nepean
09:49in the election ridings in Alberta had been floated, given his personal connection to the province, particularly Edmonton,
09:56as were safe Liberal seats in Toronto and Ottawa.
09:59On March 23, Carney visited Governor-General Mary Simon and asked to dissolve Parliament and call an election for April 28.
10:07Carney and the Liberal Party subsequently won the election, winning 169 seats and falling three seats short of a majority.
10:16Carney also won the Nepean riding, making him the first Prime Minister since John A. Macdonald in the 1880s to represent a riding in the Ottawa area.
10:25To open the 45th Canadian Parliament, Prime Minister Mark Carney invited Charles III to deliver the speech from the throne,
10:32an act described as a symbolic affirmation of Canada's sovereignty.
10:36Among the items outlined in the speech was the government's intention to join Rearm Europe,
10:41a European-led defence initiative. Carney has been described as moderate, centrist and technocratic,
10:46and ideologically characterised as a member of the Blue Grits faction of the Liberal Party of Canada,
10:51being economically liberal, also known as fiscally conservative and socially liberal.
10:55Carney was noted for using Masters of Our Own House, in French, maître chez nous,
11:00a phrase associated with the Quiet Revolution.
11:03In 2011, Carney referred to the Occupy Wall Street protests as entirely constructive,
11:10citing frustrations being felt particularly in the United States over inequality and increasing CEO worker pay gaps.
11:17In December 2016, Carney warned of the societal risk of staggering wealth inequalities
11:23in a Roscoe lecture at Liverpool John Moores University.
11:27The proportion of the wealth held by the richest 1% of Americans increased from 25% in 1990 to 40% in 2012.
11:38Globally, the share of wealth held by the richest 1% in the world rose from one-third in 2000 to one-half in 2010.
11:46On August 23, 2019, Carney delivered a speech at the Federal Reserve Bank of Kansas City's 2019 Annual Jackson Hole Economic Symposium,
11:56entitled, The Growing Challenges for Monetary Policy in the Current International Monetary and Financial System.
12:03Carney said that the widespread use of the US dollar, the dominant currency pricing, in trade invoicing,
12:10in place of the currency of either the producer or the importer, has had a destabilizing effect on the global economy.
12:17About 50% of international trade relies on the US dollar as the currency of choice.
12:23This represents five times greater than the US's share in world goods imports and three times its share in world exports.
12:31Dominant currency pricing is not problematic when there is synchronized growth globally, Carney said.
12:38When the tide is rising in America while receding elsewhere, the system needs to be revamped.
12:44Carney cited an article by Marcus Brunemeyer, Harold James, and Jean-Pierre Landau on the potential role of digital currency area, DCA, in redefining the international monetary system.
12:56Speaking just hours after US President Donald Trump posted a tweet blaming Federal Reserve Chairman Jerome Powell's policies for creating fears of an economic recession
13:06and threatening China with more retaliatory tariffs, Carney urged central banks to collaborate in replacing the US dollar as reserve currency.
13:14He cautioned against choosing another new hegemonic reserve currency, like the renminbi, and suggested instead, a new synthetic hegemonic currency SHC, such as Libra, which could potentially be provided through a network of central bank digital currencies that would decrease the US dollar's domineering influence on trade worldwide.
13:34I stop at this point today.
13:38Until next time, stay curious, stay informed, and keep exploring the world's incredible stories.
13:44Soon we will publish part 3.
13:50Starting with you through reporting.
13:52I'll see you next time.
13:54And now.
13:56I'll see you soon.
13:58Time for the new page.
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