He is mad about the single most normal fact in North American economics. Peter Ratcliffe, a retired Canadian who was in the replies, pointed out that since 1976, the U.S. dollar has floated anywhere from 1.06 Canadian dollars to 0.67 Canadian dollars. It has gone up, it has gone down, it has gone up again. It did that under Reagan, Clinton, both Bushes, Obama, and Trump the first time. Nobody in Ottawa sets it. The Bank of Canada does not peg the loonie to anything. It floats. It has floated for more than fifty years. It moves on oil prices, interest rates, capital flows, and the extent to which the rest of the planet trusts your economy.
But what he’s REALLY mad about is that we simply don’t GAF, and Carney has literally stopped taking his phone calls because, as someone in Carney’s orbit told me recently, “Mark thinks he’s very unwell and will wait until Epstein or the midterms take him out.”