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Last active January 4, 2016 07:29
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Mark Carney on Bitcoin
Paxo:
I wonder when you look at these so called “Cryptocurrencies”,
like Bitcoin and the like, do you ever think that the life
expectency of somebody in your position — the life expectency
of national bank governers is distinctly limited?
Mark Carney:
Urr you know I don't, actually. For this reason:
(and Certainly it's interesting what's happening in this regard)
The experience of what I would call free banking - the experience
in the 19th Century in the US and Canada where banks themselves
could issue their own notes. Was that you had much higher rates
of failure because almost inevitably, but not in every case, you
had the incentive to issue more notes in order keep things going
is there. Whether those notes are electronic and physical there
is a need to have an independent entity — this is what we've
learnt over centuries — with a clear remit like a 2% inflation
target as the Bank of England does. That is accountable to people
and part of that accountability is urr... meeting you.
Jezza:
Do you have any bitcoins yourself?
Carney:
I do not
Jez:
Would you like to have some?
Carney:
I can't invest any money so urr... investing my children, Jeremy.
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