Mark Carney’s fake ads luring people into fraudulent investment schemes
Mark Carney was nicknamed “Carney the Catastrophist” for scaremongering with WRONG Bank of England’s Brexit Doom Forecasts using a broken crystall ball, resulting in Public Distrust in institution and that he has Zero Credibility left.
The scandal revealed his surprising ignorance in finance and economy, which is supposedly his specialty expertise.
Bank of England’s Brexit Forecasts (2016-2017)
Mark Carney and the Bank of England (BoE) faced intense scrutiny after their pre- and post-Brexit economic forecasts proved overly pessimistic in the short term. The backlash damaged the BoE’s credibility, with critics accusing Carney of “Project Fear” tactics:-
1. The BoE’s Key Brexit Predictions (2016)
Before the June 2016 referendum, the BoE warned that a Leave vote could cause:
- Immediate recession (GDP contraction in late 2016/early 2017).
- Sharp rise in unemployment (projected to hit 5.5%–6.5%).
- Sterling crash (estimated 15–20% fall).
- Inflation spike (due to weaker pound).
After the Brexit vote, the BoE took emergency measures:
- Cut interest rates to 0.25% (August 2016).
- Launched £70bn in QE (quantitative easing).
- Warned of further risks if no smooth EU transition occurred.
2. What Actually Happened?
A. Short-Term Outcomes (2016-2017)
- No immediate recession – UK GDP grew by 1.8% in 2016 (vs. BoE’s contraction forecast).
- Unemployment fell (to 4.3% by 2017, not the predicted 6%).
- Sterling did crash (~15% vs. USD, as predicted).
- Inflation rose (peaked at 3.1% in 2017, due to weaker pound).
B. Long-Term Effects (2018-2020)
- Business investment stagnated (growth slowed vs. pre-2016 trends).
- Productivity growth remained weak.
- Brexit uncertainty dragged on until the 2020 trade deal.
3. The Backlash: “BoE Cried Wolf”
A. Political & Media Fury
- Pro-Brexit MPs (Boris Johnson, Jacob Rees-Mogg) accused Carney of “scaremongering.”
- The Sun & Daily Mail mocked the BoE with headlines like:
- “Bank of England’s Brexit doom forecasts were WRONG!”
- “Carney’s crystal ball was broken!”
- Economists like Patrick Minford (pro-Brexit) claimed the BoE had “no credibility left.”
B. Public Distrust in Institutions
- Leave voters saw the BoE as part of an “elitist fear campaign.”
- Polls showed a sharp decline in trust in economic forecasts post-Brexit.
4. Lasting Impact on the BoE’s Reputation
- Short-term: Seen as too alarmist, damaging trust.
- Long-term: Many predictions (e.g., investment slowdown) proved accurate.
- Legacy: A cautionary tale on how political forecasts can backfire.
Verdict: Wrong on recession/unemployment (too pessimistic short-term).
Key Lesson: Economic forecasting in politically charged referendums is a minefield, which Carney didn’t appear he know as demonstrated in the scandal.
Public Reaction & Critique of the Bank of England’s Brexit Forecasts (2016-2017)
The Bank of England’s pre- and post-Brexit economic warnings sparked a fierce national debate, sharply dividing public opinion between those who saw the forecasts as prudent risk assessments and critics who dismissed them as “Project Fear” propaganda.
1. The Backlash: “BoE Cried Wolf!”
A. Pro-Brexit Politicians & Media Fury
- Boris Johnson (then Foreign Secretary):
- Mocked the BoE’s “apocalyptic” warnings, claiming they were designed to scare voters.
- Later argued the lack of immediate recession proved Carney wrong.
- Jacob Rees-Mogg:
- Called the forecasts “hysterical nonsense” and accused the BoE of political bias.
- Demanded Carney resign for “undermining Brexit optimism.”
- Pro-Brexit Press:
- The Sun: “Bank of Gloom’s dire Brexit predictions were TOTAL NONSENSE!”
- Daily Mail: “Carney’s Doom-Mongering Backfires as UK Economy Grows!”
B. Public Distrust in Economic Institutions
- Leave voters widely dismissed the BoE’s warnings as “elitist fear tactics.”
- Polls showed a collapse in trust:
- Only 18% of Brexit supporters believed the BoE’s forecasts post-vote (vs. 52% of Remainers).
- Social media exploded with memes like “Carney the Catastrophist.”
2. The “Boy Who Cried Wolf” Effect
A. Short-Term Forecasts Flopped
- Recession never came in 2016-17 (GDP grew 1.8% in 2016).
- Unemployment fell (to 4.3%, not the predicted 6%).
B. But Long-Term Risks Materialized
- Sterling crashed (-15%, as predicted).
- Inflation spiked (3.1% in 2017 due to import costs).
- Business investment flatlined for years.
C. Public Perception Split
- Brexit supporters: “See? The experts were wrong!”
- Remainers: “The damage is real—just slower than forecast.”
4. Lasting Impact on Economic Trust
- BoE’s credibility took a hit—especially among working-class Leavers.
- Future warnings (e.g., COVID-19 risks) were met with more skepticism.
- Carney’s reputation was permanently polarizing in UK politics.
Conclusion: A Forecast That Backfired?
The BoE’s Brexit warnings weren’t entirely wrong, but their short-term inaccuracy fueled distrust in institutions. The scandal revealed a dangerous gap between economic expertise and public perception—one that still shapes UK politics today.
Truly Scandalous.
Related Scandals:-
- Mark Carney kickstarted Housing Affordability Crisis by slashing Interest Rate to the Lowest possible at 0.25%, fueling rampant real estate speculation along with irresponsible QE and failure to implement alternative Policies to mitigate the problem
- Mark Carney’s Scandals: The Silentus Scandal (2022-2023)… “Elite Privilege & Revolving Door Hypocrisy cashing in regulatory connections raised ethical concerns”
- Mark Carney’s Scandals: Climate Activism and Political Overreach (2019-2020)… “Unelected Woke Banker dictating energy policy aka Green Jihad by another Woke Central Banking Elite disconnected from cost-of-living”
- Mark Carney’s Scandals: UN Climate Role and Private Sector Ties (2020-Present)… “Davos Elite Scammer lying through his teeth on Net-Zero Greenwashing and collecting Double-Dipping Compensation without Zero Accountability”
- Mark Carney’s Scandals: Global Citizen Tax Evasion (2021)… “Elite Tax Evasion by creepy Oligarch abusing the ‘Non-Dom’ tax status — Monkey See, Monkey Do”
- Mark Carney’s Scandals: Negative Interest Rates Controversy (2020)… “Voodoo Economist proposed to Steal Savings, punish Prudent Britons, damaged public trust in central bank policies”
- Mark Carney’s Scandals: Biased Brexit Fearmongering by Failed Second-Tier Canadian Politician (2016)… “The Boy Who Cried Wolf peddling phony elite conspiracy, overstepped his role and meddling with British politics
Mark Carney’s Scandals: Biased Brexit Fearmongering by Failed Second-Tier Canadian Politician (2016)… “The Boy Who Cried Wolf peddling phony elite conspiracy, overstepped his role and meddling with British politics”
Whaddaya Say?