May 27, 2014

Who is Mark Carney to talk about inequality and about undermining the basic social contract of fairness?

In fastFT we read: Inequality is “demonstratively” growing and risks undermining the basic social contract of fairness, warns Mark Carney the governor of the Bank of England. 

Who is he to warn about this? As a chairman of the Financial Stability Board, Mark Carney has for years approved risk-weighted capital requirements for banks, which discriminate against bank lending to “the risky”, those already discriminated against, precisely because they are perceived as “risky”, and favors bank lending to the “absolutely safe”, those already favored, precisely because they are perceived as “absolutely safe”.