GROK on Mark Carney, part 3
Carney is former Chairman of the globalist Financial Stability Board (FSB). His views on the world’s largest national central banks and the guidance provided to them by the FSB is revealing.
QUESTION 3️⃣ to GROK
What are Mark Carney’s views on Central Bank Digital Currencies (CBDC)?
GROK says.
Mark Carney’s views on Central Bank Digital Currencies (CBDCs) reflect his extensive experience as a central banker and his focus on financial innovation, stability, and inclusion. His perspective is shaped by his roles as Governor of the Bank of Canada (2008–2013), Governor of the Bank of England (2013–2020), and Chairman of the Financial Stability Board (2011–2018), as well as his advocacy for modernizing financial systems. Below is a detailed summary of his views on CBDCs, drawn from public statements, speeches, and analyses available up to April 2025.
Key Views on CBDCs
1. Support for Exploration and Innovation:
• Carney has consistently advocated for central banks to explore CBDCs as a response to technological advancements and evolving financial systems. In a 2018 speech at the Bank of England, he noted that digital currencies could enhance efficiency, reduce costs, and improve access to financial services, particularly for the unbanked.
• During his tenure at the Bank of England, he supported research into CBDCs, emphasizing their potential to complement existing payment systems. In a 2020 interview with Bloomberg, he stated, “The question isn’t whether central banks will issue digital currencies, but how and when.”
• He has highlighted the need for CBDCs to be interoperable with private sector innovations (e.g., stablecoins) to avoid fragmentation in payment systems, as noted in his 2019 Jackson Hole Symposium speech.
2. Enhancing Financial Inclusion and Efficiency:
• Carney sees CBDCs as a tool to improve financial inclusion, particularly in regions with underdeveloped banking infrastructure. In his book Values: Building a Better World for All (2021), he argues that CBDCs could provide secure, low-cost digital payment options, reducing - **Carney has emphasized that CBDCs could reduce transaction costs and streamline cross-border payments, which he views as critical for global trade and remittances, as discussed in his 2020 World Economic Forum panel on digital currencies.
• He has cited Canada’s relatively high financial inclusion rates but noted that a CBDC could still benefit rural and indigenous communities with limited access to traditional banking, as mentioned in a 2012 Bank of Canada report under his leadership.
3. Balancing Innovation with Stability:
• Carney has stressed the importance of designing CBDCs to maintain monetary and financial stability. In a 2019 speech, he warned that poorly designed CBDCs could lead to bank disintermediation (i.e., depositors moving funds from commercial banks to CBDC accounts), potentially destabilizing the banking system.
• He advocates for a hybrid model where CBDCs coexist with private bank deposits, ensuring banks remain viable while offering digital currency benefits. This was outlined in a Bank of England working paper (2020) under his leadership.
• He has also emphasized the need for robust cybersecurity to protect CBDCs from hacking or fraud, a concern he raised at a 2021 WEF panel.
4. Response to Private Cryptocurrencies:
• Carney has been critical of decentralized cryptocurrencies like Bitcoin, calling them speculative assets rather than viable currencies due to their volatility and lack of intrinsic value (e.g., 2018 Financial Times interview). He sees CBDCs as a central bank-controlled alternative that could counter the rise of private digital currencies.
• In a 2020 speech, he suggested that CBDCs could reduce the risks posed by stablecoins (e.g., Tether or Diem), which he viewed as potential threats to monetary sovereignty if not regulated properly.
5. Global Coordination and Competition:
• Carney has called for international coordination on CBDC development to ensure interoperability and prevent a “digital currency arms race.” In his role as Chairman of the Financial Stability Board, he emphasized the need for global standards, as noted in a 2019 FSB report.
• He has acknowledged China’s lead in CBDC development (e.g., the digital yuan) and urged Western central banks to accelerate their efforts to maintain competitiveness, as mentioned in a 2021 Reuters interview.
• He sees CBDCs as a way to strengthen national currencies in a digital era, particularly for smaller economies vulnerable to “dollarization” or dominance by foreign digital currencies.
6. Privacy and Surveillance Concerns:
• Carney has acknowledged public concerns about CBDCs enabling government surveillance, particularly in authoritarian regimes. In a 2020 BBC interview, he stressed that CBDC designs must balance privacy with regulatory compliance (e.g., anti-money laundering rules).
• He has suggested that anonymized, token-based CBDCs (similar to cash) could preserve some privacy for small transactions, while account-based CBDCs could be used for larger, traceable transactions, as discussed in a Bank of England discussion paper (2020).
Recent Context as Prime Minister (2025):
• Since becoming Prime Minister of Canada in March 2025, Carney has not made extensive public statements on CBDCs, likely due to the snap election campaign (April 28, 2025) and pressing issues like U.S. trade tariffs. However, his prior leadership at the Bank of Canada and his global finance roles suggest he would support continued exploration of a Canadian CBDC.
• The Bank of Canada, under Carney’s influence, initiated public consultations on a potential CBDC in 2023, focusing on design and public feedback. As Prime Minister, he may prioritize aligning Canada’s CBDC strategy with allies like the U.S. and UK, given his emphasis on global coordination.
• Posts on X reflect polarized views: some praise Carney’s CBDC advocacy as forward-thinking, while others, echoing conspiracy theories, claim he supports CBDCs to enable surveillance or control (e.g., posts citing his WEF ties). These claims lack evidence and oversimplify his nuanced stance.
Critical Analysis
• Pro-CBDC Stance: Carney’s views align with mainstream central banking thought, which sees CBDCs as inevitable in a digital economy. His focus on inclusion, efficiency, and stability reflects his pragmatic approach to monetary policy, honed during the 2008 financial crisis and Brexit.
• Skepticism and Criticism: Critics, particularly on platforms like X, argue Carney’s CBDC advocacy prioritizes globalist agendas over national sovereignty, citing his WEF and Bilderberg ties. They fear CBDCs could enable tracking or limit cash use, though Carney has addressed privacy concerns in his statements.
• Canadian Context: Canada’s advanced digital payment infrastructure (e.g., Interac) reduces the urgency for a CBDC compared to developing nations, but Carney’s global perspective suggests he sees strategic value in staying ahead of competitors like China.
Conclusion
Mark Carney supports the development of CBDCs as a means to modernize financial systems, enhance inclusion, and maintain monetary stability, while acknowledging risks like privacy concerns and bank disintermediation. He advocates for careful design, global coordination, and a hybrid model to balance innovation with stability. His views are informed by his central banking experience and global finance roles, though his WEF and Bilderberg affiliations fuel skepticism among some critics. As Prime Minister, his focus on CBDCs may take a backseat to immediate political priorities, but his past statements suggest he would champion Canada’s exploration of a digital currency.
If you’d like me to dig deeper into a specific aspect (e.g., his speeches, Canada’s CBDC plans, or public reactions), or if you want this formatted differently, let me know.
Oh, I so very sure Marx, er . . ., Mark would NEVER overstep the line and impose his ideology on his subjects! And even if he did, I am so very sure it would be for our own good!!!