17th April 2025 > > Carney's carnage.

tl;dr

The CCC has a very enjoyable time at the expense of one of the democracy-denying villains of our modern world.

Market Snap

Market Wrap

Goldman Sachs has issued a research report claiming that USD is still significantly overvalued:

If GS is right (which is a relatively common occurrence) then a devaluation of USD necessarily implies an increase in the price of all assets valued in USD, cryptos being one of them of course. Part of Trump’s motivation in his recent Tariff Wars was to lower the value of the dollar, an aim in which he has had some limited success. Once the Fed gives up on its pretence of independence, we will see a far greater sell-off.

Curious Cryptos’ meme corner – A speculator, not an investor

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Curious Cryptos’ Commentary – Mark Carney, unelected Prime Minister of Canada

Regular readers are very familiar with Carney’s extensively documented failings when he was lauded as a “rock star” central banker during his unfortunate (for us) tenure as the head of the Bank of England. Fortunate for him, to the tune of £400k a year, a full-fat tax-free pension, and the most generous of expense accounts. David Cameron, George Osbourne, et al, let everyone down on so many levels, but appointing Carney to a job with that much responsibility was one their joint greatest errors.2

Since becoming the unelected Prime Minister of Canada, to replace Justin Blackface Trudeau whose authoritarianism finally got the better of him, Carney has turned around the polling fortunes of his latest political vehicle, the Liberal Party. He will likely become the elected Prime Minister of Canada later this month, which at least has the benefit of ensuring he won’t darken the doors of the UK, for a while at least.

Until now, Canada has largely been a force for good for the crypto industry, making history with the launch of the world’s first ever spot BTC ETF in February 2021. This encouraged the EU to follow in August 2023, and legal judgements against the Gensler and the SEC finally forced the US’s hands on 10th January 2024. In Canada, this was followed by spot ETH ETFs, and then on April 16th this year, a spot SOL ETF, both global firsts cementing Canada’s previously hard-earned reputation as a country steeped in the principles of liberty and freedom, and both clearly sign pointing the direction of travel.

So, the question is, what does Carney think of cryptos?

The answer – to anyone who has the merest, fleeting knowledge of his past behaviour – is depressingly predictable.

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“The most likely future of money is a central bank stablecoin, known as a central bank digital currency or CBDC.”

Yep, that instrument of choice for dictators, liberty deniers, and privacy haters, the CBDC is also the instrument of choice for Carney. I don’t think there was ever any doubt on that point, but there you have it in black and white.

“It is simply untenable in democracies that the core of the monetary system could be based on forms of electronic private money whose creators control large blocks of the currency, like Bitcoin.”

This comment is patently ridiculous but does help to demonstrate the lack of his knowledge and understanding of distributed ledger technology which underpins (to a greater or lesser extent) all true cryptocurrencies.

Not content with flaunting his ignorance, Carney makes a grievous error:

“Cryptocurrencies are not the future of money.”

He cannot resist bringing up this very predictable, very tired old trope that has been comprehensively rebutted time and time again:

“Transactions are very slow and highly carbon intensive.”

The man is smart. He doesn’t just shoot his mouth off. For reasons known only to him, he is comfortable making provably false statements on the record.

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If you want to get really scared about his ambitions, then you should know that whilst at the Bank of England he was the lead in promoting a sterling CBDC, that he has spent some time recently co-chairing a working group on CBDC’s with Convicted Criminal Christine Lagarde, and launched an initiative with six other central banks in an attempt to co-ordinate a combined launch for this tool of oppression.

Blackface Trudeau’s downfall started with his illegal and immoral suppression of the Freedom Convoy, freezing truckers’ bank accounts, and threatening them with lengthy prison sentences. Carney couldn’t get enough of it:

“Those who are still helping to extend this occupation must be identified and punished to the full force of the law. Drawing the line means choking off the money that financed this occupation.”

To this day, Carner mistakenly remains a supporter of Trudeau’s actions at the time. Chillingly, he identifies CBDCs as a means to the same end, and believes this is a good and wholesome outcome:

“With fear on the march, people were willing to surrender to Hobbes’ ‘Leviathan’ such basic rights as the freedom to leave their homes. And so it is with money. People will support the delegation to independent central banks of the tough decisions that are necessary to maintain the value of money provided the authorities deliver monetary and financial stability.”

I told you. He is one scary mf.