In popular myth, King Cnut the Great, more commonly known as Canute, set his throne on the sea shore and commanded the tide to retreat. One version has it that Cnut’s display was a sign of regal arrogance — though if the event ever did occur, it was more likely a rebuke to obsequious courtiers.
Speaking of which, the financial media have been in thrall to a new king of finance since Mark Carney was elevated to the governorship of the Bank of England in July. His procession to office included previous high-ranking positions at Goldman Sachs, the Canadian Department of Finance and the Bank of Canada.
If you’re in the mood for a wry smile, visit the Bank of England’s website. Granted operational independence in 1997, the Bank’s key objectives, other than to print banknotes, are regulation of the financial system, financial stability and monetary policy. Not all the blame for the recent near-collapse of the UK banking sector can be laid at the feet of Threadneedle Street’s Old Lady, since responsibility for banking supervision was transferred to the ill-fated Financial Services Authority under New Labour.
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