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Mark Carney became the new official leader of the Liberal Party yesterday, clinching over 85% of the leadership vote and positioning himself as Canada's next prime minister. The former Bank of Canada governor, a role he held from 2008 to 2013 before leading the Bank of England until 2020, now awaits Justin Trudeau's resignation, still unannounced despite Trudeau's promise of a smooth transition. We need to recognize that there's a tension between pure free market capitalism, which reinforces the primacy of the individual at the expense of the system, and social capital, which requires from individuals a broader sense.
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Once prime minister, Carney could call a snap election within weeks, leveraging recent Liberal polling bumps amid trade tensions with US President Donald Trump, who imposed 25% tariffs on Canadian goods earlier this month. A temporary delay on these tariffs applying only to goods under the US-Mexico-Canada agreement only affects 38% of exported goods, with tariffs still on major exports like oil, natural gas, steel, and aluminum. Historical precedent backs speculation of an early election.
Snap elections followed leadership changes in 1984 and 2006, both within three months. Carney's history of championing the green agenda, pushing carbon taxes as Bank of Canada governor and later advocating net-zero policies at the World Economic Forum, shows he's as much of a WEF puppet as Trudeau. Others note his past praise for China's financial systems, raising red flags for a public wary of centralized control.
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Trudeau, clinging to power since 2015, met with Carney this morning, though there has yet been no announcement from Trudeau about his resignation. Carney's weight stems from constitutional protocol. Trudeau sparked the leadership race by announcing his intent to resign, but until he formally steps down, the governor-general cannot appoint Carney as prime minister, leaving him sidelined despite his landslide win.
Carney's net worth, estimated at $6.97 million as per multiple independent sources, reflects his lucrative career, including 13 years at Goldman Sachs and high-profile roles at Brookfield Asset Management and Bloomberg LP. By contrast, Trudeau's wealth has ballooned since his 2015 election, then estimated at $40 million, almost all of it in real estate inherited from his father, Pierre Elliott Trudeau, sits at $96 million today, something of a curiosity considering his $357,000 annual salary as prime minister since 2015. So when Carney becomes prime minister, we'll have another wealthy globalist elite with no ability to understand ordinary Canadians who are struggling to pay for groceries running our country.
Don't expect anything to change.