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Finance

Goodbye, Bank of Canada: A Rare Global Banking Star, Mark Carney Heads for Britain

OTTAWA—The man who made monetary policy sexy is about to leave town.

Eighteen months ahead of schedule, Bank of Canada Governor Mark Carney is exchanging his job in dreary old Ottawa for the top post at the Bank of England in the high-voltage capital of world finance.

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Ottawa weighing plans for bank failures

Buried deep in last month's federal budget is an ambiguously worded section that has roiled parts of the financial world but has so far been largely ignored by the mainstream media.

It boils down to this: Ottawa is contemplating the possibility of a Canadian bank failure — and the same sort of pitiless prescription that was just imposed in Cyprus.

Meaning no bailout by taxpayers, but rather a "bail-in" that would force the bank's creditors to absorb the staggering losses that such an event would inevitably entail.

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Top euro leader blows up at Harper at G20

LOS CABOS, Mexico -- Maybe it was the 35 C heat here on Mexico's Baja Peninsula. Maybe it was the pressure of the crisis he faces back home.

Whatever it was, when I asked European Commission president Jose Manuel Barroso here Monday why Canada should risk its financial good name to bail out European banks, Barroso blew a diplomatic gasket.

"We are extremely open and we are engaging our partners but we are certainly not coming here to receive lessons from nobody," he harrumphed. There was more.

"Frankly, we are not coming here to receive lessons in terms of democracy and in terms of how to run an economy because the European Union has a model that we may be very proud of," Barroso said.

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Neil Macdonald: The 'monarchs of money' and the war on savers

Quietly, without much public fuss or discussion, a new ruling class has risen in the richer nations.

These men and women are unelected and tend to shun the publicity hogged by the politicians with whom they co-exist.

They are the world's central bankers. Every six weeks or so, they gather in Basel, Switzerland, for secret discussions and, to an extent at least, they act in concert.

The decisions that emerge from those meetings affect the entire world. And yet the broad public has a dim understanding, if any, of the job they do.

In fact, these individuals now wield at least as much influence over the lives of ordinary citizens as prime ministers and presidents.

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