Terence Corcoran: It’s time to stop believing central bankers can save the world economy

April 8, 2015 at 12:31 (Uncategorized)

Financial Post

This article appears in the April 2015 edition of Financial Post Magazine. Visit the iTunes store to download the iPad edition of this month’s issue.

Maybe it is Stephen Poloz’s good fortune to have arrived as Bank of Canada governor just in time to experience the unravelling of the global cult of central banking. Since at least the 2008 financial crisis, and perhaps even for a few decades before, central bankers have loomed over our economies as all-knowing and all-powerful oracles of wisdom. Just give them a little time and central bankers will deliver us from crisis and into growth and prosperity — or so they say.

It is still too early to unequivocally categorize Poloz, but there is some evidence he is less inclined to turn the BoC into an economic miracle worker. In the media and the market, he is simultaneously portrayed as a skillful downsizer of…

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