Mark Carney Elected Canada’s New Prime Minister, Stocks Rise 5%

Mark Carney, a former central banker with extensive financial experience, has been elected as Canada’s new Prime Minister. Carney won in a landslide vote on March 9 to replace Justin Trudeau, who held the position for over seven years. Carney brings an unusual background to the role, having never held elected office before. Born in Fort Smith, Northwest Territories, and raised in Edmonton, Alberta, Carney grew up in a family of teachers and played ice hockey as a goalie in his youth. His education took him abroad, earning an economics degree from Harvard University and both a master’s degree and doctorate in economics from Oxford University.

Carney’s professional career began at Goldman Sachs, where he spent 13 years working across their offices in London, Tokyo, New York, and Toronto. In 2008, he became governor of the Bank of Canada, a position that coincided with the Great Recession, giving him valuable crisis management experience. His work at Canada’s central bank earned him international recognition, leading to his appointment as governor of the Bank of England in 2013. This appointment was historic, as Carney became the first non-British person to hold this position in the Bank of England’s history.

Carney has been outspoken about Bitcoin and cryptocurrencies. In 2018, while serving as governor of the Bank of England, he criticized Bitcoin’s fixed supply, stating that recreating a virtual global gold standard would be a criminal act of monetary amnesia. He claimed Bitcoin had serious deficiencies and questioned its stability. Despite these criticisms, Carney has connections to the fintech world, serving as a board member at payments processor Stripe from February 2021 to January 2025. During his time at Stripe, the company implemented various crypto payment solutions, which appears somewhat at odds with his previous criticisms.

In his March 9 victory speech, Carney addressed international economic concerns, specifically calling out US President Donald Trump for attacking Canadian families through tariffs. He confirmed that Canada has rightly retaliated with its own tariffs, which will remain in place until the Americans show respect. Carney took a strong stance on Canadian sovereignty, declaring that Canada will never be part of America in any way, shape, or form. This statement directly countered Trump’s reported aspiration to make Canada the 51st US state.

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