Don't Get Fooled Again - Mark Carney: Trudeau 2.0

“Meet the new boss, same as the old boss, don't get fooled again." —How Carney’s Vision Risks Leading Canada into Economic Decline.

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Mark Carney, the former governor of the Bank of Canada and the Bank of England is often heralded as a departure from Justin Trudeau. Where Trudeau is derided for his lack of education and real-world experience, Carney’s polished résumé—Harvard and Oxford degrees, Goldman Sachs pedigree, and central banking roles—creates the illusion of competence and expertise.

However, Carney is not a diversion from Trudeau’s radical interventionism but its most dangerous evolution. As The Who aptly sang, “Meet the new boss, same as the old boss, don’t get fooled again,”

Carney represents a more devious and better-packaged version of Trudeau, Freeland and Steven Guilbeault—Canada’s “champagne socialist” visionaries.

His ideas are the radical dreams of the World Economic Forum (WEF) elite, flowing out of Davos, Switzerland's champagne bowls and caviar platters, cloaked in the language of sustainability, the hubris of “we know better than the markets industrial policy,” and progress.

But he is nothing more than Justin Trudeau and Steven Guilbeault on steroids.

We can’t get fooled again.

Argentina is a cautionary tale of what happens when a nation embraces a century of interventionism and “good intentions” over market realities. Once as wealthy as Canada, Argentina descended into economic chaos through government overreach, reckless industrial policy, and endless market tinkering.

Carney is the anti-Milei; only the arrogance of a WEF elitist, a man who doesn’t pump his gas (he only uses a limo), can look at the troubled case of Argentina and tell us that we should surge forward and score more own goals of similar inventionist government policy.

“I’m smarter than all of them; look at me, trust me,” Carney says.

We can’t get fooled again

Today, Argentina’s new president, Javier Milei, is successfully working to reverse those mistakes with bold, market-driven reforms.

Yet Carney’s vision for Canada mirrors the path that destroyed Argentina—relentless intervention, government control, and an elitist belief that bureaucrats and politicians know better than markets.

What has happened to Canada? In short, people like Trudeau and Carney have looked at the success of the markets, where common people’s desires and needs move them and said, “No, no, no, we know better. We will direct everything, you peasants.”

Been there. Done that. Didn’t work. Why would we want more with Carney?

We can’t get fooled again.

Far from solving Canada’s challenges, Carney’s ideas risk repeating the failed policies that turned Argentina from prosperity to stagnation. As The Who warned in their timeless anthem, “We won’t get fooled again.”

Unless Canada recognizes the dangers of Carney’s agenda, history may repeat itself.

Recognizing Carney’s elitist image as a stumbling block, public relations experts have worked hard to “common man” his persona. From awkwardly playing street hockey to donning hockey jerseys, Carney is now being packaged as a relatable Canadian everyman.

But the act is unconvincing and hollow.

In truth, Carney is not only more extreme in his environmental ideology than even Canada’s Minister of Environment, Steven Guilbeault, but he is also far more articulate and polished in presenting these dangerous ideas.

We can’t get fooled again.

Guilbeault’s plans may be radical, but Carney’s proposals—controlling the banking sector to enforce compliance with his environmental agenda—are unprecedented in scope and would profoundly damage Canada’s economy.

Carney’s vision isn’t about environmental stewardship; it’s about imposing a technocratic stranglehold on private enterprise. This, while knowing that Canada produces only 1.4% of the world’s CO2 emissions—a figure too small to justify the catastrophic impact of his policies on the energy sector.

Carney’s Vision: Noble Intentions, Faulty Execution

At the core of Mark Carney’s philosophy is a desire to transition Canada to a green, equitable economy that prioritizes sustainability and inclusivity over pure profit.

In his book Value(s), Carney critiques capitalism’s focus on short-term profits and proposes that businesses adopt broader societal goals, including compliance with aggressive environmental targets.

To achieve this, Carney has advocated for using the banking system to enforce his vision. Carney would turn banks into instruments of his ideology by conditioning capital access and loans to companies that meet stringent environmental standards.

This heavy-handed approach reveals a dangerous misunderstanding of Canada’s global role and market dynamics.

We can’t get fooled again:

1. Canada’s Minimal Global Impact on CO2 Emissions: Carney’s extreme environmental policies, such as his relentless attacks on the energy sector, would devastate Alberta’s economy and hurt national prosperity despite Canada contributing just 1.4% of global CO2 emissions. Economist Bjorn Lomborg has repeatedly pointed out that aggressive measures like Carney’s have “virtually no measurable impact” on global climate while inflicting immense economic harm.

2. Faith in Centralized Control: Carney’s proposal to control banking to enforce compliance with environmental policies is a direct attack on market freedoms. As economist Friedrich Hayek warned, “The more the state plans, the more difficult planning becomes for the individual.” Carney assumes governments and regulators are better equipped than markets to allocate resources, a belief that has failed repeatedly throughout history.

3. Harmful to the Energy Sector: Carney’s vision is effectively Trudeau 2.0—a continuation of the Liberal government’s sustained assault on Canada’s energy sector. Under Trudeau, pipeline cancellations, carbon taxes, and regulatory overreach have crippled the industry, costing jobs and investment. Carney’s policies would push these attacks further, leaving Canada more dependent on foreign oil imports while alienating Western provinces.

We can’t get fooled again.

The Myth of Credentials

Carney’s supporters point to his Harvard and Oxford education and global banking experience as proof of his competence. But history is littered with examples of well-schooled individuals whose hubris, divorced from the realities of markets, led to disaster.

• Robert McNamara: An Ivy League-educated “whiz kid” and former Ford executive, McNamara’s data-driven approach to the Vietnam War led to catastrophic decisions. His obsession with metrics blinded him to the complexities of war, resulting in unnecessary loss of life and strategic failure.

• Nicolas Maduro: Venezuela's president is a textbook example of credentialed leadership gone wrong. Despite his political pedigree, Maduro’s interventionist policies have plunged the country into hyperinflation and mass poverty. His belief in centralized control and government intervention mirrors the same misguided faith Carney places in industrial policy.

• Christine Lagarde: A highly educated former IMF chief and now president of the European Central Bank, Lagarde is emblematic of global technocratic elites. While her policies often appear sophisticated, they have contributed to the economic stagnation of the Eurozone, as countries struggle under top-down regulations that stifle innovation and growth.

Nobel laureate Friedrich Hayek warned, “The more the state plans, the more difficult planning becomes for the individual.”

Education and experience may create the illusion of competence, but they do not guarantee success. Conversely, a lack of formal credentials does not preclude greatness.

Javier Milei, Argentina's libertarian president, is transforming his country with bold, market-oriented reforms. Despite being derided as an outsider and an “extremist,” Milei’s embrace of free markets is the antidote to the disastrous interventionism that ruined Argentina’s economy.

We can’t get fooled again.

Carney vs. Milei: The Vision Divide

Mark Carney and Javier Milei could not be more different. While Milei believes in unleashing market forces to drive growth and innovation, Carney believes in government control and central planning.

1. Faith in Markets vs. Government:

• Milei has dismantled Argentina’s bloated government and is moving to dollarize the economy to curb inflation. He echoes Hayek’s principle: “The great aim of the struggle for liberty has been to equalize the chances of freedom.” Milei’s reforms prioritize individual freedom and market efficiency.

• Carney, in contrast, promotes industrial policy, believing governments can “correct” market failures through intervention. This misplaced faith in the state assumes bureaucrats can outperform the decentralized wisdom of millions of market participants.

2. Clear Vision vs. Vague Promises:

• Milei’s agenda is clear: shrink government, cut spending, and empower the private sector. His focus is on results, not rhetoric.

• Carney, by contrast, offers vague platitudes about “values-based capitalism” and “just transitions.” His ideas lack specifics, leaving questions about how they will be implemented and who will bear the costs.

3. Accountability vs. Hubris:

• Milei is transparent in rejecting failed economic models and openly challenges the establishment. He acknowledges the limits of government and respects the autonomy of individuals.

• Carney, conversely, embodies the elitist arrogance of the World Economic Forum (WEF) and the Laurentian elite. His faith in his expertise blinds him to the failures of central planning. He is Trudeau without the quirks—a polished elitist who believes he knows better than the market.

We can’t get fooled again

Conclusion: A Dangerous Vision

Mark Carney embodies the polished radicalism of the WEF elite. His interventionist philosophy, cloaked in rhetoric about “values-based capitalism,” is a calculated attempt to impose top-down control over markets and individuals.

Far from being a solution to Trudeau’s failures, Carney represents their radicalization—a more extreme, more articulate, and more dangerous extension of Trudeau’s ideology.

His vision flows not from grassroots needs or market realities but from the insulated world of global elites sipping champagne in Davos.

As The Who warned in their anthem, “We won’t get fooled again.” Canada deserves leadership grounded in liberty and market-driven progress, not another figurehead for failed interventionism.

We can’t get fooled again.