Coyne Affair: The Unprecedented Public Spat Between the Bank of Canada Governor and the PM

Published on February 16, 2024

Commentary Former U.S. President Donald Trump said earlier this month that if he returns to the White House he won’t reappoint Federal Reserve Chair Jerome Powell. The two often sparred during Trump’s tenure as president, a rarity in U.S. politics. Back in the early 1960s, Canada too saw a very public dispute between the elected government and the appointed head of the Central Bank. It was dubbed the Coyne Affair and resulted in the resignation of the second governor of the Bank of Canada. History usually portrays John Diefenbaker, the populist Progressive Conservative prime minister, as the villain for playing politics with the economy, whilst James Coyne, governor of the Bank of Canada, is presented as a flawed hero who was wronged for speaking out boldly in the interest of Canadians and an independent central bank. A simple internet search will bear this out....

Continue reading on website
Other news

Jailed Kremlin Critic Alexei Navalny Dies in Arctic Prison

February 16, 2024
Russia’s most prominent political opposition leader and ardent critic of the Putin government, Alexei Navalny, collapsed and died on Friday, Feb. 16, in an Arctic penal colony where he was serving an extended jail term.Mr. Navalny, a 47-year-old former lawyer, was vocal about official corruption and staged massive anti-Kremlin protests. He has been incarcerated since January 2021 following his ret

State-Sponsored Study Finds New York’s $700 Million Film Credit Is Failing

February 16, 2024
A recent audit commissioned by New York’s Department of Taxation and Finance indicates the state’s $700 million-a-year tax credit for film and television productions is failing to give taxpayers a return on their investment.PFM Group Consulting was contracted to conduct an independent and comprehensive analysis of each of New York’s tax credits, deductions, and incentives, as required by state law