A Big Bank Sent Traders A Christmas Poem About The Bank of Canada’s Inaction

No, you didn’t accidentally eat the wrong brownie from the freezer. One of Canada’s biggest banks actually sent traders a Christmas poem about the Bank of Canada (BoC) governor’s management. It turns out it’s actually a tradition at the National Bank of Canada (NBC), who really should be teaching a Masterclass on throwing shade. They’ve been publishing them for the past seven years, which I think means they can start shredding the oldest one. 

This year’s Christmas poem is a parody of Good King Wenceslas, called Good Guv’nor Macklem. You definitely know the poem, even if you don’t know it by name. Here’s the scene from Love Actually where Hugh Grant does an impromptu reading, for those who need a refresher

The poem isn’t overly critical of Good Guv’nor Macklem but doesn’t portray him as a man of the public. It starts with ignoring the issues they’re meant to prioritize, such as inflation and input costs. Then celebrates the gains stocks made due to “printing” and ignoring that the market sees rates this low as irresponsible. Circumstances that are a tragedy for the working and middle class, but great for the rich.  

Don’t be surprised if you hear a lot of new Porsches and yachts are named Tiffany next year. 

Full poem and the accompanying artwork below.

Good Guv’nor Macklem

A poem inspired by the holiday classic, Good King Wenceslas.

By Warren Lovely, Managing Director at National Bank of Canada, and Chief Rates and Public Sector Strategist.

Good Guv’nor Macklem looked out
On the holiday season
With inflation up and up
And job gains uneven
Brightly shone most stocks that night
Though input costs were cruel
When the PM came in sight
Gathering votes to rule

Hither, trader, stand with me,
If thou knowst it, telling
Yonder fellow, who is he?
Where and what his dealings?
Guv, he works across the way,
Beyond eternal fountain
Underneath the clock that bay
By the steps for mountin’

Bring me bonds and bring me stocks
Bring me credit hither
We shall see supporters flock
As assets get dearer
Governing Council, forth they went
Forth they went together
Lifting rates a lesser extent
Than the current bettor

Guv, the outlook’s brighter now
Animal spirits stronger
Cheers my heart, that you allow
Risk be bid for longer.
Mark my forecast, good traders
Make your markets boldly
Thou shall find rate policy
Chills assets less coldly.

In the Guv’nors steps we trod
Front-end rates be dinted
Asset gains proved very broad
Wherever they be printed
Therefore, investor, be sure
Job or home possessing
Ye, who hikes a measured pace
Lends markets a blessing.



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  • Heather 2 years ago

    An elderly friend has been encouraging me to buy stock in National Bank. This poem is pretty well pushing me over the edge to do so. But Daddy raised me not to trust bankers. I guess that includes BofC too? Sigh. What to do, what to do.

    • D 2 years ago

      Canada’s banking system is the most likely to collapse at of all G20 countries.

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