United States, Patrice, IMF discussed on a16z - a16z Podcast: Centers of Power, War, and History


The us in a great exercise of leadership created the international order that's accounted for the seven decades without great power war this is very anomalous the big part of the reason why there than happen was the us helped create than international will based system economic order political order security order that order included the world bank that gives development loans for patrice right at route and importantly the imf the international monetary system that basically provides for financial markets so if you didn't have any institutions and we will have put you had before which towards the chaos that had previously a both not only are allowed financial crises like the depression to become worldwide great depression but when the your set this up we set it up with the wolves but there's one country that has a veto that's us we've set up the system and we don't generally we don't usually take advantage of it but occasionally we do for the chinese said we're bigger were stronger we think we should have more shares of basically in both the imf and the world bank you'll get shares of voting was one hundred votes and we should we allocate the votes a little bit so take a few votes away from you and give him no us demonstration was action prepare to try to find a way to accommodate really could have done the obama administration but we said no though we're not doing it the chinese who has set of our own system so now for for developing loans the chinese development banks that if you take the group together including a b have four times the capital of the world lake.

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