35 Burst results for "Imf"
UN vital for peace and cooperation says Economic and Social Council head
"This is matt wells at un news. In a world facing famine major migration and conflict exacerbated by covid nineteen the un including its foundational body the economic and social council nanak is vital to promote global peace and cooperation. That's according to mugniyah cram pakistan's ambassador to the un who was elected ecosoc president in july. He said that urgent action needs to be taken out to meet the needs of developing countries. Otherwise we'll have a humanitarian disaster. On our hands he told you and uses lists graffiti but began the interview by explaining kazakhs overall role. The economic and social council is one of the three Principal organs are mentioned in the un charter. The general assembly the security council and the economic and social council. These are three made charter bodies and the concept of creating the economic and social council at the time of the birth of the united nations. Was that on the one side. The security council was conceived as an organ. Which would promote collective security and enforce peace in the world the economic and social council on the other hand was designed to promote peace through international economic cooperation. One of the framers of t. Un charter was the president of the united states. Mr roosevelt and his conception which voiced at the time was that economic instability was a disease and that if one country had it than others would be affected and that was the concept behind the creation of economic and social council to promote peace through international development cooperation so the charter says very clearly that the objective of the economic and social council is to promote better standards of living in larger freedoms. That is a quote from the un charter. And it's supposed to do that personally by addressing policy issues and secondly by promoting international cooperation and coordination among all international economic organizations that's the mandate and it's a mandate. Which is i believe. Just as important as the mandate of the un security comes. Can you share some examples. Cossacks work in new york that has had a global impact. Yes over the years. The economic and social council has been a place where the whole concept of development cooperation of helping developing countries to make progress and grow was conceived. So it was at the economic and social council that the first report which is called the pearson report on development cooperation was discussed and the whole idea of promoting economic and social development through mutual support between rich and poor countries was born here. Kazakh was the place where we conceive of what was then called the international development strategy. It is the place where the concept of official development assistance amounting to zero point. Seven percent of the gdp of developed countries to be provided to developing countries was born. It was an echo saw the concept of linking the creation of special drawing rights in the imf the quotas to link those quotas with development. Assistance these were all major ideas that were born india-kazakh and are now activist in major financial in international economic institutions. So it has been a central body for forward thinking and these are just some examples of what has been achieved in kazakh in the post.
Ireland to become the first European country to reimpose a national lockdown.
"What are the What are the headlines on the global scene mind on the Global Front Dave? Sorry air that the world has passed forty million cases. I. It's really a grim milestone with over a million deaths million one point, one, million deaths, and you're seeing the US fill top. The list you've been talking about surges in the United States with two way up to states way up about twenty six states still surging but on the global list. It's the US India Brazil Russia are topping the list, but you're seeing the European nations also with the majors with major surges. Ireland will be the first European Union country to return to an entire lockdown. The prime minister said, the nationwide stayed home orders affects schools are staying open, but only to workers can go. To work bars and restaurants are limited to take away or delivery take out I. everyone in the country's being asked to stay at home, and this is coming as you mentioned as in the United States, there's. the same issue, and this is all of it is coming when there's a triple hit, there's Kobe there's climate change. There's a severe global recession and they're all related. In large part to covid nineteen. Now, the IMF said this week that the world pandemic related recession will shrink the entire world economy by four point, five percent in two, thousand, twenty. So that's the worst since the Great Depression. So the combination of all of it and storms hitting. Hitting US states and hitting. International, areas they can't afford. It makes Corona Virus response much much more difficult. So in the United, States, eight million more people have have slipped into poverty and We saw that the food banks are are now in need in the United States so that the feeding America Food Bank organization said eight billion not million billion meals will be short. On I in the coming year and and that jobless claims are obviously up. So that is is much worse on a global scale two, hundred, seventy, million people don't know where their next meal is coming from. So it's It's it's it is the perfect storm.
Where Does Bitcoin Fit in the Global Reserve Currency Game?
"This is going to shake out how disruption manifest in real life is really hard to predict. But at this point, we do at least know what appear to be different paths that this thing could take if some sort of cryptographic. DIGITAL MONEY OUR future. So Andreas I'd like to throw this one to you to start us off. You've got privately issued. You know literally anybody can do it crypto currencies. You've got so-called corporal coins like the Libra, you've got national digital currencies like we see coming out of China, and then you've got things like bitcoin. So like what are kind of the attributes of these different things? What are the strengths and the weaknesses of each approach or perhaps I'll ask it a different way. What could actually work and what do we know won't Well I'd like to just take a brief that back and say you know even though the US has abused his position, the dollar, and even though there are a lot of contenders for the kind of multipronged geopolitical power structure that doesn't mean the US dollar is anywhere near losing his position as reserve currency in it may lose some of his control but the problem is that there is no good alternative in traditional currencies, not the not the. Ruble the politics. There are two fraud together. One likely contender is not a crypto currency or digital currency at all but is some form of synthetic currency built and managed by the International Monetary Fund's so some kind of SDR based synthetic basket currency that is constructed, which may or may not have a blockchain is kind of unnecessary. It would be a centralized currency that emerges to replace the dollar. But again, you know the IMF isn't an independent organization. Ezer and the problem is there's a vacuum right now in terms of something to replace the US dollar and so we might end up with a brief period where in fact, there are a number of competing monetary and payment systems because it's not just the reserve currency social, the payment system, the US dollar as reserve currency goes hand in hand with swift as the international wire transfer settlements and payment system and control of both gives the US. Enormous geopolitical power now, Europe and China have tried to build alternative versions of swift. So they can bypass controls. The US imposes unilaterally a great example of that would be the embargo on Iran, which Europe, and many other countries under the previous agreements have essentially allowed Iran to sell oil, and yet the US continues to maintain an embargo on his backed out of its treaty obligations. So in that particular case, there's a need for an alternative payment system. The payment system going hand in hand with the reserve currency actually gives us a hint as to the importance of blockchain's in this base, and because of blockchain is simultaneously a payment system and currency and the consensus rules govern both. Now, whether a nation states could make a central digital currency CDC, it's called whether corporates currency could survive or whether it would be some former crypto currency that emerges to fill that vacuum I mean that's a really loaded question and I don't think any of us can answer right now I think what's going to happen is we're going to simply end up in a world where there's a lot more fragmentation. Will Continue to work for some things. The you on and Euro will work. For other things. We'll be libra other corporate currencies that will be central bank digital currencies like digital yuan or digital euro. They'll be her tow currencies and we're going to enter a period of massive fragmentation where things are going to be complicated, and there's going to be more limited liquidity more complications in trade and more exchanges happening across all of these different forms. At. The beginning of this episode, we talked very briefly about how one of the sort of use cases of global reserve currency is to store value in some form other than the one that your government has control over, and we've seen this sort of throughout history with different episodes of heavy inflation hyperinflation in some cases where the money that people think they've saved and have simply goes down in value and can buy less effectively at the end of it that I think is really important part of this conversation and I have increasingly been thinking that. Lacking an alternative lacking a system that actually has neutrality Bilton as a base level assumption you're looking around for what's the best option of all of these bad options right because again, like using the US government's money as your reserve currency when you're in Zimbabwe will, that's much better than using Zimbabwe's hyper inflating currency. But on the other hand, the US is integrate situation either it's essentially the cleanest dirty shirt one of the things that I've really been curious about. With regards to the Central Bank digital currencies. As you said, so called CBD's is whether or not these could behave like a truly neutral system or whether we're just talking about taking the existing very slanted system, which is in favor of whichever country has sort of, as it's called the exorbitant privilege of being able to just essentially right blank checks that you don't have any money to backup, which then people use as their own form of savings in their local country. Whether that changes the equation here whether having something like Bitcoin that although it's neutral and available for use by everyone can't be influenced as we used to say a lot more, you can't hold a gun to the head of math, right? Like there's some protection that's built into that neutrality and I just wonder if that's something that we could ever see or that any government would ever allow to happen in a nationally issued central
Stimulus checks: Trump says no stimulus package ‘until after the election’
"Cancelling negotiations after meeting with Republican senators as saying there won't be a deal until after the election. He then Seemed to reverse course as somewhat and told lawmakers on Twitter to send him a package so he could send out a stimulus checks. The House Speaker Nancy Pelosi, agreeing with President Trump's original statement, saying, Yeah, there will be a deal after the election, but She says that President Trump will lose the election and that's why there will be a stimulus package. Fed Reserve chair Jerome Powell warning on Tuesday that a tentative recovery from the pandemic could falter unless the government supplies additional stimulus. That view also of well, that's the view also of the International Monetary Fund, the IMF managing director Kristalina Georgieva, telling CNBC. There is a huge disconnect right now between what the market is saying and the reality of the economy.
Boris Johnson wants to 'Build Back Greener'
"Know at the top of the show we heard how British Prime Minister Boris Johnson promised to build back greener, and it's have you that the International Monetary Fund subscribes to ahead of the annual meeting in Washington. This month the IMF told its member governments. They can create millions of jobs and boost recovery prospects if they use higher public investment to respond to the severe economic challenge posed by Corona virus well, actually brought he's a climate and energy reporter at Bloomberg News joins me now to discuss this. Actually what is a green recovery and why do economists think it's the right way out of the current recession. Typically economists are looking to be able to create jobs in times of recession, and it happens in two phases. After an immediate shock economists inject a lot of money into the system to be able to allow for rescue. So a lot of people will become conservative of won't go out and spend money or they may lose their job and may not be able to make the rent next month or the mortgage next month. and. So you need to do the rescue. I what comes after that is once the economy starts to get out of the bottom and needs to go up. That's recovery comes in and what economists find is that for about every million dollars that a public money that is spent you can create between two and ten jobs. In the infrastructure space and that is why IMF has come out with the statement. This week saying that if government spend a lot of money on infrastructure than they are going to create a lot of jobs and a lot of jobs good for the economy Chris here is that they wanted to be green infrastructure because we want a lot of green infrastructure going forward. Are Any countries actually doing this. They are what happened early on is that we had to wait to get a signal from these countries to understand whether they've moved on from the rescue as into recovery. When the earliest countries to do it was Germany Germany put out a one hundred, thirty billion euro package that was all tied to green infrastructure. So renewable electricity, clean hydrogen subsidies for electric vehicles, EV charging networks and this has been then followed up by the EU which has put five hundred billion euros. Now, we're going to expect that as you talked about Boris Johnson that will expect some of that money coming through in the UK as well, and if Joe Biden President, he has a promised that he will push for green recovery in the US. What. Then would agree in recovery look like. So in in. Principle the thing that has changed from the last financial crisis is that this time around alternatives to fossil fuels are actually cheaper and governments will used the money that they have in hand to be able to spend that money into projects like renewable energy. But also things that we've probably not spend money on for a long time but we. Should be so that would be either repairing roads and bridges are really retrofitting homes with more energy. Efficient windows are ceilings so that you can reduce your energy bills, these old sound set of boring things, but they are really important to be able to cut emissions, but also bring in lots and lots of jobs, and that's exactly what we need right now Just cookie on Boris's bars Johnson's plan. How realistic is that? It's it's very realistic. So one of the things that has changed you know the big promise he has made is about building lots and lots of off-shore wind turbines. Offshore Wind was considered extremely expensive probably ten years ago and it's It's prices have come down and it's costs down really rapidly partially because we've been subsidizing subsidizing here in the UK. But also generally across Europe the deployment of these technologies and what we. Know again from economists, is that new technologies follow something called a learning curve for every doubling off the amount of the technology deployed out in the field you get a certain reduction in cost, and so the foster deploy it, the foster costs fall and what bars Johnson has recognized is offshore wind is now ready for the big time
IMF chief says world economy faces long ascent from Covid crisis
"The calamity caused about the pandemic is far from over and has urged governments not to withdraw support for their economies to quickly. Butters Andrew Walker reports. The head of the IMF Kristalina Gogi ever also expect some positive developments. In his speech, the IMF managing director said that the agency's new forecasts to be released next week will show a small favorable revision. That the economic damage caused by the pandemic has been slightly less than previously feared. But, she says that reflects extraordinary policy measures. We should not be reversed prematurely. If they are what she called the long ascent could become a precipitous fall. The World Trade Organization also report signs of a bounce back, which means the slump is likely to be less severe than it previously thought. Of the opposition in Kyrgyzstan
Has Scott Morrison spent too much?
"Me. If you've already heard me mention this but one of my favorite quotes during the covid crosses a pdf the guardian. This is the British lift wing newspaper. Now, this was the heart of the coronavirus crisis. It would have been light much quote just as there are no atheists on a sinking ship, there are no free marketeers during a pandemic. Now, the author of that apt quote Jonathan Freedland, he was referring to the audio logical revolution within the British conservative. Party. Now, according to Freedland Boris Johnson's his have defied four decades of thatcherism small-state free-market, thinking I to spend staggering amounts of money and then subsidizing the wages of workers. Could the same thing be said about Australia's Liberal Party they're the party of Howard and Costello now embraces big-spending high deficit government interventionism. And is a permanent state of affairs poor kilis editor at large of the Australian US pipe and Judas Brit is emeritus professor of politics at Latrobe University poll judy welcome back to the show. Hristo Paul, you've written to calms about this subject in the past week, summarize your faces. Will Martha is that all parties and all governments have to respond to the times in which they find themselves on display in Australia. Now we face an extraordinary economic crisis and the response reveals the nature of Scott Morrison, his prime minister and the Mars and government. So Morrison, not responding as Liberal Party progressive or is it Liberal Party conservative? He doesn't see himself in those terms his responses pragmatic selects able and practical. He's not inhibited by former policy and audio logical icons of the Liberal Party. Say What we say is the government has abandoned the long-term syllabus aspirations. It's A. Big Spending government it's a government government intervention focused on Keynesian demand management. It does however on the Liberal Party tradition of tax cuts will see next week. So it's prepared to regulate or deregulate according to the situation according to what's required. So to sum up say that Morrison wants to be defined by results and outcomes not philosophical principle. Okay. You mentioned the tax cuts leaving that aside traditional liberal governments are about balancing the books Paul, how much an as do you think aries in the Liberal Party about in the parliament and outside about these handouts to preserve jobs and livelihoods? Are. I. Don't think there's much on these at all OPTIMA and Tom. and. A couple of reasons for this if there is to be on, he's He's will come through the down the track, but essentially what's happening here is to govern is following the Orthodoxy or what you might call the new Orthodoxy in terms of meeting the financial and economic crisis. So roller response is sort of radical. It's also conventional. The official family is working together very closely. The Treasury the Reserve Bank, what the government is doing is essentially supported by private-sector economists. It's in law and with Patrick amended by the VCD and the IMF not the cabinet is very nodded, the Prime Minister and the treasurer are working very closely together so far the results look good. I think the Overwhelming sentiment on the back benches. Support, the government strategy in the hope that this gives individual employees, the chance of actually being reelected and my will give the government the chance of being reelected. So the reinvention of Australian liberalism is on full display with this budget judith break you agree with Paul Kelly about the the audio logical significance of these changes but actually think the government had much choice in that sense I do think we can see something audio logical preferences in a couple of the policies poor mentioned the tax cuts they've chosen tax cuts over for example, committing to a permanent increase in new act now co Job Seca. They've also, for example, if we look at the way, they wanted to stimulate the housing market. They've gone for giving money to individual owners rather than, for example, embarking on a social housing project. So I think in some of the means, we can still see some of the ideological preferences of the Patty. One of the things I've wondered when I've been watching the events unfold. If Labor had won the last election was in government with the Liberals have supported the same levels of spending or would they have if you like stayed in the sort of ideological bunker bean and attacked the blow out of the deficit? I mean, it's a hypothetical. In some ways I think we've been very lucky that it's been the liberals and the coalition in government because they can sense being able to Ghana much more support. I, think than I have been able to do for the same levels of spending but isn't cameras response to the COVID crosses more consistent with other Western governments during the pandemic Judy. Yes that's what I think. I had much option but the question is if the coalition of being opposition, would they have supported a Labor government going? You've written a lot about this have many many decades about when orthodoxies or overturned. It's usually bipartisan is that you'll since if the coalition cypher argument's sake wherein opposition I would have gone along with this big spending interventionism. Look are essentially agree with what Judy's said about this I think in a sense we're. Fortunate, if you liked that the coalition's in government because it's taken all the big spending decisions. and. Lay has been prepared to go along with back. In fact, it's argued that there should be even more spending. So in that sense, we've had a broad degree of thought-out ship within the economic framework. It is hot the typical of course to tron speculate about what would have happened if alive had been in office doing this but I do think that the coalition in opposition would have been tempted to make caught a lot of criticisms and to suggest that the spending had gone too far. There's a big difference for party thing in government managing across and being an opposition. Cape with this theme of a political realignment among center right parties around the Western world. If you think about Donald Trump in two thousand sixteen, he tapped into widespread anxieties. America's rust belt. What can class constituencies? Boris Johnson showed last December, he resonated with traditional British Library voters in the Midlands and northern England. Judy. Do you think that Morrison in a wise doing the same thing here in Australia? Now, I think they're very different sorts of crises. I mean the pandemic is an external. Crisis, it's not being caused by politics in any way it's not back nationalism versus globalism or any of those things, and so I don't agree with that. I agree with what Paul was saying earlier that Morrison's shown himself to be pragmatic and quick footed in this and I think we're lucky for that. But I I don't think that this lines up with bricks and with trump's appeal to the rest spilled poor Kelly. Well I think conservatism is changing if you look at. America Britain Australia and there's not a dopey getting very significant changes into servitude. Thought. Different changes argued very strongly that there are very substantial differences between Donald Trump and Scott Morrison. I think people who argue that. Morrison is a pilot version of DONALD TRUMP MAUREEN DOWD in the New York Times by the way, but go on. I think. I think turned him mentally misunderstand the situation I. Think the change in conservatism is very dramatic in the United States. If you'd like because we've got the transition from Ronald, Reagan who a generation ago was the great conservative champion, and now we have Donald Trump, who if you lock is a populist conservative? And that transformation is simply enormous install ending content I mean trump violates all the virtues of conservatism in terms of restraint prudence disciplined respect. Regard for the political system, he thrives on division. So he likes all the traditional conservative norms, and then when looks at his policies. Well he's sabotage the global trading system. He's an arch protectionist. He's engaged in this trade war with China he's appraised dictators and suspicious about. So I guess one of the Fundamental Christians here is the extent to which trump is an aberration. And the extent to which post trump American concert is we'll have to try and create a new position cognisant of the damage that trump has done to the traditional Republican Party
A broken system, a broken city: Beirut
"In Beirut yesterday countless people began the painful work of fixing homes devastated by a massive explosion on Tuesday. One woman who'd mlk posted a video of her mother-in-law playing the piano as others swept up broken glass. The music is bittersweet, the city is reeling. The moment of the blast no one was quite sure what had happened there was a deep bass sound for seven or eight seconds there was a rumbling. and. We thought it was a localized explosion, maybe a gas main that had blown up across the street or a car bomb in the neighborhood. Greg Carlstrom is our Middle East correspondent. I A cafe. everyone, of course, left the cafe and started making their way home and it was only on the way back down towards the three Indian towards the ports that I started to realize the scale of the damage. There was, of course, broken glass everywhere carpeting, all of the streets all at the sidewalks pass through an intersection where there were several women sitting in the median holding cloth scraps of fabric bleeding from the head they'd obviously been hit by glass. And every building that you pass by not only the windows blown out but the aluminum window frames blown off. So. You realize that this was not a localized incident, but rather something that had affected the entire city center. The blast was felt as far away as Cyprus it registered as an earthquake in Jordan. It had come from the port of Beirut or something had set off an explosion of staggering size sending up a white mushroom cloud then a vast bloom of orange smoke. Yesterday the government placed a number of court officials under house arrest and again investigation. Declared a two weeks state of emergency. Residents are still coming to grips with the shock of the blast. Felt like it went inside us like a best our soul the way. I saw something bright and I lost my hearing for few seconds. An explosion just went out. The human toll of the explosion has been catastrophic the death toll officially more than one hundred so far, and that number continues to grow as rescue workers find victims who were buried in the rubble more than five thousand people injured by the blast and many of them had to go into a hospital system that was already stretched thin. We've had a spike in corona virus cases in Lebanon over the past few weeks, some hospitals themselves were damaged by the explosion hospital Saint George Hospital across the street from where I live. was so badly damaged that it had to halt operations and when I went by the hospital, you saw patients some of them still wearing their hospital gowns with intravenous lines in their arms bloodied from flying debris and shrapnel for nurses were killed. Fifteen patients on respirators died when the machines failed the other immediate impact is according to officials in Lebanon about three hundred thousand people were left homeless by the explosion. About five percent of the population of the entire country and what do we know so far about what caused the explosion? It seems to be the result of unbelievable negligence even on the scale of the perennially negligent Lebanese government back in two thousand thirteen customs officials in Lebanon confiscated the cargo of a Russian ownership that was traveling to Mozambique. The cargo was two, thousand, seven, hundred, fifty tons of ammonium nitrate, which is highly explosive chemical that is used mostly to make either fertilizers or explosives from mining and quarrying and other industrial uses. So this material was confiscated, it was put in a warehouse at the port and for six or seven years it just south there there was some talk of maybe exporting the stuff for giving it to the army to use but this required approval from the Lebanese judiciary that approval never came you've had officials at the ports and with insecurity agencies who warned this was tantamount to keeping a giant bomb on the doorstep of the country's capital. Those warnings went unheeded and of course, tragically on Tuesday it all exploded but I mean what kind of government would ignore warnings about tons and tons and tons of explosive material just sitting in a city centre the Lebanese government would it's almost par for the course for Lebanon's political class. This is the government that for more than a decade could not agree on a budget. This is the government that for almost thirty years allowed the same central banker to run the Central Bank Lubin, and to run effectively state-sanctioned Ponzi scheme to defend the currency peg it's a country that created a political and economic model that was totally unsustainable. Invested hardly at all in basic services even in good times, Lebanon can't provide twenty four hour electricity routinely struggles to pick up the trash piles up in the streets. It is a perennially negligent government and this is of course, a catastrophic example of that but it's of a piece with the behavior of this government over the past thirty years. So this is a population economy that was suffering quite a bit even before the blast it was the country has been slipping into a profound economic crisis since October the the currency. Lebanese. Pound which for decades has been pegged to the dollar. Began to break away from that since October? It's lost about eighty percent of its value on the black market which has contributed to runaway inflation in a country that imports almost everything from food and fuel to consumer goods. So, inflation running around eighty percent right now and for food around two hundred percent prices have become astronomical this summer we've had fuel shortages that have caused blackouts in Beirut normally three hours a day stretch as long as twenty hours a day this summer and the backup generators that people rely on to provide electricity when the state cannot those are either burning out from overuse or running out of fuel just one crisis after another point. which has led to widespread poverty in the country the the official figures the government thinks around half the country is now below the poverty line that could rise as high as seventy five percent. By the end of the year, there's been a spike in petty crime driven simply desperation. There was one man who was caught on TV robbing a pharmacy for diapers another man who robbed someone at knifepoint on the streets and a once busy part of town, and then came back to apologize for doing it and said, he he needed the money to his family. So it sounds a a years long problem has gotten really quite a lot worse very recently mean why hasn't the government been able to sort of keep things from getting so much worse? The current government was installed in January meant to be a technocratic government that would tackle this economic crisis and negotiate a rescue agreement with the IMF but. Six or seven months later it's made almost no progress. The negotiations with the IMF have really stalled at this point they've had about twenty rounds of talks. But is not even really negotiating with the IMF yet it's still negotiating with itself. You have the cabinet on one side. And the parliament on the other backed up by the banking sector. which are having this very arcane dispute about the scale of the losses in Lebanon's financial sector about how bankrupt the country is effectively. And so you have this surreal situation where instead of Lebanon negotiating with the IMF Lebanon is negotiating with Lebanon. The Fund has told Lebanon that talks are not going to advance unless there's an agreement on the size of the losses or if the cabinet pushes through a few meaningful reform of capital controls, law changes to the electricity sector things like that. Neither of these things have happened and there are increasing calls for the government to step down. Do you think that's the way forward I? Mean, what do you think should be done here to to bring Lebanon back to? A functional state though the problem is if this government steps down what replaces this government and a lot of the pressure on the government right now is is coming from the traditional powerbrokers in Lebanon the sectarian X. warlords who have divvied up power in this country for decades since the end of the civil war in one, thousand, nine, hundred, ninety, this power sharing agreement they have it was designed to keep the peace and prevent a return to conflict after the war. But it's been captured by the. Hands up power based on sect, which runs a massive patronage network The World Bank estimates that it costs the country about nine percent of its GDP each year but if it were to step down without broader changes to the country's political system in this power, sharing system would simply be replaced by the same cast of characters who have ruined the country over the past thirty years. But that power sharing system was was there to to keep the peace to prevent a return to civil war, and that was the argument for years for decades when people in Lebanon would complain about the corruption and. The negligence and the inefficiency of their government, the response would be well at least this is better than a return to the bad old days even before what happened on. Tuesday even before the explosion though that argument was beginning to lose its weights with a lot of people here you have a younger generation of Lebanese who don't have the same memory of course of the civil war that their parents or their grandparents had, and so as the country slipped further and further into crisis over the past year, people have been more willing to to break away from this system than they were before. And I think the argument that well, there could be violence if the power-sharing system was stripped away after what happened on Tuesday after half of Beirut was destroyed by the incompetence of this government I think that argument is not going to carry with a lot of people.
Chief economist: With outlook hazy, economy needs support
"Guest, the chief economist of the International Monetary Fund in the wake of this pandemic, the IMF says the global economic outlook is far worse than previously thought. And recovery will take a lot longer for those living in poor countries. That will mean greater income inequality. More debt and more poverty. Geeta Gopinath is the chief economist for the IMF, and she joins us Now. Welcome to the program. Thank you for having me on your show. And we also have NPR's gyms are Oli, who covers economics will also be asking questions. Good morning to you. Good morning, Geeta Gopinath. You predict a much deeper recession this year and slower recovery in the next. What caused you to revise your April estimates so drastically when two big reasons. One is, If you look at the duration of the Loch towns in the first half of this year, they have bean longer than we anticipated. And the intensity has been greater. And secondly, because we don't have a medical solution, yet we expect to see longer, more persistent social distancing into the second half of this year. You wrote this past week that 75% of countries are reopening. But in the absence of a medical solution, the strength of the recovery is highly uncertain. Did you not know that before, though, was there some belief early on that this was going to be Shorter, considering the fact that the illness was deemed to be serious and global and reach. I think what we certainly expected it was that they would not be a vaccine anytime in 2020 But on the other hand, there was an anticipation that as countries expanded, the healthcare facilities did enough testing. Tracing had enough protective equipment. Then there would be much better prepared to deal with this health crisis. I think as off now we can say that countries are still behind the curve here. Which is why we expect this to be a bumpy ride going forward. I'm going to press you a little bit on the debt that the poor nations they're taking on because we've seen in the past that it literally takes years upon years to get out from underneath that debt, and we really are in a place where there won't be many places to turn to for those poor countries to find help. It is going to be a serious concern for foreign nations who will come out of this crisis with higher levels off debt, and the solution for that will be a multilateral support in the form off. Death relief debt restructuring. Concessional financing concessional aid. I mean, I don't see any other way for these economies to be able to come back up to growth without support from the international community. China is a huge lender, especially to developing economies. How cooperative is China being right now in terms of rescheduling debt? China is a part of this G 20 initiated to provide debt relief on DH, So you know they are working with the international institutions to help in this respect. You know, I suspect much more will be needed and this is from all countries was just from China for the poor nations. Onda also for a much longer period of time than till the end of this year.
IMF slashes world growth outlook for 2020 and sees sluggish turnaround next year
"Prediction from the IMF CBS's Jason Brooks the IMF is cutting its twenty twenty global GDP forecast to minus four point nine percent nearly two percentage points lower than its prior forecast when the pandemic shut down the U. S. economy in March in the statement the agency says the pandemic has had a more negative impact on activity in the first half of twenty twenty than anticipated and the recovery is projected to be more gradual than previously forecast the IMF predicted U. S. GDP three negative eight percent and twenty twenty and then rebound on a four point five percent gain in twenty twenty one
IMF downgrades outlook for global economy in face of virus
"The IMF predicts a deepening coronavirus recession through the rest of this year the International Monetary Fund predicts that the global economy will fall four point nine percent well the U. S. will slide eight percent economists also predict rebounds provided there isn't a severe second wave of the corona virus pandemic the forecasters say the world economy could expand five point four percent next year well the U. S. could gave four point five percent to twenty twenty one that's not enough to recover to the level before the pandemic yet if there is another major outbreak early next year then the IMF estimates that the global economy will shrink another four point nine percent Tim McGuire Washington
IMF sharply lowers global growth estimates
"Summer the International Monetary Fund has just sharply lowered its forecast for global growth this year because in the visions far more severe economic damage from the pandemic than it did just two months ago the IMF now predicts that the global economy will shrink four point nine percent this year significantly worse than the three percent drop in estimated in April that would be the worst recession in terms of global impact since the Great Depression of the nineteen
IMF says decline in global growth worse than forecast
"It's only ten weeks since the Amish previous focus and it now says the economic hit in the first half of this year was harder than is expected that in turn is likely to increase what the report called economics commerce this firm supplies and people these jobs the article so expect the efficiency of firms that do survive to be undermined by steps they have to take to enhance workplace safety and
The European Commissions approach to blockchain
"Hello and welcome to inch blocks urine. Decadent podcast to blockchain ans- mark contracts. I'm will eat. Scuff your host for this week's podcast. We be discussing the European Commission approach to blockchain. And I'm very pleased to have Peters Zilkha this head of unit digitalization Blockchain Digital Single Market Directorate at the European Commission Peteris. You've got a lot of titles. Many thank you many. Thanks for joining us today. Could you please give us a brief introduction on yourself? I'm glad to I mean I'm a lawyer by background. I have the JD degree from University of Southern California before they had a political science degree. And though I've never really practiced their California state bar for almost thirty years now and since Two Thousand and five Florence. My Country Latvia joined the European Union. I've been ahead of unit in the European Commission and digital innovation. Blockchain is what I've been working on and you could say to US sometimes perhaps over used term but It's a little bit my passion. I've been interested in walk chain and tech since about two thousand and twelve so perhaps not at the very beginning but at least relatively early for the public service this is also why I'm The original co chair of the Fintech Task Force. I have my second Co-chair coming from the financial services side. And then I'm from digital single market and I mean in both these areas I'm working in legislation and policy in funding infrastructure and research and managing it as well as working with with stakeholders and international cooperation. So it's an interesting bunch of things to work on. I'm glad to be doing it well. As you sitting the key term as passion because you're effectively getting the job of three other men so very impressive So Peter is As it is customary here at Inter blocks. Could you please explain our listeners? What is blockchain? And how does it work? Well glad to try. This is one of these things. It's a little bit of a communications challenge and exercise. But I mean I would say that. It's simply a growing list of records of blocks In a ledger that are linked utilizing cryptography and generally managed by peer to peer network adhering to a protocol for communication between the nodes and then validation of the new blocks that perhaps gets already a little little technical some listeners. But I would say. It's a way of validating transactions and data in an immutable in permanent way. So that you can be sure that they haven't been tampered with and that you don't have double spending of a value and that you can transfer data along with that value. That's the way that we see it and I think it's also important because some people are I think most of all sometimes negative that they say Blockchain is something that's bad because let's say uses a lot of energy if they take the original crew for work and everything that doesn't do that is is not blockchain. I mean we take a very wide view. I mean distributed Ledger Technologies Hash graphs tangle on these types of blockchain inspire technologies is is blockchain for us. I mean we're not trying to freeze history in two thousand and nine. When the BITCOIN paper was Was published or at some other point. It's developing technology and I would say what is really important is the element of decentralization which is not black and white. It is a gradient going from something which may not exist of completely centralized to something which also may not exist of being completely decentralized but actually allowing a degree of decentralization That a single database or even some federated databases. Don't don't allow so. This is where I think it gets exciting and where it makes it possible for a diverse group of actors to work together while preserving their autonomy. Excellent really loved that. I'm element of your definition of. It's a gradient of decentralisation incidents that's a spot on now could you introduce to us all the different bodies within the European Commission you have the digital innovation in Boston you need. And other bodies within your commission that are here to research enable and further development of blockchain in the EEG perhaps give us an overview where we'll do some deep dive in in some of the sure. I mean starting with with my unit. We're kind of the policy leaders on blockchain as a technology. But we're not. We're not the programmers as I said. I'm a I'm a lawyer and a political. Scientists have other colleagues are engineers but were more economists lawyers people looking at digital policy and in my unit we have the e U Blockchain Observatory in Forum which is a think tank working for us that has a whole set of reports and videos and regular workshops which used to be physical in at least right. Now they're virtually cited We also have the European blockchain partnership that my unit runs. This is twenty nine. Different countries twenty-seven all twenty seven e. You member states and Norway and Liechtenstein. Who are building a European blockchain services infrastructure together. I mean actually building an infrastructure. This piloting this is not testing. We're putting public services on the blockchain justified. We had quite a filtering to see which cases were justified to utilize the blockchain. And this is also something you could call a regulatory sandbox because while the countries and us are working together we obviously have to look at European Union legislation. We have to look at national legislation. Most likely you don't find anything. We're blockchain is prohibited. But you certainly don't find many cases where it specifically allowed though. You're getting some legislation in France in multi in other countries. It's specifically see a root for blockchain Roxanne legally And then we also collaborate with the International Association of Trusted blockchain applications as stakeholders organization I myself I'm in the OECD Policy Expert Advisory Board on Blockchain so we collaborate with OCD with the United Nations and others and In Not Buzz. International position of trusted blockchain applications a global governmental advisory board but also in the OECD activities. In the other activities. We probably would participate in the spring meetings of the World Bank and International Monetary Fund. This year I spoke myself in the IMF Fintech roundtable last year. Also you have the collaboration in the Fintech Task Force as I said from our side digital single market I gave a basic description on the other side. You have the financial markets colleagues the call as coming from research in Salon with the financial markets colleagues. Were collaborating on the digital assets possible legislation we just closed the public consultation on digital assets. Hearing what the stakeholders with the community has to say and in another context of the Digital Services Act which is a updating of ECOMMERCE along with addressing the platforms. We are seeing how perhaps smart contract so we have to do something to ensure that there is not any fragmentation of different requirements smart contracts across the digital single market and the twenty-seven member states. Something that we want to want to avoid
Kara Swisher on Elon Musk: Hes not bluffing
"Gone up quite a bit and I think people would do it. I do I think of anybody I think a lot of people might not and sometimes he does block and sometimes he. Does you know sorta pontificate on twitter. But I think he has. He's he's done manufacturing facilities. Lots of places I think Texas OUGHTA welcoming you don't so I don't know why wouldn't was most Silicon Valley. Ceo's and tech CEOS talk about their relationship with their employees aloft. The relationship with employees is very very important and and the reason I mentioned that is if you're willing to effectively give up ten thousand people in California to go elsewhere also. I should also mention at least online. Their employees that appear to have leaked memos from the company suggesting that they've been bullied or threatened to either come to work or to lose unemployment insurance in the like that was happening at other big tech companies. There would be an uproar. Yes yeah I had a long history of this. And there's a lot of reporting on it and he pushed back really hard against it and and you know it's a really interesting question. He's he remember the last time this happened when they were building A. I think it was the three. That was the same thing. He was sleeping on the factory floor. They felt safety standards. Weren't in place. There was lots of leaks in just kept going and this is kind of his. He feels like he's on a mission whenever you talk to amid it feels like he's on a mission and he has to have this happen if you notice he was saying that other automakers got a break but only tesla was singled out He feels if this is critical. I know it sounds like that is not so I think he really does like a man on a mission so he is. Impatience is very clear in these tweets. I you know. Some of them are unfortunate some of the tweets and I don't know if he understands kind of the IMF the overall impact of what he might be setting off But I he's just going to go forward and it'll be able to the officials to respond Love to graduate. But it's not the these techniques are not are not the not just similar. They're not dissimilar techniques. Let me ask you a somewhat political question. It relates to trump. He now has the backing of trump in a very public way. And he's sort of on the trump side. If you will of the liberate America concepts but on the other end for many many years he would least privately and in some cases publicly. Derived trump and sell Tesla's enlarge part on the idea of of trying to end climate. Change in all of these things. So how do you? How do you square that up? He's a complex person to tell you. I don't think he's necessarily a trump supporter. That's not I've never heard that night. Gore's you know. He has been critical and he was on. That business council was he wanted to try to get as an impact on climate change. And so it's a complex situation. It doesn't mean that he's not. He's not using twitter to the same effect sort of rally his troops and he does have a lot of fans You know it's his technique of doing this. This is a you know high drama I dodge in the rents than he manages to. Somehow settle things Sometimes it turns out well. Sometimes it doesn't but this is a guy like he went up against the SEC. From what I can tell they didn't really you know they warned him and they said he can't do it again and then he did it again and so I you know. I don't know if he feels there's a lot of consequences for doing what he's doing and his aim is to build these. Tesla's An and you know he had a lot of criticism from the Alameda. County officials. What are they going to do? I mean I think the mistake is is getting into this kind of fight with him publicly. But I guess it wasn't working out privately scenes and then you have Gavin newsom in the middle of it which is really interesting. You know. Because he's been supportive of loss really important to keep manufacturing in California That eventually just like happened Amazon. You either saying we want this or we're GONNA put up with this or we're not gonNA pay for this and then you can go elsewhere
Back to the furore: protests set to reignite
"Switch on the news today. And chances are it'll be about one thing. Us Corona virus deaths. Almost these should but six or seven months ago something else was dominating global headlines and this show a wave of protests had erupted the cost the globe not least in the Middle East and Arab world. Not since I suppose the Arab spring of two thousand eleven half one seen so many apparently told NATO simultaneous protests in one place so once green now in Baghdad is carnival as the corona virus has spread many of these protests movements have necessarily and put on hold lately though in Lebanon. Not even a look down has been able to contain the public anger that has swelled. The country's economic crisis has gone from bad to worse. Those who took to the streets last October are protesting against their government once again for more than a month. The lockdown bought the Lebanese government clear. Streets there was a lot of concern here that the virus overwhelm the underfunded healthcare system in Lebanon and so people really did obey the government. Stay at home order for the latter part of March for much of April. Greg Carlstrom is our Middle East correspondent reporting from Beirut a gun to appoint over the past two weeks where the virus looks contains and where the economic situation has gotten so bad that people have begun to ignore the lockdown orders to go out and protest so particularly in Tripoli Northern Lebanon which is one of the poorest cities in the country. Thousands of people came out to protest some of these protests turned into riots people throwing firebombs into banks. Lebanese army using live ammunition to put down protests in Tripoli killed one protester a young twenty six year old man and wounded a number of others and the protests were seeing now are a continuation of the ones we saw last year they are the protests that started in October. Were really a rejection of the entire political class in Lebanon and the sectarian confessional system. It's been in place. Since the end of the civil war. In nineteen ninety but the trigger for the protests really was an economic crisis the banking sector looks illiquid if not entirely insolvent the currency is collapsing. People are seeing their life savings effectively. Cut In half over the past six months and all of this was happening even before the lockdown which is obviously dealt another severe blow to the economy so this situation now where food prices have gone up by an estimated forty percent since September. The government thinks inflation. This year will run about fifty percents. You hear reports from business federations that maybe a third of registered companies in Lebanon have gone under over the past six so the economic situation really has gotten very bleak and it's back into the streets and what is it that put Lebanon in this crisis in the first place. Lebanon has never had a very productive economy. It's been based on finance real estate tourism. Very large Service sector so. It's not a very wealthy country doesn't have very many well paying jobs but it's been able to keep the economy humming with this big influx of foreign capital much of which comes from the Lebanese diaspora. Which of course is larger than the Lebanese population inside of Lebanon? And what's happened over? The past few years is all of this. Stop working at once the real estate sector. There's a bubble that looks overbuilt and overpriced. The financial sector is slowing down deposits. After a year of steady growth deposits banks have begun to decline the central banks of resorted to running a pyramid scheme to defend the currency where it was borrowing dollars from commercial banks at very above market interest rates and no longer has enough dollars to do that and so all of a sudden everything has collapsed. Lebanese pound which has been pegged to the dollar at fifteen hundred since the nineteen nineties now trading at about four thousand on the dollar on the black market the government in March defaulted on its debts. Lebanese public debt is more than one hundred fifty percent of GDP and it's simply become unsustainable and the pandemic and the reaction to the pandemic has only exacerbated all of that it has and we don't know quite how bad the economic situation is yet because of course everything has been closed but a you hear sort of anecdotal stories of businesses. That are not going to reopen once. The lockdown lifted particularly things like restaurants bars cafes which are a big source of jobs in this country but between the lockdown off their business and the collapsing currency. They no longer have a sustainable business. There are stories of hardship that circulate on social media. Every day there was a video of a pregnant woman assume was her husband's Eating out of a dumpster the story of migrant workers who have really been hit hard by this crisis because they haven't been paid in months and some cases trying to cross the border into Israel. Which of course is closed and military is so it's become a very difficult situation. Lebanon has gone to the mouth to ask for a bailout. Of course it will be many other countries asking the IMF for help right now but securing one is going to require a very serious effort at which is something that successive Lebanese governments for decades have not want to do but late last year. We weren't just talking about protests in Lebanon there were demonstrations breaking out over the world particularly in the Middle East and the Arab world. Do you think it's the same story as in Lebanon? This kind of unrest will return to other countries in the region just as soon as the worst of the pandemic has passed. I think it is Lebanon is perhaps going I because the economic situation has gotten so bad here but you go back six months and Iraqis were in the streets protesting against the corrupt and ineffective government. Algerians were protesting all year in two thousand and nine thousand nine. I to overthrow their longtime dictator then to protest against the army-backed government. That succeeded him. All of that of course was suspended because of the lockdowns. Everyone has been at home but The grievances that drove them into the streets in the first place which again are largely economic. Those grievances remain there Iraq on Jerry or both should be quite wealthy countries. They have large oil and gas resources and yet that money has been squandered and stolen over the decades and that is what is driving people into the streets in protest and again in both of those countries situation looks to be getting worse because oil prices are as low as they. Are you look at Iraq? And there are estimates that the government will have a forty billion dollar shortfall this year from what it budgeted versus where oil prices are now. It's not at all clear who's going to step in to lend that kind of money to Iraq and so there to the economy is going to get worse and I think give it a few weeks or a couple of months and likely that people be back out on the streets there as well break. Thank you very much for joining us. Thank you
In push for normalcy, industries, nations test the waters
"The head of the International Monetary Fund says the corona virus pandemic is having a devastating impact on the global economy IMF managing director Kristallnacht Georgia says it's the worst crisis since the Great Depression but the thesis more than that because it is a combination of the health crises and an economic shock in an interview with Britain's independent television news the IMF chief says it's a real puzzle normally in a crisis we will boost spending could now we are telling people don't go up don't spend your jabber tells I. T. N. governments must support health systems and plan for recovery while helping businesses and households to sustain through the next couple of months in other words massive fiscal injection I'm Ben Thomas
In push for normalcy, industries, nations test the waters
"Hi IMF Mike Rossi managing a reporting director crystalline president trump's nominee Georgia to head says national it's the intelligence worst crisis faces since questions the Great at Depression a Senate confirmation but the thesis hearing more than the Senate that intelligence committee because held a confirmation it hearing is Tuesday a combination for president of the Donald health trump's crises nominee for and national an intelligence economic shock director in an Republican interview with representative Britain's independent John Ratcliffe television of Texas news the sought IMF to assure chief the says panel it's a real he would puzzle not be normally unduly influenced in a crisis by the president's we will my loyalty boost is spending to the constitution could now we and are telling the rule of people law don't go and up I have don't made spend that very clear your to jabber everyone tells including I. T. the N. president governments but senator must support mark Warner health the systems ranking Democrat and on plan the committee for said recovery I still have while helping businesses some of and the same households doubts now to sustain through if the next I had couple of months back in other in August words after massive the hearing senator fiscal Richard Burr injection who chairs the I'm committee Ben Thomas promised a quick vote on the nomination Mike Crossey at Washington
"imf" Discussed on Global News Podcast
"So there's a crisis in emerging markets as a whole in Argentina's the one that is more exposed than any other country. So by speeding up the payments from the IMF loan at hopes to just bring some calm to the markets now and deal with its problems later, meanwhile, for ordinary Argentinians who have to suffer the public spending cuts that come with these IMF loans, it's not going to be an easy year, is it? Well, it hasn't been an easier because a few things are happening in Tina. We should making it quite hard for everyone. One thing this government promised to tackle inflation and to bring down inflation. It hasn't been able to do so. So the. Cost of living is getting very expensive in Argentina, and with the spending cuts, the many firms and specially government offices haven't been able to give wage increases to work there. So that's one part of the problem. The other part of the problems that Argentina is used to be in the past, what they call it a dollar is that Konami. So a lot of goods and services are paid in dollars in Argentina, or at least are valid in dollar and the Argentine currency is getting weaker as well. So Argentine is our poor by international standards are and even by their own national standards in their own currency. Daniel Gallas a foam of vice president of football's world governing body fever has been sentenced to nine years in jail for his part in a huge corruption scandal are America's editor Russia. Tell me more about the form of fee for official his from Paraguay one. Hell, not put. He was vice president of fever, but he was also the the president of common bowl, which is the South American football. Confrontation. He was a very powerful person, his sixty years old now and the three years ago, he was suddenly arrested at the hotel with other officials in Surrey in Switzerland extradited to the United States. He paid ten million dollars in bail and the convicted last year and sentenced and by a federal judge in New York in why the United States the American prosecutors lead this investigation because a lot of that money was put into American Bank accounts. That's why they tried to hide an loan, the money, and that's why he's being sentenced there. Last week we had the head of the Brazilian confederation, former head of the Brazilian confederation, who was sentenced to four years in jail, and this is by far away from being the end of this whole crisis isn't. It is much larger corruptions. Got, yeah, there were about forty more than forty. People in institutions were charged by a US prosecutors, only three. I have been tried so far. These two that I mentioned in there was a Peruvian official who was acquitted last year as well. It is a huge scandal. If I give you some figures, it's the American prosecutors estimate there what two hundred million dollars paid in bribes. This person not put. He received twenty million dollars in bribes and that he was ordered to give back four point three million today. So it's huge amounts in what did they do? They were taking as as presence of the confederation's they won. They go, she hating with marketing companies rights to broadcast big events, big tournaments and marketing rights, and what taking a big cut of that President Trump has announced that the top lawyer at the White House, Don Mcgann will leave his position once overseeing the appointment of a new conservative supreme court. Judge in a tweet. Mr. Trump said he truly appreciated his service from Washington Guerrier Donahue reports Don Mcgann was one of the early recruits to the Trump. Campaign and has been closely involved in the negotiations with the special counsel. Robert Mueller who's investigating alleged collusion with Russia. He's reported to given at least thirty hours worth of interviews to Mr. Mola a fact that prompted the president claim that the White House had cooperated fully and was the most transparent in history. Mr. mcgann's departure has been trailed for some time that one report in the US media suggest President Trump's tweet hayman's something of a surprise to the White House counsel the United Nations. Human rights commission Zet around al-hussein leaves office on Thursday after four, sometimes turbulent years. And what's often described as the toughest job, the UN has to offer Zayd as he likes to be cold has been outspoken about the rise of right wing populism. An suggested. President Trump is a demagogue when Geneva correspondent imaging folks spoke to him..
"imf" Discussed on Bloomberg Radio New York
"Well this is news just in president of argentina said that the country is in discussions with the imf which as you know as lender of last resort for countries of balance of payments problems in argentina is suffering in this period of volatility affecting emerging markets also hit the russian south african currencies under pressure as well and you know the the story that we have is thirty billion credit line that's not confirmed by the imf but we have it for with the person with direct knowledge that would provide the the argentinians with the with the firepower that they would need to put protect their currency which has been under a lot of pressure in a couple of minutes we have left we do want wanna touch on the rap and one of the very first articles on this week's roundup is about why we should expect higher inflation and it is because our population is getting older why where's that going can connect those dots if i can continue the same so this is a little complicated but what the research should researches of donny's pulled down data going back to the nineteenth century and they found a very clear correlation between aging populations the level of dependence versus people who are working and inflation going back how far back to eighteen seventy that's a significant sample that is a significant samples of that's quite that that's quite an achievement and it's very interesting what's less clear is why that would be the case now they flick it that a little bit in the research and there's two things going on you've got a a political economy explanation if you like which is when you got more older people by favor lower inflation because they have to leave office savings and the degree to which that political sort of influence ways on the central bank the central bank may pursue policies that encourage inflation and then the other sort of story is it's more about the natural rate of interest in when you got lots of people that pushes the natural rate of interest and that also encourages inflation to rise airlines thirty seconds got a touch on this quick this bitcoin item quickly it.
"imf" Discussed on Dumb People Town
"Imf loans accent no accent yeah eleven wearing do you remember having him i never i never really had it because my mind dad has such a thick that it's such a thick accent that i think courage is kind of lay bill ride to not ever really thick southern accent my dad sounds like hank hill from god god jamie macomer in breakthrough car where worry inch in now i really chase funny she wrote a book about ruins israel we got one unscrambled box was where you want your on hbo heibloem our get over here read that way but she jamie rogue the machinists from montreal was hoping to prank snow removal crews in his neighborhood with a fake car he made after the storm on monday here's what i love the car he but he made it was the dolori in dmc 12 from back to the it is a gifted ice scott also made a fuss capacitor on the inside that you could not didn't have to it was eroded cell xing yes while sometimes you do jokes yourself on stay dallas muharem you always theo little extra like it has to be a little bit of realism derek really tricked people the kukhta girl for this man what is the real they wrote the real no no kucera there institute or kk saved marine corp and i say cooped declare ride it i'm saying that the way for it so the coop grow i was hoping you guys could chewed or coop digwa the coop degryse digress these was a real windshield wipers he had found across the street while working on the project plaisted inconspicuously as if it were the only exposed part of the car so they walk up.
"imf" Discussed on FT Alphachat
"Ending in of creditors and therefore this is what we do of course this has enormous distributional consequences because you shift adjustment burden from the balance sheets of creditor banks to the balance sheets of irish sovereign and so it's a tradeoff between long run financial sustainability in ireland versus presumed global financial stability and this wasn't discussion which was especially intense between must in full furnace parts of the imf and they see cb and also the commission the predominantly between the imf and the and in the end as we know the concerns about financial financial stability one out diva within the imf i think he would find people who were advocating the one solution versus the other so we'll never know if attorney would have worked very well or if it would have ended up in a significant financial volatility but have been in that case how difficult was it's take the decision on cyprus when these for me that was a landmark moment where the the euro area said what she we all grains palin senior bondholders banks in this in this kind of these kinds of crisis situations where affectively to banks console themselves anymore initially i think partly to g with the way that the results that discussions were presented maybe that was quite a lot of worry of quality in the markets but how that was going to play out but then thought then seem to become the template for what we did off to ever use the word there.
"imf" Discussed on Freakonomics
"Know uninformed perhaps wilfully so if all the experts say it it's a bad idea and yet let me ask you this given the long and very poor record of macro economic forecasting including a lot of very poor predictions from the imf along with everyone else does it perhaps make sense for the median worker or the median voter to distrust such predictions as brexit's supporters seemed to and look at them instead as you know less of an empirical forecast and more of a kind of wish list for the economic and policy elite this is the way we think the world should run but there doesn't seem to be necessarily a great track record of a predictive history or be managing the disenfranchised history i realize that was more of a cno than a question did not know us and in their have how well i know i'll try to address the question and then i'll go i'll i'll defend the institution on its forecasting attempts like everybody else's attempts which has you know forecasting is is not a mathematics science and is is more a nought than than something else although there is a huge effort on the part of our teams here to improve and refine but they are totally unpredictable events and there are things that we simply do not understand which are related to human human nature with behavior as the nobel jury as recently acknowledged by celebrating and acknowledging the contribution of behavioural economists but back to question which i think is really interesting one and we are really i want to comment as myself and not as representing the imf i am not sure that those economic issues actually muttered that much and you know at annan i'm not inventing anything or not being particularly in over two because of tried to understand on i've read a lot about what was happening in the uk or possibly the.
"imf" Discussed on Freakonomics
"Omically costly activities we've done presumably there might have been a lot less of that over the past century is well possibile the you know i used to think exactly along the lines of what you said uh until eventually i i heard than read about you know those first female terrorist and female only terrorists which was a big uh a big letdown to that theory that women are not attracted to violence well no rain at a rate exclusively male but no no you're right you're right yeah i mean even if you look at king's versus queen throughout history it does seem the term we men are you know a little bit more inclined at somewhere between a little in a lot more inclined to violence that's how they quite a few places where actually queens where hardly allowed except as as wife of the king the so that would reduce the pools from yahoo well and it's possible that the kind of queens who were allowed may have been necessarily warmongering queens to interesting let's talk moan about the relationship between the imf which is based in dc and the us federal government so a few years ago you complained or stated i should say that the us had not contributed to the imf s a fundraising although that since been rectified i understand but additionally the imf sp positions on trade and climate change and many other issues are almost diametrically opposed to many of president trump's positions you've said for instance that a quote you to yourself restricting trade uh is a clear case of economic malpractice so i'd love you to describe for me the interaction's or conversations you've had a with president trump or his administration about any of these issues you know what i say is very strongly based on rooted in a analysts this off facts off numbers all f growth improvement of economic circumstances productivity innovation and so on so forth and we all agree that.
"imf" Discussed on Freakonomics
"On for one low transparent fee betterment manages your money for you and invests it tax efficiently and for a limited time you can get up to one year manage free more at betterment dot com slash freak betterment rethink what your money can do we're speaking today with the managing director of the international monetary fund christine lagarde okay deco in two thousand sixteen she was appointed to his second fiveyear term it got off to a shaky start with the resolution of a legal issue dating back to her time in french government during the sarkozy administration the guard was accused of giving preferential treatment to a politically connected french businessman in a case it ended up leaving taxpayers on the hook for hundreds of millions of dollars finally she went on trial taking leave from the imf and she was found negligent by the court but she wasn't find or given jail time nor was there any accusation that lagarde had gained any personal benefit she went back to work at the imf with the full support of the board as well as world leaders a few months later her name was even floated as potential prime minister of france after emmanuel macron's election as president it is hard to imagine any kind of top tier shortlist anywhere in the world where the guards name would not appear she's considered fiercely intelligent principled but pragmatic a serious minded person with an impish sense of humor and an ability to make firm demands without bullying this balance has served her institution well the world is nearly forgotten that the imf sp previous managing director dominique strausskahn resigned after being charged with sexual assault of a housekeeper in new york city hotel when lagarde replaced him in two thousand eleven she became the first woman to lead the imf before that she was the french finance minister and before that chairperson of what was then the world's largest law firm baker and mckenzie the guard was the first woman in those jobs as well i'm guessing it gets tiring being asked questions about being the first something rather than questions about being the something itself.
"imf" Discussed on Freakonomics
"Up supervisory authorities that can operate on their financial and banking markets all sorts of things that have to do with all you know put in place a good macroeconomic framework have good indicators on their fiscal policy on their monetary policy and on the structural reforms that a helpful for them and that is something that it's the bit of the um the heathen a successful story of the imf in a way because i've been doing this job for seven years and i've never heard any country complain about that technical assistance on them training and they always want on need more and the beauty of it is that very often it's financed by the rich countries to the benefit of some of the poorest countries coming up after the break why women are at least i'm one dimension plainly preferable to men i believe that women tend to be more attentive to multiple consequences and developments surrounding particularly shoes that's coming up next on freaking out mix radi free comics radio is supported by i shares because the best preparation for tomorrow is building for your future today i shares by black rock inspired to build free comics radio is supported by masterclass master class produces online video classes taught by masters of their craft available classes include gordon ramsey teaches cooking aaron sorkin teaches screenwriting serena williams teaches tennis and many more beautifully produced and carefully curated masterclass gives you access to the best at their craft so that you can master yours choose from over thirty classes at masterclass dot com slash freak for economics radio is supported by betterment when it comes to investing you've likely had a couple of options you could do it yourself or you can handed off to an investment manager who could be getting commissions for selling use certain funds now there's a better way betterment is a fiduciary which means they put your interests first not their own.
"imf" Discussed on Freakonomics
"Or reckless behaviour when you know someone is there to rescue meanwhile economists on the other end of the spectrum joseph stiglitz and paul krugman for instance they argued that the imf promoted an agenda that was an interventionist enough the imf was criticized for pushing what was called the washington consensus a one size fits all reform model promoting free trade and capital flows deficit reduction privatization and the slashing of subsidies more recently the imf smooth controversial bailout was the greek tragedy it began before christine lagarde's rival but has continued to haunt the agency and her with the imf accused of everything from complacency and poor due diligence to demanding measures of compliance that are hopelessly unrealistic so you can see why the imf might be eager to reposition itself is something more than the lender of last resort which can feel like a loser lose proposition indeed in a two thousand fourteen speech to latin american leaders the guard declared that this is quote not your grandmother's imf she has stressed the importance of policy issues like climate change inequality and helping out the losers in the freetrade game this means theoretically less bailout work and more preventive work the imf second line of business which it calls surveillance and countries commits to each other through us to be audited if you will and receive recommendations that they typically should observe if they want to improve the situation so that's the surveillance line of business and we do that with one hundred nato nine countries the third line of business is the one that has most recently developed and develop the fosters and that is what is called capacity development which is a bit of an obscure word to actually described the technical assistance all the training that we provide at the request of countries to help them in a manner instead that reorganize they exchange rate mechanisms restore sanity in they public finance in general collect taxation better.
"imf" Discussed on Freakonomics
"And doing the right things and we think that this is just hurting both the financial stability and the prosperity that our our mission and we have in particular provided a lot of technical assistance on anti laundering and on countering the financing of terrorism and we have specific services technical assistance training made available and a very close collaboration with fought off which is the international institution in charge of fighting that we are going to be sort of stronger and deeper into these issues because i'm personally and i think the board is now supporting this very frustrated with the fact that we engage we enter into dialogue we commit resources are people work on the grounds and if it is in a to discovered that they are undisclosed loans that there is fiddling with the accounts then it's really not fair on the international community and not fair now for the population and not in compliance with our mission the imf over the decades has had plenty of critics even just among economists milton friedman wanted to abolish it he argued the imf had outlived its original mission of supporting the global monetary system it became he said in 1991 a relief agency for backward countries and proceeded to dig deeper into the pockets of its sponsors to finance its new activities and that he said was the mission of the world bank the imf sister institution which was also founded in 1944 at bretton woods here's what friedman said quote now you have to agencies to promote development both of them in my opinion doing far more harm than good friedman's point was at government was generally more of an impediment free markets than help but institutions like the imf and world bank also create what economists call moral hazard that is your more likely to engage in risky.
"imf" Discussed on Freakonomics
"The imf spending fathers as lagarde has called them were the british economist john maynard keynes and the american treasury official harry dexter weight they wanted an institution that would promote a stable international monetary system and help create an economic network that would incentivize peace marla carry on financial conference pose on the hotel law these meetings are to us just after the second world war and everybody at the time food that it would be much better to have the multilateral dialogue rather than go to war in this goes back to britain woods yes yeah bretton woods new hampshire 1944 new hampshire delegates from forty four allied on associate countries arrived for the opening of the united nations monetary on financial conference in forty four countries deciding that talking sharing opening up was better than closing down and entering into war now most people who think about the imf which is probably not that many people on a daily basis but when we do we usually think about you in moments of fiscal crisis in some countries that we probably don't really know that much about maybe not even know where it is but obviously the imf does a lot more than that you or the socalled lender of last resort but also you monitor the economies of nation states around the world and you engage in what you call capacity development can you talk for just a moment about you know toggle ing between the crisis management and the kind of growth development the uh that the imf also dust yeah so the mission is about improving financial stability and prosperity as a result of that we are engaged in three lines of business the one that you mention first which is the one that we are best known for because it's more visible is the lending of lost result when those countries cannot finance or refinance themselves on the markets because they situation is is very bad and in that case we lend international community money in consideration for commitment on the part of that country that receives the loan to actually fix its public finances take some necessary measures to restore its financial stability and be able to yet again access markets so we.
"imf" Discussed on Freakonomics
"Who would you rather spend time talking to freak anomalous rainier or the world bank let's be honest today unfree comics radio we will hear hoelgaard treats imf members who don't follow the rules we warn the authorities that this is not acceptable and that expedited measures must be taken to keep the bus on the road we'll talk about economic policy making in gender if lehman brothers had been limon sisters it would be a different story and it takes a lot to impress four surprise christine lagarde but it happens you know what there is one thing that that totally new my mind it's coming up right after this and then and then hanged from wnyc studios this is freaking out mix radio the podcast that explores the hidden side of everything here's your host stephen governor all right let's begin if you would appreciate your name and what you do okay my name is christine lagarde and i am currently the managing director of the international monetary fund can you describe what you actually do in a in a given or typical day okay uh i spent about fifty percent of my time at headquarters here in washington and fifty percent of my time travelling to member countries because the the imf the international monetary fund has one hundred eighty nine members that all countries that occasionally will request my presence and i have to attend those a g twenty g seven and various meetings around the world so any given day in washington i would typically get up very early at about five ish in the morning i do exercise on a daily basis when i'm in washington what do you do for exercise why i do i do well i'd i combine yunan i'm a multitasking as so many women do and i read some material that has been given to me the day before and i do stationary bicycle for about forty minutes.
"imf" Discussed on The Cryptoverse
"Emilia m i am i completely missing the point of this as anyone else had to this end can you can you shed some light on for me somehow so please let me know in the comments below for today's show and i'll i miss this or other gold bygone is it just a complete rubbish when it comes to represent bitcoin on a theory mona moving onto this article on the foundation for economic education liz this lady christine lagarde odd am the paris native who has held the position as the head of the imf which is the international monetary fund since two thousand eleven as he says the onus of problems with existing cryptocurrencies fixable over time so these articles by jeffrey took a minor who he is he says in a remarkably frank talk at the bank of england conference of all places these managing director of the international monetary fund speculated the bitcoin cryptocurrencies have as much of a future as the internet itself well it could displace central banks a conventional banking and challenged the monopoly of national monies yes we know that book when christine lagarde managing director of the imf says it we we all stop and go wild so is it also equality of same quotes not so long ago some experts argued that peissel computers would never be adopted and the tablets would only be used as expensive coffee trays so i think it may not be wise to dismiss virtual currencies clothes quote see that's the difference wisdom it's very hard if you are kneedeep or nick deepal even forehead deep in the old banking system to admit that's the thing to admit even if you see the power of cryptocurrencies it takes a very big passed in to admit that it is going to eat your lunch right.
"imf" Discussed on Monocle 24: The Globalist
"Probably next week or something like that having said that we're still onshore there's been no you know statement from uh the authorities here to kind of confirm uh be eggs lactaid what we know is that they'll be essentially waiting for an appropriate time um uh based on as they say opts smith management of greece's public that so we'll just have to wait and see on that one but the one thing that needs to be noted is that coming out of this meeting of the imf oh we know what they're gonna say basically that the greek debt is unsustainable um so we don't we know if that's gonna have essentially a big impact on the markets and if it was worth weights waiting for the greeks and and recapitalisation of ten billion euros needed the from says yes i mean that's the unfortunately the for the greek banks of recapitalisation will be necessary that's what they've been saying um you know it's all the common knowledge if you will um map we don't know uh if via the markets are gonna be used seriously impacted by uh you know all this reports um we'll just have to wait and see if and when the report comes out and if and when the greek decide to tap into the bond market some missing on now now we've visit to athens who'll enjoyed i'm sure coffee agree coffee on the pavement but it seems like we might have been there illegally uh rent for of uh spaces on on pavements.
"imf" Discussed on Bloomberg Radio New York
"T now as you know one of the big discussions about this has been the imf involvement and the lack of it so far in this current bailout in the deal that was struck last night when he wasn't enough for the iom athens you pay out as yet what christine lagarde the head of the imf date agreed was to participate but without bailout thumbs she talked about a fourteen month a stand by law oh to the tune of about two billion dollars to the has been some progress on that front percent say the question of debt sustainability still hanging yes oh the imf not completely happy with what happened in luxembourg yesterday what about greece itself walls the compromise everything that the country was looking for the compromise wasn't average thing that greece is looking for so of course what greece would have wanted was recognition from the imf on debt sustainability that would have eased its access to being included in the ecb bondbuying program and of course this is not what has happened so far at ecb due to make a statement afterwards saying we take note of the eurogroup discussion which we see as a first step towards securing debt sustainability but as i say this agreement fell short of that so far i mean that was on the progress for example there was a french proposal that was added as a probation on a debt relief would basically beat tied to growth recalibration in debt profiling would account for changes in greece inscribed suffering sample if greece is less than expected it would have to repay less of its debt but still questions over that sustainability and this is something that's going to have to be we address so really you could ask whether this is real progress or whether it's just for kicking the can't down the riot came navy thank you so much for joining us live from luxembourg this morning say following at that great care creditors story as say yes thank you very much for joining.
"imf" Discussed on The Tony Robbins Podcast
"That that we are designed to eat the in there they have no nutrients their full of processed and refine things like sugar and uh they're just empty calories and and they're going to contribute to bc the and a whole bunch of other health problems so to we can say what are the basic principles of a healthy diet that apply to everyone and again we will use those lenses that i mentioned before we look back and we say what did humans eat for the vast majority of our evolutionary history in our natural environment where we eight primarily meet imf and fish wild fruits and vegetables not sincethe and some starchy plant so starchy pot plants or things like sweet potatoes and maybe potatoes and and other kinds of starches and not the doubt form the basic template for most human beings for seventy seven thousand generations and you know so that's the starting point and then we we look again at these traditional cultures within that template within that group of foods some people ate a lot more carbohydrate they'd a lot more plant foods and less me whereas in another group they ate more me and less you know carbohydrate rich foods so we start with the basic template and then from there we customize based on our own individual circumstances so my plan that i talked about my book is that everyone should start with this kind of what i call a reset diet which contains only the foods that i just mentioned.
"imf" Discussed on Bloomberg Radio New York
"Investment in egypt has been very low over the last few years and has not kept up with the economic requirements and what we're hoping with this this imf programme they've tackled the first part they tackled capital inflows they've tackle the ability for the government to meet its deficit we we we're not concerned more about meeting its external funding requirements but the next stage really will be to boost economic activity to boost investment to create jobs to improve the structure of the economy over see whether all of this materializes joining us there from abu dhabi of course from she's a chief economist there markets released there's plenty more because we check out some of the stocks to watch as markets across the gulf gets started trading this is giver yeah yeah yeah.