40 Burst results for "World Bank"

"world bank" Discussed on The Breakdown

The Breakdown

08:06 min | 7 hrs ago

"world bank" Discussed on The Breakdown

"USD C and a leader in crypto that's held to a higher standard. USD C is a fast safe and efficient way to send money around the globe. USD C is always redeemable one to one for U.S. dollars, and has over $45 billion in circulation as of October 13th, 2022. Plus, circle posts weekly reserve reports and monthly attestations of reserve capital, letting users know that USD C is safe transparent and compliant with regulations. Just go to circle dot com backslash transparency to see why USD C is a trusted stablecoin. As one of the largest, longest lasting and most secure exchanges, kraken continues to set the industry example for transparency and trust. Regular proof of reserves audits verify your balances are backed by real assets. Industry leading security keeps your funds and information safe and award winning client engagement teams are available for support 24/7. Buy crypto instantly with fast flexible funding options on kraken. Download the kraken app on Google Play or the Apple App Store or visit kraken dot com slash breakdown to join. Zooming out, the bank and the fund have not developed poor countries and have not saved them from bankruptcy. They have made poor countries dependent on rich ones for food and technology, reduce their sovereignty and bail them out beyond the point of financial reality. Worst of all, during the 1970s and 80s, the per CAPiTA income of dozens of poor countries shrunk despite their growing populations. For every 2% decline in GDP, the mortality rate increases by around 1%. This means tens of millions as a result of bank and fund policy. The bank and fund were, of course, never held accountable, and still aren't today. In fact, their voting structure means the U.S., Europe and Japan are in total control. Britain has more votes at the bank and fund than India, despite being 20 times smaller. Italy has about the same number of votes as Brazil and Nigeria. Switzerland has more votes than Pakistan, Indonesia, Bangladesh, and Ethiopia, despite having 90 times fewer people. No one with power in this arrangement has any incentive to change the game. Creditor nations want to continue to make more and more loans and largely corrupt and unaccountable borrowers want to take them. Only a paradigm shift could change things. The bank and fund in modern form are only possible due to the Fiat system. The reserve currency can be printed as a political decision, allowing massive risky loans to be extended to shaky borrowers. Everyone knows there is a put on sovereign debt. Creditors will be repaid. In a Bitcoin standard this ends. The structural adjustment lending Ponzi will slow and then stop. The bank and fund will need to be more careful about loans. It may turn to co investment. The colonial drain may finally come to an end. Ironically, some of the countries that have been harmed most by the IMF and World Bank now have the highest levels of Bitcoin and cryptocurrency adoption. Ghana's economy is once again collapsing and the IMF recently visited to prepare to extend a 17th bailout for the country's rulers. But next week in Accra, there is a different kind of event happening. The Africa Bitcoin conference. The organizers and speakers at the Africa Bitcoin conference aren't there to extract value from Ghana and the surrounding countries, or to ensnare their governments in debt traps. They are gathering to give people open-source tools to help them achieve financial freedom. Despite the dark tone of the essay, the global Bitcoin movement does give me great hope. This is the longest SI I've ever written and also the most jarring in the way it made me think differently. I think it's fair to say that after doing the research and interviews and putting all this together, I'll never see the world the same way again. All right, back to an LW here. First of all, a big thanks to gladstein both for the long form piece that's on Bitcoin magazine, as well as for the summary thread. As you guys know, probably or maybe have heard me talk about before. When I was in college, I thought I was going to spend my career on post conflict or current conflict, development economies. I studied in Cairo, went to Lebanon, Syria, Jordan. I spent a ton of time in northern Uganda, where the time the lord's resistance army was still actively stealing children from surrounding communities. And I went to the Balkans. Serbia Montenegro Bosnia, spending time with local organizations. One of the most painful things the young people who get interested in development issues confront. Is an understanding of just the extent to which the problems that they are dealing with. The problems that they are trying to clean up and deal with the fallout from. They're not really problems that ultimately can be solved by civil society and nonprofits. They are problems of power. Problems of power at the local level of strongmen politics of warlord politics in some places, of post conflict power gaps of economic turmoil that turns into opportunities for autocratic or dictatorial leaders, and that those local problems are ultimately part and parcel of larger power structures. A huge piece of which is exactly. This sort of global financial and economic infrastructure. And of course, as you heard in that thread from gladstein, it's not just the hardest up places that places you associate with war and violence and famine and all these sorts of things. Argentina and its huge recent IMF loan is a great example. It's also a great example of where Bitcoin might fit in with all of this and how it's going to be fought. One of the terms of the most recent IMF loans to Argentina, one that was just finalized this year. Was that the country's leadership had to try as part of their agreement to discourage citizens from engaging in the use of cryptocurrencies. The most recent deal was a $45 billion deal, which is a restructuring of that $57 billion program that Alex mentioned. The provision in question was called strengthening financial resilience and says, to further safeguard financial stability, we are taking important steps to discourage the use of cryptocurrencies with a view to preventing money laundering informality and disintermediation. They explicitly do not want citizens of that country to disintermediate. They want them to have to go through the system that the IMF is quote unquote restructuring. Meanwhile, inflation this year is around 72%. Last year it was 48% the year before 42%, the year before that, 53%. Clearly something is not working. It's not surprising to me then that Argentina is an absolute hotbed for people who are involved in Bitcoin and other decentralized and DeFi projects. And I think again, this is one of the reasons that this space for all of its exhausting scammer and bullshit is worth fighting for. Alex, yes, might be talking about how in the future on a Bitcoin standard. This situation couldn't come about. But right now in this moment where I get hope is the fact that there are at least some folks in places like Argentina and elsewhere who are empowered to opt out of the local monetary system that they were born into. We don't have many things in the world that can help us solve accidents of where we happen to be born. But Bitcoin is one of them, and it works today. I think it's especially important to remember this now. Because you're going to see a lot a lot of people say that in the wake of FTX really shouldn't we just hang it all up. We've proven once and for all that there are no real use cases. It's just the sams of the world who found a new, beautiful huckster playground. And maybe the way to deal with that infestation is to just burn the layer. But that doesn't account for all these other parts of the world where people are. Even if in small numbers, using Bitcoin and other decentralized cryptocurrencies to actually escape the crush of a system that otherwise might eat them alive. So can hell, I said it wasn't going to be about Sam, but right now, I guess everything is, even if it's just in opposition. This is a good thing to fight for. And I appreciate people like gladstein leading that fight. For now I want to say thanks again to my sponsors next to dot IO, circle and kraken for supporting the show, and thanks to you guys for listening. Until tomorrow be safe and take care of each other. Peace

IMF gladstein Ghana Bitcoin magazine lord's resistance army U.S. Argentina Africa Ethiopia Accra Bangladesh Fiat Nigeria Switzerland Indonesia World Bank
"world bank" Discussed on The Breakdown

The Breakdown

07:59 min | 7 hrs ago

"world bank" Discussed on The Breakdown

"All right folks, happy Sunday, happy weekend. Now, as I was reviewing things to read for this long read Sunday, there was quite a temptation to read one of the many scathing, indictments, explanations, et cetera around SPF. A couple that I highly recommend are punk 6 5 two 9s thread on the subject, which does a better job explaining what happened, then pretty much every mainstream media article we've seen to date, and I also need to give a special shout out to David Morris op-ed on coin desk, FTX is collapsed with a crime, not an accident. It says quite crisply what the title suggests and is an incredibly important message. However, since I've been living inside FTX fallout, that means you guys have had to live inside FTX fallout, and I just didn't want to do it today. Plus, there are some really good pieces released this week on topics that are actually important in the long run. The first piece we're going to read comes from Alex gladstein. I'm sure that most of you are familiar with Alex's work, but he is the chief strategy officer at the human rights foundation. He writes essays for Bitcoin magazine, he wrote a book called check your financial privilege and is just a really great thinker when it comes to Bitcoin and the broader world. This week for Bitcoin magazine, he wrote an incredibly long and powerful piece called structural adjustment, how the IMF and World Bank repressed poor countries and funnel their resources to rich ones. It pulls no punches as you can probably imagine. Now the full essay is a little too long to read for the sake of this show. But luckily, Alex also published a companion thread on Twitter, which is just about right. So with that setup, let's read structural adjustment that the Twitter thread. Gladstein writes, my essay structural adjustment, how the IMF and World Bank were pressed poor countries and funnel their resources to rich ones, is now live. The bank and fund claimed to help poor countries develop and rescue them from crises. But what if that's not true? As any credit card holder knows, when you borrow, you eventually need to pay back a higher sum. Principal plus interest. This basic concept is forgotten when we think about development economics. But billions of dollars of loans over decades creates even more debt. In the 1960s and 1970s, this is exactly what happened. Huge credit was extended to the third world. Eventually, the amount repaid by borrowers exceeded what was given. This moment happened in 1982. Since then, the net flow of resources has been from poor countries to rich ones. In this way, the IMF and World Bank have approximated the dynamics of colonial drain, where imperial powers looted the periphery of the globe for hundreds of years, obtaining cheap resources and labor and selling finished goods back to markets where they had monopolies. Today, the difference is that the sword and gun have been replaced by weaponized debt. What was once accomplished by physical force is now accomplished by quote unquote structural adjustment. Conditions attached to loans that dictate how borrowers can run their economies. The IMF and later the World Bank attached conditions to their loans that forced third world countries to do what industrial countries like the U.S., UK, Japan, and Germany were never asked to do post World War II. Full austerity measures. The structural adjustment playbook imposed on developing countries included raising taxes. Currency devaluation, shrinking bank credit, wage ceilings, scrapping food and energy subsidies, cutting state healthcare and education, favorable rules for multinational corporations. The goal of structural adjustment and in general of the bank and the fund was to view third world countries as companies. Expenses had to be reduced, profits had to be increased. This meant domestic consumption was to be sacrificed so that exports could be maximized. World Bank policy in particular was designed to transform the traditional consumption agriculture of third world countries into monocrop industry to mass export typically non edible goods. For example, coffee, tea, rubber, palm oil, cocoa, and cotton. World Bank policy was also designed to facilitate the extraction of minerals and other natural resources to international markets. With as little as possible being soaked up by local populations. Think a remote hydro dam powering a mine, putting minerals on a train to a port. Export earnings did not typically benefit locals, but rather helped service foreign debt, purchase weapons, import luxury goods, Phil Swiss bank accounts, and put down descent. Historically, most bank and fund clients were unaccountable autocrats. The affinity of the IMF and World Bank with dictators runs deep into their very founding. In the 1940s and 1950s, the bank and fund extended credit to a variety of colonial operations, including to the Dutch, British, French, and Australians. World Bank support for Portuguese domination of Mozambique and South African apartheid was so scandalous that the UN tried to force them to cancel their loans. But the bank claimed that as a neutral organization, it could not get involved with politics to the loans were made. The World Bank at IMF rarely met a dictator they didn't like. Imperialists and right wing regimes like the British, Pinochet and suharto, were supported alongside left wing or Marxist regimes like Tito, the CCP, and ure. Suharto Marcos and mobutu topped the list in terms of thefts and repression. Each one borrowed billions from the bank and the fund, only to siphon off much of it for their own personal uses. At the same time, they impoverished their populations. One would think that their debt would be considered illegitimate, as the populations of their countries did not consent to the loans. This concept is known as odious debt and originated more than 100 years ago. But the bank and fund have never followed this precedent. There were countries were never allowed to go bankrupt. Instead, broke autocrats would get new loans from the bank and fund. By the 1970s, the leaders of these sister institutions knew that third world debt could only be repaid with more debt. It was a literal Ponzi scheme. A key point is that the bank had funds creditors did not want holes on their balance sheets. They did not want countries to go bankrupt. They would prefer to extend more loans so they could get repaid. Again, most bank and fund clients were unaccountable and hugely corrupt dictators, who were happy to borrow today at the expense of the future. So the lender and borrower had every incentive to keep the system going. The poor and middle class populations of the third world who were impoverished and repressed by structural adjustment and its enforcers did not have a say. There was zero democratic accountability. The outcome of 60 years of IMF and World Bank lending policies is staggering. Between 1960 and 2017, a staggering 62 trillion was drained from poor countries to rich ones. That's the equivalent of 620 Marshall plans. Against what we are led to believe, people in poor countries subsidize the way of life of people in rich countries, not the other way around. Poor countries have paid more than 7 trillion in debt service since 1980 to their creditors. Developing country debt has increased exponentially from the 1970s to today. Former colonies now owe their former colonizers a 189 times more than they did in the 1970s. The bank and fund have helped these countries achieve the impossible. Borrow so much debt that they could never possibly pay it back. The solution is always to borrow more. The largest IMF loan in history was $57 billion to Argentina, just four years ago. In an ecosystem where innovation is the norm, it's the basics that are in the spotlight. Nexo is a company that has never put the safety of clients funds in question. With over 50 global licenses, $775 million in insurance, and a real-time audit of custodial assets. Nexo sets an example for security standards in the industry. Apart from keeping their 5 million clients safe, nexo has kept building. They've just announced their non custodial smart wallet. Visit nexo dot IO, that's NEX O dot IO and sign up today. This episode is brought to you by circle. The sole

World Bank IMF Bitcoin magazine Alex gladstein human rights foundation Gladstein David Morris Alex Twitter Phil Swiss bank Suharto Marcos mobutu suharto Pinochet Germany Japan Mozambique CCP Tito UK
Fresh update on "world bank" discussed on The Breakdown

The Breakdown

01:36 min | 7 hrs ago

Fresh update on "world bank" discussed on The Breakdown

"All right folks, happy Sunday, happy weekend. Now, as I was reviewing things to read for this long read Sunday, there was quite a temptation to read one of the many scathing, indictments, explanations, et cetera around SPF. A couple that I highly recommend are punk 6 5 two 9s thread on the subject, which does a better job explaining what happened, then pretty much every mainstream media article we've seen to date, and I also need to give a special shout out to David Morris op-ed on coin desk, FTX is collapsed with a crime, not an accident. It says quite crisply what the title suggests and is an incredibly important message. However, since I've been living inside FTX fallout, that means you guys have had to live inside FTX fallout, and I just didn't want to do it today. Plus, there are some really good pieces released this week on topics that are actually important in the long run. The first piece we're going to read comes from Alex gladstein. I'm sure that most of you are familiar with Alex's work, but he is the chief strategy officer at the human rights foundation. He writes essays for Bitcoin magazine, he wrote a book called check your financial privilege and is just a really great thinker when it comes to Bitcoin and the broader world. This week for Bitcoin magazine, he wrote an incredibly long and powerful piece called structural adjustment, how the IMF and World Bank repressed poor countries and funnel their resources to rich ones. It pulls no punches as you can probably imagine. Now the full essay is a little too long to read for the sake of this show. But luckily, Alex also published a companion thread on Twitter, which is just about right. So with that setup, let's read structural adjustment that the Twitter thread. Gladstein writes, my essay structural adjustment, how the IMF and World Bank were pressed poor countries and funnel their resources to rich ones, is now live. The bank and fund claimed to help poor countries develop and rescue them from crises. But what if that's not true? As any credit card holder knows, when you borrow, you eventually need to pay back a higher sum. Principal plus interest. This basic concept is forgotten when we think about development economics. But billions of dollars of loans over decades creates even more debt. In the 1960s and 1970s, this is exactly what happened. Huge credit was extended to the third world. Eventually, the amount repaid by borrowers exceeded what was given. This moment happened in 1982. Since then, the net flow of resources has been from poor countries to rich ones. In this way, the IMF and World Bank have approximated the dynamics of colonial drain, where imperial powers looted the periphery of the globe for hundreds of years, obtaining cheap resources and labor and selling finished goods back to markets where they had monopolies. Today, the difference is that the sword and gun have been replaced by weaponized debt. What was once accomplished by physical force is now accomplished by quote unquote structural adjustment. Conditions attached to loans that dictate how borrowers can run their economies. The IMF and later the World Bank attached conditions to their loans that forced third world countries to do what industrial countries like the U.S., UK, Japan, and Germany were never asked to do post World War II. Full austerity measures. The structural adjustment playbook imposed on developing countries included raising taxes. Currency devaluation, shrinking bank credit, wage ceilings, scrapping food and energy subsidies, cutting state healthcare and education, favorable rules for multinational corporations. The goal of structural adjustment and in general of the bank and the fund was to view third world countries as companies. Expenses had to be reduced, profits had to be increased. This meant domestic consumption was to be sacrificed so that exports could be maximized. World Bank policy in particular was designed to transform the traditional consumption agriculture of third world countries into monocrop industry to mass export typically non edible goods. For example, coffee, tea, rubber, palm oil, cocoa, and cotton. World Bank policy was also designed to facilitate the extraction of minerals and other natural resources to international markets. With as little as possible being soaked up by local populations. Think a remote hydro dam powering a mine, putting minerals on a train to a port. Export earnings did not typically benefit locals, but rather helped service foreign debt, purchase weapons, import luxury goods, Phil Swiss bank accounts, and put down descent. Historically, most bank and fund clients were unaccountable autocrats. The affinity of the IMF and World Bank with dictators runs deep into their very founding. In the 1940s and 1950s, the bank and fund extended credit to a variety of colonial operations, including to the Dutch, British, French, and Australians. World Bank support for Portuguese domination of Mozambique and South African apartheid was so scandalous that the UN tried to force them to cancel their loans. But the bank claimed that as a neutral organization, it could not get involved with politics to the loans were made. The World Bank at IMF rarely met a dictator they didn't like. Imperialists and right wing regimes like the British, Pinochet and suharto, were supported alongside left wing or Marxist regimes like Tito, the CCP, and ure. Suharto Marcos and mobutu topped the list in terms of thefts and repression. Each one borrowed billions from the bank and the fund, only to siphon off much of it for their own personal uses. At the same time, they impoverished their populations. One would think that their debt would be considered illegitimate, as the populations of their countries did not consent to the loans. This concept is known as odious debt and originated more than 100 years ago. But the bank and fund have never followed this precedent. There were countries were never allowed to go bankrupt. Instead, broke autocrats would get new loans from the bank and fund. By the 1970s, the leaders of these sister institutions knew that third world debt could only be repaid with more debt. It was a literal Ponzi scheme. A key point is that the bank had funds creditors did not want holes on their balance sheets. They did not want countries to go bankrupt. They would prefer to extend more loans so they could get repaid. Again, most bank and fund clients were unaccountable and hugely corrupt dictators, who were happy to borrow today at the expense of the future. So the lender and borrower had every incentive to keep the system going. The poor and middle class populations of the third world who were impoverished and repressed by structural adjustment and its enforcers did not have a say. There was zero democratic accountability. The outcome of 60 years of IMF and World Bank lending policies is staggering. Between 1960 and 2017, a staggering 62 trillion was drained from poor countries to rich ones. That's the equivalent of 620 Marshall plans. Against what we are led to believe, people in poor countries subsidize the way of life of people in rich countries, not the other way around. Poor countries have paid more than 7 trillion in debt service since 1980 to their creditors. Developing country debt has increased exponentially from the 1970s to today. Former colonies now owe their former colonizers a 189 times more than they did in the 1970s. The bank and fund have helped these countries achieve the impossible. Borrow so much debt that they could never possibly pay it back. The solution is always to borrow more. The largest IMF loan in history was $57 billion to Argentina, just four years ago. In an ecosystem where innovation is the norm, it's the basics that are in the spotlight. Nexo is a company that has never put the safety of clients funds in question. With over 50 global licenses, $775 million in insurance, and a real-time audit of custodial assets. Nexo sets an example for security standards in the industry. Apart from keeping their 5 million clients safe, nexo has kept building. They've just announced their non custodial smart wallet. Visit nexo dot IO, that's NEX O dot IO and sign up today. This episode is brought to you by circle. The sole

World Bank IMF Bitcoin Magazine Alex Gladstein Human Rights Foundation Gladstein David Morris Alex Twitter Phil Swiss Bank Suharto Marcos Mobutu Suharto Pinochet Germany Japan Mozambique CCP Tito UK
"world bank" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

03:03 min | 2 d ago

"world bank" Discussed on Bloomberg Radio New York

"Sharm el Sheik was not just what can be done to address greenhouse gases, but also the loss and damage being inflicted, frankly, on a lot of the developing countries. What is being done, what more needs to be done for these countries? The countries have been hit hard, for example, if people are living near the sea, there's more weather events and that's causing deaths that's causing them to be forced migration within their countries. We'll have a big report next year on migration, which is expanding as we see everywhere around the world. And so that's one aspect of the interaction on this. As we look at it, producing more food is one of the primary goals for the immediate short term, the dislocations from the war from Russia's invasion of Ukraine mean that there's not the fertilizer coming out of Russia out of Belarus and that's having this huge impact. So the countries say to the world, look all the things you're doing are impacting us. Can you make financial trends transfers? And so the UN is looking at ways to absorb or create facilities that could then transfer money to poorer countries. The world banks in the middle of that because we have the world's biggest fund that does transfer to poor countries called Ida. Every three years there's a replenishment exercise where the world in really its generosity provides giant substantial amounts of money that go to the 75 poorest countries in the world. So the World Bank operates that fund. And as you think about climate impacts, it's a major part of what it is doing. It's fully 35% of World Bank resources or commitments are going to climate change efforts. What about debt relief? That was something as I understand it was discussed at the G 20 over in ballet. Where are we in debt relief? That's exactly right. We have a big two big reports I'll mention. One that coming out can remittances. The countries are so poor that a big source of their cash inflow is coming from workers abroad. We have a report that shows the size of the debt service payments that are due from the poorest countries, $62 billion in 2022. So that's way more than the foreign aid that the countries are getting, they're turning it around and giving it back to creditors. So that was an issue both at the Bali, the leaders summit that occurred in Bali to discuss what does the world do to speed up the restructuring process when countries hit the wall? We're talking about the poorest countries. And the idea that they're way overextended because of the interest rate hikes that are going on right now. Thanks to World Bank president David malpass. That wraps up today's program for more government and national affairs news from Bloomberg visit B gov dot com. You can also find

Sharm el Sheik Russia Belarus Ukraine Ida World Bank UN Bali David malpass
Fresh update on "world bank" discussed on This Week

This Week

02:32 min | 10 hrs ago

Fresh update on "world bank" discussed on This Week

"But China is really important. It's the world's second biggest economy and has lots of swing production, so at a time when the world is having an inflation problem, the best it'd be good if China began to produce more. And that means getting people off of the lockdowns. Let's just spend a moment on Russia. We stalked earlier about the effect of the war in Ukraine on things like grain and fertilizer. But more broadly, as you look at the world economy, what are the effects of Russia being to some extent ostracized. Right now, the war is weakening Russia substantially. It makes them outcast. So you see that in these international fora when they come, people don't want to talk with them. And for the long term, it's wrecking their future. So one of the key variables in the world is when do they stop the war? And allow the world to move forward and it's hurting them so deeply right now. But it makes your job tougher if anything. It does. They were a major producer of energy and some of it was lower carbon. You know, one of the issues going on in the world is how can you reduce the amount of carbon dioxide in the atmosphere. That means methane is potent, greenhouse gas, and so we are working to reduce that in Russia is one of the big emitters of methane. They're now not really participating in global activities to reduce it. So it takes us right into climate change directly. I know you were at Sharm el Sheik, give us your take on what was accomplished at Sharm el Sheik and what role the World Bank played there and can play going forward. This is a UN conference, so it's an opportunity for the World Bank to describe what it's doing, what we're doing, which is a lot on the global issues. One part is diagnostics, keeping track of where there are greenhouse gas emissions and what are the best ways to reduce them. We have a new huge diagnostic called CCDs that document it for Vietnam for Rwanda for countries around the world as far as what their issues are within the climate space. We launched an important fund called scale, which would directly allow the global community to put money into reducing greenhouse gas emissions in developing countries. That's one of the one of the important steps that the world is seeking to do. And we also launched a methane initiative called the sprint, which is recognizing that methane is, they say some 80 times more potent than carbon dioxide within the atmosphere. So reducing it can be done in some of it can be done commercially, meaning it because methane is basically a source of natural gas. You can, if you can reduce it from the atmosphere, you get the gas and that's used for fertilizer making and which is critical for the food chain. So there are ways to proceed that are beneficial for development and for the climate. I know that you at the World Bank really focus on the developing world and it struggles that they have. As I understand one of the big topics of conversation in Sharm el Sheik was not just what can be done to address greenhouse gases, but also the loss and damage being inflicted, frankly, on a lot of the developing countries. What is being done, what more needs to be done for these countries? The countries have been hit hard, for example, if people are living near the sea, there's more weather events and that's causing deaths that's causing them to be forced migration within their countries. We'll have a big report next year on migration, which is expanding as we see everywhere around the world. And so that's one aspect of the interaction on this. As we look at it, producing more food is one of the primary goals for the immediate short term, the dislocations from the war from Russia's invasion of Ukraine mean that there's not the fertilizer coming out of Russia out of Belarus and that's having this huge impact. So the countries say to the world, look all the things you're doing are impacting us. Can you make a financial trend transfers. And so the UN is looking at ways to absorb or create facilities that could then transfer money to poorer countries. The world banks in the middle of that because we have the world's biggest fund that does transfer to poor countries called Ida. Every three years there's a replenishment exercise where the world in really its generosity provides giant substantial amounts of money that go to the 75 poorest countries in the world. So the World Bank operates that fund. And as you think about climate impacts, it's a major part of what it is doing. It's fully 35% of World Bank resources or commitments are going to climate change efforts. What about debt relief? That was something as I understand it was discussed at the G 20 over in valley. Where are we in debt relief? That's exactly right. We have a big two big reports I'll mention. One that coming out can remittances. The countries are so poor that a big source of their cash inflow is coming from workers abroad. We have a report that shows the size of the debt service payments that are due from the poorest countries, $62 billion in 2022. So that's way more than the foreign aid that the countries are getting, they're turning it around and giving it back to creditors. So that was an issue both at the Bali, the leaders summit that occurred in Bali to discuss what does the world do to speed up the restructuring process when countries hit the wall? We're talking about the poorest countries. And the idea that they're way overextended because of the interest rate hikes that are going on right now. Thanks to World Bank president David malpass. That wraps up today's program for more government and national affairs news from Bloomberg visit B gov dot com. You can also find

Sharm El Sheik Russia World Bank China Ukraine UN Rwanda Vietnam Sprint Belarus IDA Bali David Malpass
"world bank" Discussed on What Bitcoin Did

What Bitcoin Did

03:07 min | 4 d ago

"world bank" Discussed on What Bitcoin Did

"And what this meant was people were moved from Java to places like papa. And it was like settler colonialism, like basically the local people who lived there were like, pushed aside. All other shit was like burned down and these new settlers were there to grow export crops for the Indonesian government. And this has been happening happening and happening to the extent where in papa, the ethnic Poppins, let's say, used to be 90% of the population. And today they're less than less than 30% of the population. So it's like cultural genocide that's happening there. And the bank funded it. It's insane. And again, they've never paid a price. I'll talk about this in my essay, but there was a loan, not that long ago, in 2001. A huge loan that the banks financed for roads and infrastructure in papa and a few of the other islands in the eastern Indonesia. And again, it's very clear that this project was not to help the local population, but instead to build better roads so that bigger trucks could come in and extract more stuff from this place. Again, one of the world's last remaining untouched landscapes. And this just shows you really what the bank and fund are all about. They could care less about human rights or the indigenous people or any of this stuff. It's all like, and again, the people who work at the World Bank probably don't even know what we're talking about. I mean, it's so buried under paperwork. The amount of reports that these institutions create are legion. I mean, there's thousands and thousands of pages of stuff. Of course, the human experience has been completely stripped out of them. They use jargon and all kinds of different euphemisms. We talk about the structural adjustment. You would look at it and say, oh, you know, that sounds fine. It hides the enormous human toll of what has happened. But what can we do? And it's a big question, but that's a huge question. But when you talk about shrimp, I had a bloody shrimp sandwich yesterday at lunch. Like, I don't want to be so we start with knowledge, right? So I think the most important thing is for people to learn about the bank and the fund. And to start to at least memorialize in their mind and we create a collective legacy of what they've done. And we try to think about how we can avoid doing that in the future. Now, I've talked to a few people about this in terms of because again, I don't think there's not going to be justice. This is all done. Everything the bank can fund has done in terms of, again, squeezing value out of poor countries to benefit rich countries is forever encrusted in our societies. When you walk around London or Amsterdam or Berlin or New York, yes, a lot of the success of what we've done in western civilization or Tokyo is freedom is free speech, property rights, press freedom. The stuff that I fight for all the time. Is democracy. These things have given us enormous fruits. What we don't think about is that the other half of the equation has been stealing stuff from poor countries. And that's not acknowledged and we don't talk about that. And it's part of the picture. So both have been necessary to create the success of the west.

Indonesian government papa World Bank Amsterdam Berlin Tokyo London New York
Fresh update on "world bank" discussed on This Week

This Week

00:36 min | 10 hrs ago

Fresh update on "world bank" discussed on This Week

"Well, you know, right now there are hugely more, there are hundreds of thousands more black and Hispanic workers working now than before the pandemic hit. You know, so the president says we've built back better. The unemployment rates actually lower than it was for black and Hispanic workers, and most importantly, the number of people working is even higher. Now, the fact that there's always a differential is an unfortunate inequity in our country and one that we're never going to celebrate, but I do think the overall numbers from, you know, if you judge when the pandemic started or the month before the pandemic shows significant progress on both the growth side and the return of to even lower unemployment numbers. Thanks to senior adviser to President Biden, gene sperling. Still to come this hour, the World Bank seeks to play a bigger role on climate change. I'll talk about it with the World Bank president David malpass, and I'll get his views on the prospects for a global recession. Coming up, I talk with Pennsylvania senator pat toomey about his greatest accomplishments as he leaves

President Biden Gene Sperling World Bank David Malpass Pat Toomey Pennsylvania
"world bank" Discussed on What Bitcoin Did

What Bitcoin Did

02:58 min | 4 d ago

"world bank" Discussed on What Bitcoin Did

"Everybody said yes. So that was ratified by the UN. So this has been part of Indonesia since then. And it's honestly probably one of the world's most repressive police states in the entire planet. There's no free press. Journalists aren't allowed to come in. The military has free rein to kill people. It does it all the time. It's actually really crazy. And very few people know about west papa. And it reminds me of it literally reminds me of Pandora from avatar from the movie. I mean, it's just this incredibly rich place. So in west pop in papa, you have the world's largest gold mine. It's called Freeport. And it's so devastating. I mean, it's the largest gold mine in the world. And I'm going to give you some numbers. So yeah, so that's the largest gold mine in the world. It's called the Grasberg mine operated by Freeport. It's next to a mountain called the puncak Jaya, which is a 4800 meter peak. It's the tallest peak in the whole region. And I'll just give you some data that's, I think, in a shock you on this. So check this out. So by the time this mine will be depleted, it will have generated 6 billion tons of waste more than twice as much rock as it was excavated to dig the Panama Canal. Now this mine was until recently 90% controlled by this Phoenix based Arizona based company, Freeport. And the rest was given to the Indonesian government. This company is the largest foreign taxpayer in Indonesia. And the local people get literally nothing. The ecosystems downstream from the mine have been devastated. More than a billion tons of waste have been dumped directly into a jungle river of what had been one of the world's last untouched landscapes. More than 200,000 tons of toxic tailings, like basically waste material from mining golden copper, are dumped every day into a World Heritage Site. And basically, this is part of the bank fund plan. This is like, this is like a visual vivid description of the goal of what they do. Is they build infrastructure. This is from the World Bank's own words. They say international business interests want better infrastructure in order to extract and export the non renewable non renewable mineral enforced assets. So this is the kind of project that would be related to what we're talking about here. And but Bitcoin mining bad. Yeah. But the crazy part is for these people, they were subject to the world's largest human experiment. So if you go back to the map of Indonesia, Denny, so again, for a long, long time, the officials in Java have said, there's too many people here. We need to move them around. So this was called trans migration. And the World Bank actually gave a half billion dollars in the 1980s. Directly to support this.

Indonesia Grasberg mine Freeport UN Panama Canal Phoenix Arizona World Heritage Site World Bank Denny Java
Fresh update on "world bank" discussed on Balance of Power

Balance of Power

00:44 min | 19 hrs ago

Fresh update on "world bank" discussed on Balance of Power

"Jay Powell signaled that the fed will, in fact, slow the pace of interest rate increases next month. And I don't want to case for how inflation could be tamed without the economy being tripped into a deep recession. The time for moderating the pace of rate increases may come as soon as the December meeting, given our progress in tightening policy, the timing of that moderation is far less significant than the questions of how much further we will need to raise rates to control inflation. For his views on the prospects of a global recession, I spoke with World Bank president David malpass. It's still a big risk and probably in 2023 we're going to see many countries in recession. Right now we've got both the U.S. and China showing some signs of weakness in the numbers that are coming out. And so that's a big challenge for developing countries. I'm call it a crisis facing development because there's so many people in the world living in countries that aren't getting resources right now. They aren't getting capital. They aren't getting fertilizer to make food for next year. And that's a giant challenge. Well, you just injected something that I think, and that's the war in Ukraine. When it comes to fertilizer, because I know that's affecting it quite a bit. How big a factor in the risk that you describe is what's going on in Ukraine. That is big of the crops themselves coming out of Ukraine and some is coming out through the Black Sea, but the bigger issue is there was such a dependency on Russia for energy. And you know, to make fertilizer, you start with natural gas and go from there. And so the crop cycle is getting disrupted. There's a big realignment going on of energy toward Europe for this winter and even for next winter. So the contracts are extending out and that just means that I'm afraid this is going to be a long slowdown for the developing world. The economic uncertainties and yes, pressures are not felt equally around the world. And your job is to look at the world overall. Where do you see the biggest crisis points coming up? There's not capital flowing into the developing world. Some of it is their own situations. And they can improve that with better policies. But a big chunk of it is the advanced economies are taking so much capital from the world's store or pool of capital. They're doing that to fund the fiscal deficits to fund their COVID response. And now looking forward to try to get through these higher energy prices that are coming through. I think the solution if I can say is more production. And especially the advanced economies, they have the capital and the means to really ramp up production. And that's still the missing piece. That's not happening right now. But as an accountant, do they have as much capital as they used to, because we have central banks, Federal Reserve, ECB, BOE, all tightening now because of the risk of inflation. Is that putting even more pressure on that scarce capital? Capital is created by profit by people creating new things. So the central banks don't really stop that. And I think they could do more to encourage it, produce more capital in the world and make it grow faster. What they're doing is changing the interest rate. And I think interest rates have been kept at zero too long. So there's this long repricing that's going on of assets right now to reflect a more normal interest rate. So as a practical matter, the creation of capital does affect productivity because of investment and you discourage investment. Are there things that can or should be done right now to encourage investment to get the productivity so you have the more profits as you invest. Small businesses are key in this they create the jobs for young people to come in to bring people off the sidelines for the U.S.. There's this problem of lack of participation in the labor force. Well, small businesses can fix that. But right now the capital is going to the government and to big businesses. That's been the system for almost a decade now. And so I think that could change the government policy could be more oriented toward allowing production and especially small business productions. And give us a minute here on China, if you would, because we've seen a lot of disruption in China recently, it seems to be getting a little bit better because of the COVID-19 restrictions. But the China growth is slowing. That's right. So I don't know about better. I think they could use a recalibration, more targeting of their lockdowns, not such blanket lockdowns. They could be vaccinating the elderly. But China is really important. It's the world's second biggest economy and has lots of swing production, so at a time when the world is having an inflation problem, the best it'd be good if China began to produce more. And that means getting people off of the lockdowns. Let's just spend a moment on Russia. We stalked earlier about the effect of the war in Ukraine on things like grain and fertilizer. But more broadly, as you look at the world economy, what are the effects of Russia being to some extent ostracized. Right now, the war is weakening Russia substantially. It makes them outcast. So you see that in these international for a when they come, people don't want to talk with them. And for the long term, it's wrecking their future. So one of the key variables in the world is when do they stop the war? And allow the world to move forward. And it's hurting them so deeply right now. But it makes your job tougher, if anything. It does. They were a major producer of energy in some of it was lower carbon. You know, one of the issues going on in the world is how can you reduce the amount of carbon dioxide in the atmosphere. That means methane is potent, greenhouse gas, and so we are working to reduce that in Russia is one of the big, big emitters of methane. They're now not really participating in global activities to reduce it. So it takes us right into climate change directly. I know you were at Sharm el Sheik, give us your take on what was accomplished at Sharm el Sheik and what role the World Bank played there and can play going forward. This is a UN conference, so it's an opportunity for the World Bank to describe what it's doing, what we're doing, which is a lot in the global issues. One part is diagnostics, keeping track of where there are greenhouse gas emissions and what are the best ways to reduce them. We have a new huge diagnostic called CCDs that document it for Vietnam for Rwanda for countries around the world as far as what their issues are within the climate space. We launched an important fund called scale, which would directly allow the global community to put money into reducing greenhouse gas emissions in developing countries. That's one of the one of the important steps that the world is seeking to do. And we also launched a methane initiative called the sprint, which is recognizing that methane is, they say some 80 times more potent than carbon dioxide within the atmosphere. So reducing it can be done in some of it can be done commercially, meaning it because methane is basically a source of natural gas. You can, if you can reduce it from the atmosphere, you get the gas and that's used for fertilizer making and which is critical for the food chain. So there are ways to proceed that are beneficial for development and for the climate. I know that you at the World Bank really focus on the developing world and it struggles that they have. As I understand one of the big topics of conversation in Sharm el Sheik was not just what can be done to address greenhouse gases, but also the loss and damage being inflicted, frankly, on a lot of the developing countries. What is being done, what more needs to be done for these countries? The countries have been hit hard, for example, if people are living near the sea, there's more weather events and that's causing deaths that's causing them to be forced migration within their countries. We'll have a big report next year on migration, which is expanding as

Ukraine Jay Powell China David Malpass Russia FED Sharm El Sheik World Bank Covid Black Sea U.S. ECB Europe Rwanda UN Vietnam Sprint
"world bank" Discussed on What Bitcoin Did

What Bitcoin Did

03:40 min | 4 d ago

"world bank" Discussed on What Bitcoin Did

"Me thinking was I was considering, okay, so we talk about how Mao and Stalin probably killed a 100 million people. In the 20th century, these are rough estimates, but most of them didn't die by the sword or the gun. Most of them died because of disastrous agricultural policy, right? You had people who didn't know how to farm being moved to farms, and then they starved to death. Things like that. You had people dependent on imports of a particular food stuff and then that just disappeared and they all starved. So it was usually like agricultural related. So no one's ever done no one's ever done an accounting of how many deaths World Bank and IMF structural adjustment policies inflicted on a developing world. And especially in the 70s and 80s, but just generally speaking. But you can do the math. So again, studies show that for every 2% decline in GDP, mortality rate increases by 1% or rather deteriorates by 1%. So if you think about how adjustment structural adjustment and austerity policies imposed by the bank and the fund caused massive contractions in GDPs in GDP for some of these countries over the years, we're talking millions and millions of deaths. I mean, maybe tens of millions of deaths. I mean, it can probably be calculated and someone should do it. And you know what? There's never going to be any justice. No one's going to go to prison. It's all in the past. Okay. But we can at least talk about it and acknowledge it. And I think that's important. I was talking the other day with a woman from Indonesia and I do want to mention this case because it's so powerful. And she works for a nonprofit that works in this place called west Papua. Maybe Danny, you can bring up a map west pawpaw. It's a PA, PUA. And we can just kind of locate it for Peter. But basically, I talked to her about it. I'm digging into the World Bank and IMS role in repression in her country. Yeah, so you can see this is a map. You just zoom out a little bit, yeah. So you can see Indonesia. So papa and west papa constitute the western half of the island of New Guinea. So New Guinea is this incredible treasure. It's so rich in every possible natural resource. It has the richest coral seas. It's like a gem on the planet, right? It's such a dense forest that parts of it still are mapped. It has the third largest rainforest in the world after the Amazon and the Congo. And if you just, if you just for a second, so the eastern half is its own sovereign nation Papua New Guinea, which was at one time in Australian colony. The western half has been under military occupation by the indonesians ever since Indonesia became independent from the Dutch. In 69, there was something called the act of free choice. So basically in the western half of the island, you have like hundreds of indigenous tribes that have nothing to do with Indonesia is really that island on the left, the Java is where most people live this enormous island over on the left under Sumatra. That's where like a 100 million people out of the Indonesian population live. And the Javanese basically colonized all these small islands. The people who live in west papa are totally different ethnicity, different religions, like everything. They're just different. So you have these people there. And they've been relentlessly persecuted. So by Dutch colonialism and then in 69, the Indonesian military did like a puppet vote where they picked a thousand people in front of soldiers who had guns and made them say whether or not they wanted to be part of Indonesia.

World Bank Indonesia west papa New Guinea Mao Stalin IMF west Papua IMS Danny Peter Congo Papua Amazon Sumatra
Fresh update on "world bank" discussed on Balance of Power

Balance of Power

01:54 min | 19 hrs ago

Fresh update on "world bank" discussed on Balance of Power

"The 9 and two Vikings at 1 o'clock and they may not have Michael Carter. He's got that low ankle sprain. He is doubtful. College football. Deion Sanders is hired as the head coach in Colorado for the buffaloes. Number one Georgia wins the SEC championship game they beat LSU by 20. That's your Bloomberg sports update. I'm Dan gotta ski This is balance of power with David Weston. Russia realizes that it's been further isolated and ostracized as a result of what it's doing in Ukraine. I'm still in the category that thinks that our withdrawal from the trans Pacific partnership was a serious strategic where the world of politics meets the world of business. Across the board, all colleges need some accountability. It's not just a few bad actors. This is a fed committed to restoring price stability, even if that causes pain. Balance of power with given Weston on Bloomberg radio. Coming up this hour, I talk with Florida senator Rick Scott about the deadline to fund the government. His view on inflation, and what's at stake in the Georgia runoff election. Plus, the World Bank seeks to play a bigger role on climate change. I'll talk about it with the World Bank president David malpass, and I'll get his views on the prospects for a global recession. And I talk with Pennsylvania senator pat toomey about his greatest accomplishments as he leaves Congress and what still needs to be done. But first, in November U.S. employers added 263,000 jobs, that's at least 63,000 more than we expected, and wages went up the most in nearly a year. President Biden celebrating the numbers at The White House said that it proves the country is moving in the right direction. Wages for working families. In fact, over the last couple of months have gone up. Up these wage increases are larger than the increase in inflation during that same period of time. And so we're in a position now where things are moving. They're moving in the right direction. For more on The White House reaction, I spoke with gene sperling, senior adviser to President Biden. Mister sperling served as the director of the national economic council under both president Clinton and president Obama. This did have a little bit of a Goldilocks feel, right? I mean, growth get to revise up. Where jobs are still strong. We're real incomes up. And yet at the same time, you seem gas prices go down under $3 and 50 cents. And you have the measure that we know the fed looks at most, core

Dan Gotta David Weston Trans Pacific Partnership Michael Carter Bloomberg Radio Senator Rick Scott Deion Sanders President Biden David Malpass Georgia World Bank Senator Pat Toomey Vikings LSU SEC Ukraine Colorado Weston Football Russia
"world bank" Discussed on What Bitcoin Did

What Bitcoin Did

05:20 min | 4 d ago

"world bank" Discussed on What Bitcoin Did

"Yeah, did I read yesterday 12 countries of applied to join brick? It's possible. And could this I'm not that very bullish on China for a variety of reasons. It's an energy and food importer. It has the demographic crisis, its population is shrinking. I don't think it's going to have the same success as the U.S. has had for many, many, many reasons. Primarily because it doesn't issue the world reserve currency. One of the reasons this IMF and World Bank thing has been able to work so well, especially since 1971 is that it's fueled by this like Fiat system. So the deposits that are flowing into the bank and fund that allow them to offer these loans are generated often essentially from thin air from the American printing press. It's not like there's like a certain amount of scarce resources that are at stake here. When McNamara was at the World Bank in the 70s, again, he realized this concept that these poor countries could only pay back the debt with more debt. So he was like, all right, we're just going to, we're just going to expand the debt in a massive way. And all of a sudden, all the admins, the hundreds of people who worked at the bank and the fund had to allocate like four or 5 times as much money each year. And that's what led to what are called these white elephants. White elephants are these enormous projects in these poor countries that clearly have no benefit for the local population. And the reason they were chosen is because it's just sort of easier for the administers administrators of the loans to deal with. So for example, you have, if you're like, oh my God, I got to give a $1 billion out to sub Saharan Africa. Is it easier to do a thousand small projects or like a giant dam? Well, obviously the giant thing. So a lot of it, as you point out, is like incentives that are micro incentives that shape a lot of things. But in the end, a lot of the massive expansion of the debt that's been extended to these countries has been used for really, really large projects like hydroelectric dams that facilitate the extraction of minerals or transmigration, which I definitely want to get into. But yeah, I mean, the typical white elephant project would be

World Bank IMF Fiat McNamara China U.S. Saharan Africa
"world bank" Discussed on What Bitcoin Did

What Bitcoin Did

02:22 min | 4 d ago

"world bank" Discussed on What Bitcoin Did

"And basically these were the outcomes of the policies of these leaders. The point is the IMF and the bank didn't necessarily use Cold War lenses. They would just lend to anyone who could benefit them. So this is sort of different than you talk about the CIA in American foreign policy during the Cold War. We're almost operating on like, that's like level one. We're like on a second level here. Like the IMF and World Bank are operating on a meta level. Like we're above Cold War politics. We're at the level of timeless strong countries abusing poor countries. This is way beyond the Cold War. And other countries do it too in their own microcosm. China knows exactly the same policy. They won't be as effective as the United States and its allies because they don't control the reserve currency of the world. But they are absolutely trying to copy the playbook of the IMF and World Bank. In fact, I have a quote here. So does the belt and road just show that this would happen with or without the World Bank and the IMF? I mean, you've basically seen this just power games. Yeah, well, let me read. I'll let the listeners and viewers judge, but here's the description of the belt and road scheme. And I'll let you determine how closely you think this reminds you of something else that we've just covered. So through its $1 trillion one belt one road initiative, China is supporting infrastructure projects in strategically located developing countries, often by extending huge loans to their governments. As a result, countries are becoming ensnared in a debt trap that leaves them vulnerable to China's influence. The projects that China is supporting are often intended not to support the local economy but to facilitate Chinese access to natural resources or to open the market for its low cost and shoddy export goods. In many cases, China even sends its own construction workers, minimizing the number of local jobs that are created. They are following the IMF blueprint to a T literally to a T that's exactly what the IMF does, right? And you know, I don't know how successful they'll be. But the point is the Soviets did some of this. The Chinese will do it. Every great power will do it to weaker countries. So what I mean by operating on a different level is simply that, you know, this is kind of like timeless, I think, a timeless struggle. And I don't know, if changing politics really alters it very much.

IMF World Bank China CIA United States
"world bank" Discussed on What Bitcoin Did

What Bitcoin Did

05:12 min | 4 d ago

"world bank" Discussed on What Bitcoin Did

"Tax free deals are provided to international corporations, while local producers pay ever higher taxes and suffer from inflation to accommodate their government's fiscal incontinence. As part of the debt relief deal signed with the misery industry, governments were asked to sell off some of their most prized assets. This included government enterprises, but also natural resources and entire swaths of land. So that's what we've been talking about. I mean, these people are basically debt enforcers. Someone wrote a book in the 80s, but I thought had the brilliant title, the debt squads. Right. So the point is that these institutions have forever changed the shape of these societies. And they've done so largely in league with dictators, which is why I got interested. And I want to talk about that. Just a couple of questions before we go into dictators. Okay, so firstly, so aid is we essentially have I been gaslighted my entire life with the word aid by the belief that aid sounds like a good word. Is it just a fucking loan? This is not a conversation about the effectiveness of actual aid. That's a different conversation. But is aid actually alone? Is it a gift or is it alone? So oda includes both. Official development assistance includes both aid and loans. Let's just put it this way. I still think it's a good idea for people to be charitable and to help people at a time of need. And they're very effective ways to do that in different ways. And even the U.S. government still at times can do that. There will be a natural disaster and we'll use our army to go in and feed people and that's helpful, okay? The percentage of assistance that is pure aid versus loans is very small. Okay? So when we talk about assistance going into these countries, it's mainly loans that need to be paid back. Now, in the last couple of decades, the IMF and World Bank came under a lot of scrutiny.

U.S. government IMF World Bank
"world bank" Discussed on What Bitcoin Did

What Bitcoin Did

04:44 min | 4 d ago

"world bank" Discussed on What Bitcoin Did

"People call it the Washington consensus. Right. But here's the playbook. I have ten things that the IMF or the World Bank would do. The IMF would do this from inception and the World Bank started increasingly doing this since 1980, which again is tying the loan, which again is not free to begin with. It means the poor country has to pay back more than what it received. Over time. In addition to that, they came with conditions, which is called structural adjustment. So that means usually a mixture of ten things. The first one is currency devaluation. So again, this is like the doctor coming into the patient who's sick and saying, you have to do these things to get better. So the first thing they'll do is try to do currency devaluation. Again, all of these things are meant to generate more exports so that the country can generate more hard currency to pay back its debt. Okay, so currency devaluation, most bitcoiners will understand that that's really bad for savers, right? That for individuals, right? Number two, the abolition or reduction of foreign exchange and import controls. Okay. So typically, Western countries have controls on these sort of things. Of course. We like to say that we're all free market. But we're not. We have these controls. But when a poor country has a crisis, we say, you have to get rid of all your controls, which of course leads to massive capital flight, right? All the rich people take their money out of the country. And that's what a lot of the drain that we speak of is corporations and rich people taking the money out, right? Number three, the shrinking of domestic bank credit. So this is particularly devastating to local businesses because let's say you're a small entrepreneur in Mexico in the 1980s. When the IMF came in and requested that the bank credit be shrunk. All of a sudden, it's like really hard for you to get a loan to do your stuff. Meanwhile, the multinational corporations, they don't have any problems borrowing from abroad. So it really hurts the little guy at the expense of the big one.

IMF World Bank Washington Mexico
"world bank" Discussed on What Bitcoin Did

What Bitcoin Did

04:39 min | 4 d ago

"world bank" Discussed on What Bitcoin Did

"The incentives, who gains here, obviously any dictator who takes some money, it was able to buy a palace by cars and buy wines. Cigars have their parties. That one's pretty clear and obvious. And they will do that to the detriment of the people of their country. When you find an incentive to the World Bank and the institutions, where the incentives, because you can see the incentives for shitty decisions within corporations and companies where you have your owners, the board members, they get to benefit from the profits of these companies. But within institutions, there isn't like that direct. So is it career incentives? Is it like these people who think in a career beyond the World Bank within government? How does the incentives? Because it's fucking terrible behavior. And I want to do a couple more case studies, but let's do some of that. I have questions on that. Let's do some of the data first. I think it'd be helpful to put up this chart. Yeah, yeah. It's an old chart. A lot of, again, a lot of the best stuff about the bank and fund is old. You have to go to the library. You have to dig out books because a lot of the critical analysis has just been turned off. But this is an important chart, and I'll try to explain it so listeners can understand what we're looking at here. But the important thing is this is from a book from basically 40 50 years ago that describes how debt cycles work with World Bank loans. So the important thing for you to look at Peter is this bottom line, which is called net capital flow. And what you can see along the X axis is the years. So if you look at net capital flow, obviously when a country first takes on a loan from the World Bank as you see, it has positive net capital flow. It's getting the money that was loaned to them by the bank. So for the first ten or 15 years, they're in the money, right? The dictator has a bunch of cash. So this gives some perspective. That looks to say about what $75 million positive. Yeah, exactly. Right. So hold on a second. Just to ask. So it looks like it starts up like they've got like $25 million at the start after ten years after 75. Is that the productivity that increases? These are disbursements. This is the money. Let's say they do a $500 million loan. Over ten years. Okay. And then you have 40 years to pay it back. Usually these loans are like really long and they get delayed. So they're literally our loans that countries are still paying back from the 80s today, right? So the point is that in the first few years, the hunt the bar were country, is in the black. It's getting a flow of money from the World Bank that it's using to do stuff with. But after, you know, about, as you can see, about 8, 9 years, that flow starts to peak.

World Bank
"world bank" Discussed on What Bitcoin Did

What Bitcoin Did

04:19 min | 4 d ago

"world bank" Discussed on What Bitcoin Did

"And then they would have this agreement, which is basically a credit line that they would the sovereign government would start to draw down that credit line. And I'm if we continue to provide that so long as they saw progress. But what does progress is that specific political goals that they would like to see? Yes, the best way I could put it. And it's been struggling to frame it the right way. But basically around the end of the 50s, early 60s, you had two main things happen in the context of our conversation. You had, again, you had Europe and Japan kind of get back on their feet and become kind of mighty again, right? With their economies that are industries. They recovered from the wreckage of World War II. And then you had decolonization, right? So you had all the empires pulling away from their former colonies. In 1960s, kind of like the known as the end of colonialism, right? Some of the colonial empire's fell away in the 50s, some fellow away after 1960, but basically 1960s sort of supposed to mark the end of colonialism. So what my thesis is is that the World Bank and IMF were created to help stabilize and sort of, let's say, rebuild Europe and Japan. And once that was done, unfortunately, they were repurposed to extract resources and cheap labor from the developing world. Like swapping territorial colonialism with financial colonialism. Yeah, in the same way that when I write about the monetary colonialism in West Africa, the French pulled away politically, like they no longer controlled French West Africa didn't exist anymore. It was like a sovereign nations, but they still controlled the money, right? So we went from political colonialism to economic colonialism. So I guess what I would argue is that post 1960, the bank and the fund

Japan Europe World Bank IMF West Africa
"world bank" Discussed on What Bitcoin Did

What Bitcoin Did

04:50 min | 4 d ago

"world bank" Discussed on What Bitcoin Did

"Alex is a prolific writer. Not only the articles he puts together, but also his book, check your financial privilege, which if you haven't read, please do go and check out. So about a month ago, I was out for dinner with Alex in London and he let me in on a research piece he was working on all about the IMF and the World Bank and it was absolutely fascinating. So I said to him, I'm coming out to LA soon. I know you're going to be there. Let's get together and let's make a show about this and it's mind-blowing stuff actually it's also frankly depressing. I've heard a little bit here or there about the IMF and the World Bank and how they are rotten institutions, but to have Alex break down exactly what they do, how they do it and the impact this has was extremely valuable to me and I think the work Alex done here is unbelievably important and just not sure personally what to do with it. I kind of, like I said, it's quite depressing some of this. But listen, have a listen to the show. Let me know what you think. Please do get in touch. Feel free to reach out to me. I don't want to hear you about this. My email address is hello, what Bitcoin did dot com and I will get back to you. Also, Alex's full paper was released this morning on Bitcoin magazine, and you can find that linked in the show notes, so definitely go and check that out. Okay, onto the show. I want Alex. Yes, please do get back

Alex IMF World Bank London LA Bitcoin magazine
"world bank" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:16 min | Last month

"world bank" Discussed on Bloomberg Radio New York

"Heads of the IMF and World Bank worn over rising risk of global recession. Vladimir Putin threatens more missile attacks in Ukraine, U.S. discusses more potential military equipment health, Japan opens to tourists hoping it will help the economy. I'm at Baxter with global news. Is PSG looking to poach a midfielder from Chelsea. I'm Dan schwarzman. I'll have that story more coming up in Bloomberg sports. That's all straight ahead on Bloomberg daybreak Asia on Bloomberg 11 three O New York. Bloomberg 99 one Washington D.C., Bloomberg one O 6 one Boston, Bloomberg 9 60 San Francisco, Syria's exam one 19 and around the world on Bloomberg radio dot com and via the Bloomberg business app. We're 30 minutes away from the China open. It's 9 in the morning in Hong Kong. If you're joining from the region, good morning, I'm Doug prisoner at the Bloomberg interactive broker studio in New York. And I'm Juliet sali in Singapore limbic debris Asia presented by interactive brokers interactive brokers charges margin loan rates from 3.58 to 4.58% rates are subject to change. You can learn more at IBKR dot com slash compare. Let's get over to Hong Kong for a check of the Asian trading session with Bloomberg's Brian Curtis Bryan. And a punitive open for TSMC and the italics in Taiwan without market just coming back right now we're seeing a loss of 3.5% in the taya X and TSMC has traded down about 7% this morning. So a very tough day for a semiconductor shares generally and a tough day for basically markets in the Asia Pacific. Let's run through some of the other numbers of straights times index is actually higher by about a half of 1% here in the first few moments in China futures are trading up about a third of 1%. Listen, we're 5 days from the Communist Party Congress. If the national team were ever to be deployed into action, it might be in this period. We had a big sell off yesterday, so very much not evident that CSI 300 was down 2.2%. It may be that we'll see a little bit of a bounce today because the Hong Kong and China markets were really hit hard. The Yangtze tech index was down 4% and then we had the NASDAQ golden dragon China index off more than 5.3% overnight and yesterday as well in the regular session index was down about 3%. So it sets up for perhaps a little bit of relief today, but then it depends how negative traders are with all that we're dealing with with rising COVID numbers in China. And we should mention again that the people's daily ran another commentary, second time in the past couple of days, endorsing COVID zero and actually saying that it has helped stabilize the economy and protect lives. Just seeing a flashier TSMC shares now down a little more than 7% the most since May of 2021. The dollar is pretty steady here, so that's not a big factor. Dollar again, one 45 72. The yield on the ten year treasury is up to 3.94% the two year is at four 30. And that's a check of markets done. All right, Brian, thanks for what we have U.S. sovereign debt trading for the first time since Friday of last week, and today a couple of fed officials striking a less hawkish tone to begin with, it was the vice chair lael brainard laying out a case for exercising some caution, as the fed raises rates. In light of elevated global, economic and financial uncertainty moving forward deliberately and in a data dependent manner will enable us to learn how economic activity, employment, and inflation are adjusting to the cumulative tightening in order to inform our assessment of the path of the policy rate. Now, brainerd went on to say monetary policy will have to be restricted for some time as a way of ensuring inflation moves back to the fed's target that being 2%. Meantime, we heard from the head of the Chicago fed, Charlie Evans, he was saying that rates must quickly get to levels where policymakers feel comfortable pausing as a way of reducing the risk of an overshoot. And he's also said there is great uncertainty about where that level would be at the moment he does see the fed funds rate rising a bit above four and a half percent next year. Well, World Bank president David malpas is there's a real danger of a worldwide contraction next year. He says the dollar's strength is weakening the currencies of developing nations increasing their debt to burdensome levels. IMF managing director kristalina georgieva says that about a third of the world economy could be impacted by a recession. The total amount that would be wiped out by the slowdown of the world economy is going to be between now and 2026, $4 trillion. This is the size of Germany GDP gone. Georgieva also cited various factors for worldwide contraction. She said the world's largest economy, the U.S., is losing momentum because of the impact of higher borrowing costs is quite starting to bite. Judge ever also said the Eurozone is slowing as natural gas prices saw, and China is slowing due to COVID disruptions and volatility in the housing sector. She added that policymakers can't let inflation be a runaway train and that any fiscal support should be well targeted. Let's check global news here at 5 minutes past the hour. Russian president Putin has threatened a harsher response

Bloomberg TSMC China Baxter with global news Dan schwarzman Washington D.C. Hong Kong Bloomberg interactive broker s Juliet sali Brian Curtis Bryan Asia World Bank
Dave Bratt Weighs in on Larry Summers' Latest Comments

America First with Sebastian Gorka Podcast

01:55 min | 2 months ago

Dave Bratt Weighs in on Larry Summers' Latest Comments

"Out there called Larry summers who is rather outspoken when it comes to what's happened in the last year and a half in America and we have our eminence Greece when it comes to the national economy. He is the dean of the business school at Liberty University. Dave brat from a congressman from Virginia. I'd like you to react to this rather outspoken little clip from Larry summer, play cut. We basically had inflation under control for 40 years, despite the fact that the price of oil fluctuated despite the fact that there were all kinds of supply shocks. We lost the thread along with many other countries. About a year and a half ago with massively expansionary policies, relative to the size of the GDP gap, he's not backing down, Dave, I think he's going to be deported off Martha's Vineyard as well. So give us your reaction to that little clip. Yeah, well, he is a genius intellectually, right? Larry sorry, he's ahead of Harvard and the head of the World Bank for a while. All these kind of things. He's got the pedigree. He's got the brain. He can write the top journal articles and all that. But what's noticeably striking about that clip is that it's really the first time he mentioned the fiscal overreach on the stimulus. All these guys kind of wait until the obvious, right? So now the shoe has dropped. Markets are freaking out. England had Armageddon and would have had a sovereign debt crisis yesterday. If they wouldn't have weighed in on the long term, whatever they call them over there, bonds. The bonds. And so it's good he's saying it. The left still isn't saying it. He's

Dave Brat Larry Summer Larry Summers Liberty University Larry Sorry Greece Virginia America Vineyard Martha Dave World Bank Harvard England
"world bank" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:11 min | 5 months ago

"world bank" Discussed on Bloomberg Radio New York

"It is just gone 6 30 in the morning right here in Hong Kong and in Singapore, it's at 6 30 in the evening on Wall Street and Richard salami. And I'm Brian Curtis looking at markets in the Asia Pacific. It looks like it's setting up as a pretty solid day today futures contracts are all higher. Doug's been talking about how it looks like the fed's actions are having an effect, but the other side of that coin is something expressed by Goldman Sachs, which is that the belt tightening by consumers may hurt stock prices. It will hurt profits at corporates. And we'll get you that story coming up in a few moments in our world business headlines. And we'll also get to the markets with Doug in a few moments, risha. All right, well, we're looking at the Federal Reserve, of course, and how some moves to tighten financial conditions also include reducing its balance sheet now the World Bank president David malpas says that that runoff can help to free up capital to boost production in the U.S. economy telling CBS that it could help the U.S. actually do avoid a recession. On the Bond side, reducing the bond portfolio would return more money to banks. All of the money being used to hold the bond portfolio comes from banks. And if they had more, they could lend and also the non bank sector of the U.S. economy. That's one of the most innovative. And it could put more money into the supply chain. Well, that was, of course, the World Bank president David malpass on CBS is face the nation heard earlier on Bloomberg mountain pass also saying that it would be very difficult for some countries to avoid recession. So let's get to that research by Goldman Sachs saying that the consumer built tightening will hurt corporate profits the story from Bloomberg's Denise Pellegrini. High inflation and declining asset prices are weighing on household finances, according to Goldman strategists and the group led by David costan sites, record low consumer sentiment and ballooning inventory at some large retailers as well, and another concern used car prices down 6% this year, signaling a possible drop in overall vehicle demand. As a result of all this Goldman expects the S&P to end the year at 4300, lower than the median target compiled by Bloomberg, Goldman says though, the wealthy are more insulated from inflation and demand for stocks as state surprisingly

Richard salami Brian Curtis risha Goldman Doug David malpas fed World Bank Asia Pacific U.S. CBS David malpass Hong Kong Singapore Denise Pellegrini David costan Bloomberg S
The World Bank Predicts Recession for Many Countries

The Trish Regan Show

01:30 min | 6 months ago

The World Bank Predicts Recession for Many Countries

"But let's start off. With what we're hearing out of, as I said, the global elites you now got the World Bank coming out and admitting that most countries are going to be facing recession this year. You know, the World Bank is led by a very smart guy, a guy I'm known for many, many years, David malpas, he was actually a Trump appointment there at the World Bank. And he's always been spot on. I'll just say this, again, I've known him a long time in his economic research, and I trust his feel for the overall economy. And so I hate to lump him in with the quote unquote elites and in such a way, but look, I think the reality is this, a lot of big organizations, including things like the World Bank or a little bit hesitant to come forward and be predictors. Well, kind of bad stuff, right? Because everybody wants to be optimistic and positive, but then all of a sudden reality sets in. I mean, maybe this is one of the reasons why so many people kept saying it's transitory of transitory, it's transitory when it came to inflation. I'm like, no, it's not. No, it's not because I actually know how these things work. My reporting from the front lines. I've been reporting on markets since going all the way back to 2000. There's a journalist, but then as an analyst, these are now things that you start to develop a sense for and you can spot, which is one of the reasons why I kept saying all along, you just can't have your cake and needed to here. You are going to have a hangover with all this money printing and sure enough, here we are. We're facing

World Bank David Malpas Donald Trump
World Bank Delivers Grim News on Inflation

The Hugh Hewitt Show: Highly Concentrated

00:44 sec | 6 months ago

World Bank Delivers Grim News on Inflation

"Janet Yellen and World Bank expect elevated inflation to persist. Global growth expected to slow as prices rise increasing risk of stagflation, bank president said treasury secretary Janet Yellen, mister Wall Street Journal, warned that the U.S. is likely to face a prolonged period of elevated inflation. Thank you, Joe Biden. Thank you, Democrats for passing $4 trillion in spending that we did not need last year. Fuel on the Barbie and you got what you wanted. New York Times headlines, slightly different. Yellen defends pandemic spending as inflation persists. Of course, you're going to defend it. But she said I was wrong about inflation, but she can't really say Joe Biden's a bumbling clown and we're in trouble.

Janet Yellen Mister Wall Street Journal World Bank Joe Biden Treasury Yellen U.S. New York Times
Powell reinforces expectations of sharp rate hike next month

AP News Radio

00:58 sec | 8 months ago

Powell reinforces expectations of sharp rate hike next month

"The the the the chair chair chair chair of of of of the the the the federal federal federal federal reserve reserve reserve reserve is is is is signaling signaling signaling signaling sharp sharp sharp sharp interest interest interest interest rate rate rate rate hikes hikes hikes hikes are are are are likely likely likely likely in in in in the the the the coming coming coming coming months months months months I'm I'm I'm I'm Ben Ben Ben Ben Thomas Thomas Thomas Thomas with with with with the the the the story story story story in in in in an an an an IMF IMF IMF IMF World World World World Bank Bank Bank Bank panel panel panel panel discussion discussion discussion discussion fed fed fed fed chair chair chair chair Jerome Jerome Jerome Jerome Powell Powell Powell Powell said said said said taming taming taming taming inflation inflation inflation inflation is is is is essential essential essential essential economists economists economists economists don't don't don't don't work work work work without without without without price price price price stability stability stability stability we we we we need need need need that that that that to to to to have have have have a a a a strong strong strong strong labor labor labor labor market market market market for for for for an an an an extended extended extended extended period period period period of of of of time time time time we we we we need need need need for for for for financial financial financial financial stability stability stability stability so so so so we we we we must must must must do do do do that that that that I'll I'll I'll I'll noted noted noted noted the the the the fed's fed's fed's fed's last last last last cycle cycle cycle cycle of of of of interest interest interest interest rate rate rate rate hikes hikes hikes hikes from from from from two two two two thousand thousand thousand thousand forty forty forty forty two two two two thousand thousand thousand thousand six six six six we're we're we're we're quarter quarter quarter quarter point point point point increases increases increases increases inflation inflation inflation inflation was was was was a a a a little little little little over over over over three three three three percent percent percent percent is is is is inflation inflation inflation inflation is is is is much much much much higher higher higher higher now now now now and and and and our our our our policy policy policy policy rate rate rate rate is is is is is is is is still still still still more more more more accommodative accommodative accommodative accommodative that that that that was was was was that that that that and and and and with with with with inflation inflation inflation inflation at at at at its its its its highest highest highest highest in in in in more more more more than than than than forty forty forty forty years years years years it it it it is is is is appropriate appropriate appropriate appropriate in in in in my my my my view view view view of of of of to to to to be be be be moving moving moving moving a a a a little little little little more more more more quickly quickly quickly quickly and and and and I I I I I I I I also also also also I I I I also also also also think think think think there's there's there's there's something something something something in in in in the the the the idea idea idea idea of of of of front front front front end end end end loading loading loading loading whatever whatever whatever whatever accommodation accommodation accommodation accommodation one one one one thinks thinks thinks thinks is is is is appropriate appropriate appropriate appropriate the the the the fed's fed's fed's fed's next next next next policy policy policy policy meeting meeting meeting meeting comes comes comes comes in in in in early early early early may may may may analysts analysts analysts analysts are are are are expecting expecting expecting expecting a a a a half half half half point point point point increase increase increase increase in in in in the the the the federal federal federal federal funds funds funds funds rate rate rate rate Ben Ben Ben Ben Thomas Thomas Thomas Thomas Washington Washington Washington Washington

FED Federal Federal Federal Federa Ben Ben Ben Ben Thomas Thomas Imf World World World World Ba Jerome Jerome Jerome Jerome Po IMF Federal Federal Federal Federa Ben Ben Ben Ben Thomas Thomas Washington
"world bank" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:33 min | 8 months ago

"world bank" Discussed on Bloomberg Radio New York

"Safety nets When food prices rise very often governments panic put on price controls Price controls are very costly and also not very effective a much better mechanism to help those impacted Those households is through social social safety nets That's a big big emphasis of what the bank does to Common you said that we're not in crisis mode yet and yet you look at economies like Sri Lanka like Pakistan it does feel like a crisis Very close Right but there is a sense that the price pushes a creating political pressures and they're feeding into each other into a lot of these economies How worried are you from that aspect of being able to reign this under control and what the World Bank can actually do to help It is very troubling Look the Bad times breed discontent with governments They also breed all kinds of civil unrest If you look at for example the indices published by Freedom House What you see is the last few years especially accelerating in the last couple of year decline in democratic values So the idea that especially as the low income countries that are disproportionately and middle income countries are also disproportionately affected by higher food prices continued slow growth And governments that are overspent and can't do much about it Since social unrest is something to be concerned about That was World Bank senior vice president and chief economist Carmen Reinhart a dire warning there on the prospect of a food crisis and after the break we'll be talking to David Riley chief investment strategist of blue bay asset management I'm going to speak to him about the latest for central banks around the world the dilemma of balancing inflation and growth as well as whether China can possibly carry on with the zero COVID strategy given all the strain that's putting on the Chinese economy He's a former economic policy adviser to the UK treasury so we'll.

Sri Lanka Freedom House Pakistan World Bank Carmen Reinhart David Riley blue bay asset management COVID China UK treasury
"world bank" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

03:01 min | 8 months ago

"world bank" Discussed on Bloomberg Radio New York

"Policymakers are making adjustments here So things like bans on fossil fuel investments by multilateral financing agencies like the World Bank I think that we have to rethink that because there are some projects that couldn't get off the ground that could be supplying diversity of supply to places like Europe And I think we're kind of in a new era I think things have changed And so these are one of the things that we're going to be looking at at the IF in the weeks ahead I want to get back to what we started off with And you talked about the fog of war And I'm going to tie it back to what the OPEC plus may or may not want to do because you've got 10 million barrels a day production from Russia and 10 million barrels roughly from Saudi Arabia as well A lot of these countries within OPEC plus have not taken the political stance that the United States has in terms of condemnation and criticism of Russia's Ukraine invasion does that really restrain OPEX plus ability to take the decisions they need on a month to month basis Do you see that kind of hanging over I don't really I mean at the end of the day OPEC plus is a group of self interested parties And they're working to try to provide some stability to oil markets to the best of their ability Obviously this Ukraine crisis takes a lot of their influence out of the market But look the simple math here is if the Russian supplies are removed from the market or impacted from the market That's an exports are about 4.5 million barrels a day Spare capacity global spare capacity is only about three and a half million barrels a day Iran supplies or Venezuela supplies if they come back to the market That's not enough to make up the difference if all of the Russian supplies are impacted So I think world leaders as I said I don't envy any of these world leaders They know by taking actions like sanctioning Russian supplies or even economic sanctions that are having a big impact on supplies They know the impacts to oil prices and energy prices and volatility And I'm sure they're not naive about this And so they know there are going to be impacts And I think we have to be realistic about it These are very severe I think effects and impacts on energy markets And but despite knowing that they're moving forward because of geopolitical or security concerns And this is the reality of the situation Joe always great to get some insights there That's Joseph mcgonagall He's a secretary general at the IEF Well the run up in oil prices has had a positive impact for Iraq one of the world's largest crude producers the nation's finance minister We spoke to Bloomberg Simone foxman at the Doha forum How new revenue will impact the country's fiscal health.

OPEC Russia Ukraine World Bank Saudi Arabia Europe United States Venezuela Iran Joseph mcgonagall Joe Simone foxman Iraq Doha forum
The World Is Increasingly at Risk of a Global Financial Crisis

The Trish Regan Show

01:54 min | 11 months ago

The World Is Increasingly at Risk of a Global Financial Crisis

"I wrote an article about how we are now increasingly in jeopardy of a global financial crisis. I wouldn't have said this before, but the World Bank, David Lopez, whom I've known for many years, president of the World Bank came out with a warning and said, numerous countries really kind of emerging market developing countries, meaning very poor countries. Have too much debt, and they're not going to be able to pay it back. You see, normally, the World Bank used to lend money, but, you know, hey, 2020, 2021, with all that cash in the system, in part, thanks to the Federal Reserve, all these hedge funds started landing money to a lot of these emerging market countries. And now the bills are coming due. And the rates are resetting because interest rates are going up, it's just like in 2008. Remember in 2008, the whole housing crisis, all these people got loans, leading up to 2008 that maybe shouldn't have had all those loans. I love the Nina loans. The no income no acid loans. Well, there are a lot of those out there at that time, and then as soon as rates reset, well, what do you know? People couldn't afford to pay their mortgages. It's the same kind of thing now going on on a global scale. All this money has been lent to all these countries who now are saying, wow, wait a second. How are we going to pay this back? I mean, we were talking about places like Sri Lanka and El Salvador. And so the danger is that some of these hedge funds, some of these institutions, probably the institutions that lent the money are going to stumble when they don't get the money back. And the fear is if they stumble, what happens to the individual little guy, right? The investors, the American investors, retail investors, pension funds that are invested in all these things. Did they then stumble? This is the domino effect that we have to be

World Bank David Lopez Federal Reserve El Salvador Sri Lanka
'You Will Be Assimilated' Author David Goldman on China's Contempt for the U.S.

America First with Sebastian Gorka Podcast

02:44 min | 1 year ago

'You Will Be Assimilated' Author David Goldman on China's Contempt for the U.S.

"China is not an enemy. And I think that's important for people to clearly understand. China is a rising power, China has been a rising power since Deng Xiaoping in 79. And they are going to develop themselves in our developing themselves into a great power. That is not to say, however, that they are an enemy. They're not an enemy. They're just a great power. That's according to the chairman of the joint chiefs when he was speaking in his private capacity as chief of staff of the army. The NATO summit, maybe that explains a lot about Mark Billy. We'll discuss the realities of what China thinks they are to us and how they're eating our lunch with the man that we always rely upon to tell us about the geo strategic reality in Asia and in Beijing. He's the author of a fabulous work you must check out right now. It's you will be assimilated. China's plan to Sino form the world. David Goldman. Welcome to one on one. A sub gorka it is an honor and privilege to spend fine with you, sir. Thanks for the invitation. I just realized I'm looking at the cover of your book that the Chinese dragon has a pair of iPhone ear pods in. That's a very nice little touch there. I missed in the past. David, we'll talk about Millie. We'll talk about the truth of China Beijing. Xi Jinping and everything else. But first, I have to ask you. The imagery of these super cargo ships off the port of LA, the president of the United States saying, oh, no, don't worry about it. And then Jen Psaki saying, oh, that's a high class issue. People having the Christmas present. So that's, you know, the pipes don't worry about that. Let me ask you, let's think like the Chinese Communist Party for a moment. What does China think of the fact that America can't unload its cargo ships? The Chinese have contempt for us. They think they can take us. We just published an a four times an excerpt from a book by Chinese economist used to be the chief economist of the World Bank Chicago university PhD. Who says, look at history. Look at the United States versus England at the end of the 19th century. The English were lazy complacent and the United States come from behind, took them out and ate their lunch. That's exactly what we're going to do to the United States now. We've got the people. We've got the supply chains. We've got the technology. We've got the will to do it. America's lazy and feckless and their right for the

China Mark Billy Deng Xiaoping Joint Chiefs Beijing David Goldman Jen Psaki Nato Xi Jinping Chinese Communist Party America Army Millie Asia World Bank Chicago University David LA England
Report: Climate Change Could Move 200 Million People by 2050

AP News Radio

00:43 sec | 1 year ago

Report: Climate Change Could Move 200 Million People by 2050

"New research from of the World Bank warns climate change may lead to major movements of people the study by the nonprofit ground swell for the World Bank finds climate change could push more than two hundred million people to leave their homes in the next three decades increased migration hot spots unless urgent action is taken to use global emissions I'm bridge the development gap the research also examines how the impacts of slow onset climate change such as water scarcity decreasing crop productivity and rising sea levels could lead to millions of what the report describes as climate migrants by twenty fifty I'm Charles collect as mom

World Bank Charles
Water Strategy and Future Thinking

Future Cities Africa

01:16 min | 1 year ago

Water Strategy and Future Thinking

"Michael waste is executive director for water and waste at the city of cape town will be discussing. The city's water strategy. They thinking and future plans but before we get into that mike. Welcome give us a briefing action to your role and background. Thanks a lot dan. it's great to be with you when free said he's africa. This is the topic. I care a lot about something. That i've with unprofessionally for most of my career i'm currently executive director and water and waste for city of town and i've had that johnson's December the twenty one thousand nine hundred prior to that. I was director warren sanitation. This makes me accountable. The which and sanitation department is whether the southern waste department in the city. It's a big department. We've got four million customers of cape capetown. Twenty thousand kilometers of pipeline of the four thousand stores seven ran budget a prior to this position. I worked for the world bank for sixteen years in Eastern europe saab asia. Africa have twenty five years experience in the sector But originally a civil engineer from uc team with a postgraduate qualifications from left brand the uk and princeton university. And the us.

Michael Waste Cape Town Cape Capetown Mike Africa Johnson Eastern Europe Asia UC Princeton University UK United States
World Bank Sees 5.6% Global Growth in 2021, Best Since 1973

Bloomberg Businessweek

00:17 sec | 1 year ago

World Bank Sees 5.6% Global Growth in 2021, Best Since 1973

"He's the strongest rebound in 80 years, The bank says emerging market and developing nations will continue to struggle with the Covid 19 pandemic and its aftermath. Even as a few major economies for the strongest post recession global growth in 80 years,

Being Heumann with Judy Heumann

Can We Talk?

01:58 min | 1 year ago

Being Heumann with Judy Heumann

"Judy. Human is a legend in the disability rights movement. The fruits of her labor everywhere. Sidewalk curb cuts accessible public transportation. Equal access to public services from fighting for the right to live in her college dorm. To leading major initiatives at the world bank and state department. Judy has been a lifelong activist. Her activism often includes telling her own story her book is called being human an unrepentant memoir of disability rights activist. Judy was born in brooklyn in nineteen forty seven. She got polio when she was eighteen months old and it left her. Unable to walk we spoke over zoom about her activism. In her early years growing up in a world she had to fight to be included in. She started telling me about the time when she first realized that people saw her differently. It was an incident that happened. When i was about eight years old in my neighborhood and at that point when no motorized wheelchair so that's why people were having to push me and my next door neighbor arlene and i were going to the store to the candy store and on our way to the candy store some boy came over and asked me if i was sick and that incident really made me feel quite undressed in as much as i really had not seen myself until that moment as being consciously different from other people and the word that this boy used with me was are you sick and so the use of the word sick still today And now we're talking sixty. Some years later is still. I think a prominent where that people think about and use his

World Bank And State Departmen Judy Polio Brooklyn Arlene
How the COVID-19 Pandemic Will Impact the Future Of Work

Morning Edition

00:37 sec | 1 year ago

How the COVID-19 Pandemic Will Impact the Future Of Work

"Of the Federal Reserve says the U. S economy is headed for a strong recovery post pandemic, but Jerome Powell warns people won't find the same labor conditions as businesses embrace new ways for employees to work. They've spent a lot of time since the pandemic arrived, looking at ways to have more effective technology and perhaps fewer people. So you're going to see some of that in these public facing job so There will be millions of people who have a hard time finding their way back into the workforce and recovering the lives that they had just a year ago. PAL spoke yesterday to the International Monetary Fund and World Bank.

Jerome Powell Federal Reserve U. International Monetary Fund An
Fed's Powell: US Nears Full Reopening to 'Different Economy'

AP News Radio

00:48 sec | 1 year ago

Fed's Powell: US Nears Full Reopening to 'Different Economy'

"Federal reserve chair Jerome Powell says the U. S. economy is heading for a strong recovery but not for everybody we're not going back to the same economy this will be a different economy Powell says some industries will likely be smaller than before the pandemic in other cases employers have spent the pandemic finding ways to use technology instead of workers wherever they can there will be millions of people who have a hard time finding their way back into the work force and recovering the lives that they had just a year ago in remarks to the International Monetary Fund and the World Bank Powell said the piece of virus vaccinations am signs of rapid hiring or putting the US on track to allow for a full re opening of the economy fairly soon Sager macaroni Washington

Jerome Powell Federal Reserve Powell U. International Monetary Fund World Bank Sager Macaroni United States Washington
U.S. Begins Indirect Talks With Iran on Reentering Nuclear Deal

Forum

00:52 sec | 1 year ago

U.S. Begins Indirect Talks With Iran on Reentering Nuclear Deal

"To try to revive the 2015 Iran nuclear deal which lifted sanctions on Tehran in return for limits on its nuclear activities. Jeremy Bowen has the details. There's strong evidence that the original deal in 2015 stopped to steady slide towards a war over Iran's nuclear plans. But the deal known as the J C P O A has bean in intensive care since President Trump pulled the US out of it in 2018. Iran insists it does not want nuclear weapons. Now the U. S. And Iran both want to revive the deal. They need to find a way for the Americans to live Trump sanctions. On for the Iranians to return to agreed limits on the enrichment of uranium, which can be used to make a bomb. Iran says it won't meet the Americans face to face until that happens. Report by the World Bank has

Iran Jeremy Bowen President Trump Tehran U. United States World Bank
Janet Yellen Calls for Minimum Global Corporate Income Tax

Bloomberg Businessweek

00:58 sec | 1 year ago

Janet Yellen Calls for Minimum Global Corporate Income Tax

"We heard from Treasury Secretary Janet Yellen today and she called for a global minimum corporate tax rate. She laid out a new multilateral approach in virtual remarks to the Chicago Council on Global Affairs. President fighters proposals announced last week called Bull domestic Action, including to raise three US minimum tax rate and renewed international engagement. We're working with G 20 nations to agree to a global minimum corporate tax rate that can stop the race to the bottom. Now. At the same time, Yellen singled out China, saying the U. S needs a strong presence in global markets to level the playing field, yelling by the way, is participating at her first I M F and World Bank meetings as U. S Treasury secretary. These meetings, by the way, will focus on climate change. And helping to boost I f I m F resources to help poor nations cope with covert

Janet Yellen Chicago Council On Global Affa Yellen Treasury United States China World Bank U.
How vaccine inequality is endangering the world

BBC World Service

05:23 min | 1 year ago

How vaccine inequality is endangering the world

"With that anniversary one year ago today when the World Health Organization officially declared the covert 19 outbreak, a worldwide pandemic when a year on and 2.6 million people have died worldwide, and the economy is in tatters. There is also hope, because Kobe vaccination drives under way more than 100 countries with more than 300 million doses of ministered, but who gets vaccinated, for example, there around 80 million refugees, asylum seekers and displaced people worldwide. Will they be included in vaccination plans where they live? Filippo Grandi is the U. N High Commissioner for Refugees and his current in Uganda. When I spoke to him, he started by telling me what impact the pandemic and lockdowns have had on refugees. Where I think the impact is severe and will be even more severe is more on the economic side and in lockdowns, which prevail all over the world. We've seen an escalation off poverty if you wish in refugee and displaced community all over the world from Lebanon, Toe black in America, the Venezuelans toe Afghans in South Asia and so forth, So this is really the key challenge that we have to face now. We know that the key to getting out of the pandemic. His vaccination aren't refugees at the end of the list of people who are going to get vaccinated or too often, well, that was very much our concern, especially refugees. Refugees are not nationals off the country's they're in, and we were worried that because of that they would be marginalized. You know, there's been some good developments. I am in Uganda is speaking to you from Kampala and here, for example, today the vaccination begins. I was with the acting prime minister this morning He was going to be vaccinated and he was keen to tell me refugees will be included. There's no question about that. You can the host 1.5 million refugees. Almost the pandemic has the underlying the inequalities that disparities Throughout the world on one of those is that the richer Western countries of vaccinating at a much higher rate than poorer countries, and yet so many of the world's refugees, Aaron places Like where you are right now, you can do that slower roll out in places like Uganda is undoubtedly going to effect refugees, isn't it? You're absolutely right. George. Vaccination programs have to exist and to be rolled out to include refugees, and this is where really the enormous inequality of the international system has appeared. Very carries. The tent of March is the first day that you can to a nation of more than 40 Million people is receiving its first vaccine when in rich countries. This has been going on for several months. So this inequality is blatant. This needs to be corrected. We are active as an organization in those initiatives that aimed at securing a minimum amount of doses. For poor countries and our role there is to ensure that some of those does is go to the refugees as well. But frankly speaking, that effort is not enough to correct that huge imbalance which is really short sighted. It's not only wrong, it's shortsighted. It's a bit like refugees and nationals in the country if people in poor countries do not get vaccination. This is a global issue. It will backfire everywhere else so then more vaccines and needed and more needs to be done to deal with, as you say, the social impact of the pandemic on Refugees in particular. He's a difficult questions, and there aren't presumably easy solutions to them. But what are a couple of things that could should be done to make progress in this sense from the very beginning off the pandemic? I've reached out personally to the leadership of the World Bank and the International Monetary Fund. These institutions have led The establishment off economic rescue packages for countries impacted by Corbett and lockdowns, and my message to them has bean first of all to accelerate. The disbursement of those packages so that this country's are more protected, but also to ensure that vulnerable groups are included actually are considered as a factor to increase those packages. In other words, take Uganda again. Uganda is negotiating. If I understand with the I m F one such package and the message that I will pass through the eye, meth and other similar institutions is remembered. Uganda has what 40 45 million people. It's national population. It has almost 1.5 million refugees. These needs to be factored in, especially in countries like you can that that are very inclusive that include refugees in education programs in health programs that extend to them efforts to create livelihoods. This additional burden that these countries have needs to be considered when this economic packages are rolled out. This is not always the case. Look at Lebanon, for example, where one in four people is a refugee. This huge political tension in Lebanon over this refugee issue. I'm very worried that rescue packages being rolled out and Lebanon has many challenges may not include refugees, and this would be catastrophic for this huge, vulnerable population in that particular country, And this example is valid in other countries as well. So yes, More complex, I would say even then the vaccination inclusion.

Uganda Filippo Grandi World Health Organization Lebanon Kobe South Asia U. Kampala Aaron America George International Monetary Fund Corbett World Bank
Okonjo-Iweala begins first historic day as WTO director-general

The World

01:36 min | 1 year ago

Okonjo-Iweala begins first historic day as WTO director-general

"A lot of work to do. So I feel ready to go motivating words today from the new head of the World Trade Organization, the arrival of an go Z or condo, a whale A and a six month leadership void at the W T o International body based in Geneva, governs trade rules between countries. Okonjo you wail. His candidacy had been held up by the Trump White House on her first day. She's making history as the first woman and first African to serve as w. T O director general absolutely do feel on additional burden. I can't lie about that being the first woman and the first African means that one really has to perform. That was a con job away. The last month. She's a Harvard grad on economist and dual citizen of the U. S. And Nigeria with a 30 year career in international development, including Time is managing director at the World Bank. Biden administration announced its strong support for a condo you, Ella. Still, there was controversy. Senior African leaders of the United Nations recently complained about what they called racist and sexist media coverage of her appointment. For her part to conjure you. Ella has said that she remains focused on making the changes needed at the W T O. It's led to me that deep and wide ranging reforms are needed. And as I said, before, you cannot be business, as usual at the W. T O in her first speech is head of the W T o today and go Z and conjure you. Ella reiterated that point she said she can on Lee deliver results if members except that we can do things differently. Most urgent priority, she said, or to address the impact of the cove in 19 pandemic and climate change

Okonjo Trump White House World Trade Organization Biden Administration Geneva U. Harvard Nigeria World Bank Ella United Nations LEE
World Bank threatens to suspend vaccine funding to Lebanon

Not Too Shabby

00:22 sec | 1 year ago

World Bank threatens to suspend vaccine funding to Lebanon

"Corona virus vaccines in Lebanon over what it said were violations by members of parliament of the Agreed vaccination campaign. Lawmakers were vaccinated in parliament. Without the approval of the officials running the campaign, the World Bank's regional director said. Everyone had to register for the vaccine and wait their turn. Electoral Commission. Indonesia's

Lebanon Parliament World Bank Electoral Commission Indonesia
Escape from Warsaws Ghetto: Memories of a Child Witness

UN News

05:21 min | 1 year ago

Escape from Warsaws Ghetto: Memories of a Child Witness

"Halina wallow and her parents. I've safely on the shores of south america in nineteen forty eight as jewish refugees from their native poland. The month long voyage by boat from italy's port of genoa was but one stretch of a lengthy journey from surviving. The warsaw ghetto to eventual immigration to peru just a toddler when the nazis stormed her. Family's confining living quarters in the warsaw ghetto halina says the smell of fabric left lingering reminder of the lifesaving moment. Her grandfather hid her between textile goods as women and children were piled into german trucks and taken to death camps following her grandparents deportation. Her father organized a successful escape from the ghetto. One of many times their fate would be defined in an instant speaking to us from her home in capital city. Lima halina explains how her family's escape from persecution. To safety was helped by demonstrations of humanity by the unsung heroes of the holocaust non-jewish europeans and other rescuers who risk their lives to protect juice eighty four years. Old halina says fulfilling. Her purpose of survivor means telling her story. This interview was conducted in spanish and has been translated seeing but saw via. I was born in warsaw poland in the year. Nineteen thirty six. My full name is kalina stein and then all once. I was mary it. If you could briefly describe your first years in poland. What was your childhood. Like your comment you. Well i practically didn't have a childhood. Unfortunately because we was for years old the second world war started the nicest took my parents apartment. Ally grandparents bernie. I'm buddha's in the. Because i was on. I was four or five years. What i can tell you is what my pardons told me on allie. He's have eat the ones who saved my life winds. There was a moment when your grandfather hid you correct. Could you tell us about that moment. They won't sign us. My grandfather produced jackets and coats beginning several years before arriving to the ghetto. And that's had a lot of five hundred in addict so the day. The nasty came in their tracks. You realize day came to take all the world bank and children that will work with sewing machines so my grandfather grabbed me shall between the fabric material. Seen these were how he saved me so the german square taken these life. Mama one do you remember. You felt in that moment. Lord i remember by this mellow no. That is most often make us remember. Even now at age eighty four and just short eighty four. Every time i go into a fiery shop. I remembered the mommy it's part of my life say i will never forget. Of course life in the ghetto was very hard. They had asked without food without medicine and they were know how to work for a very very har life in nineteen forty two businesses. Took my grandparents on my uncle rev linka after the after my father decided to organize escape from the ghetto. And we did so. He taught us to pray. The lord's prayer in portage is big perfect polish until today. We keeping to deny as christians. Luckily my father had a lot of non june's france in the area and part of our so. He arranged to have each of fast leaving in three seventy one jewish homes while for my mom. Another for my father another for me. I was taking get off by a friend of my father's a good woman who told me read that right. I was with her until nineteen forty five when the war ended in neon depose. Where order to tourney eighty jew. There was so my party squid and visit me much. They bissett me the one able to mind. This is how we save ourselves.

Halina Wallow Poland Halina Lima Halina Old Halina Kalina Stein Genoa South America Peru Capital City German Square Italy Warsaw Allie Bernie Ally Rev Linka Portage France Bissett