Thursday, January 25, 2018

THEY GOT HIM: World Bank Chief Stepping Down

Outspoken chief economist Paul Romer is leaving the World Bank after just 15 months on the job, the bank’s president told staff in an internal announcement seen by the Financial Times.

Romer had heroically challenged the globalist institution he worked for and now he has been forced to fall on his sword.

This is a man that who is not afraid to speak truth to power and the establishment.

Just months before joining the World Bank, he wrote a powerful paper that trashed macroeconomics as a math-obsessed pseudoscience.

More recently while at the bank, he claimed the World Bank repeatedly changed the methodology of one of its key economic reports over several years in ways it now says were unfair and misleading.

At the bank, Romer declared several positions redundant and enforced term limits on senior managers. Romer said he cut more than $1 million in annual expenses from the group’s budget.

In a message to staff sent on Wednesday, Jim Yong Kim, the World Bank’s president said, according to FT, that Romer had told him he had decided to step down “effective immediately” and return to his position as a professor at New York University.

“Paul is an accomplished economist and insightful individual, and we have had many good discussions on geopolitical issues, urbanisation, and the future of work. I appreciated Paul’s frankness and honesty, and I know he regrets the circumstances of his departure,” Kim said.

Let us hope that at NYU he becomes even more aggressive in his exposures of elitist folly.


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