Wednesday, January 9, 2019

Does Tyler Cowen Think the World Bank is Some Kind of Private Sector Bank?

In discussing the World Bank, the announced resignation (effective Feb. 1) of its president Jim Yong Kim, and a possible replacement, Tyler Cowen manages to slip this in:
 The World Bank has borrowed a lot of money and to pay it back the Bank needs to make profitable loans. 
What? Does Tyler realize the World Bank is a crony bank that lends to governments who invest in crony establishment deals? (Read: Confessions of an Economic Hit Man by John Perkins). If the loans are paid back in full with interest, that is become "profitable," they are done so via taxation of the masses. It is modern-day serfdom. It is one of the evilest non-miltary organizations on the planet. Cowen sees propping this organization up through "profitable" effective serfdom loans as the solution? This is not a private sector free exchange operation.

Yet, Tyler soldiers on and even has a suggestion on how to keep the crony operation running smoothly:
I think America and yes DT should pick the next Bank president and should pick an American.  How do you think it is going to go the next time the Bank calls for more capital from the US and UK?  Whose certification there do you think is most important?  And which country is the most nervous about the World Bank doing something geopolitically unpopular, as say the UN repeatedly has done?  All this will run most smoothly if the U.S. feels, to some extent, that the Bank is its preserve.

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