Results tagged ‘ Banking ’
In response to the twin shocks of the Great Depression and World War II, the allied powers decided to cooperate on a system that would hopefully prevent another catastrophic financial collapse. The plan they came up with, the Bretton Woods system, created two of the most powerful financial institutions in the world today, the International Monetary Fund (IMF) and the World Bank.
By convention, the IMF is headed by a European and the World Bank by an American. And since voting is by quota, not by a one vote per person system, it’s relatively easy for this practice to continue. That doesn’t mean the unwritten policy is always appreciated, though. For instance, the World Bank is in the process of electing a new president who is not the top choice of the African continent and most of the developing world, the constituencies most served by the Bank. If you’re curious as to who this person might be, wait until about the two minute point in this video and you’ll see him:
Yes, he’s the former President of Dartmouth. Yes, he’s a founder of Partner’s in Health which has ostensibly helped many poor people in Haiti access health care. However, Mr. Jim Yong Kim is not a good dancer. He also has no background in economics despite that being somewhat germane to the subject matter. Actually, let’s really simplify this. Bud Selig is more qualified to be MLB Commissioner than Kim is to be World Bank president. Man, that statement even scares me.