Writing for Devex, Jesse Chase-Lubitz raises a number of questions about how the U.S. can withdraw from membership in The World Bank and how its contributions will be repaid. In her “Could the US Pull Out of the World Bank? Unlikely – But Not Impossible“, she explores the key questions of the actual process. Her…
Category: World Bank
Response to Simon Nixon
In a recent post on his Substack “Wealth of Nations”, Simon Nixon finds fault with the movement to withdraw the U.S. from membership in the World Bank and its sister multilateral development banks. The post, titled “American Gangsterism plus other ways to make China Great Again” leans heavily on Ngaire Woods quite flawed Project Syndicate…
A Country Club for the Poorest of the Poor
15700 River Road, Germantown, MD 20874 – evidently an address of the poorest of the poor. It serves people in the international community worthy of having Americans in rural Georgia, northern Michigan and the backwoods of Alaska taxed in order to come to their assistance. But the median family income in Germantown is more than…
Perpetual Castes, Poverty and Foreign Aid
The Wall Street journal today carried an op-ed piece which succinctly captured why India has been and remains the greatest foreign aid sinkhole imaginable. In their splendid piece “India Has a Caste System – for Drivers“, Shan Li and Aakash Hassan. I won’t spoil your read but this sentence captures the essence and the absurdity:…
Global Development Cartel in Full Dungeon – World Bank Chief Economist Says: Not So Fast
The global development cartel is in full dungeon over the prospect of the U.S. waking up to the impossibility of reforming the international development agencies. They fear most that U.S. taxpayers will realize that if the U.S. withdraws, they will get a refund of $70 billion. World Bank officials meeting in Pakistan this week made…
Thank You for Your Comment – and for proving my point
I was happy to receive a thoughtful comment on my post “How to DOGE $7 Billion”. It was anonymous but polite and thoughtful so it deserves a polite and thoughtful answer…in a post not in the Comment section where it will never be seen. The first part of the comment was as follows: This concerns…
$4 Billion More to The World Bank: Thanks, Janet!
On her way out the door, former Secretary of the Treasury Janet Yellen pledged American taxpayers to an additional $4 billion for the World Bank’s International Development Association. – known as IDA21. This is on top of the $3.5 billion contribution she pledged and was authorized by Congress in 2023 for IDA20. IDA is one…
How to DOGE $70 Billion
$70 billion sounds like a large number. Even in Washington. However, simply by withdrawing from the multilateral development banks – such as The World Bank – that’s how much would be returned to U.S. taxpayers. And it is easy to do. The Articles of Agreement for the International Bank for Reconstruction and Development – the…