03-17-2005, 08:42
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#1
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Consigliere
Join Date: Jan 2004
Location: Free Pineland (at last)
Posts: 8,841
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Wolfowitz to World Bank
What am I missing here? Are we going to take that money and focus it on AT? Or is he being sent to Siberia?
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Roguish Lawyer is offline
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03-17-2005, 08:54
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#2
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Area Commander
Join Date: Aug 2004
Location: Texas
Posts: 1,355
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Near the end of grad school, I applied for a job at the World Bank. I believe that they have a very important mission in this world, and it is one of the few places where a wonky economist such as myself can get his hands dirty and make a difference.
After several rounds of interviews, I was told (none to discretely) that they didn't like my "demographics". Southern, white, male and conservative for those who haven't figured that out yet.
That came from a Pakistani female who was enjoying life in our capital city, living the American Dream and paying no federal income taxes! I think that Wolfowitz is exactly what they need, and from the internal email traffic that's been forwarded to me over the past few days, many there are sh#@ing the bed.
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jatx is offline
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03-17-2005, 09:02
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#3
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Quiet Professional
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I don't get it either, but it sure made a lot of people angry.
Political payoff to someone?
TR
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The Reaper is offline
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03-17-2005, 09:11
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#4
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Consigliere
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I have a friend who does World Bank deals. I'll have to ask him about this.
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Roguish Lawyer is offline
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03-17-2005, 09:21
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#5
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Already being compared to McNamara's appointment, but Wolfie couldn't be THAT bad.
TR
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"It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, who comes short again and again, because there is no effort without error and shortcoming; but who does actually strive to do the deeds; who knows great enthusiasms, the great devotions; who spends himself in a worthy cause; who at the best knows in the end the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who neither know victory nor defeat." - President Theodore Roosevelt, 1910
De Oppresso Liber 01/20/2025
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The Reaper is offline
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03-17-2005, 10:22
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#6
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Quiet Professional
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Does he have to be confirmed?
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NousDefionsDoc is offline
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03-17-2005, 10:57
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#7
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If he does by the World Bank members, we are in trouble.
US has 17% of the votes, Euros 30%.
TR
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"It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, who comes short again and again, because there is no effort without error and shortcoming; but who does actually strive to do the deeds; who knows great enthusiasms, the great devotions; who spends himself in a worthy cause; who at the best knows in the end the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who neither know victory nor defeat." - President Theodore Roosevelt, 1910
De Oppresso Liber 01/20/2025
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The Reaper is offline
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03-17-2005, 11:06
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#8
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JAWBREAKER
Join Date: Jan 2004
Location: Gulf coast
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Quote:
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Originally Posted by NousDefionsDoc
Does he have to be confirmed?
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From a BBC report:
"Mr Wolfowitz must be formally approved by the World Bank's executive board.
US appointments to the World Bank presidency are usually unchallenged, as are European nominations to lead the International Monetary Fund.
The view in Washington is that the White House would not have announced the president's choice unless sufficient support had already been garnered behind the scenes, our correspondent says."
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Sacamuelas is offline
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03-17-2005, 14:24
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#9
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Consigliere
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Everything I am reading says that this is huge because he's going to try to address corruption and make them spend the money on things that make sense. We're going to use World Bank money to win hearts and minds. 
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Roguish Lawyer is offline
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03-17-2005, 15:07
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#10
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Guerrilla
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It's like sending Fredo to work with Mo Green
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DunbarFC is offline
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03-17-2005, 15:59
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#11
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Guerrilla
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Quote:
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Originally Posted by Roguish Lawyer
he's going to try to address corruption and make them spend the money on things that make sense. We're going to use World Bank money to win hearts and minds.
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Which to my thinking is a good idea. Some people don't like the guy but I do and think he'll be great at the job. Salon.com suggested that former Pres. Clinton or even Bono  would be a better choice. I think they are being short-sighted and missing some of Wolfowitz's strengths. Furthermore, it seems there are people who would have disliked anybody President Bush wanted for the job.
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CRad is offline
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03-17-2005, 16:16
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#12
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Moderator
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One of the branches of the World Bank is MIGA, the Multilateral Investment Guarantee Agency. That agency's main purpose is to provide political risk insurance to private investors.
Political risk insurance is insurance against political risks. 
Specifically, the risks they address are things like (i) foreign currency transfer risk (government restrictions that might prevent payments, profits, royalties and other remittances from being taken out of the country), (ii) expropriation risk (the risk that the government may simply take your property or earnings), (iii) breach or repudiation of a contract by the host government with the investor, and (iv) war and civil disturbance.
The US government has a similar agency, the Overseas Private Investment Corporation (OPIC). OPIC is a frequent target of critics of "corporate welfare" even though it is self-financed through the premiums paid by companies on their political risk insurance policies (in fact, it currently makes a profit for the Treasury). MIGA and OPIC are also included in the rogues gallery of evil corporate/government power by the WTO protester types.
What gets lost in the debate over corporate welfare and the like is the international security role played by MIGA, OPIC and other agencies which facilitate private investment in otherwise risky countries. Private investment is in many ways preferable to public development assistance, especially in terms of long-term opportunities rather than short-term aid ("teach a man to fish" and all that).
In a paper I wrote in law school on the national security aspects of OPIC and related agencies' mission, I noted that while such agencies are recognized as having an important foreign policy role, there is no policy coordination to ensure that they perform that role in the most strategically valuable way. Partly this is because of the fear of companies investing in such countries that they might be seen as an arm of US power and suffer retaliation (this is a justifiable fear: recall the attacks on Belgrade's McDonalds restaurant during the NATO bombing offensive in the Kosovo War).
But it does mean that the efforts of MIGA and OPIC are not always directed in the most effective manner. At the time I wrote my paper (2000), the largest site of OPIC risk insurance was Colombia, where it helped facilitate projects to get Colombians off the pipe - to build roads, factories and businesses, especially in coca-producing regions to give poor Colombians other opportunities than working for the cartels or helping the rebels. But the number two site for OPIC was, if I remember correctly, Nigeria or some other African country which, though of national security interest, was not "vital."
As of June 30, 2004, these are the top 10 recipients of MIGA guarantees, by gross exposure in the country: Brazil, Bulgaria, Romania, Mozambique, Russia, Bosnia and Herzegovina, Serbia and Montenegro, Argentina, Turkey and Ukraine. Does this list match what you might think of as the most important risks?
Brazil had $626 million in guarantees. Bulgaria had $353 million. Romania, $331 million.
Afghanistan now has about $5 million, and MIGA's "Afghanistan Investment Guarantee Facility" has a political risk insurance coverage capacity of only up to $60 million.
Iraq is not currently a member of MIGA, though MIGA participated in the donors'/lenders' conferences and is encouraging private investment. For the Middle East and North Africa as a whole, MIGA's exposure for guarantees was $243 million in 2004. Almost $100 million of that was in Syria, with almost all of the rest split among Algeria ($50 mil), Kuwait ($50 mil) and Jordan ($45 mil).
If Wolfowitz can make sure that the World Bank spends money and effort in ways that advance international security and prosperity, rather than simply react to the latest fiscal crisis in various countries, maybe the World Bank can do some good. There is always going to be a fringe who will vilify him and consider this proof of the evil neocon conspiracy, but they don't really matter.
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Airbornelawyer is offline
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03-17-2005, 16:32
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#13
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Consigliere
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Maybe they can issue policies for doing business in California . . .
AL, what are the other branches of the World Bank and what do they do?
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Roguish Lawyer is offline
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03-17-2005, 16:33
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#14
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Quiet Professional
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AL:
I learn something every time you post.
Well done, Sir!
TR
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"It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, who comes short again and again, because there is no effort without error and shortcoming; but who does actually strive to do the deeds; who knows great enthusiasms, the great devotions; who spends himself in a worthy cause; who at the best knows in the end the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who neither know victory nor defeat." - President Theodore Roosevelt, 1910
De Oppresso Liber 01/20/2025
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The Reaper is offline
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03-17-2005, 17:10
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#15
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Moderator
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Quote:
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Originally Posted by Roguish Lawyer
Maybe they can issue policies for doing business in California . . .
AL, what are the other branches of the World Bank and what do they do? |
The World Bank Group has five branches.
- The International Bank for Reconstruction and Development (IBRD) is the original "World Bank," founded in 1945. It provides loans to developing countries.
- The International Development Association (IDA) provides interest-free credit and grant financing to the poorest countries.
- The International Finance Corporation (IFC) mainly provides capital and technical assistance for project financing.
- MIGA we already discussed.
- The International Centre for Settlement of Investment Disputes (ICSID) serves as a forum for arbitrating disputes between countries and foreign investors.
The IBRD and IDA together are the "World Bank" proper, and provide their assistance directly to developing countries. The IFC and MIGA provide assistance directly to private investors (in the form of loans, financing, insurance and technical assistance) to facilitate investment in developing countries.
Project finance, by the way, is basically capital financing for infrastructure projects where the revenue to repay the financing is generated by the project. It is the way large utilities, pipelines, mining projects, toll roads and sports stadiums are often funded.
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