An internal committee of the World Bank managed to launch an independent investigation into top brass …
The World Bank ethics committee commissioned a law firm to sniff out what was going on.
Their report found that World Bank leaders, including then-Chief Executive Kristalina Georgieva, applied “undue pressure” on staff to boost China’s ranking in the bank’s “Doing Business 2018” report:
- Georgieva, and a key adviser, Simeon Djankov, had pressured staff to “make specific changes to China’s data points” and boost its ranking at a time when the bank was seeking China’s support for a big capital increase.
- The report raises concerns about China’s influence at the World Bank, and the judgment of Georgieva – now managing director of the International Monetary Fund – and then-World Bank President Jim Yong Kim.
- Georgieva said she disagreed “fundamentally with the findings and interpretations” of the report and had briefed the IMF’s executive board.
Kristalina Georgieva now heads the IMF. Oh dear.
Could you survive on just $2.50 a day? According to Compassion International, approximately half of the population of the entire planet currently lives on $2.50 a day or less. Meanwhile, those hoarding wealth at the very top of the global pyramid are rapidly becoming a lot wealthier. Don’t get me wrong – I am a very big believer in working hard and contributing something of value to society, and those that work the hardest and contribute the most should be able to reap the rewards. In this article I am in no way, shape or form criticizing true capitalism, because if true capitalism were actually being practiced all over the planet we would have far, far less poverty today. Instead, our planet is dominated by a heavily socialized debt-based central banking system that systematically transfers wealth from hard working ordinary citizens to the global elite. Those at the very top of the pyramid know that they are impoverishing everyone else, and they very much intend to keep it that way.
Credit Suisse had just released their yearly report on global wealth, and it shows that 45.6 percent of all the wealth in the world is controlled by just 0.7 percent of the people…
As Credit Suisse tantalizingly shows year after year, the number of people who control just shy of a majority of global net worth, or 45.6% of the roughly $255 trillion in household wealth, is declining progressively relative to the total population of the world, and in 2016 the number of people who are worth more than $1 million was just 33 million, roughly 0.7% of the world’s population of adults. On the other end of the pyramid, some 3.5 billion adults had a net worth of less than $10,000, accounting for just about $6 trillion in household wealth.
And since this is a yearly report, we can go back and see how things have changed over time. (more…)
something to remember as you hear this idiocy about China being the most powerful country on earth…
China is still a poor country. Notwithstanding the complexities of measurement, income per head, according to the World Bank, is roughly $3,000, a little less than Jordan and Tunisia.
In the extreme scenario in which US income per head remains the same forever more, and China’s income per head grows by a constant 8 per cent a year, convergence would happen in 2045. But this is silly maths.
The US will not stand still and China’s economic path is likely to be punctured sooner or later by a credit or asset crisis.
Further, it cannot grow by 8 per cent a year for that much longer, not least for demographic reasons. China is the fastest-ageing nation on Earth, with an age structure rather like that of Germany.
Its labour force will begin to decline in 2010 or so and fall every year for the foreseeable future. For a while, the transfer of the 80 million rural migrant pool to higher-productivity urban jobs will mask much of this impact, but only for a few years. (more…)
Good morning. The long-awaited jobs report is out and it came as worse than expected (as Goldman predicted). 263,000 jobs were lost and unemployment rate came in at 9.8%. Futures were trading lower ahead of the report and have stayed that way since.
Other news include the World Bank’s warning of a wobble ahead for the global economy, a strong dollar is very important to Geithner, Bernanke suggests a Board of Regulators, Meredith Whitney says small business credit crunch continues and Comcast & NBC are apparently in deal talksAt 10:AM we have Factory Orders for August and news of the Chicago Olympic Bid will also come out today between 12:30PM to 1:PM EST.
Already this fall I had expected and written to have cautious approach.Now just will watch S&P 500.Below 1031 will take to 1014-1009 level and there after retest of 991 level.
Will update more about DOW ,Nasdaq Compostite and S&P very shortly.
Iam personally Bearish for Stocks/Commodity from last 15 days and will not buy anything.