Why U.S. historically kept the top position in the World Bank and why Obama’s latest pearls of wisdom make no sense, yet again.
Posted on | February 16, 2012 | 5 Comments
Robert Zoellick, current director of the World Bank, recently announced, that he is retiring. Position of the director of the World Bank historically was held by an American. Developing countries have pushed to gain this position with no success. Recently Obama administration announced, that they will be open to competition.
Why this announcement makes no sense?
There is a reason, why U.S. historically kept the top position in the World Bank and a European kept a top position in the IMF. Bottom line, one who pays for the party, gets to pick the music. Most of the money that was invested and dispersed through the World Bank, came from the U.S. Developing countries are the recipients, the beneficiaries of the dispersements. To appoint somebody from a developing country in Africa or Latin America in this position of power makes as much sense as allowing the kids to manage the family budget. Where will the money go if the kids take the rein of your family budget? Ice cream and parties. That is pretty much the extent of the logic of the Obama administration in announcing, that it will be open to the competition from the other countries in taking the top position in the World Bank. People, taking our money will be deciding, what we should do. Considering that this comes only one day after Obama’s brainstorm decision to cut U.S. nuclear arsenal by 80% in a unilateral disarmament, makes one feel extremely secure…