Robert Zoellick, President of the World Bank, and a man who believes that 2009 will be a “dangerous year”, will be speaking on March 31st and has agreed to take questions from Reuters readers.
Zoellick has been outspoken during the current economic crisis predicting the first shrinking of the economy since the ’30s, warning that increased government spending will simply create a ‘sugar high‘ until banks’ toxic assets are dealt with properly, and urging a tougher stand against protectionism.
But the World Bank’s primary focus is on helping developing nations and alleviating poverty. Earlier this month it published research showing that the spreading crisis will push 46 million more people into poverty in 2009 on top of 130-155 million pushed into poverty in 2008.
With the London summit of the Group of 20 nations on April 2nd fast approaching what do you want to know about the World Bank’s role in shoring up the world economy and helping poorer nations? Use the comments section below, or use the #askwb tag on Twitter, and I’ll get as many of your questions to Robert Zoeliick as possible.
UPDATE: This event has now taken place and you can view the questions we put to Robert Zoellick in the player below. We have no means to pass on any further questions to the World Bank but you are welcome to add your comments on the discussion thread below.
How closer have we come to eliminating world poverty and creating financial equality among humans on our planet according to the goals of your institution?
What steps are you taking to correct the errors and to improve this necessary vision?
Quantitative and qualitative speaking according to factual statistics what have you really done to increase the per person income and not the average or GDP of countries since the insertion of your organization?
How come there is more and more poverty and more and more people making less and less and a few ones getting richer?
What is not working with your old proposed model and what are you going to do about it now?
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Dear Mr. Zoellick,
The Problem:
One of the main reasons we have a global recession/depression is that there are too many people making and doing the same thing. Globally we also allow cartels and monopolies to exist. Too many Governments spend on the wrong things, instead of INVEST in the right things. The same is true of huge companies whose failure ot innovate and prepare for the future usually results in economic bailouts, all the while squeezing out people’s jobs. Large industries first consolidate smaller companies laying people off the whole time… then they get huge and make stupid mistakes an lay more people off…. they they expect government to bail them out.
The Solution:
The World Bank, Governments and Banks in general need to focus on ECONOMIC DIVERSITY, SMALL BUSINESS, INNOVATION, EDUCATION, and reverse policies(like TAXES) that favor GIANT companies, Monopolies, Cartels, or squelch innovation. Creating Economic Diversity is one of the most important things the world needs right now!!
Economic Diversity and Small Businesses CREATE JOBS, DEMAND, AND CAPITAL. Huge industries, cut jobs, create an over supply, and ultimately destroy capital because after they mature they fail. There should be no income taxes on micro-businesses, tax them when they get larger. The larger the company the more the tax, because, it’s also more risky if it fails, but it creates the least innovation and the fewest jobs. Small Businesses leads with innovation and Universities lead with research. Huge business leads with negative impacts to any economy. The only exceptions are that some industries have to be large in terms of capital in order to function, like a Steel Mill. Such industries are also fundamental and strategic to a country’s self-interests and as such should be government subsidized to prevent a monopoly, and foreign dependence. Any economic model that is based on dependence of Monopolistic commodities like OIL is doomed. It’s like a serf trying to work their way out of debt to a King… its an illusion and will never happen. Policies that INVEST in and DONT TAX the Individual or very small business will generate the most diversity, jobs and economic activity. At the same time, HUGE infrastructure projects like Dams, Bridges, High Speed rail, need the backing of NON-CORRUPT governments. They key to those projects success is checks and balances that prevent corruption and monopolistic practices.
Economists Zeal for “FREE MARKETS” has been blindsided by human nature, that someone will always seek to create a monopoly, that innovation will be squelched by policy and corrpution, and economic diversity killed by destructive taxation that places too heavy a burden on those that work and create.
The world economy collapsed because the GREEDY killed the cow and weren’t satisfied with just some of the milk. Let people have their cows and their milk. Take a few cows and some milk from the one who has 1,000 not the people who only have 1 or even 10!
REWARD people who think of something NEW. INNOVATION also drives economic growth. INNOVATION requires INVESTMENT AND EDUCATION. Governments (like mine) that spend Trillions on WAR and pennies on education are harming ourselves and everyone else. This tilt towards destructive spending, instead of INVESTMENT, INNOVATION and CULTIVATION of economic diversity and small business, is taking a serious toll. When combined with monopolies, cartels, corruption and favoritism of the huge companies, you get the results we have. We need to do the opposite, immediately, to avert a horrible dark age.
I am a consultant for a global company, entreprenuer for my entire life, publisher and futurist.
The deeply flawed science of economics needs revision. It fails to take into account both environmental impacts and non-monetized sectors such as caring in the home and volunteering - both of which are essential to economic survival.
Riane Eisler’s book, The Real Wealth of Nations, lays it all out in very clear terms. Quality of life indicators are starting to be used worldwide, and in this, the US looks rather pitiful considering its capability. Developed countries prosperity does not depend on old-style measures that treat child care and learning enrichment as expenses rather than as investments, for example. Developing countries, if relieved of the harshness of what is all-too-well described in Naomi Klein’s The Shock Doctrine, might well help lead the world out of its present quandry.
The Chicago school approach is only the excess of old economics. We desperately need a more balanced approach that takes into account real costs and real values.
What is the World Bank doing on this front?
Thank you.
How is a world financial banking system based on fiat money and corrupt “loans” to 3rd world dictators, superior to gold-backed, nationally owned and managed economies?
In short: Have the Rothschild group of gangster bankers taken over the world financial system completely. I would like to know because they will tax you for breathing the air you breathe! What is your connection to the many control freak groups out there like the CFR, Bilderberg Group, Club of Rome?
Remittance accounts about 10 per cent of GDP in Bangladesh. Indeed, many argue that the country receives another 40 to 45 per cent remittances through the illegal channel which are unaccounted. About 13 per cent of the labor force are working abroad. But in the current economic crisis the number of returnees are increasing because of job loss. The WB also argue that remittances are playing a vital role of poverty reduction in Bangladesh, which is 40 per cent as 2005 estimate. In this crisis scenario whats the prospect of Bangladesh as a developing member.
what will happen to the developing countries, financial crisis will extend to them 0of course they don’t have enough fund to inject .in egypt public sector dominate on every thing and consumers suffer from prices going up.poor countries what can they do. can IMF&W.B.give hand to them . is there any clear plan what is your strategy to face this crisis, do you have enough fund to help poor countries.
sir, as per my knoledge it is not a bad financial period and not like recession , because everything was running imbalancely since last 100 years and this is the actual starting period towards unlimited devolopment with good strategy , people must know how to servive .how to earn money and how to save and how to help other so finally we all the people of world must think about future devolopment rather fear about recession .
Slovak populist-nationalist party SNS is claiming that the World Bank finances the campaign of Ms. Radicova, conservative presidental candidate for this weekend’s Slovak presidential elections. Can you please comment/confirm the WB financing? Thank you
The World Bank is a misnomer. To be a true WORLD BANK, there would be only
one true currency to represent the financial status of every world economy, and it would be gold.
Then to help the poorest world economies, gold would be advanced to them, by a true Central World Bank according to new rules agreed to, and governed by all of the joint participants, under this banking format.
The Greeks and Romans had the right idea with the issuance of gold coinage, but in their time, there were at the most four economic states, with very little, if no contact
between these said states.
The word WORLD implies all economies on the globe. Not the bigs or smalls, but
all. United we win, disunited, and isolated we fall…..
Dear Mr Zoellick,
How does one apply for food and other aid from a third world country?
Sir, I live in a third world country - the United States of America, which somehow has not made it to your food aid list.
You see, both my parents have lost their jobs and my dad is very sick. My mom no longer can wait tables at the resturant as fast as she once did so I have quit my college and taken up her job. Both my parents were robbed of their 401k retirement funds by 2 theives, Wall st and their enablers, the US government. My parents used the remaining few dollars from their retirement to save our house, which we have now lost to the sheriff because no one is buying right now. We are living separatley with relatives whom we can’t thank enough for their kindness and support. Our next move will be on the streets because the homeless shelters are full.
Sir, I am sure my dad and mom has paid your bank enough taxes all their lives and this is all we have left of our American dream.
Sir, do you have some aid for people like me?
Love Zach.
Dear Mr Z,
How were the caviar and champagne dinners with Wall street buddies?
Did they share some real funny pictures of the latest 10 million “slumdogs” they created in 2008 by their raw genius and financial wizardry during the opera, your highness ?
- Zach.
Dear Mr. Zoellick,
Please remember the fate of the world’s interconnected ecomonies rest upon the shoulders of the world and financial leaders who will attend the G-20 summit in Britain.
If there is anything I hope and pray for it is the ability of those in attendance to cooperate with each, consider each other’s ideas in an attempt to solve the greatest ecomonic problem of all times.
Too often individual group’s established agendas to not leave room for true discussions.
What is your connection with the Bilderberg group and if so what are their plan’s to implode the economies through the world’s central banks?
1. When do you think that the USA financial system and the US$ will finally collapse?
2. When will you finally accept that the Ruble will be the intrnational currency?
3. As you well know, America is bankrupt, printing money to suit, who is paying for the war’s generated by the USA?
4.Is the World Bank, United Nations, NATO and the WTO controled by the USA?
5. As is evident, the answer to item 4 above is yes, what do you intend doing about the situation?
6. As you also are aware, the organisations listed in 4 above are considered untrustworthy, how do you feel to be included in this group?
7. Remember the French Revolution - would you say that the situation is similar and that the final outcome is close?
My question is: “When your organization lends a Nation money under a certain premise, how does your organization verify that it is used for the premise it was lent under?”
Follow up: “Is it possible for your organization to lose all ties to America, and become completely neutral and bound to the UN?”
I’m a 17-year-old young citizen from a Brazilian inner town, and how will my future be? When – and how – we, the mankind, will live and prosper as a part of – and not apart from, as it has been – the Earth’s environment? When – and how – will we really understand that our growth relies on our development, and that we’ve been growing, but not developing? When – and how – will we really comprehend that the current crisis of confidence in the global financial system has been caused by management practices which favors short-term giant gains derived from risky, speculative investments on financial markets themselves and their complex instruments over long-term tangible and intangible earnings, sustained growth and development based on direct, solid investments on what really makes a nation works: infrastructure, industry, agriculture, commerce, and, mostly, people? What are you doing about it? What can I do about it, since I don’t need to be a politician to make policy?
Is the “economic crisis” just a reaction to some poor financial and banking decisions or is really a signal of a major shift in the world economy? If it is a shift in the economy where is the economy going?
I see this as a crisis of integrity and ethics as much as it is a financial crisis. We must find a way to restore in our culture a sense of right and wrong and of “doing the right thing.” My question, is this,”What can we begin to do, tomorrow, to instill ethics in our children? That’s the only way we will change society.
Dear Zoellick,
Once the banking class completely take over the “one world” and all American sovereignty and individual rights are but a court room away from violation…
can I be your juggler?
Maybe a story teller for your grand children, like the fools of old’n times?
I need a job.
Isn’t it true that your bank is funded by the drug lords and thieves of the world? That these people are using your bank to hide vast amounts of money.
Also, you lend money to third world countries, which ends up being spent by whoever is in charge at the time and the poor country becomes even poorer by having to pay back money it received no benefit from.
I think you should use all of your funds to help out whoever you have cheated prior to this.