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?
Trackback
296 comments so far
Previous | 15 | 14 | 13 | 12 | 11 | … 1 | Next
Sir,
Before becoming President of the World Bank, in the last decade you have been a US Trade Representative, a Deputy Secretary of State, and a managing director of Goldman Sachs.
My question is as follows — Now that we are seeing here is the US the miserable failure of the Neocons’ golden combination of nearly unrestrained financial greeding frenzy and dreams of a politico-military hegemony, how have your own perspectives changed, and how do you think the Bank should adapt to the current changes ?
It seems as if this economic crisis has been too focused in the developed world and the plight of those in the developing world has been forgotten. This is just symptomatic of the problem of global order wherein many hypocrisies are much evident. How can so much money be mobilized to save the failures of capitalism and the casino-like nature of the financial companies and at the same time we complain that relatively small amounts of aid is “wasted” in developing countries. At the end of this, will institutions like the World Bank, who has a say in both developing and developed countries be reformed in such a way that future prosperity will occur more equitably. This economic crisis is a period in time where we can all reflect on how globalization has affected different countries in different ways and consider measures to change this evidently wrong path we are heading on. Will we be able to realize that future prosperity will only occur when we seriously take into consideration problems such as climate change, resource depletion, social injustice, poverty and the growing income gap and not only the “bailouts” that may just waste massive amounts of money and focus on ineffective short term policies.
What is the use of having World Banks and IMFs if we cannot protect ourselves from such crisis? What is your answer to the trillions of poor people in the world who cannot even dare to dream now of a better future? So-called economists, nobel laureats, experts could not predict the arrival of crisis of such magnitude? I think it’s time we stop preaching and start working.
Mr. Zoellik, I am work in the world of finance. I am considering shifting my entrepeneurial energies and experience into the field of microfinance for the poor. I am intrigued at the policy and social implications for microlending as a force for improving opportunities for greater autonomy. What can you tell me about the position the World Bank is currently taking on this matter and specific departments/agencies engaging in this activity?
Mr.robert ,
I would ask you just how long it takes to prevent the crisis of poverty from world means devolping countries those are under devlop or in initial phase of devlopment?
A relative of mine was on the Board of the World Bank. He has HARDLY paid any taxes in his life and is now busy setting up a foundation in Luxembourg to glorify himself as he’s near to meeting with his creator and has no children - well none that the family know of in any case….
What has he done to contribute to make the world a better place??? What has the World Bank done to make the world a better place other than foster corruption and destruction of the environment??? But very soon the super rich (and super thoughtless) will find out that they have only bought themselves the priviledge of being the last to starve. My relative was just lucky enough to have lived the “best” years Humanity has known or at least the “developped” world. Unfortunately we are outbreeding the planet and we comprises the developped world as each child born here consumes more resources than the others who are just racing to catch up!! The conundrum is we all want to live long, healthy lives, have large tribes and a lot on our plates and mathematically it just is not feasible. They should teach about Malthus in economic schools, the market doesn’t regulate the most basic human instinct: procreation!
When can we expect to see an end to worldwide monetary use, the international monetary fund, and the world bank? If economies are based on, and, or fueled by monetary, and economies keep crashing throughout history, then why isn’t it obvious that monetary is a failed system? How many times must great economies suffer and fail for no reason. since the introduction of the monetary system, the value of monetary has continued to decrease over time to th point where it is worth less than dirt. The value of the U.S. dollar alone has decrased 60 cents just in the past 20 years alone, let alone since it’s insertion to the U.S. . So I ask again, when will the world bank shut down and set forth a good example and healthy start for economies world wide? Money creates inequality, and inequality is what creates catastrophe on any level.
Mr. Zoellick, thank you for being here. What kind of austerity measures, or other actions, would you typically recommend for a hypothetical country undergoing debt and solvency crises similar to those now occurring in the United States?
Are there any specific economic measures that the World Bank is proposing for Small Island Developing States (SIDS) to enable them to resurface after the workd financial crisis?
Do you think it is time for an approach that intertwines people and planet metrics in the bottom line so that we can further integrate Social Responsibility in the business decision making process?
Dear Mr. Zoellick:
The basic premise for establishing the World Bank in 1944 at Bretton Woods, was to help developing countries with financial aid, and among it´s main objectives was the stated goal of reducing poverty…
Why has the World Bank failed in this respect, as poverty seems more widespread than ever?
In my humble opinion, issuing unsustainable loans to 3rd world countries in exchange for access to natural resources (given to multinational corporations) is nothing short of modern day exploitation and low-income and debt slavery. Well, for the money-men in the West it´s a “win-win” situation for sure, as issuing impressive looking paper in exchange for something of real, tangible value might seem like a stroke of genius for those at the receiving end of the cash flow.
Is John Perkins, author of “Confessions of an Economic Hitman”, to be believed in this regard?
Dear Robert,
How long is going to take for this crisis to finish? another year? or more??
Today everybody, everywhere talks about Financial Crisis. Everybody(mean all governments) talks about shortage of money. OKAY, where has money gone? Is there any country trading with other galaxies? Thanks previously…
Why can not the world use a universal unit of measure as the reserve currency? In my opinion the Mega Joule would be best to use whereby every currecy has their own appropriate exchange rate. All currencies could maintain a constant utility value over time and everyone could talk the same reference.
Is there a plan B if indeed it turns out that those peole steering the ideology of global warming (which is only a theory) have miscalculated and indeed those 30,000 or so opposing scientists turn out to be correct? From a purely mathematical perspective, the likelihood of a global cooling phase is indeed greater than one of global warming, as well as from a historical view. Currently, 100 year old plus records are being broken for snow and low temperatures globally, but especially in the Americas as blizzards have marched across six states…
Is there any allowance in the plans for global cooling–and are any preparations being made if leaders such as yourself have been mistaken and have listened to the words of politicians and scientists jumping on the bandwagon for financial profit?
I am a skeptic having witnessed first hand weather phenomena that can not be explained by a global warming theory based purely upon computer modeling when indeed sunspot activity has been at its lowest levels (in about one hundred years) for months on end.
Dear Mr. President, what is the right balance of responsibility for a) the cause of this crisis and b) the solution, between governments, banks, industry and individuals? If you had a magic wand, how would you use it to solve the problem?
Dear Sir
Do you believe that the world will not get a crisis again?
So many political didn’t care about war, and still have war, it will make a bad situation in the world and many person will die.
How is the impact in economy if it will happen?
what can the World Bank do to get global oversite of all, all financial trades.
I, E, stop the traders from owning the markets???
I like the idea of moving toward a world central bank with a new global reserve currency in the years ahead, provided that the developing countries have an equal say on the board of the reformed international institutions. In truth, this type of reform is long overdue, on both moral and practical grounds. It’s not acceptable for at least half of the world’s population to continue living in poverty, struggling for even the basic necessities of life like adequate food, water, sanitation, health care, housing and education.
New international institutions should be dedicated to reducing this gap between the Global North and South, alleviating poverty, and reducing the heavy debt burden.
I have no way of knowing what final shape these new global organizations will take, but I do know this should be one of the most important reforms in our generation–at least making a start on it.
Banking institutions around the world are falling apart at the same time that many developing nations lack any functioning banking system at all. Is this an opportunity for the World Bank to create a global standard that breaks down barriers and plays fair?