World Bank to Poor- Suffer

Robert Zoellick, head of the World Bank and cheerleader of free trade, laid down the gauntlet for the world's poor at a meeting of the World Bank's policy-setting committee this weekend while discussing the current economic crisis.

As a result of the downturn, developed countries are not expected to help 28 countries facing twin shocks of rising food and fuel prices, said the bank's president, Robert Zoellick. "For the poor, the costs of the crisis could be lifelong," he said.

Robert Zoellick- Next World Bank President?

In a follow up to an earlier post, it was reported today that Robert Zoellick has been chosen by Mr. Bush to be the next World Bank President. Robert Zoellick was a former US Trade Representative, US Deputy Secretary of State and managing director and chairman of the International Advisors Department for Goldman Sachs. Also it should be noted that Mr. Zoellick was also an original PNAC (Project For A New American Century) signator. Much has been said in the European press that he was actually pre-approved for this position and was reportedly warmly accepted by European ministers and trade officials. Given this, his approval seems likely.

The Next World Bank President

The decision of just who will replace Paul Wolfowitz as head of the World Bank is the question of the day. Wolfowitz, accused of arranging the extraordinary promotion and salary package for his girlfriend, also a World Bank employee, was forced to announce his resignation on May 17. The United States, backed by the Europeans, wants to continue the 60 year tradition (I say tradition, as it is not written in law) of appointing the successor. The G-20, currently headed by South Africa, have taken a different approach, insisting that the replacement be named in an "open, transparent process with candidates not restricted by nationality". This movement seems to have picked up steam as both Brazil and Australia have joined the call for a candidate not personally picked by Washington.

The candidates currently being circulating in Washington include Bill Frist (SEC, anyone), Robert Zoellick (US Trade Representative, negotiator of CAFTA) and current Deputy Treasury Secretary Robert Zimmitt. More of the same, as if I expected anything else from this crowd in Washington.

After 60 years, I feel that it is time for the United States and Europe to give up their royal decision making in naming the head of both the World Bank and the IMF, respectively. It's ironic that the nations most impacted by the decisions of these international organizations have never had the opportunity to be involved in the decision making process in who leads them.