BRICS call for open selection of next World Bank chief

MEXICO CITY (Reuters) – A meeting of BRICS major emerging countries discussed the selection process of the next head of the World Bank and emphasized it should be open to all countries, rejecting the tradition that the job automatically goes to an American, a senior BRIC official said on Saturday.

www.rawstory.com...

And it is a fair point. Why should the US choose the candidate for the world bank. It is meant to be a bank of international affairs. Not an international bank for American affairs... Power structures are shifting it is good to see countries questioning these things.

Hopefully soon we will see changes to the WTO and the IMF too. Then we will know the empire truly is crumbling..

reply to post by purplemer


Good story.

These Satanic nazi Pedophiles from the Pentagon and their Pedo pals at the Vatican must be stopped.

And stop they will.

Originally posted by galactictuan
These Satanic nazi Pedophiles from the Pentagon and their Pedo pals at the Vatican must be stopped.

Stupid and puerile reply to what is a serious subject. If you cannot contribute sensibly, then don’t.

The question is whether the World Bank should be replaced by a new organisation more in line with the global changes. I think perhaps the time has not yet come as those nations who may be vocal for change are both major beneficiaries (as developing nations) and also contribute comparatively little to the Bank and other international institutions, compared to say the US and the developed West.

For example, the World Bank’s promotion of anti-corruption would be a joke if Russia or China were in charge as both nations are corrupt beyond the understanding of those of us who live in the safe West.

en.wikipedia.org...
cpi.transparency.org...

Regards

reply to post by paraphi


You really must watch the Film/Doc 'Thrive' - see exactly what's going on.

reply to post by paraphi


Apart from your narrow minded stereotype of an individuals integrity based on their race, a measure of corruption perception is not quite the same as a measure of actual corruption. Lots of small cases of official bribes can easily be overshadowed by a few big cases, as the current $15 Trillion fraud in the UK is calling the FED's integrity into question.

The world bank is a global issues with global ramifications. Have more peer review placed on the selection process is a good thing. It will take longer to go through, select viable candidates and eventually choose one with more people involved in the process, but it taps into a larger pool of talent and places a lot more scrutiny on a critical role of global economic stability.

As for how this plays out, at least it is good to see the international community talking about it.

Originally posted by kwakakev
Apart from your narrow minded stereotype of an individuals integrity based on their race, a measure of corruption perception is not quite the same as a measure of actual corruption. Lots of small cases of official bribes can easily be overshadowed by a few big cases, as the current $15 Trillion fraud in the UK is calling the FED's integrity into question.

Not sure my statement was narrow minded, nor based on race, but the facts from all corners are that some countries have highly corrupt business and political systems and China and Russia are in that mix. Oh, the mystical $15 trillion fraud, but that one is another discussion.

The point is that the World Bank is essentially about resources being passed from the rich developed nations of the West to those still developing and the transfer traditionally carries conditions. If the formula is going to change with the developing nations taking charge then the World Bank should be reformed and its purpose reviewed.

Regards

reply to post by kwakakev

As for how this plays out, at least it is good to see the international community talking about it.

Yes it is good to see the international community talking about it. It is nice to see the BRICs feeling confident enough to bring this issue up.. The world is changing..

reply to post by paraphi

the facts from all corners are that some countries have highly corrupt business and political systems and China and Russia are in that mix.

America is no exception to this, or do you prefer the term mystical to describe it? The actual definition of corruption is also a very difficult one as there are many different cultural boundaries and values going on. In Sharia Law, the charging of interest on loans is considered corruption, as just one of many cultural conflicts going on in the global economy. In America, the ruling that corporate donations is 'free speech' does come across as legalised bribery for the political system. Just because there are different systems of governance around the world does not mean that any of them is right or wrong, they are different and all have their own problems to confront.

If the formula is going to change with the developing nations taking charge then the World Bank should be reformed and its purpose reviewed.

According to the World Banks website:

The Executive Directors are responsible for the conduct of the general operations of the Bank and exercise all the powers delegated to them by the Boards of Governors under the Articles of Agreement. The Executive Directors select a President who serves as Chairman of the Boards. The Executive Directors approve the President's contract and have the authority to remove the President from office.

web.worldbank.org...:22421219~menuPK:6888902~pagePK:64020054~piPK:64020408~theSitePK: 278036,00.html

The Board of Governors are positions assigned by all the member countries and decide who becomes an Executive Director. The Executive Directors then decide on who is President. Considering all the technical and political issues involved it does appear to be structured in a reasonable and responsible manner.

As for what goes on behind the scenes might be a completely different story and part of the reason BRICS is raising issue. In the current state, the developing nations will take more charge as they contribute more to the the operations of this bank.

On the issues of reform, any sudden and dramatic changes do appear very detrimental as economic changes do take a long time to propagate through society. I do like what the SDR from the IMF is doing to help balance the global books. I am yet to see any clear and accurate accounts of just how much money is in the world and where it is. I do expect more oversight and collaboration from the UN in terms of the global economy as time goes on.

reply to post by kwakakev


Ever tried to do business in China? The Communist Party is an extortion racket. Corporate corruption is not some "cultural" issue, it's a way officials in power get rich at the expense of normal business people.

Regards

Rob

reply to post by paraphi

Ever tried to do business in China?

I know people who have, it is amazing how cheep some of the products are compared to prices here in Australia. Their quality has also improved over the years.

Corporate corruption is not some "cultural" issue, it's a way officials in power get rich at the expense of normal business people.

The corporate culture is no longer a regional issues, but now a global one.

BRICS member-states are preparing a world banking revolution. They are planning to nominate an alternative candidate for the post of the Chairman of the World Bank for the first time in history. BRICS also demands redistribution of quotas in the International Monetary Fund in the near future and intends to study India’s initiative on creating a South-South Bank.

english.ruvr.ru...

Looks like they are trying to make their own bank too... Its about time. Organisations like the WB, IMF and WTO are tools of control. They do nothing to alleviate poverty in poorer nations.