A new World Bank rumor

Ray Washburne, the Texan property developer who heads the US government’s development finance institution, has emerged as a contender in the race to be Donald Trump’s nominee for the presidency of the World Bank, according to people familiar with the matter. Mr Washburne became a candidate following his efforts to bolster the Overseas Private Investment Corporation since taking up the reins in September 2017, earning new funding from Congress that could help counter China’s sweeping investments — and influence — across many developing economies. Before taking on that role, Mr Washburne’s career spanned commercial property and restaurants in his hometown of Dallas, Texas. He was also a prominent Republican party donor, including helping raise money for former president George W Bush and former Republican presidential nominee Mitt Romney.

That is from James Politi and David Pilling at the FT.

Comments

Can we do without all this speculation? Ivanka this, Carly that, now this guy. I like this blog more when we discussed for hours on end how to cut Jeff Bezos's taxes so he could get even richer and cut entitlements so the middle class could die off and make fun of liberals that oppose us because they "don't know" economics. I miss those days.

Always remember that at the end of day time content rules.
Search engine crawler will see blog site as a relevant page.
This works well as a result of simple fact trivia questions are in and of themselves very interactive.

Heya ich bin zum ersten Mal hier. Ich stieß auf fand doeses Board und iich finde
ees wirklich wirklich nützlich und es half mir eine Menge
viel. Ich hoffe, etwas zurück und Hilfe geben, ancere wie Sie half
me.

First time I read about the US OPIC, quite interesting. Thanks Prof. Cowen.

From the FT article: "Mr Washburne said that he would concentrate investments in projects such as power, roads and manufacturing that had a maximum impact on jobs and benefited local economies in Africa and elsewhere so that they could wean themselves off of aid."

"Established as an agency of the U.S. government in 1971, OPIC operates on a self-sustaining basis at no net cost to American taxpayers.........OPIC helps provide medium- to long-term funding through direct loans and loan guarantees to eligible investment projects in developing countries and emerging markets. By complementing the private sector, OPIC can provide financing in countries where commercial financial institutions often are reluctant or unable to lend. "
https://en.wikipedia.org/wiki/Overseas_Private_Investment_Corporation

As a former Executive Director of the World Bank, this is what I pray any new President of the world’s premier development bank understands.
https://subprimeregulations.blogspot.com/2019/01/what-i-as-former-executive-director-of.html

Reminder: the TPP was intended to "help counter China’s sweeping investments — and influence — across many developing economies". Trump rejected TPP because he wouldn't make the effort to understand it. More recently Trump actually suggested resurrecting TPP, after having a revelation that the TPP is the opposite of what he had thought. Wisdom too often never comes, and so one ought not to reject it merely because it comes late. Felix Frankfurter.

Clinton opposed the TPP as well, because even her leaden political instincts could discern its unpopularity. Those of us who live in reality have to accept that the TPP was a dead letter no matter who won the election.

I don't know anything about Washburne. However, The Bushes, Flake, McCain, Romney represent what is wrong with the GOP.

And, seen on the WWW: America's Circuses In Crisis: Top Clown Prospects Going Into Politics.

Certainly, "Bush/Romney donor who headed OPIC" is as thoroughgoing a Deep State pedigree as any establishment development activist could want.

earning new funding from Congress that could help counter China’s sweeping investments — and influence — across many developing economies.

So the idea is to distribute more largesse across the developing world, not to improve the recipients standard of living, but to counter China's efforts to distribute more largesse? Then developing nation/states will like the US more than the Chinese?

Gee, the money that China invests in other countries isn't being invested in hyper-sonic weaponry or nuclear research. It isn't being used to build aircraft carriers or submarines. Why wouldn't the US be happy to know that the Chinese are working on foreign infrastructure rather than/as well as armaments? What would the Chinese have to do to make the US imperialist faction happy?

Agreed. Plus, of course, developing countries don't exactly have a history of devotion toward great powers simply because they built some railroads.

All our economic aid for 70 years has not bought many [or any] long lasting Third World friends, why would China's aid do so?

They can now waste money like we did.

Further, the Chinese government and its bureaucrats are less likely to be as benign like ours. It will make us look better.

Why does a property developer head the US government's development finance institution? I guess this is still a world where connections make all the difference.

Why not?

Better question, why is there even such an agency but oh well.

"why is there even such an agency"

Good question. If we have one though, seems like a developer would know something about development.

The new president of the WB should have some knowledge of development economies and know the history of the organization. Also, the new president should be an advocate of multilateral welfare not just of the objectives of current US policy.

This sounds fine, conventional.

That something conventional and fine is ccalled "deep state" up-page, is less fine, and the source of the current dysfunction.

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