David Malpass
@DavidRMalpass
Former President of the World Bank Group, Under Secretary of the U.S. Treasury, and leading Wall Street economist. Advocate for development and growth.
ID:1113157792125386752
https://www.linkedin.com/in/davidrmalpass 02-04-2019 19:14:33
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As I discussed with Maria Bartiromo, the current economic plan is based on government jobs, debt on debt, tax increases and high interest rates to restrict growth.
This helps the Washington swamp, but affordability gets worse for everyday Americans — a change is much needed.
Weak leadership is causing the US to fall short in military power, global respect, and strong economic growth.
Peace through strength requires all of the above, and it is imperative America plot a new course.
Read more at the The New York Sun: nysun.com/article/depart…
The G20 Brasil’s Common Framework for Debt is designed and run by China, the Paris Club, and the IIF creditors to benefit themselves, causing massive damage to people in developing countries.
It is clear poverty is getting worse despite development assistance and record IDA - World Bank support.
Some factors:
- Currency devaluations and dual exchange rates that steal inflows
- Outflows on debt to China
- Secret contracts
- Predatory government spending in advanced countries
The G20 Brasil's debt restructuring sham is getting worse.
Kicking the can helps China gain even more power across the Global South as billions of people struggle, and high for long increases the resource extraction by creditors.
GSDR should pause until leaders change course.
Good explainer from Bloomberg’ Matthew Hill and @emposts on why the G20 Brasil Common Framework is failing developing nations.
With Treasury Department Secretary Janet Yellen in China, a top priority for US-China talks should be reducing debtor countries’ unsustainable debt burdens.