One, two, many Sri Lankas -- the World Bank becomes Joe Biden's global greenie slush fund
The greenie policies that forced Sri Lanka into bankruptcy and toppled its government last year has a lot of fans at the World Bank, who'd like to see that "model" replicated worldwide.
They've since staged a palace coup, effectively ousting the Bank's first-rate president, David Malpass, who will exit his term a year early in June, in favor of a "great reset" wokester fanatic, Ajay Banga, who once ran MasterCard, Inc. and intends to make the multilateral bank, which traditionally funds infrastructure projects, into a greenie conversion outfit, forcing the third world to scrap the whole economic growth idea, and just "go green" instead. That can be their 'progress' instead building their nations' wealth.
World Bank's goal is to end poverty— Bjorn Lomborg (@BjornLomborg) February 19, 2023
That's about economic growth, not unaffordable climate policies
Yet, politicians & climate activists want climate, so
Forget poverty reduction
Use World Bank to force poor people to stay poor and emit nothinghttps://t.co/C7xi6FjqIo pic.twitter.com/MrBUdeZVad
Naturally, this smells like the "Inflation Reduction Act" which was of course, a disguised pork program for greenie new deal boondoggles. And sure enough, Biden's men were behind this ouster hoping to replicate the strategy.
According to Forbes:
Malpass, who was appointed in 2019 by former President Donald Trump, came under fire last September after he expressed skepticism at a New York Times event when asked if he accepted climate change, saying, “I’m not a scientist.” That prompted former Vice President Al Gore to label him a “climate denier.” Gore, who has advocated for policies to address climate change for nearly three decades, has been one of the most vocal opponents of Malpass, calling for him to be removed late last year. White House Press Secretary Karine Jean-Pierre also condemned Malpass’ comments at a press conference last September, saying, “we expect the World Bank to be a global leader of climate ambition and mobilization.”
The World Bank is going to go for that, according to Reuters.
Biden and his team have ambitious plans for overhauling the 77-year-old World Bank, which critics have said under its outgoing chief David Malpass was too timid in financing climate initiatives and still funds substantial fossil fuel projects across the developing world.
The key to it all, of course, is money, and as organized and funded now, the World Bank would be stretched to meet those goals.
Reuters notes that Congress is unlikely to approve more money for the bank to throw around on third world wind turbines, but for the Bank, that's not a problem. They'll scrap infrastructure projects and take the money to force countries to go green as a substitute.
Any country that doesn't embrace that will get cut off from those loans. It won't be about putting roads and bridges into developing countries any more. They'll leave that to China. It will be about wind turbines! New Solyndras! Solar panels! Organic food! Bans on synthetic fertilizer ... and too bad about the people in developing countries who starve as a result.
The U.S. is the top financier of the World Bank and normally gets its choice for president (Europe gets the IMF chief slot). The Biden administration has been harassing Malpass, a truly great economist, for being insufficiently "green" for months. Al Gore has been making noises. Billionaire greenies have been active. Malpass tried to placate them, but he's a fact-based economist of a Reaganesque supply-side orientation, very Arthur Laffer, very Thomas Sowell, so he has always had to tread on a narrow path with the Bank itself and he has done that carefully without compromising his principles. In other words, he's no Joe Biden.
Now, the sleazy Bidenite coupsters seem to have gotten their way anyway since they don't care and Malpass is on his way out.
What's coming next is one hell of nightmare.
According to Reuters:
Even before he takes office, the former Mastercard Inc chief is expected to start working his numerous constituencies as early as April when top officials meet in Washington at the World Bank and International Monetary Fund's spring meetings. Member countries are expected to approve initial moves to stretch the bank's balance sheet to free up more funds for climate projects, pandemic preparedness and other priorities.
If confirmed, he will jump into high-profile talks in June hosted by French President Emmanuel Macron and Barbados Prime Minister Mia Mottley focused on developing a new global financial pact to reform how rich countries finance poor countries grappling with climate-driven damages.
Why on Earth is a multilateral bank, founded at the Bretton Woods conference and intended to finance major development projects in poor countries on the Marshall Plan model, being turned into Joe Biden's greenie slush fund?
The waste, fraud, consultant contracts and economic harm in third world countries, altering their right to self-governance and overriding the popular will lead to scenarios that will be comparable to what we see in Ukraine after war.
Cities will go up in flames. Inflation will rage out of control. Crony classes will fatten and fester, mocking the working people who will be deprived of the right to make a living. And don't think this won't send the U.S. more human waves of illegal immigrants -- once the economies of these countries tank because Ahmed the farmer can't get synthetic fertilizer to grow crops to feed his family and the organic variety is priced out of his reach -- if he can find any, it wouldn't be a long shot to guess that he will throw in the towel and pack up and head for the U.S. southern border. Who wouldn't.
The globalist great reset class, of which Ajay Banga is a paid-up member, is bound to make a hash of the Bank because they have made a hash of everything they have ever touched.
As greenie policies get the hooks in, prices rise, electicity flickers on and off, and economic growth takes a back seat, count on a wave of instability in poor countries that is going to come back and bite the U.S.
Congress needs to shut this trash down. Extending Biden's green new deal to the global world and letting the U.S. pick up the tab and the unintended consequences is no way to allow the Bank to operate. Defund it entirely unless they return to their original mission, because something very ugly is coming.
Image: Screen shot from AFP/News.com.au video, via YouTube