'We must initiate the ecological transition through a global Green New Deal' - D. Adler | DiEM25 - Lake Harding Association

‘We must initiate the ecological transition through a global Green New Deal’ – D. Adler | DiEM25

‘We must initiate the ecological transition through a global Green New Deal’ – D. Adler | DiEM25

By Micah Moen 4 Comments September 13, 2019


Jim Yong Kim presidency wasn’t very very controversial David Adler is a policy coordinator for diem25 it’s a new political party led by the former greek Finance Minister Yanis varoufakis they say the World Bank is on the brink a very direct question here why why is the World Bank on the brink well as you mentioned Jim Kim is stepping down three and a half years ahead of his scheduled departure and he’s heading off for a private equity firm known as global infrastructure partners so for one of those powerful institutions in the world as you mentioned governing billions of dollars of investment this is a tremendous crisis and signals a real need for reform at the World Bank and in particular for Jim Kim who really positioned himself as a principled visionary for the World Bank you know he’s a career physician who prided himself on on fighting poverty in the global south this is a tremendous own-goal it’s quite the equivalent of you know progressive Supreme Court justice hanging up his robes in the middle of a Republican White House because you go from Jim Kim this global health experts to a Donald Trump appointed head of the World Bank now we can get into a longer conversation about what its signals about the deeper problems the World Bank that it is in fact the president United States who has historically appointed the head of this tremendously powerful multilateral institution but certainly it’s a touch of absurd that the job has now fallen into the hands of Ivanka Trump obviously building on years of global fashion diplomacy but having said that that doesn’t mean that the White House isn’t able to you know pick a skilled person to run this and certainly if you’re interviewing somebody like Mohamed el-erian I think that his credibility stands for itself having said that why don’t we turn to the World Bank itself you know in terms of what you guys are suggesting which is a massive international investment program I mean I got the us-china trade talks were ambitious until I read this can you succinctly let us know what the vision is there because you know how many visions for the World Bank have made the rounds within the World Bank itself and have gone absolutely nowhere it’s true but I think actually to answer your question we have to go back to the very ambitious vision of the Bretton Woods system that was set out in 1944 at that famous New Hampshire conference this was a an amazing experiment of multilateralism 730 delegates from 44 countries coming together to think through questions like how do we manage the International economy now what we what we would argue is that that spirit was lost that multilateral spirit was lost to a kind of unilateral control of the United States so it’s not just about the short-term crisis of leadership that Jim Kim’s resignation represents but a much longer term loss of the kind of multilateral ambition so tell us your question where did they go wrong your viewers may remember the World Bank and the IMF as the architects of the Washington Consensus this brutal program of privatization and austerity that was attached to lending programs primary in the global south and this is just built into the into the architecture of the new Bretton Woods system this shredded ambition from the 1944 conference and what it means is that as Jim Kim was frustrated by they have to rely on private finance to to deliver the kind of development programs that they need now the vision we’re putting forward is to build precisely on the foundation set out in 1944 John Keynes the chief British negotiator and one of the architects of Bretton Woods argued for an international clearing Union that would help rebalance the global economy now the chief irony here that the World Bank would be one of the architects as I mentioned of major and bounces in the global economy trapping southern countries in relations of economic dependence to the core countries like the United States what we’re calling for is to redeem the radical spirit at the heart of Bretton Woods and put these amazing institutions with tremendous investment power to use in service ok but I just challenged you on this misfortune stem that the kind of reform that you’re talking about and it again it seems to be a multilateral approach that many countries are discarding right now for better or for worse how do you convince them that it’s the way to go and where do they get that multilateral consensus from yeah so I think that the major shift we have to do is between two different types of multilateralism the former type of multilateralism which is getting a lot of flack is the sort of flagellating multilateralism I cut down if you cut down it’s the kind of thing we’ve seen with the UN environmental negotiations I’ll cut my emissions only if you cut your emissions it’s sort of a race to the bottom what we’re proposing by putting these institutions in service of what we call a global green new deal is a much different kind of multilateralism it’s a positive some multilateralism so you may say it’s a radical vision but it’s actually quite easy to maneuver by built by changing the remit of the IMF the World Bank to roll those investment programs out not as instruments of private finance to socialize the risks of finance for the many and privatize the gains for the few but to initiate a massive ecological transition through these investment programs that can not only rebuild economies that have been devastated since the global crash in 2008 but also save the human race from extinction that’s the kind of urgent remit global green New Deal and it is an intriguing program which no doubt you will get some kind of an audience with whoever leads the World Bank and will look forward to continuing this debate because believe me there’s a lot of controversial debate right now about how best to go forward with the World Bank David thanks so much really appreciate it now we’re gonna completely switch gears here the Super Bowl is coming to CNN’s hometown you’ve got a new stadium there so we’re throwing a party and yes you’re all invited doesn’t it look good I mean come on got pizza and Pepsi

4 Comments found

User

Oliver Donovan

godspeed

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User

HebaruSan

She seems to think you should drop your platform simply because it isn't already policy, without even arguing for it

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outbacktrek

mafiaDon's corruptCabinet of multiMillionaires is the worst internationalParadigm to follow…. (Y)

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Balthasar Rasahtlab

I love how the editors of this video left the last bit about the super bowl in the cut. Switching from "saving the human race from extinction" to "let's party with pizza and pepsi", how bizzare xD

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