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World Bank continues lending to China |
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Written by Stumo
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Friday, 21 September 2007 |
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The World Bank grew out of the Bretton Woods Conference, when some
smart folks on the winning side of World War II tried to figure out how
to create the financial and political stability avoid another war. It purpose
was to lend for major projects for post-war reconstruction, natural
disasters, humanitarian emergencies and post-conflict rehabilitation in
developing and transition economies.
China is the United States' biggest creditor... our banker. The country is a magnet for foreign investment.
The World Bank is still lending to China. Odd.
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In the news
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The following article was written by Peter Morici, a professor at the University of Maryland School of Business and former Chief Economist at the U.S. International Trade Commission.
The Treasury is injecting another $27 billion into AIG and raising the
taxpayers’ investment to $150 billon. Secretary Paulson appears more
intent on helping his pals on Wall Street than protecting taxpayer
interests.
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