A Quote by Sri Mulyani Indrawati
At the World Bank, we are already working with our clients in developing countries to improve their governance systems, collect taxes, fight corruption, and recover stolen assets.
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We have made a full frontal attack on corruption. The question is whether we can address the question of governance in developing countries and, particularly, corruption.
The massive corruption common in so many developing countries would be quite impossible if Western countries did not provide convenient opportunities to ship ill-gotten funds out of the country. It wouldn't make much sense for a ruler to store in his basement large quantities of stolen cash in his own country's currency. A corrupt ruler wants to be able to keep this money safe and to be able to spend it. And for this, he needs to convert it into a Western currency and store it in a bank abroad, where it can also earn investment returns and be bequeathed to his heirs.
Developed countries and advanced developing countries must open their markets for products from the developing world, and support in developing their export and import capacity.
Our jobs are fleeing the country. They're going to Mexico. They're going to many other countries. You look at what China is doing to our country in terms of making our product. They're devaluing their currency, and there's nobody in our government to fight them. And we have a very good fight. And we have a winning fight. Because they're using our country as a piggy bank to rebuild China, and many other countries are doing the same thing.
In developing countries the situation could be even worse because developing countries do not have to count their emissions under the Kyoto Protocol. Private companies from industrialized nations will seek cheap carbon credits for their country in the developing world.
We've seen over time that countries that have the best economic growth are those that have good governance, and good governance comes from freedom of communication. It comes from ending corruption. It comes from a populace that can go online and say, 'This politician is corrupt, this administrator, or this public official is corrupt.'
While there's always plenty of room for improvement, our government is actually quite effective and efficient. Our military and judicial systems and national parks are the best in the world. Unlike in countries where government corruption is rampant, I've never once been solicited for a bribe.
Although the most amount of attention went to what happened in the United States and in Brexit, Cambridge Analytica and its predecessor, SCL Group, worked in countries around the world, particularly in the developing world, to manipulate elections for their clients. So it was global.
You look at what China is doing to our country in terms of making our product. They're devaluing their currency, and there's nobody in our government to fight them. And we have a very good fight. And we have a winning fight. Because they're using our country as a piggy bank to rebuild China, and many other countries are doing the same thing.
Tracing, freezing, and return of stolen assets has proved in many cases to be exceptionally difficult for most African countries.
We have managed to acquire $13 trillion of debt on our balance sheet. In my view we have nothing to show for it. We haven't invested in our roads, our bridges, our waste-water systems, our sewer systems. We haven't even maintained the assets that our parents and grandparents built for us.
The West has become the world model; developing countries are dreaming of living like us, which is impossible. They should reject our model, because it is not sustainable. Developing countries should even give us the example, but unfortunately that's not what happens.
JPMorgan was already, for the most part. Our businesses at JPMorgan share the same cash-management systems. The commercial bank, the private bank, the retail bank, they all use the branches. The cash-management system moves the money around the world - for global corporations, and for you, the consumer, too.
There are two kinds of solar-heat systems: passive systems collect the sunlight that hits your home, and active systems collect the sunlight that hits your neighbors' homes, too.
We are on our way to blockchains as the fabric of society - the system for what we own (assets), who we are (identity), how we make decisions (governance), and more in an increasingly digital world. It's going to be a wild ride.
If multi-stakeholder Internet governance is to survive an endless series of challenges, its champions must commit to serving the interests and protecting the rights of all Internet users around the world, particularly those in developing countries where Internet use is growing fastest.
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