David Dodge World Bank Nominee

Is David Dodge, the outgoing Governor of the Bank of Canada, bucking for Presidency of the World Bank? Seems like it....

Dodge, who retires in January and has said he wants half a year off after that, declined to say today if he's interested in the job.

- Bank of Canada Governor David Dodge said China's government can't be expected to let the market set its currency's foreign-exchange rate ``overnight.''

``They have to keep going, and they have to keep going pretty rapidly,'' Dodge told reporters today after a speech to the Chicago Council on Global Affairs. ``But let's not expect everything to be done overnight.''

In his remarks, Dodge said that the world's most developed nations need to have ``some tolerance'' as long as countries such as China are making ``substantial progress'' in shifting toward flexible exchange rates. Some economies don't have financial markets that are developed enough to withstand an immediate move to prices set in markets, he said.

Dodge's remarks are more measured than those of U.S. officials, who demanded last week that China move more quickly on loosening its management of the yuan. The People's Bank of China on May 18 increased the amount that the currency can move each day. U.S. Treasury officials and lawmakers said China must use that increased flexibility to allow its exchange rate to climb.

Chinese officials ``understand that it's not to satisfy the Americans or the Europeans and Canadians, they need to do it for their own domestic growth,'' to move on the yuan, Dodge said.

In his speech, Dodge urged the Group of Seven industrialized nations, especially the U.S., to pursue changes at the International Monetary Fund so it can more effectively combat world trade imbalances.

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Wolfowitz Timetable

After a month long pout of misplaced indignation, Paul Wolfowitz has declared a time table for his voluntary withdrawal from the World Bank. Now how about a time table for withdrawal from Iraq.

Staff group says Wolfowitz should leave before planned date of June 30

After all no one is claiming the World Bank would be thrown into chaos after he withdraws. Unlike the excuses for staying in Iraq; we made a bad situation worse but it might get even worse if we leave.

"This is a prescription for chaos and confusion and we must not impose it on our troops," Bush said in a nationally broadcast statement from the White House.

And then there is the irony of this.....

Meanwhile, the Financial Times reported on Wednesday that Iranian Deputy Foreign Minister Abbas Araghchi has offered the US Tehran’s cooperation in developing an exit strategy from Iraq.

It quoted Araghchi as saying the US and Iran had the same interests in a stable Iraq and that direct talks leading to a “face-saving withdrawal” were possible. “(The US-led) invasion was a disaster — let there not be a disastrous withdrawal,” he told the newspaper in an interview.

“Yes, immediate withdrawal could lead to chaos, civil war. No one is asking for immediate withdrawal of foreign forces. But there should be a plan,” he said.

Take it, take it just like Wolfowitz had to because it could have been much worse, sort of like the current American surge in Iraq.

Wolfowitz's negotiated departure averted what threatened to become a bitter rupture between the United States and its economic partners at an institution established after World War II. The World Bank channels $22 billion in loans and grants a year to poor countries.

By all accounts, the terms of Wolfowitz's exoneration left a bitter taste with most of the 24 board members, who represent major donor countries, as well as clusters of smaller donor and recipient countries. Most had wanted to adopt the findings of the special board committee that determined he had acted unethically on the matter of Riza.

Also angered was the bank's staff association, which had called for Wolfowitz's resignation in early April. The bank's internal blogs were filled with denunciations of the action on Thursday evening.

Late in the evening, the association issued a statement saying, "Welcome though it is, the president's resignation is not acceptable under the present arrangement," and that it "completely undermines the principles of good governance and the principles that the staff fight to uphold."

Many European officials previously indicated that they would go along with the United States' picking a successor if Wolfowitz would resign voluntarily, as he now has.

Treasury Secretary Henry Paulson Jr. said Thursday that he would "consult my colleagues around the world" before recommending a choice to Bush, in what seemed to be an effort to assure allies that the United States would not repeat what happened in 2005 when Bush surprised them by selecting Wolfowitz, then a deputy secretary of defense and an architect of the Iraq war.

SEE

Criminal Capitalism: Office Romance

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Criminal Capitalism: Office Romance

Another neo-con from the Bush White House bites the dust. Shades of the Lewinsky affair.

World Bank pledges action on Wolfowitz

The controversy relates to Mr Wolfowitz’s personal involvement in securing a promotion and a pay rise far in excess of the normal maximum associated with such a promotion for Ms Riza, a bank official with whom he was romantically involved...


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