For the very first time, the U.S. government has nominated a qualified candidate to be the President of the World Bank. In order to maintain control of the institution by donors, rather than those impacted by its decisions, the U.S. and EU share a tacit agreement that the World Bank president has always been the American nomination – just as the head of the International Monetary Fund (IMF) is always a European (although one that Washington approves of). This job’s previous occupants included several top U.S. military brass (including Robert McNamara after the Vietnam War debacle, and most recently Paul Wolfowitz) as well as top bankers from Chase, Bank of America, JP Morgan and Goldman Sachs.
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