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Stiglitz explains implications. Joseph Stiglitz has called the Wolfowitz nomination "an act of provocation by America" and called on Europe to stand up and veto it. If not, he fears, "the US will try to push through almost anything it wants." Stiglitz knows what he is talking about, as former World Bank Chief Economist and chair of the US Council of Economic Advisers He comments in an interview with Channel 4's Liam Halligan: "so what if the rest of the Western world is talking about global poverty? The US wants to demonstrate it can do whatever it wants. The only way to hold power, after all, is to exercise power. This nomination is the exercise of power." With a neocon US politician at the helm of the Bank: "good reforms, including efforts to tackle poverty and disease, will be tainted. Governments in developing countries will come under enormous pressure, with elections being fought on whether or not they will kick out the World Bank." "My worry," concludes Stiglitz, "is the World Bank will now become an explicit instrument of US foreign policy. It will presumably take a lead role in Iraqi reconstruction, for instance". Your views? Join our web forum. Alex Wilks ~ March 20, 2005
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