over the p next 30 minutes, we'l be discussing the journey that the world bank group has undertaken to evolve into a better, bigger bank. we know that the world is facing a host of intertwined challenges from climate change, pandemics, fragility, geopolitical techs -- tensions too debt and stress. the upcoming panel will discuss the reforms that the world bank group has undertaken to be more responsive to countries dealing with these challenges. have they been successful? and are the countries starting to feel the change? before we welcome our full panel, we'd like to invite secretary of the treasury janet yellen the start us off with a few. opening remarks. madam secretary. [applause] >> thank you, mark. two years ago on the eve of the annual meetings, i called for evolution of the multilateral development banks. today i'm glad to be here with president banke, lord brown and the minister to lay out what we've achieved and to reaffirm our commitment to sustaining momentum. i called for evolution because as we began to exit covid recessions around the world, i and many others saw that t

ministers of the big seven at the spring meeting of the international monetary fund and the world bank group a new approach to... the use of frozen russian assets, that is, those assets that are located abroad that ukraine may use, rather, the world will be used to help ukraine, writes the financial times. this would be a compromise offer from the united states of america, not as radical as confiscation, but more aggressive than the current plan of the european union with allocation of profits from assets to ukraine. we are at a point where we have to explore every possible way to maximize. the value of the frozen reserves in the interests of ukraine cannot be waited forever, we understand that, dalip singh, the deputy national security advisor to the president of the united states of america, told the newspaper. this issue is quite important for ukraine, i mean the use of frozen russian assets, because experts talk about different amounts that can be frozen around the world up to 300 billion dollars, so... in principle, the question is whether the world community will dare to allow the unit

big meeting of finance ministers of the big seven and the international monetary fund and the world bank group will be held in washington, we will hear concrete proposals, because the world is tired of russia, the world is tired of putin, the world is tired of the aggressive policy of the russian federation towards ukraine to... this terrorist activity of putin, the world is wary and they understand what is happening in ukraine, and especially in the last few weeks, when the russian occupiers are attacking the energy infrastructure of ukraine, destroying tes and tec, trying to deprive ukrainians of heat, light, and actually everything that they are used to. civilized world, these attacks on civilian infrastructure can be classified as crimes, war crimes, which is true, but yesterday i had valery chala on the air, he says that in the world international practice it is not so, not so clearly in legal practice, not the responsibilities of the parties who cause these are clearly spelled out blows, and when it is done, for example, by a russian woman. then it is necessary to prove in documentary wh

world bank group president david malpass on which candidate is best suited to tackle the problem.ho's really not retail which shopping stocks are by following major earnings report from the industry, on the barron's rentable it is a murderers row my colleagues andrew bary, meghan lenhart and teresa rivas i'm not accusing any of your factual murder. let me start with you stock investors it seems a high they like what they heard out of jackson hole, tell me about that. >> investors got what they wanted to hear on friday from the fed chair jay powell, the time has come from policy to adjust after heralding a drop in short-term interest rates this year from the bible quarter five at half the question only how much. >> is interesting, the real message from jackson hole this year is mission accomplished by inflation and now we have to look at the job market very closely powell does not want to see deterioration and it will be interesting to see what the august jobs report holds that could determine if we get it ready for basis for 50 basis points. >> it may not matter whether we get a q

they're not seeing any results from all those bailey is that could have been spawns at home, the world bank group, you were being commission and the united nations cabinets estimate that as of the 31st december 2023. the total cost of reconstruction and recovery ukraine is $486.00 bit in dollars over the next decade. up from $411000000000.00 estimated to juan diego. what's also interesting is that if before russia was perceived as a top threats by 27 countries, now it's not even in the top 3 as well. countries a done focus on their own problems. given the absolutely critical dependence of ukraine on g 7, political, economic, and military support, this is worrying. it does not bode well for the ability of europe's political leaders to sustain the necessary public backing for continued aid transfers, voters in france and germany, for example, are significantly more concerned about mass migration and radical islamic terrorism . then putin's designs for ukraine, there's used to be a lot of talk about russia and vladimir foods and having to say phase, well now the roles have been rivers. i've listened

they will be a briefing here by the prime minister of denmark, that they frederickson and the world bank group president audrey bunker. they will brief on support of the world's banks fund for low income countries. and of course, we'll have several forthcoming briefings here on the margins of the general assembly. those are all in the media alert. um, and i'm sorry to tell you that you will have find something else to do around 121230 tomorrow, wednesday thursday because we will not be briefing you because you have other things to do. we will be posting the highlights daily and we may come back for a briefing on friday, depending on the news. also on a flag that the s t g media is owned open today to visit us pause up in a video message. the secretary general said that interviews and discussions held in the media zone will help inform people everywhere about issues that matter to everyone. today they were already 2 major talents, speaking on the innovative ways to creative community arts or driving social impact . there were actor and filmmaker and un goodwill in bass or for bio diversity. edw

the world is expecting lower rates, joining us now david malpass, former president of the world bank groupcrb is rising and gold is rising, there is the crb, a bunch of 6 months plus. price of gold rising. record highs. and we'll throw in price of copper. anyway. you are a federal reserve expert what do you make of this. >> couple things, one it reflects inflation, meaning you have gotten behind if you are trying to mine things your costs have gone up and it causesse inflation from stain point of people -- stand point of people the affordability problem is that much worse, unless you make commodity not many people, not in u.s., there is no mining permits given, the u.s. has giant resources if you mined it the price would not be so he but rear not, china is buying it up and using it selling with profit back. that hurts workers, i think it is bad and one more indication of inflation. larry: consumers, commodity spread out. particularly energy commodities but all all like copper spreads out in the economy. so consumers of this pay for it will it bleed into inflation index? >> i think for sure

if i said to you the world bank group and regional development banks and climate change, how has the biden administration approached the mbd's and approaching the challenges of climate? >> the biden administration and treasury department has been approaching climate in a very bullish way. we talked about what benefits of these development banks. the world bank being created after world war ii. the world has changed since their creation. secretary yellen went to these development banks and said given that we have seen for example for covid extreme poverty increasing for the first time after decades of progress and not be educated, we see not just the pandemic example with climate change, we see reversal of development gains whether in the agricultural field, for example, but also increasing violence that we see around the world how serious and strains on fiscal budgets because they have to spend more and more on security. given these three global challenges, climate change and pandemics and and conflict are not just threatening but reversing development gains, we need the institution

joining us now david malpass, former president of world bank group and art laffer, former reagan economist, art you get the first wham, timings decided that trump's policies are inflationary. do you read the "new york times" of day, art laffer i ask you. >> of course i do larry. i read the french edition of it, i love it. just i can't miss a page. paul. it surprises me that you know during biden with the illegal immigration, that came in, we had hyper inflation, 20% increase in prices. now they say if you get them back, send them back to their homelands, to where they should be it will cause inflation. i think it is the reverse logic. when you talk about, that i don't know if you saws greg manqu 's quote. drilling will have little affect on oil -- no, it won't, will have a huge affect on oil prices, and huge on inflation, this is what we need. the other one that he said tax cuts came in, you know, with kennedy and with reagan on the tax cuts and inflation you missed hardy and coolidge, they brought inflation way down. i could go on and on. i'll take all of david's time and he has more impo

smart guy, former president of world bank group.ohn carney, i am telling you i talked with a distinguished super fed watching today. he said powell is wrong again. numbers have not moved in months. 2.7 to so-called consumer deflate ir, 3.3% on core cpi. not moving in the right direction, powell is wrong, he should not have pushed rates down we have said it a million times. will he admit it, pullback with no rate cut. >> i think he has to. it, it ridiculous they backed themselves in to a corner they should not have cut in november, definite not in september but 50 basis points they had no point but to cut gain, i think they will back away from december, i will try to say, it was new data coming in. but that is a lie. the data was not that good. in september, when they did cut, they should not have cut then, they will back off. but that will be politically troubling for them. because it will look like they cut right before the election, trump comes in and suddenly they said no wow, no more cuts. larry: they will take heat for it a sem

former president of world bank group, we're looking for scott let's play sound from ms.ign trail. >> donald trump and his extreme allies top take our nation back to failed trickle down economic policies. back to union busting. back to tax breaks for billionaires. >> all right failed trickle down policies, unions, i forgot the third one. failed trickle down policy david malpass? you are former ur y under secretary of the treasury. in all seriousness. we were involved in the tax cut, was they failed trickle down policies. >> they were not, median income went up, workers did well there was more manufacturing that is core of policy, you have to have a growth mind set, i think that what the current economy is doing elitist mindset, not benefiting anyone within the economy. and as you look at thing that concerns me is forecast for biden-harris economic plan. cbo put out new numbers in june growth in 2025 falling to 2%. and then down from there, 1.8%. that is not enough to benefit people in the manufacturing sectors. that are so important to the outcome. larry: can't we do bett

joining us now, david malpass, former world bank group president, kevin o'leary, chairman of o'leary ventures and scott bessent, founder of key square group. gentlemen, welcome, welcome. o'leary, i've not seen you in so long you've been hiding out from me these many many weeks and i want to ask you about all of this more tax credits, more grants, more subsidies, higher taxes across-the-board, and that's supposed to fix the economy? what do you think about this? >> well, the good news is, harris has started to put policy out there. she's starting to take some level of interview outside of celebrity interviews and we've learned a little bit in the last 48 hours. i'll tell you what i've gleaned from it. number one, she stopped advancing in the polls in the counties in the seven battleground states and so while she's done very well with the all sugar no protein strategy which i don't blame her for because it brought her right to where she is today she's got hard work cut out for her to move men into the camp where she's done so well with women. can't win without some of those men. and th

joining us david malpass, former president of the world bank group. we put charts on the wall. with whatever we start out with. crb is rising. gold is rising. crb is rising, six months plus. the price of gold is rising significantly. record highs if i'm not mistaken and we'll throw in the price of copper as well. anyway, you're a federal reserve. you're a monetary expert. what do you make of this commodity rise? >> a couple of things. one is it reflects inflation, meaning you've gotten behind if you're trying to mine things, your costs have gone up. it also causes inflation. so from the standpoint of people in the country, the affordability problem is made that much worse. because unless you make commodities, which is not very many people, especially not in the u.s., there is no mining permits being given. the u.s. has this giant resources. if you mined it the price wouldn't be so high. we aren't doing that. china is buying it up, using it, selling it with a big profit back. that hurts workers. so i think it is basically bad and one more indication of inflation. larry: the cons

david malpass, former president of the world bank group.e moore i want to start with this guy swagel. it boosted gdp by seven billion dollars. has paid taxes. inferred it kept the inflation rate down. i have wall street hedge fund guys telling me it will be terrible if we lose the cheap labor. open border it was really a good idea? we had this story all wrong, steve, the whole time? it has been great for the economy. doesn't matter. public safety is suffered. fentanyl suffered. crime has suffered. venezuela gangs. we missed the point all together, this swagel is right. what in the world is he talking about? >> no question immigrants are benefit to our economy when they come in legally, the right way. larry: yeah. >> we probably do need more legal immigrants as birth rates fall in the united states and around the world. what biden has done so contaminated the immigration process by basically saying anyone who gets to the border can come in, can come in. that, as trump has said so correctly, that means drug runners. that means criminals. that

former world bank group president and former deputy assistant treasury secretary turned ronald reaganonomist at bear stearns, david malpass joins us now. david, here's a little bit more of the breakdown of the harris-walz plan for the opportunity economy. $25,000 house down payment for first-time home buyers, restoring the child tax credit, new child tax credit for families with kids in the first year of life. they've got capping prescription drug prices, federal ban on grocery price gouging, so now we're price fixing. what's the impact of this so-called policy speech? >> hi, pete, good morning. well, the impact is it's not good for the economy. that's what's very clear. it will cause inflation. remember when biden came in, he inherited 1.4% inflation, but then their policy was spend, spend, spend. she gave the tie-breaking votes for that spending, and inflation within two years was 9%. and so this would be worse than that because of the very high government control that's in it. i heard rachel in the previous segment point out how latin voters or people with any knowledge of latin am

joining me now is david malpass, former president of the world bank group.re looking for scott best ant, we'll plug into him in a minute. david, thanks for coming on set. let's play some sound from miss harris on the campaign trail. here it comes. >> donald trump and his extreme allies want to take our nation back to failed trickle down economic policies. [booing] back to union-busting. [booing] back to tax breaks for billionaires. larry: all right. failed trickle down policies, unions, i forget what the third one was, failed trickle down policy, david malpass? you were former undersecretary of the treasury before you were put out there to deal with the world bank. let's not talk about that one although you did a very good job under the circumstances but in all seriousness we were both involved in the tax cut. were these failed trickle down policies. >> no they weren't. median income wept up. workers did well. there was more manufacturing. that is the core of this policy. you have to have a growth mind set. i think what the current economy is doing, it is el

former chair of the council of economic advisors, stopping america socialism dave malpass former world bank group president and undersecretary of the treasury. gentlemen, i've got some sound. let's play some sound from trump yesterday on this chicago thing and the tariffs and you'll see what the response is. here it comes. >> it must be hard for you to spend 25 years talking about tariffs being negative and have somebody explain to you that you're totally wrong. it'll have -- >> [laughter] >> it's going to have a massive effect, positive effect. the higher the tariff, the more likely it is that the company will come into the united states and build a factory in the united states so it doesn't have to pay the tariff. larry: in a way, there you have it. david malpass, a view of free-trade, i guess, that is 25 years old, or worse. i mean, it's just not real anymore. what do you make of that, because that's what gave trump the upper hand when trump said you're 25 years out of date, you've been wrong for 25 year, david, i think he was being accurate. that's the thing. the economics profession is like

economics editor and author of the breitbart business digest, david malpass, former president of the world bank grouppert. i mean, i think he hammered pretty hard today but i'll ask you did he get it done? >> he did get it done. he addressed housing affordability which is a big problem in the united states. it's one of the things all surveys show are really hurting people and he's going to open up land that we can build on and he's going to do permitting reform to make energy affordable. that's absolutely necessary. those are two things that when you ask people one of the thins that bother them the most about the biden-harris affordability crisis. housing and energy are two things. larry: so he mentioned opening up federal lands for housing purposes. >> right there's a lot of -- larry: bad enough they won't do it for oil & gas i understand that but he threw in housing which i think is a new wrinkle? >> it is a new wrinkle. the other thing he mentioned as well is theres a lot of regulation, environmental regulation in particular that stands in the way of building houses, right now, today. if you talk

forbes, "forbes" media chairman and editor-in-chief, and david malpass, former president of the world bank groupboth longtime friends. general and, let me start out, some sound from trump in we've earlier this week. take a listen. >> and upon taking office, i will impose an immediate moratorium on all new spending grants and giveaways under the joe biden mammoth socialst bills like the so-called inflation reduction act. to further clamp down on waste in the federal government, we're going to bring back presidential impound ifment authority. we're going to end this war on american energy. we're going to drill, baby, drill can. crooked joe biden wants to raise taxes on top of that a and raise business taxes which will lead to the destruction of your jobs. larry: all right. we'll stop there. we have another sound coming but, steve forbes, why don't you weigh in on that. and the general story here, i mean, even with these numbers, i mean, i don't want to go through ad nauseam in the late afternoon show, but the reality is the job numbers were softening, have been softening. particularly household nu

riedel, senior fellow at the manhattan institute and david malpass, former president of the world bank groupian, i know you wrote about this in the "new york post" today. i mean i don't remember the exact phrase but the late economist herb stein used to say, you know if something is unsustainable, it won't be sustained or if something is bad it can't keep going on, or something like that. my point here, brian, is, with these horrendous numbers, with out of control big government finances out of control government spending and regulating there will be consequences. we may not see them this moment. there will be consequentials there is inflation risk, default risk, all kinds of risk. what do you think, brian? >> the interest costs and the interest rate risk is enormous. even under low interest rates interest costs have gone from 350 billion, when biden took office, to a trillion dollars by next year when it will be the second biggest item in the entire budget after social security and interest costs are going to $2 trillion a decade from now. that is the low interest rate scenario. if interest

it doesn't get any better than that, if you ask maine david malpass, former president of the world bank groupt bess santa -- bess ant. gentlemen, welcome. growth. tonight i think he's going to talk growth. i think nice a good space, and i think it'll help him. >> it sure will. and i hope he will really push the point, she stands for slow growth. and if they keep defending the idea that 2% is enough, that the u.s. has these low expectations and they want to maintain 'em by regulation, by high taxes and trump is just saying, look, that's not good must have for me. i want more and more for the american people -- not good enough. middle class has to have more growth. larry: you know, scott, i never actually hear democrats use the word growth ever. they, you know, redistribution, fairness, punishing the rich, pay their fair share. but the word growth or, for that matter, the word prosperity, it'sing like, not part of their lexicon. i would bet you kamala won't mention growth tonight. >> larry, the only thing they want to grow, they want the government to get bigger, they've made the debt bigger, a

we'll whip in david malpass, my good friend, former president of the world bank group, former undersecretary. wrote a great op-ed, inflation will be defining topic of today's debate. years past, david, but it is still the economy, stupid. let me ask you something, if anyone is worried about inflation, wouldn't growth solution, a prosperity solution, not root canal, but growth, prosperity, new opportunity, for all sectors, working folks of all colors, racing and creed, wouldn't you want a growth solution? shouldn't that come out tonight? shouldn't that be very much part of mr. trump's argument? >> for sure, that should be the core of the debate. you've got a growth program against a shrink program. so i think the burden is on president biden to say what of the good ideas that are out there are you willing to do any of them? one would be to stop taxing tips. one would be to allow energy production. you know is put in place this prohibition on the export of natural gas. it is killing europe. you could lift that tomorrow. he could do that. he could refill "spro" and say he is going to -- that is

world. the bank mellat group has a very strong company in terms of digital economy and homoformatics or otherups such as rafaqa bank. in general, with the coordination that they can have with the social security investment company or 60 of them, we can benefit from very worthy services, especially in the development issue. the academy teams of the press police club , we can train our youths and young people from a young age. in the discussion of financial resources, when any activity needs financial resources, it should either go to the capital market or go to the polke market. as the original and eternal owners of the club, the fans should also note that we should be patient for every change, let time pass, and don't make decisions too soon, definitely with the passage of time. ok. we will definitely have the positive effects of this handover. thank you, mr. haddad, for coming to the special news chat line . i will say goodbye to you. i think friends are trying to make the representative of esteghlal club appear in the special news interview. going back to the phone conversation with mr. rak

so i'm also bringing the price isn't western global as groups like the i m f and the world bank? local reporter timothy abuse, who takes a closer look for weeks and has been doing all about what many described passed on variable cost of living under the compliment of precedent for that symbol, who introduced economy for fans, policy and author, assuming office in may last year. the process organized by the walk as union has drawn thousands of people across the country. tenable props are popular. i bought costly fuel subsidy last me and slowed up the nigerian car as the leading to soaring prizes for the government says the refunds could potentially help stabilize nigeria as economy. many here disagree. economic policy is a policy that government needs for the 1st before implementation. what you've seen the government house of rush in implementation, people study these funds to you as i do for a whole year. i don't, i don't see i didn't start, i don't know how the country would look like. the numbers are the very top moment for quite no guessing. it's funny. i for transportation is

presumed, the new leader of bangladesh now or has ran micro edit bank a scam. his group got millions of dollars of aid from the us government, the world bank, etc., then he fundled some of those dollars to the clinton foundation. and finally, for all the clap trap about booming bangladesh, it is high levels of unemployment. widespread inequality and sweat shop exploitation, extractive foreign investments don't impress, if the economy fails to improve people's lives, screw trickle down, they will come out on the streets. okay, that was mixture of some of the people's views when it comes to bangladesh. let me introduce our guests for our first segment of the q&a, first we have ahmed mushfiq mubarak joining us, he's a professor of economics and management at yall university. ahmed. welcome to economic divide, thank you for having me on your show. all right, this resignation of sheikh hasina as a prime minister, and then you have the subsequent takeover it said by the military, uh, it doesn't really spell a comfortable environment when it comes to the economy or investments uh or anything along those lines. you have problems of liquidity

presumed the new leader of bangladesh now or has ran edit bank a scam, his group got millions of dollars of aid from the us government, the world bank etc. then he foldled some of those dollars to the clinton foundation, and finally for all the clap trap... about booming bangladesh, it is high levels of unemployment, widespread inequality and sweat shop exploitation, extractive foreign investments don't impress, if the economy fails to improve people's lives, screw trickle down, they will come out on the streets. okay, that was mixture of some of the people's views when it comes to bangladesh. let me introduce our guests for our first segment of the q&a. first we have ahmed mushfiq mubarak joining us, he's a professor of economics and management, ad yall university. ahmed mubarak, welcome to economic divide. thank you for having me on your show. all right, this prignation of sheik hasina, as a prime minister, and then you have the subsequent takeover it said by the military. uh, it doesn't really spell a comfortable environment when it comes to the economy or investments or anything along those lines. you have problems of liqui

world and has even surpassed the group of seven. abandoning the dollar as the world currency is an important and irreversible step. brics bank will replace western institutions in relation to development. i am concerned that we will see the creation of a currency different from the dollar so that we can use it to sell our products to other countries. buy the goods you need from them . with iran's membership in brics, our country benefits from development bank. new or ndb will also be available. membership in this bank can give us the possibility to access these resources considering that in recent years we have had many problems in attracting resources for investment in the field of infrastructure and sustainable development . the demand to join the brics mechanism is increasing. currently, the countries of algeria, bahrain, belarus, cuba, bangladesh, indonesia, kazakhstan, laos, mauritania, nigeria, lanka, thailand, turkey, venezuela and vietnam are also in line. are joining brics. mohammad mohajeri of sed and cima news agency. virtual openers have a famous saying. they say: some pictures have sound. the sound of these phot