Posts Tagged ‘Financial Crisis’

An article in yesterday’s Washington Times addresses the role of philanthropy  in spurring economic growth in developing countries as government aid lessens due to the financial crisis.  The article covers the Forum on Philanthropic Giving and U.S. Foreign Policy that was organized by the Council of Foreign Relations in Washington last week.   It quotes our CEO & President, Jane Wales,  on the potential impact of the spread of information technology on the world’s poor:

“[M]any of the problems we face, and many of their solutions, will lie in the individual choices made by millions, hundreds of millions, of individuals; and … informing those choices could be the most important thing that we do.”

Read the full transcript from the forum here.

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The Economist published an article yesterday on the effects of the credit crunch on philanthropy – both from rich to poor countries, and within rich countries themselves.  The author seems optimistic about the ability of US foundations to continue to give at the levels of past years, and highlights discussions on this subject at GPF last month:

The word at a do-gooders’ shindig held in April, the Global Philanthropy Forum, was that big private donors will want cannier use of their money. One change would be to tie donations more tightly to specific projects. Another would be to concentrate on collaboration with existing projects rather than starting prestigious new ones. The outfits that receive the money to carry out the good works see it a bit differently. They want more flexibility, not tighter rules.

Look for videos from GPF posted here.

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The Philanthropy News Digest spoke with Jane Wales, the co-founder of the Global Philanthropy Forum and president and CEO of the World Affairs Council about the world’s poor, the global economic crisis, its effect on philanthropy, and the Obama administration’s interest in social innovation.

Read the full interview: Jane Wales, President and Co-Founder, Global Philanthropy Forum: Philanthropy and Social Innovation.

The last four Newsmakers recognized by the Philanthropy News Digest will be speaking at the Global Philanthropy Forum’s 2009 Annual Conference in Washington, D.C., April 22-24. See all the articles here.

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Martin Wolf, Associate Editor and Chief Economics Commentator for the Financial Times , joined us at the Council a few weeks ago to discuss the state of global finance.  In conversation with James Manyika of McKinsey, Wolf talked about the links between the microeconomics of finance and the macroeconomics of the balance of payments, demonstrating how the subprime lending crisis in the United States fits into a pattern that includes the economic shocks of 1997, 1998, and early 1999 in Latin America, Russia, and Asia.  The video below contains highlights from the talk, or you can click here to watch the full program.

Wolf continues his coverage of the financial crisis in the FT – including a great article from yesterday that outlines the pros & cons of nationalizing our banks.

Vodpod videos no longer available.
more about “Martin Wolf on fixing global finance“, posted with vodpod

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Michael Lewis, who chronicled the excesses of Wall Street in his 1989 book, Liar’s Poker, has written a piece for Portfolio.com on what went wrong in our financial system and the select group of people that saw it coming. It’s called “The End of Wall Street’s Boom” and is one of the best accounts of the financial melt-down that we’ve seen, and a pretty digestible read to boot.

In a program we held here at the Council in November, Liz Ann Sonders, Senior Vice President & Chief Investment Strategist at Charles Schwab & Co., Inc discussed this same topic – the US financial crisis – with a San Francisco bent.  Watch here.  Also, look for our upcoming program with Martin Wolf, described by former US Treasury Secretary Larry Summers as “the world’s preeminent financial journalist,”  to explain what has happened to the global financial order and what can be done to avoid the shocks of global finance.

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John Bruton, former Irish Prime Minister and current EU Ambassador to the United States, urged Congress on Monday to refrain from any “Buy American” provisions in the American Recovery and Reinvestment Act now headed to the Senate. Bruton expressed the EU’s concerns over such action, saying that if approved, the measure would set a “dangerous precedent” for protectionist policies. A BBC article today quotes Ambassador Bruton as saying that “Nobody will take this lying down.” And that it would take the world on the same exact path that we took in the 1930s – when, Burton believes, retaliatory protectionism caused the Great Depression to last years longer than it might have otherwise.

Ambassador Bruton shared these same thoughts when he joined us at the Council on Friday to talk about what the new administration in Washington might mean for transatlantic relations. He spoke about ways in which governments on both sides of the Atlantic can turn a series of separate problems into a chain of interlinked opportunities – particularly regarding the financial crisis of late. Bruton warned that this “Buy American” clause would sap global confidence and trigger more protectionist policies at the very time that we should be opening up and working together to turn this crisis into an opportunity for global cooperation.

FT also has an interesting blog on the “Buy American” debate here.

Update: CBS News posted a clip of our Council program with Bruton – watch here.

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The 74th Secretary of the Treasury, Henry Paulson has been on the front lines of the most significant global economic crisis in a generation. He joined the Council via webcast last week to offer remarks on US-Sino economic affairs.

The moderator, Mr. Timothy Dattels, is a Trustee of the World Affairs Council, and served as head of Investment Banking at Goldman Sachs for all Asian countries outside of Japan from 1996 to 2000.  He worked closely with Secretary Paulson during this time, and guides the conversation based on his experience.

Watch a video of the webcast here.

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