by WALDEN BELLO

The Bretton Woods institutions are ripe for radical reductions.
I think that Elon Musk and his Department of Government Efficiency (DOGE) have been misinformed. I don’t disagree with their shutting down USAID, but I think it’s rather small fry. There are much, much bigger fish to fry if you want to really save U.S. government money that is being wasted in programs that are mischievously justified as aid to the poor people of the world.
Elon, hear me out: if you walk northwest from your headquarters at the Eisenhower Executive Building along Pennsylvania Avenue, you’ll come after one long block upon two ugly buildings squatting beside each other. One is the World Bank. The other is the International Monetary Fund (IMF). You can actually just walk in and demand to look at their books since they are extensions of the U.S. government. And you would have a very good reason to do so, since these are two of the most questionable and controversial institutions directly or indirectly funded with U.S. taxpayers’ money.
Let me start with the World Bank, which is located at 1818 H St NW. This institution has so-called development projects throughout the Global South, otherwise known as developing countries. This agency says that its mission is to end poverty in the developing world. To fulfill this goal, its lending has risen from nearly $55 billion in 2015 to $117.5 billion in 2024. Yet, despite this massive increase, the Bank admits that global poverty reduction “has slowed to a near standstill, with 2020-2030 set to be a lost decade.” Some 3.5 billion people, or 44 percent of the globe, remain poor, after decades of massive World Bank lending. And a major part of the reason is that World Bank programs have created poverty instead of alleviating it.
Living in Luxury While “Fighting Poverty”
To manage its operations, the Bank’s full-time staff rose from nearly 12,000 in 2015 to over 13,000 in 2023. These figures are just the tip of the iceberg. If one includes all employees—permanent, non-permanent, contractual, part-time—throughout the world, the Bank employs close to 41,000 people. The vast majority, 26,000, or 63 percent, work out of the World Bank headquarters in Washington, DC, and only 3,200 are located in Africa, where most people in extreme poverty live.
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