You can’t bank on Wolfie anymore

Out, out, damned Wolfowitz!

Not that you ever could. But now the World Bank can add Paul “Comb Goober” Wolfowitz to its ever-growing list of credibility woes…

Staff at the World Bank have voiced concern that the crisis surrounding its embattled President Paul Wolfowitz is damaging the institution.

In a letter, a group of 32 officials warned that the scandal was undermining the bank’s credibility.

The letter also called for a clear and decisive action to be taken.

Mr Wolfowitz is facing calls to resign after it emerged he had ordered a large pay increase and promotions for his girlfriend, who was a member of staff.

The letter – signed by the officials involved in the World Bank’s anti-corruption strategy – is the clearest sign yet the controversy over Paul Wolfowitz is affecting its operations around the globe.

“The credibility of our front line staff is eroding in the face of legitimate questions from our clients about the bank’s ability to ‘practice what it preaches’ on governance,” it says.

Improved governance is coming too late to save the World Bank’s skin. Already, the poor countries of the world are taking note of what’s wrong with it (and its Bretton Woods cousin, the IMF.) Venezuela is out from under, and helping its South American neighbors likewise to get that yoke off their necks. To that end, the Bank of the South–a true development bank, rather than a money-sucker like the Bretton Woods group–is gathering joiners, most notably big, powerful Brazil.

Meanwhile, Chavecito’s baby–ALBA, the Bolivarian Alternative for the Americas–keeps going from strength to strength. Nicaragua has joined, spreading the alliance north, while Haiti and Ecuador (whose president recently booted the World Bank’s local rep out) are making interested noises. Likewise, the PetroCaribe plan is going well. Those who aren’t in, will soon see themselves being left behind.

At this rate, soon no one will have any use for the World Bank at all. Then it won’t matter who they replace Wolfie with–they themselves will have been supplanted by something that actually works for the people, for a change.

UPDATE: Wolfie the Unbankable still isn’t resigning. Clearly, like all neo-cons, he thinks he can do no wrong. Even when everything he does is wrong.

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