Archive for October 2021


Jeffrey Sachs on anti-China hysteria

Here’s Jeffrey Sachs in the FT:

Georgieva is receiving McCarthyite treatment of the kind for which Washington has been notorious in the past. President Joe Biden’s administration, counting votes in a closely divided Congress, looks on with wariness, not wanting to pick more fights with Republicans and anti-China Democrats. Those anti-China forces hope that by making enough noise, all will conclude that “for the good of the institution”, for peace and quiet, Georgieva must go. Pundits will add weighty nods of approval.

Such an outcome would be a dangerous and costly capitulation to anti-Beijing hysteria.

The American right in particular is overtly trying to undermine the multilateral system. In the minds of many in Washington, either the US runs a multilateral institution or should leave it. Under President Donald Trump, the US left the Paris climate agreement, the World Health Organization, Unesco and the UN Human Rights Council. For the unilateralists in Congress, and there are many, the US must control the World Bank and IMF.

Read the whole thing.