HOMESTEAD: Re: Shann - please help me pare the this explanation and the related footnotes to the essentials

[Deborah Groban Olson <dgo@esoplaw.com>]

Shann and Homesteaders:

        

I am past
deadline, have too much material in the chapter, and think this piece
about the World Bank is very important. I do not have enough time right
now to digest all this material. Shann: I'd like you to look at what I've
written and help me cut any of the footnote or other material of yours
I've just added so that the essence of the ideas and only essential
citations are there. I have already edited out substantial chunks of my
own stuff. I must send this to the editors today.
Many thanks,
Deb
At 11:36 AM 9/10/01 +1000, you wrote:
> At 04:28 AM 10/9/2001, Deborah Groban Olson
> wrote:
> > The President of the Bank, a former Australian
> > colleague of Turnbull, gave Ellerman permission to develop this proposal
> > but added his own idea that loans from the World Bank to the private
> > sector in client countries also be included in the buy back
> > proposal.  
>
> Deb
>
> I met with David Ellerman in June after the COG meeting at a conference
> organised in Washington D.C. by Professor Larry Mitchell.  I had
> also another meeting with Jimmy Wolfensohn set up for this time with
> Norman Bailey a former White House advisor to President Reagan and an
> economist who had Wolfensohn as Wall Street client in their other
> lives.  The World Bank staff requested briefing notes for our
> meeting with Jim which got cancelled but he was provided with my briefing
> notes that included my COG paper on Central Banks and a proposal that
> David and I hatched up returning from the COG meeting for client
> countries to buy back their loans.  
>
> At our June meeting, David showed me an internal World Bank note from Jim
> giving David permission to follow up this matter and to also consider the
> buy back of IFC loans to the private sector of client countries. 
> David has since advised that the matter got bogged down in the
> bank.  So external encouragement is required to embarrass the
> bureaucrats in the Bank to take the matter seriously such as could be
> provided by the Jubilee+ plus movement.  Or even perhaps COG?
>
>  I thought Jim's contribution a terrific improvement on the
> idea.  I then exchanged some e-messages with David to determine if
> client governments guaranteed the loans made by the World Bank through
> the IFC to their private sector.  It turns out that they do not and
> so this is probably why Jim suggested that they be included because the
> local currency bonds issued by the client country to the Bank in exchange
> for the private sector loans could be government guaranteed.  This
> would provide support for the credit rating of the Bank.
>
> I then incorporated Jim's idea in a rewrite of my briefing notes to him
> for Ann Pettifor to consider in London who is the CEO of
> Jubilee+.   However, so as not to compromise David, nor Jim,
> this briefing note made no mention that it was originally written for the
> President of the World Bank and that it was Jim who had suggested that
> client countries also buy back their private sector loans.  Ann
> requested some revisions to make my briefing note reader friendly as it
> was written in "short hand" for insiders like Jim and David,
> et. al.   Ann then posted it on the Jubilee+ web page in late
> July after I met her on another trip in early July.  Refer to
> "Liquidating the World Bank: with debtor countries buying back their
> loans and introducing self-financing development" 
> http://www.jubileeplus.org/opinion/shann_Liquidwb.htm
>  She also posted my Central Bank discussion paper at
> http://www.jubileeplus.org/analysis/articles/shann_COG_spread.htm
>  
> When Jim was in Sydney last month he confirmed that it was his idea to
> include IFC loans and so I could now make this public without
> compromising David.  The Opinion Editor of our national financial
> newspaper was in the audience at the public meeting at which Jim spoke
> and responded to my public question on changing the role of the Bank to
> which Jim replied.  As a result  he published an Op Ed by me on
> “The World Bank can sell loans and buy time” Op. Ed. The Australian
> Financial Review, August 7, p 55, Sydney, 2001.  This mentions
> that it was Jim's idea to also sell back private sector loans.  A
> hard copy of this article was posted to Wolfensohn, Ellerman and
> Bailey.  My 500 word Op Ed is attached for your reference under my
> working title "New mission for World Bank".  The editor
> nearly always provides their own title!  
>
> Jim also agreed in Sydney to have a follow meeting on this proposal with
> Norman Bailey after the September annual meeting of the Bank.  So
> Jim is still making a positive effort to following up the proposal and I
> see no reason why his interest should not be made public or why this
> could now concern or compromise David.
>
> Regards
>
>
>
> Shann Turnbull  Ph.D.
> P.O. Box 266 Woollahra, Sydney, Australia, 1350
> Ph: +612 9328 7466 office; +612 9327 8487 home; Fax: +612 9327 
> 1497;
> Life long E-mail: sturnbull@mba1963.hbs.edu 
> Alternate:sturnbull@optusnet.com.au
> http://members.optusnet.com.au/~sturnbull/index.html
> Papers at:
> http://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=26239
> with other papers & book at
> http://cog.kent.edu/library.html

Attachment: Ownership for Everyone 09 10 01 dgo accepted.doc
Description: Binary data