The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
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Banga: Prolonged low interest rates increased global inequality over past 20 years
“If you look at the way inequality in the world has gone, in fact, in the last 1520 years, it has increased because of this exact reason. Very low interest rates for a long period of time. Has created this kind of growth of capital return. Those who have money …”
Banga: 1.2B emerging-market youth will reach adulthood facing only 400M jobs
“1.2 billion young people in the emerging markets are going to become 18 years of age in the coming Mutomati 15 years. Right?
Yeah.
Currently, the same markets, currently, this is pre-AI, and we can talk about AI's impacts on the developed world versus the de…”
Banga: Fossil fuels will not disappear quickly due to AI energy demands
“Fossil fuels aren't going away in a hurry, because the mix of energy you need, and the quantum of energy you need, compared to the AI, even more so, you're not going to get that easily only with renewables because of various aspects to do with the cycle as wel…”
Banga: Mastercard hit $360B market cap while Citi was under $100B
“And then from there, I had a chance to be one of the candidates to be the next CEO of Citi, which was 250,000 people. And I quit and became the CEO of Mastercard with 4000 people. But when I left, Mastercard's market cap was three hundred sixty billion, and ci…”
Banga: Over half of Mastercard's code was machine-written when he left
“Even when I was at MasterCard, by the time I left, you know, more than half our code was being written through machines.”
Banga: HDFC originally started with an IFC investment
“Most people don't know, but HDFC originally started with an IFC investment.”
Banga: World Bank mobilized nearly $70B in private capital last year
“Last year we mobilized, Seventy billion almost private capital. Up from say, 40,000,000,002, three years ago.”
Banga: World Bank is profitable and funds its own administrative expenses
“We're basically profitable across the institution. The part of the bank that doesn't, we don't need capital injections every year or three years. We don't need money for our administrative expenses every year or three years.”
Banga: 85% to 90% of Global Jobs Are Private Sector Created
“85 to 90% of jobs in the world are created in some form or the other in the private sector or in private sector-oriented enterprises in the state-owned sector.”
Banga: 600 million people in Africa have zero electricity
“Six hundred million people in Africa don't have electricity today. And I don't mean, ah, inadequate electricity. None. Black. No electricity.”
Banga: G7 and G20 discussions have shifted from climate to jobs
“Two, three years ago, rarely would I go to a meeting of large government groupings, like the G-twenty or the G-seven, where everyone was discussing jobs. They would be discussing agriculture, green technology, climate, water, trade, food, that kind of stuff. N…”
Banga: World Bank financed Japan's bullet trains and French nuclear plants
“In fact, interestingly enough, the bullet trains of Japan were financed by the World Bank. Nuclear power plants in France were financed by the World Bank early on.”
Banga: India, China, Turkey, and South Korea became IDA donors
“India was an IDA country once upon a time, and now is a donor to IDA. Turkey, China, South Korea, were all IDA countries, now donors.”
Banga: World Bank bond financing is 60% private money, 40% central banks
“The rest is it goes into capital and retained earnings with us, which we leverage up through the bond market, which is mostly, I would say about 60%, Private money, as in insurance companies and pension funds and asset managers. But 40% could be central bank's…”
Banga: US holds 17% of World Bank shares as largest single shareholder
“America is the largest single country shareholder. Actually, the European Union is bigger than America, but it doesn't vote as one country on our board. And therefore, yes, America is 17% of the shares. Right. That's their share of the capital they've contribu…”