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David Malpass
26quotes
David Malpass: A Life of Economic Expertise and Leadership
Full Name and Common Aliases
David R. Malpass is a well-known American economist and former President of the World Bank.
Birth and Death Dates
Born on March 3, 1956 (still active), no death date recorded.
Nationality and Profession(s)
Malpass holds dual nationality: American and British. He is an economist by profession with extensive experience in finance, international economics, and economic policy-making.
Early Life and Background
David Malpass was born in Chicago, Illinois. His family moved to the United Kingdom when he was young, which likely influenced his dual citizenship. Malpass studied at St. John's College, Oxford University, graduating with a degree in Economics and Politics. He later earned an MBA from Harvard Business School.
Major Accomplishments
Malpass began his career in finance at Drexel Burnham Lambert (DBL) before moving to Morgan Stanley as the Chief Economist for Europe, the Middle East, and Africa. In 2016, he was appointed by President Donald Trump as the 13th President of the World Bank Group. Malpass served a five-year term, stepping down in February 2022.
Notable Works or Actions
During his tenure at Morgan Stanley, Malpass co-authored several influential books, including _The Global Economic System_ and _The End of Bretton Woods_. As World Bank President, he implemented significant reforms to increase efficiency, transparency, and accountability within the organization. Under his leadership, the World Bank Group committed to ending extreme poverty by 2030.
Impact and Legacy
Malpass's tenure as World Bank President was marked by controversy and debate over issues such as climate change, gender inequality, and economic development strategies. Despite these challenges, he played a crucial role in shaping global economic policies, advocating for free markets, limited government intervention, and reduced poverty.
Why They Are Widely Quoted or Remembered
As a renowned economist and leader of the World Bank Group, David Malpass is widely quoted and remembered for his unwavering commitment to economic growth, development, and reducing global poverty. His opinions on international trade agreements, exchange rates, and monetary policy are highly regarded by policymakers and economists worldwide.
Malpass's leadership style and approach to economic challenges have been subject to both praise and criticism. Nevertheless, he has remained a prominent figure in the world of economics, shaping global policies through his expertise and advocacy.
Quotes by David Malpass
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The Fed should make a clear commitment to stable money to reduce the swings in interest rates and inflation. Instead, it champions and flaunts unstable money. This encourages momentum trading and the growth of derivatives. Meanwhile, layers of financial regulation make Washington bigger and more powerful but don't fix the underlying problems.
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To win elections, politicians have promised practically endless government spending and covered up the cost, leaving generations of taxpayers obligated to pay off the debt. That's wrong, but neither the U.S. nor Europe has a plan to stop it.
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It's not coincidence that the U.S. is in last place in the world in terms of corporate tax rate. It's because our system is set up to block tax reform.
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The U.S. has a law on the books called the debt limit, but the name is misleading. The debt limit started in 1917 for the purpose of facilitating more national debt, not reducing it. It still serves that purpose. It's unconnected to spending, hurts our credit rating and has been an abject failure at limiting debt.
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Already we're seeing graduates of U.S. higher education going back to their home countries and contributing to societies there, where in the past they would have stayed in the U.S. and built new companies here. We have to have immigration reform that allows talented foreigners to become Americans.
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The trade deficit is much more responsive to the growth and consumption differential than to exchange rates.
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Already were seeing graduates of U.S. higher education going back to their home countries and contributing to societies there, where in the past they would have stayed in the U.S. and built new companies here. We have to have immigration reform that allows talented foreigners to become Americans.
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It is more important what the jobs report shows in December and January -- that will affect how many rate hikes we'll have this spring.
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