Money Won’t Solve This Problem… Money IS The Problem
As the G20 summit in Pittsburgh gets underway, a new report has highlighted the extent of the problems that global leaders face. What’s more, this problem can’t be solved by simply tossing money at it. In fact, money is the problem.
A group called Transparency International just published its latest Global Corruption Report, which reveals the damaging extent that illegal activities have on the global economy. Drawing on in-depth research from 45 countries, the firm said bribery and price-fixing costs tens of billions of dollars a year in lost revenue and economic growth. In turn, this skews economic policy.
For example, the business survey found that two out of five companies had been asked to bribe government officials, with half saying that corruption tacked on 10% to project costs.
Quoted by the BBC, Global Transparency’s Global Programs Director Christiaan Poortman confirmed what we reported here in Monday’s issue: That credit ratings agencies “turned a blind eye to high levels of risk” because of conflicting interests and played a large role in triggering the financial collapse that ensued.
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