NEW YORK -- When he was chair of the U.S. Federal Reserve, Ben Bernanke mistakenly described the problem as a "global saving glut." But in a world with such huge infrastructure needs, the problem is not a surplus of savings or a deficiency of good investment opportunities. The problem is a financial system that has excelled at enabling market manipulation, speculation, and insider trading, but has failed at its core task: intermediating savings and investment on a global scale. That is why the AIIB could bring a small but badly needed boost to global aggregate demand.
It is difficult to avoid the conclusion that for the World Bank and other financiers, poor people who stand in the way of their projects literally don't count. Time and again, the World Bank has demonstrated that it is not able to resettle people fairly. It should stop displacing people involuntarily in its projects.
By empowering poor farmers, reviving traditional knowledge and building small rainwater ponds, Indian activist Rajendra Singh has brought five rivers and a thousand villages back to life over the past 30 years. On August 26, Sweden's King Carl Gustav will present the highly reputed Stockholm Water Prize to the rainwater pioneer.
For more than 100 years, people around the globe have been acknowledging this day -- March 8 -- as International Women's Day. Many world leaders are now recognizing what we at the Mona Foundation have known for over 15 years: Strategically investing in women and girls transforms communities and can heal the world.