Of Unbanked and “Underbanked”

Speaking of banks, as I did on this page a short time ago, there are those who are concerned that too many people in the United States are “unbanked” or “underbanked.” By the former they seem to mean those who do not use any banking services, particularly who do not have any bank accounts. By the former, they mean those who obtain some banking services from businesses that are not banks. The very existence of the terms, and the way that they are used by those who use them, implies that being “unbanked” or “underbanked” is a bad thing.

I will here disclose that I have worked for banks for nearly 10 years and for all I know may continue to do so for some time into the future. Whatever bias or color to my views that this condition provides I will nevertheless try to comment from a fair and factual point of view.

My first point, therefore, is that I am not prepared to assert that absolutely everyone should have a bank account. I can easily envision the value of a bank account for most if not all people, but I concede that they should be allowed to choose for themselves and that it would be terribly wrong to force people into banks. I acknowledge that there are some alternative providers of financial services who seem to please their customers, and I do not deny that banks can benefit from good competition. Banks have a long history of drawing upon the ideas and innovations of non-banks, just as non-banks have been eager to try their hand at successful new products and services that banks have pioneered. Bank customers have benefited the most from that process, as the variety and value of financial products have expanded, and the United States has led the world in the discovery of new and useful financial services.

Having said that, the nation cannot do well without a strong, vibrant, and prosperous banking industry. Our nation and people grow as we save financial resources and invest them in improvements for the future, whether new homes, new factories, or new ideas of how to do and make things better, faster, and cheaper. That is a major part of what banks do and are all about.

Moreover, there are a lot of things we do and a lot of places we go because we know that our ability to pay and get paid—to exchange things we value less for things that we value more (the reason we buy and sell things and use money to do it)—is secure, reliable, accurate, and relatively quick. That is our payments system, and banks created it and are at the center of it.

Americans also like the idea of becoming wealthier and expect to do so. If that seems a commonplace to you, recognize that it is not so in all parts of the world, where getting by from day to day is about the most to which people can aspire, for whom poverty is a way of life that they expect to bequeath to their children. To the extent that this miserable condition is becoming less the case in much of the world, that more people are beginning to believe that they can build and improve their wellbeing for themselves and their posterity, this new-found hope for accumulating wealth is attributable to the dispersion of principles of freedom and prosperity that Americans take for granted but which are new to much of the world. The global adoption of many American principles of prosperity has been a major contribution of the New World to the Old World and to all mankind.

Now get ready for the bold but true statement: you cannot get there and stay there without banks and the services that banks provide. Banks gather wealth, safeguard wealth, allow it to be used efficiently, and apply it to building the future. That is why governments pay so much attention to banks, and also why it is so harmful when governments try to capture banks and channel their services to the personal gain of themselves and their cronies. That is also why misguided bank regulations are harmful—even if in subtle but powerful ways—to the nation and its people.

Which brings us back to the agenda of the “unbanked” and the “underbanked.” In the United States, chief causes for people remaining “unbanked” are regulations that make banking more difficult and services more expensive; cultural barriers for people who come from societies where personal banking is either unknown or where the experience has been one of banks used by local governments to harvest wealth from people to enrich the governing elites and their cronies (much of Latin America, for example); and people who for whatever reason just do not prefer to use banks. The first cause regulators can solve but have largely been resistant to solving; the second can be overcome by time and experience and is showing signs of that; and the third cause is no more of a problem than people who prefer to rent rather than own their home, to eat eggs without grits, or who do not like the New York Yankees. I do not have to understand the personal preference to acknowledge it.

The concept of “underbanked” (that government needs to help banks figure out how to serve people who may get some banking services outside of banks) I fear may be a political device to harness American banks to serve the cronies of the “underbanked” advocates. We have already seen this game with the Community Reinvestment Act (CRA) regulations, adopted ostensibly to ensure that banks lend to their local communities (as if bankers, unlike other businessmen, need government regulation to notice business opportunities right under their own nose). In practice, CRA has been used to coerce banks into providing loans and even grants to and through poverty advocacy agencies that tend to prosper more than the people whom they claim to be helping. The folks who fret about the “underbanked” have marvelous formulas and plans for other people’s money to solve problems about which the people to be helped seem little concerned. I have never heard of any truly “underbanked” people themselves calling for the firm hand of government to get them into the banking system; if they want banking services, they just go and get them.

I have the haunting suspicion that the “underbanked” advocates would if they could use banks the same way found in the abandoned societies of the “unbanked,” where banking services came through the hands of people who knew better than others and always made sure to get their cut for their benevolence. That is not really banking, and that is symptomatic of why people flee those lands. The wealth creation of such captive banks seems to be for someone else. If it happens in America, where will the people go?

Of Christ and Christmas Spirit

I find Charles Dickens’ famous Christmas Carol character, Ebenezer Scrooge, usually overly maligned. In the end his only significant fault was that he little appreciated, or enjoyed, what he had. He was a miser, a rich man who lived like a pauper.

Was he so different from you and me, we who possess untold riches, eternal riches, and enjoy so little of them? Oh that we could be visited by angels to stir us from our false poverty! How we would enrich ourselves and the lives of those around us!

It was Scrooge’s admirable nephew, Fred, who first tried to explain to his uncle the joy of Christmas. Do you recall Fred’s words?

There are many things from which I might have derived good by which I have not profited, I dare say. Christmas among the rest. But I am sure I have always thought of Christmastime, when it has come round—apart from the veneration due to its sacred name and origin, if anything belonging to it can be apart from that—as a good time; a kind, forgiving, charitable, pleasant time; the only time I know of, in the long calendar of the year, when men and women seem by one consent to open their shut-up hearts freely, and to think of the people below them as if they really were fellow-passengers to the grave, and not some other race of creatures bound on other journeys. And therefore, uncle, though it has never put a scrap of gold or silver in my pocket, I believe that it has done me good and will do me good; and I say, God bless it!

Such were the words of nephew Fred, early in the eve before his uncle was to receive the visits of the Christmas spirits. Many await the visitation of Christmas spirits. It seems that each season we hear someone say, “I just can’t seem to get the Christmas spirit this year.”

I have long thought about the Christmas spirit. I may even say that I have given it some study. I have concluded that there is not one Christmas spirit today. I believe that there are at least five Christmas spirits abroad in the world. Although there is only one Christmas spirit that will bring lasting happiness, lasting joy, fortunately it is one that we can have always, anytime we wish, every Christmas, every day.

The first of these Christmas spirits is the HEDONISTIC spirit, the eat, drink, and be merry spirit, the indulging of physical pleasures, an excuse to cast aside restraint, to indulge the appetites and give them a loose reign. Under the influence of this spirit we invoke Christmas to justify things we might not usually do. But if the food is not right or not enough, the music poor, the entertainment inadequate, the money too short, then we might not feel that we have the Christmas spirit, this Christmas spirit. And there is always a price to pay for entertaining this Christmas spirit, a morning after, a bill that comes due, and a satisfaction that fades.

The second Christmas spirit is NOSTALGIA, some longing for the past. In its best form it is the use of tradition to focus our hearts and minds, to gather and strengthen family, to reinforce our worship. Too often, though, it is a sad, often heart rending, sometimes destructive effort to recapture a pleasant experience from the past, whether the pleasant experience really happened or not. From a benign, pleasant musing by the glowing fireside, this spirit uncontrolled can become a brutal dictator. There is almost no limit to the sacrifices it will demand of you and those around you to try to recreate a phantom memory. But the memory is never quite recreated, things are never quite the way we had remembered, and all too soon the favorite ornament is broken, the Christmas tree not quite right, the choir not as good as it was, the dress faded. The sacrifices made and the efforts to recreate the memory are lost but create darker memories of their own.

From nostalgia we come to the third spirit of Christmas, CELEBRATION. We have holidays in order to celebrate, and Christmas has become chief of them all. What would Christmas be without celebration? The Christmas celebrations can range from merriment and frolicking to enjoying the company of others, and on to momentous pageantry and festivity. Times of celebration can be times of great joy, great fun, and bring exhilaration to the soul. But this Christmas spirit can be hard to capture. Celebrations can be hit or miss. The event might not come off as planned. An important person might be missing, a part forgotten, the weather might not cooperate, or things might get out of hand, people carried away. After the celebration, there is often a let down and the question, now what?

I believe that the fourth Christmas spirit is GIVING. Christmas giving can range from the mere exchange of gifts—an economic transaction more or less forced—all the way to the generous sharing of the soul in our love for others, rewarded by the joy of being in the service of God, expressing and experiencing the pure love of Christ. Gift giving has been a part of Christmas as long as I can remember or discover. The key here is the intent, the why the gift is being given. The gift is only as good as the why. But as good as the Spirit of Giving is, I believe that we still remain as Ebenezer Scrooge, living far below the enjoyment of the riches available to us if our Christmas rises no further. The spirit of gift giving is available to, and thankfully practiced by, people the world over, Christians or not. Genuine disciples of Christ can live a deeper experience.

Which brings me to the fifth spirit of Christmas, the one I believe to be greatest of all, that incorporates any and all the good of the other spirits, a spirit that “neither moth nor rust doth corrupt, and where thieves do not break through nor steal” (3 Nephi 12:20). This Christmas spirit you may always have each and every year—and every day—of your life. It is the spirit of WORSHIP.

By worship I have in mind the full rededication of our souls to the One perfect being who created the earth, who has guided His children throughout its history, who was humbly born into that world, who lived, died, and rose again so that we might have every good thing. Through this worship of Christ we become like Him, we do His works, and we receive His gifts: as the Savior prayed the night before He was crucified, that we “all may be one; as thou, Father, art in me, and I in thee, that they also may be one in us.” (John 17:21) In that way we have it all, all that matters, and that is very much.

(First published November 28, 2008)

Of Washington and the Life of the Nation

Washington, D.C., is a strange place. I speak from experience. My whole working career has been in Washington. In many meetings with people visiting Washington I have explained to them that Washington is not America. Few have been surprised by the remark. In many visits away from Washington (and in connection with my work I accept nearly every invitation to leave town and be among those whose lives too many in Washington try to run) I am ever and powerfully reminded how different the rest of America is from Washington. I have not been surprised. Kansas City is much closer to America than Washington ever was or will be.

In support of the point I offer a few painful examples. I see one each day that I drive into the city. Looking at the cars around me I note that very few are more than a few years old. At the same time I am impressed by how many of the cars are foreign luxury models. It is typical, when paused at a stop light, to notice that many of the surrounding cars are BMWs, Mercedes, Lexus, Acuras, Audis, and not an insignificant number of Jaguars, high end Range Rovers, and Porsches. I also see a lot more Prius cars and other hybrids. This is not to say that there is anything inherently wrong with driving any of these or any other late model high-priced cars. I merely note it as very different from what I see when paused at a typical traffic light in other cities and towns in America.

As an aside, I am grateful to the people who buy and drive a Prius or other model of hybrid, because they subsidize my purchase of gasoline. Their cars do use less gasoline (though not enough less to compensate their owners for paying so much more for their cars), leaving more for people like me who drive regular gasoline-consuming vehicles. That reduction in gasoline demand helps reduce the price.

The Prius drivers might be offended were I to tell them, however, that I am entirely unimpressed by their conspicuous token of environmental sensitivity. Their purchase and operation of a Prius, after all, is very likely more harmful to the environment than is my more conventional automobile. First of all, they pay $10,000 or more extra to buy their hybrid, and if the price system works at all efficiently that means that making a Prius or other hybrid consumes far more in resources than making a conventional car. Second, the hybrid car fans and their coteries in the D.C. area have convinced the masters of the highway networks to create special less-traveled commuter lanes that the hybrid drivers are permitted to use, meaning that they reduce the efficiency of the highway infrastructure. So, to the Prius drivers of the world I say, thanks for the subsidy, but save your enviro lectures for when you are looking in the mirror.

The automobiles of the nation’s capital region are a sign of an even more painful reality of how Washington is different from the rest of America. It is also the wealthiest part of the nation, by far. On April 25, 2013, Forbes magazine published an article about the richest counties in the United States in terms of average income (Tom Van Riper, “America’s Richest Counties”). Six of the ten richest counties are in the Washington, D.C. region, including the top two and one more out of the top five. While recession lingers in the rest of the nation, Washington and its suburbs are doing rather well, with unemployment down to 5.5%, well below the national average.

I will also say that I am not opposed to wealth and wealthy people. I wish all of the world to be wealthier and rejoice that it is far wealthier today than people of just a few generations ago could have dreamed. But we could all live so much better still. I ache that the policies of governments around the world stifle economic growth and development and hold so many of their people down in poverty. The poor nations of the world are not poor because their people are less talented and intelligent than others, but because their governments are so oppressive and have been for generations.

Therein lies my beef with the wealth of Washington and its environs and the key to its estrangement from America. That wealth is hard to explain from the perspective of value added to the rest of the nation. Washington is basically a one-company town. Unlike other one-company towns, however, it produces little that adds enough value to the lives of others that would allow it to prosper in open competition in free markets. The product of Washington instead is forced upon the rest of the nation, whose productive income is confiscated to keep the Washington wealth-eating machine going.

Try to name an economic product or activity that is not somehow subject to special handling by or permission from someone in Washington or controlled from Washington. After the Dodd-Frank Act, for example, all financial activities have become more subject to direction by Washington bureaucrats than ever before. Today, a bank has to pay more attention to its regulators than it does to its customers. Who gets the best attention out of that arrangement? The same is true for energy producers, communications firms, health care providers, and you can continue the list. All that special handling comes with a toll, payable in taxes, or borrowed from the financial markets, or layered upon private incentive and individual initiative. Today in Washington the most convincing argument for new rules and laws is to announce that something is “unregulated.” When you regulate liberty, how much liberty survives? How much of America survives?

Next year, 2014, will mark the 200th anniversary of the burning of Washington by the British in the War of 1812. The curious thing about the burning of Washington was that it did not make a lick of difference. The rest of the nation went on about its business, little harmed or even affected. The same was true during the Revolutionary War when the British occupied Philadelphia. Rather than end the war it did nothing to bring the British victory. In America the nation was not run by its government, and in fact government was mostly irrelevant to the daily life of the people. That was very different from European experience, where nations were so dominated by their rulers that capturing the capital was tantamount to beheading the country.

Washington is strange to America. That can be tolerable, but only if it is smaller and less significant. Let the real nation draw its life from the people and live where they live their lives without direction from their rulers. Let us have a Washington whose disappearance would not mean much to the rest of the nation.

(First published May 18, 2013)

Of Hope and Just Getting By

Working in Washington, D.C., and living in the D.C. suburbs as I do, I am fond of saying that I eagerly accept opportunities to get away from the Capital region and spend time in real America. That has always been a bit of an overgeneralization, expressing a usually correct but not unerring description. Washington is not real America, but there are parts of this nation that have already gotten ahead of where the smart people of Washington have been able to take the nation. Those places are not what I mean when I refer to real America.

Our large, industrial states are examples of misrule by those who assume that their ability and right to rule, and the inexhaustibility of the wealth of their cities and states, are given and immutable. Wrong on all assumptions. These states, once beacons of progress, growth, and development, are wastelands of decline: economic, social, moral, and even demographic. Millions of people—those who could—have been leaving these states for decades.

The recent bankruptcy of Detroit is a prominent symbol of where this misrule leads. At its prime a bustling metropolitan center approaching two million in population, Detroit has been steadily falling from its prime to a dilapidated city of barely 700,000 who remain to wonder where have the productive people gone, and what is to be the future?

I recently returned from spending several days in such a place, mixing with, talking with, associating in the daily lives of the ordinary people living there, people with whom I had lived as a wide-eyed teenager a generation before. I am not referring to the urban center of the state. The region I visited has been for 150 years a mixture of industrial and rural economies, and as I recalled, a happy mix. Now the villages and towns are actually smaller than in my youth and shrinking. The number of productive enterprises is fewer and those that remain, smaller. The schools have remarkably fewer students and struggle with how to keep their programs going with declining enrollments. The largest employers are the instruments of government welfare services—as well as a couple of new state prisons—and the local hospital network.

The people were friendly and pleasant, yet something did not feel right. I understand the wisdom that “you can never go home” if you expect to find all the same. I expected change. New technologies were present, hand-held electronic devices ubiquitous, a fair number of new cars, if not the foreign luxury models so common in Washington. It was not, though, a happy place of happy people. Why?

It was only near the end of my stay that I recognized the ailment. The region has become a land of small hope, particularly small hope of progress. People there were not living their lives to get ahead, to advance, to build a better future (I cannot recall seeing a single new house in the several days of my visit, though the dump north of town is working on its third mound). Most of the people in these formerly vibrant communities, with what I remember as bright expectations for the future, were now living their lives to get by, just to get by, to get on from day to day, holding on to what they have.

Taxes are high, so it is not easy to keep what you earn. Regulation makes it hard to do anything new. For those reasons, businesses have been leaving, and so have the talented youth. Talk with the people about their daily lives, and not long into the conversation the problems of wrestling with this or that regulation or working with some officious government apparatchik will come up. And yet so many of the people expect the solution to their problems to come from some new government program or service rather than from their own effort.

I say “most” of the people are so ailing. There are a few exceptions, and interesting ones. Two religious groups seem to be growing—and not the establishment churches, whose places of worship, grand and beautiful buildings, eloquently testify to bygone days of prosperity but now show signs of neglect. The two groups are the Latter-day Saints, whose Church was founded in the area nearly two hundred years ago and whose membership is growing steadily, and the Amish/Mennonites, who in recent years have moved in strong numbers to take advantage of neglected farm land. There are also some very prosperous farm businessmen, also gathering up land and putting it into obvious productivity. Finally, I would mention the growth of mini-wineries, although this latter movement seems after about 25 years to be approaching maturity.

Hope is an essential ingredient in happiness. Hope comes from the belief that a desirable future is attainable, so much so that it draws out extra effort to realize its promise. Genuine hope in your own effort can be contagious, and those who have it can help revive communities. You cannot do much to give hope without that personal effort, but hope comes naturally with that effort and the opportunity to keep the fruits of one’s efforts. Our nation’s founders were filled with hope and with it created the greatest nation on earth.

There is no hope, though, in just getting by. In the end, you cannot get by if getting by is all there is to your hope. No future there, only decline. For hundreds of years people have been leaving their lands where they struggled to get by and have been coming to America, to them a land of hope and the freedom that feeds hope. When I leave Washington to look for America, that is what I am looking for. I hope to find it ever.

(First published July 20, 2013)

Of Global Poverty and Washington’s Struggles

It was tough getting out of Washington this evening.  You might suppose that with the partial shut down of the federal government, traffic in Washington would be on the light side.  I have not seen much evidence of it on the streets of the city or in the Washington suburbs.  I know that many, many people must be out of work, because the establishment media keep saying so, television and radio.

I do not refer, however, to experiencing the normal evening outbound Washington traffic.  Traffic was unusually heavy today, especially on 19th Street, N.W., south of Pennsylvania Avenue.  The world financial diplomats are back in town to attend fancy parties in the cause of poverty.  For several blocks the lanes were clogged, nose to tail, with their black limousines.  The global party goers gather in D.C. each October two out of every three years (they take one year off to congregate somewhere else for variety).  The World Bank and the International Monetary Fund are holding their annual meetings as they have for going on 7 decades.

Inching along 19th Street, which is Main Street for the World Bank and the IMF (they have bought up nearly all of the Washington real estate between the White House complex and George Washington University), I was able to have a long, good study of a series of monster posters draping the north side of one of the World Bank office buildings, posters reaching no less than eight stories high, proclaiming the simple bold motto, “End Poverty.”  That is a good idea, probably the product of a high level committee of experts tasked with developing a theme for the Annual Meetings.  It conveys a sense of purpose, a reach for meaning.  The professional poverty bureaucrats have done little to end global poverty, but they have spent hundreds of billions of dollars to maintain it—at least judging by the results.

In all fairness, perhaps the annual World Bank/IMF festivities help to fight poverty in the Capital Region.  Washington, D.C., and the Maryland and Virginia suburbs are already thriving from the Administration’s economic stimulus program.  They have some of the lowest unemployment rates in the nation, with the exception of the pockets where the energy fracking revolution is booming.  Nevertheless, at least for a while Washington is drawing money from the rest of the World as it does every day from the rest of the United States.

Focusing on ending poverty is a good idea, and there are ways to do it.  Undoubtedly, much of the discussion, however, in the IMF and World Bank meetings this week has focused on the budget and economic crisis in the United States.  “Dysfunctional” is surely a common word used in conversation by the visiting diplomats in the salons to describe the condition of the U.S. Government, since that is the label regularly applied by the establishment media talking heads, and it would resonate.  The vast majority of the financial officials attending come from nations where government is much more efficient.  Their economies may be dysfunctional, but their governments are models of efficiency.  What the big guy in the big office in the big house wants he gets.

The American system is a lot messier.  The big guy in the room without corners in the big White House does not seem to be getting what he wants, at least not since the 2010 election.  After that election that put a majority of opposition Republicans in control of the House of Representatives, and reelected them in 2012, he has declared his intention to govern without Congress.

The last couple of weeks have brought home to the President that he cannot quite do without Congress.  Congress still has some role, albeit one greatly diminished from that extended to it by the Constitution.  It turns out that the “government shutdown” actually has shut down no more than 17% of Federal Government operations; 83% continues to pump along spending money with no attention by Congress needed.

The chief executive is trying to magnify that 17% by making its absence as painful as possible, the rest of us the insect absorbing the sun’s rays under the focus of the glass in the President’s hand.  The executive hope is that public pressure will force the Congress to surrender what remains of its authority and agree to whatever the President demands, backing away from asserting any policy role of its own.  Just give the President a clean bill to keep doing what he has been doing, and move along.

Congress is not making that easy, passing bill after bill to open or ameliorate this or that hardship.  The President has rejected nearly every effort.  Of course, that is odd if you buy the rhetoric from the White House that the Congress has taken hostages.  Working with that metaphor, I know of no hostage examples where anyone having the interests of the hostages at heart would object to release of any one of them.  Who would send the released hostages back to their captors and say, “we will receive no freed hostages until you free them all”?  Yet that is the White House position.  Who is hurt by that?

You would not hear such questioning from the establishment media.  They are doing their best to hide the fact that what we are experiencing is a constitutional crisis, a battle that our Founders anticipated, which is why they created a structure of shared power that requires cooperation of all branches and domination by none.  The media are happy demeaning the struggle as a sporting event with winners and losers, and time clocks, and sports commentators, and favorite teams.

They miss the central point.  We cannot suffer to have any team “win”, and we are not spectators at a stadium.  Our freedom is at stake.  The design of the Constitution is that there can be little governing without all three branches being involved, the whole nation and its many parts represented.  Today we are engaged in a great struggle testing whether that structure of government, limited to prevent tyranny by either the President, the Congress, or the Courts, can endure.  So far it has.  The partial government shut down is the evidence.  Were that to end by either one branch or the other capitulating—rather than House, Senate, and President coming together—it is our freedom that would suffer.  There would remain much less check on the arbitrary and capricious actions of the victor.

Many of the elite financial diplomats at the World Bank/IMF meetings would understand that result and feel right at home.  American government, for 200 years a mystery to the rest of the world, would then become much more understandable and familiar to them.

Of the World Bank and Washington Parties

Last evening and this afternoon I was in Washington, D.C. That would be an unremarkable statement, since I work in Washington. But I am not often there in the evening and even less often on a Saturday afternoon. I was in Washington at those unusual times because my son, I’ll call him Peter, was participating in a choral program at a church in the city.

I write this to explain why in the world I would be in Washington not only on a Friday night and a Saturday afternoon, but of all weekends, on the weekend when the World Bank and the International Monetary Fund (IMF) are having their annual meetings. Two out of every three years they hold their joint meetings in the capital of the Free World, the third year somewhere else. They like holding their meetings in the capital of the Free World because they are very much interested in the capital of the Free World.

Finance ministers, government economic development experts, and related hangers on from all over the globe gather to talk about poverty and economic hardship in the poor countries and how the rich countries have an obligation to channel more money in the direction of the poor countries. They have been doing this for something over 65 years. And yet, with a few exceptions, the poor countries seem to remain poor, the most notable growth being in the number of poor countries.

Early in my career in Washington, back in the early 1980s, these meetings used to be a lot of fun. The world’s largest commercial banks would hold lavish parties. In those days the big banks, encouraged by the IMF, the World Bank, and their own governments, were big into lending money to the poor countries, billions and billions of dollars. That money was supposed to fuel economic growth by funding big projects that politicians could take credit for and where they could have their pictures taken at elaborate ribbon cutting ceremonies. The projects were started, some of them built, but very little economic development resulted. The poor nations were not very good at paying back the loans. In the mid-1980s it almost destroyed the banks. Since then, they have gotten out of that business. They stopped holding the parties, too.

Walking through Washington last night and this afternoon I could see nevertheless that lavish parties were still going on. I am not sure who was hosting them. I think that at least some were sponsored by non-profit groups. But they were still lavish. It was very difficult getting past the fanciest hotels and restaurants and some of the popular museums. Stretch limos were packed in as the financial leaders of these poor countries were climbing out and milling around, dressed in tuxedos, evening dresses, and pricey jewelry, to hear speeches from well-paid development experts, delivering their latest reports on the tough financial times and their clever theories about the obligations of rich nations like the United States to send more money to the poor nations.

This afternoon we walked by Lafayette Square, within earshot of a group of protesters in front of the White House. Somebody was bellowing through a bullhorn. I could not quite make out what he was chanting. I think it had something to do with the World Bank and IMF not giving poor nations enough money. As I say, I could not quite make it out. My son said it sounded all the world like,

No more pencils,
No more books,
No more teachers’
Dirty looks.

(First published September 24, 2011)