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The World Bank Tokyo Office Telephone: (03) 3597 6650

INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT 10F, Fukoku Seimei Building Fax: (03) 3597 6695
INTERNATIONAL DEVELOPMENT ASSOCIATION 2-2-2, Uchisaiwai-Cho Cable: INTBAFRAD TOKYO
Chiyoda-ku, Tokyo 100, Japan
Monday, November 19, 2018

Dear People,

The powers-that-were (yes, I am talking about the Banking Cartel and the Black Nobility
at its center) have not figured out that by hiding things they reveal themselves.

Here is what these crooks are trying to hide:

On the next page I am showing you the way the Banking Cartel and the Black
Nobility are trying to hide that many people know about how these crooks
are trying to keep on robbing people and preventing us from cleaning up the
corruption in the world's money, This is proof to you that these crooks are
going to go down. The US National War College's Power Transition Model,
which is 90-95% accurate, is predicting that there is a big coalition of people
(and the world's military powers) that is stronger than the Banking Cartel
and the Black Nobility at its center. I speak for this coalition, which I call the
"Coalition for the Rule of Law". (We are talking about the common law, because
the Banking Cartel and the Black Nobility use the law of the Sea, or Maritime
Law, as it is sometimes called.

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https://www.thenewamerican.com/economy/economics/item/15473-world-bank-insider-blows-whistle-on-corruption-federal-reserve

https://s3.amazonaws.com/khudes/newamerican.pdf

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BACKGROUND

I have told you that we, humanity, are in a dialogue. I am in the center of this dialogue
because I happened to work at the World Bank's legal department for 21 years. That is
when the world's honest leaders (yes, there are some) gave me the responsibility to
speak for them. I had come to their attention when I started complaining about all of
the corruption.
Actually, Ibrahim Shihata hired me into the World Bank's Legal Department in 1986.
(Shihata was an Egyptian lawyer, who came to the World Bank from the Organization
of Petroleum Exporting Countries) I proved over time to the rest of the world's
representatives at the Bretton Woods institutions that I was going to do my best with
this weighty responsibility. The Bretton Woods Institutions are another name for the
World Bank and International Monetary Fund. Bretton Woods is the name of the hotel
in New Hampshire where the conference agreeing to establish the World Bank and IMF
was held in 1944. At that conference, it was also agreed to abolish the Bank for
International Settlements. A group of 60 central banks belong to the Bank for
International Settlements.

The World Bank and International Monetary Fund are a special co-op, set
up at the end of World War II, that are responsible for the world's wealth.
José Rizal, then the Superior General of the Society of Jesus (another
name for this job is the "Black Pope") and his lawyer, Ferdinand Marcos,
deposited the world's wealth in a special trust set up at the end of World
War II.

Hint: look at the "show more replies" button, hiding 's Tweet:

,
https://twitter.com/xXbIgRhInOXx/status/1064260983588298752
https://twitter.com/KarenHudes/status/1064257159662395393

Sincerely,
Karen Hudes
Acting General Counsel, International Bank for Reconstruction and Development
Overseer Mandate Trustee, Global Debt Facility, TVM-LSM-666

I am attaching the 2013 article in the New American and a long tweet I posted two years ago that
shows you how the Banking Cartel tried to use the Secretariat of the Bretton Woods institutions, and
Christine Lagarde, to agree to a "Galactic Agreement." I invalidated that agreement, because it was
not approved by the Board of Governors of the World Bank and IMF. Lagarde was then fired,
although she likes to pretend she is still in office. She is not. A couple of days ago, Lagarde tried to
invalidate the lien on all of her property in Illinois. NOT HAPPENING.

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https://www.thenewamerican.com/economy/economics/item/15473-world-bank-insider-blows-whistle-on-corruption-federal-reserve

https://journals.plos.org/plosone/article?id=10.1371/journal.pone.0025995#s3

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https://www.thenewamerican.com/economy/markets/item/15116-after-gold-crash-experts-point-to-central-bank-manipulation
https://www.thenewamerican.com/economy/economics/item/4500-basel-iii-and-sound-banking
https://www.thenewamerican.com/economy/markets/item/4581-fed-manipulations-in-the-crosshairs

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Alex Newman (@ALEXNEWMAN_JOU) | Twitter

https://twitter.com/alexnewman_jou?lang=en

Anonymous View

The latest Tweets from Alex Newman (@ALEXNEWMAN_JOU). Journalist//


author/educator exposing evildoers. "And have no fellowship with the unfruitful works ...

https://principia-scientific.org/ice-growing-poles-global-warming-theories-implode/

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The World Bank 1818 H Street N.W. (202) 473-1000
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT Washington, D.C. 20433 Cable Address: INTBAFRAD
INTERNATIONAL DEVELOPMENT ASSOCIATION U.S.A. Cable Address: INDEVAS

From: Karen Hudes


Date: Sun, Oct 9, 2016 at 10:06 AM
Subject: Development Committee
To: David Theis <dtheis@worldbankgroup.org>, MEDIA@imf.org

This statement, purporting to be a statement of the Development Committee, is invalid.

http://siteresources.worldbank.org/DEVCOMMINT/Documentation/23733049/DC2016-
0012-G24.pdf

It was promulgated by the corporate governments that have no legitimacy. Dr. Jim Kim was
not re-elected by the Executive Directors of the World Bank, as Dr. Kim had previously been
fired for cause. The Board of Executive Directors was not able to rescind an action by the
Board of Governors. This has already been communicated to Mr. Theis.
The Board of Governors of the World Bank and IMF appointed me as Overseer Mandate
Trustee of the Global Debt Facility containing the monetary gold reserves of the 189 members
of the World Bank and IMF. I convey the voice and vote of the United States on the
Development Committee. https://s3.amazonaws.com/khudes/Twitter2.8.16.1.pdf

The Minutes of the 2016 Fall Meeting of the Development Committee is the following:

Statement of Karen Hudes for the Development Committee on


Behalf of the United States1

10//2016

WASHINGTON - We are at a fork in the road for the Bretton Woods institutions. On January 3, 1949 José
Rizal placed the world's monetary gold reserves and other asset commodities in trust as a gift of love, to be
returned to humanity by the Board of Governors of the World Bank and IMF at the end of 50 years of
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sequestration. The world's peoples and nations agreed to this gift of love. The terms of the trust are spelled

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http://kahudes.net/wp-content/uploads/2013/01/ljudicialconference1.pdf The legitimacy of the US
federal court system and the US government were irrevocably called into question when the DC Court of
Appeals refused to respect the Board of Governors' settlement of my lawsuit.
https://s3.amazonaws.com/khudes/Twitter2.8.16.1.pdf
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https://s3.amazonaws.com/khudes/Twitter2.4.16.2.pdf

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out in the Bilateral Minesfield Breakthrough Successor Agreement. The gift of love prevents World War III and
another Dark Ages.

Harry Truman and Dwight Eisenhower accepted these terms on behalf of the people of the United States of
America, and other nations are similarly bound by this sacred treaty. At the inaugural meeting of the Board of
Executive Directors of the World Bank in 1946, the Governor for the United States of America reassured the
other nations that the Bretton Woods institutions would respect the other nations' property in this trust by
ensuring that it was up to the Board of Executive Directors to interpret the Articles of Agreement of the World
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Bank.

As a lawyer in the World Bank's legal department for twenty years, when the Articles of the World Bank were
violated, I reminded the Board of Executive Directors that they were responsible for interpreting the Articles of
Agreement. My efforts to reassert the rule of law at the Bretton Woods institutions were played out on the world
stage after I bought a World Bank bond and sued in the US federal court system.

The Board of Governors has made me the Overseer Mandate Trustee of the trust containing the world's
monetary gold reserves and other wealth. At the Annual Meetings in Lima, Peru in October, twenty delegations
agreed that I speak on behalf of the Board of Governors on matters involving the world's monetary gold
reserves and other wealth, and that any nation who disagreed would record their dissent in writing. The New
York Missions and Tokyo embassies have confirmed this arrangement. This has enabled me to invalidate any
and all attempts to disinherit the world's peoples as beneficiaries of the trust bequeathed to all of mankind as a
gift of love:

https://s3.amazonaws.com/khudes/Twitter7.18.15.1.pdf
https://s3.amazonaws.com/khudes/Notice+to+The+International+Court+of+Justice.pdf
https://s3.amazonaws.com/khudes/lphilippines1.pdf
https://s3.amazonaws.com/khudes/Twitter2.1.16.2.pdf
https://s3.amazonaws.com/khudes/Twitter2.27.16.1.pdf
https://s3.amazonaws.com/khudes/Twitter1.26.16.3.pdf

Delivering the Global Currency Reset

The fractional reserve fiat currencies oppress and exploit humanity, only for the benefit of a Network of Global
Corporate Control. This Network of Global Corporate Control has come into view, when secrecy was what the
Network required in order to continue its agenda of sowing dissension and hatred among the peoples. The
Board of Governors has placed this Network of Global Corporate Control into receivership, and has authorized
liens to be placed against the entire Federal Reserve System, including Illinois. In order for the Global Currency
Reset to proceed in an orderly and transparent manner, amnesty from punishment will be granted. This does
not mean amnesty from opprobrium. This does not mean a guarantee of continued employment.

Strict adherence to the Articles of the Bretton Woods institutions, and the respective roles of the Board of
Governors, Development Committee, Boards of Executive Directors, and subservient role of the secretariat
must be respected so that the world's peoples can receive José Rizal's gift of love. As a first priority, the
capture by the Network of Global Corporate Control of the WBG’s and IMF secretariats must be reversed. The
Board's Drysdale Committee on Human Resources Management has already prepared a workable action
program to guide the way forward. Achieving our global development goals is only possible if we successfully
address this challenge.

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https://s3.amazonaws.com/khudes/BILATERAL.pdf
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http://www-
wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2014/03/18/000456288_20140318
122759/Rendered/PDF/833530BR0Bank00Box0382087B00PUBLIC0.pdf

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We encourage close coordination and cooperation with the Asian Infrastructure Investment Bank in working
together in the transition to national currencies minted from the nations' monetary gold reserves and local
currencies introduced in the villages and towns. The importance of the WBG working effectively with other
international financial institutions cannot be overstated. When the rule of law in the Bretton Woods institutions
is observed faithfully, collaboration and cooperation can be readily attained.

Responding to Discoveries of Assets owned by the trust for the benefit of humanity

The Board of Executive Directors and the Board of Governors are empowered under the Articles of Agreement
of the WB and IMF to deal with issues arising in the Global Currency Reset in a transparent manner. This will
include the distribution of assets such as the Kohinoor Diamond, the Amber Room, and other art treasures that
have been located. The Development Committee also has a constructive role to play, as it works through the
details in the Letter of Intent agreed with the Governor of the Central Bank of Taiwan and with YCT
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Corporation. Prospects for growth will improve dramatically as new technologies on energy, health, and
transportation are released. With an end to legal tender laws in the Global Currency Reset, local currencies will
also stimulate growth in employment and shared prosperity.

For the WBG to have credibility with its clients, the WBG must be held to account for adherence to the rule of
law. This means keeping faith with its founders and the terms on which it came into being, and carrying out the
sacred mandate with which it is entrusted: José Rizal's gift of love. This means that the secretariat has to be
reframed at once in order to respect the terms of the Bilateral Minesfield Breakthrough Successor Agreement,
as well as the authority of its member countries.

We stand on the brink of a new tomorrow as we accept José Rizal's gift of love.

making.

https://s3.amazonaws.com/khudes/lannualmeeting.pdf

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https://s3.amazonaws.com/khudes/Letter+of+Intent.pdf

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1. The Development Committee met today, October 8, in Washington, D.C.

2. In this critical year, the international community is emerging from a highly corrupt international
financial system. The global economy is in turmoil due to the risk of permanent gold backwardation
as fractional reserve fiat currencies weaken from unrestricted quantitative easing. We recall the
decision of the Development Committee at the 2014 Spring Meeting to exchange fractional reserve
fiat currencies for currencies minted from the international monetary gold reserves deposited by José
Rizal in the Global Debt Facility as an act of love.

3. The Development Committee calls on the World Bank Group (WBG) and the International
Monetary Fund (IMF) as an interim measure until gold currencies can be minted, to assist in the
exchange of fractional reserve fiat currencies issued by the Bank for International Settlements for
currencies issued by the country Treasuries . Certificates of exchange will need to be issued to
residents and the appropriate ceilings established for the amount of currency that each individual may
receive. This is in preparation for the ultimate exchange of paper Treasury currencies into national
currencies containing gold from the Global Debt Facility.

4. The WBG and IMF are encouraged to assist member countries account for national indebtedness
in preparation for debt being offset against the Treaty of Versailles bonds held in the Global Debt
Facility that is administered by the Board of Governors. The private banks are in receivership in the
Global Debt Facility, and will be resolved in the Global Currency Reset.

5. As local communities start to work themselves free from the secret domination and control that
has plagued mankind from time immemorial, there are many lessons to be learned from the grassroots
in order to benefit from José Rizal's gift of love. Local communities are transitioning to local
currency, as legal tender laws that are against common and natural law are unenforceable. We call on
the WBG and the IMF to support community efforts to transition to local currencies in villages and
towns.

6. Now that the sequestration of the world's monetary gold reserves is ended, and in line with the
Board of Governors' and the International Bank for Reconstruction and Development Board of
Executive Directors' original mandates, the June 4, 1947 Memorandum with Regard to Organization
and Loan Procedure is no longer applicable. We expect the WBG and the IMF to take direction from
the Board of Governors and the Boards of Executive Directors, as mandated under the Articles of
Agreement of the WBG and IMF. The Development Committee provides necessary oversight in the
Global Currency Reset on behalf of the Board of Governors.

7. The Board of Governors will authenticate each and every disbursement from the Global Debt
Facility. Claims over the ownership of the assets in the Global Debt Facility have all been
extinguished by passage of time and the statute of limitations. Accordingly, each and every dispute,
including claims of right of ownership in the assets of the Global Debt Facility in the South China
Seas that have not been authenticated by the Board of Governors have no standing. The Development
Committee will resolve peacefully, as intended, the allocation of assets in the Global Debt Facility
upon the principle that no nation or people has right of claim in precedence over any other.

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8. We ask the Boards of Executive Directors of the WBG and IMF to direct their efforts in
strengthened oversight. For this to happen, we require an audit of the financial statements of the
International Bank for Reconstruction and Development and the International Finance Corporation in
accordance with Generally Accepted Accounting Principles. The conflicts in the Administrative
Tribunal, whereby judges are given arbitration contracts from the International Centre for the
Settlement of Investment Disputes, are to be brought into the sunlight, and resolved, with affected staff
made whole. Other parts of the Conflict Resolution System are to be brought into compliance with a
robust system of internal controls. The Institutional Integrity Department, which has a proven record
that is counterproductive and at cross purposes to strengthened internal controls, is no longer required.
The human resources function of the WBG and IMF will report directly to the Boards of Executive
Directors in accordance with the recommendations of the Drysdale Committee under the Strategic
Compact in the Global Currency Reset.

9. Looking ahead, there are many challenges for the WBG and the IMF to regain credibility. It is
incumbent on the WBG and IMF to become more accountable and restore the confidence of the
international community. This will be facilitated through learning from the grassroots and
encouraging other international actors, including the African Development Bank, Asian Development
Bank, European Bank for Reconstruction and Development, European Investment Bank and Inter-
American Development Bank to do so as well. The WBG needs to be open to new chronology and
history of the ancient and medieval world, corrected climate data, free energy, and other censored
information

10. We ask the WBG to strengthen collaboration to promote South-South cooperation and to be
receptive to boost shared prosperity in a sustainable manner.

11. The next meeting of the Development Committee is scheduled for April 22, 2017 in Washington,
DC.

(last year's statement at the Spring Meetings, which was mailed to the Washington Embassies and the
members on the Board of Governors, can be found at
https://s3.amazonaws.com/khudes/lspringmeetings.pdf

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The World Bank Tokyo Office Telephone: (03) 3597 6650
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT 10F, Fukoku Seimei Building Fax: (03) 3597 6695
INTERNATIONAL DEVELOPMENT ASSOCIATION 2-2-2, Uchisaiwai-Cho Cable: INTBAFRAD TOKYO
Chiyoda-ku, Tokyo 100, Japan

---------- Forwarded message ----------


From: Karen Hudes
Date: Sun, Oct 9, 2016 at 10:45 AM
Subject: Your attempt to steal humanity's assets has already been thwarted
To: clagarde@imf.org

Dear Madame Lagarde,

You were already fired for cause and not reinstated. Your renewed attempt to steal
humanity's assets is to no avail. You will see that this communication from the Overseer
Mandate Trustee of the Global Debt Facility carries through, as nobody is prepared to perish,
and doom future generations, for your defense.
https://s3.amazonaws.com/khudes/Twitter10.5.16.1.pdf
https://s3.amazonaws.com/khudes/Twitter9.12.16.pdf
https://s3.amazonaws.com/khudes/Twitter2.1.16.2.pdf

Sincerely,
Karen Hudes
Acting General Counsel, International Bank for Reconstruction and Development
Overseer Mandate Trustee, Global Debt Facility, TVM-LSM-666

https://lightworker29501.com/2016/01/25/pope-francis-signed-off-on-what-is-being-called-a-binding-
galactic-agreement-this-past-sunday-inside-the-walls-of-the-vatican-witnessed-by-christine-legarde-
and-legal-counsel-of-the/comment-page-1/#comment-8286

"White Hats Auxiliaries"? The United States is in interregnum. Christine Lagarde is working for the
Network of Global Corporate Control [identified by Vitali, Glattfelder, and Battiston of ETH Zurich
http://arxiv.org/PS_cache/arxiv/pdf/1107/1107.5728v2.pdf,] and has no authority to commit the IMF
to any such thing. If this agreement were signed by Christine Lagarde, not only is it null and void, but
she is also fired for exceeding her authority under the Articles of Agreement of the IMF
https://www.imf.org/external/pubs/ft/aa/pdf/aa.pdf, which provide in Article XII, Section 2, that "All
powers under this Agreement not conferred directly on the Board of Governors, the Executive Board, or

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the Managing Director shall be vested in the Board of Governors." The Managing Director of the IMF
"shall conduct, under the direction of the Executive Board, the ordinary business of the Fund." Since
neither the Board of Governors, nor the Executive Directors of the IMF approved the so-called "Galactic
Agreement," Christine Lagarde had no authority to commit the IMF to the purported "Galactic
Agreement." The General Counsel of the IMF would also have to be fired for incompetence, and
inability to properly interpret the Articles of the IMF.

The Board of Governors of the World Bank and IMF have already committed to replace the
unconstitutional Federal Reserve Notes for constitutional currency issued by the US Treasury
Department, composed of the monetary gold reserves of the US that are administered by the Board of
Governors in the Global Debt Facility. Pope Francis, under the Grey Pope Pepe Orsini, who is in turn
elected by the bloodline families, and under the Black Pope Adolfo Nicholas, Superior General of the
Society of Jesus, have been secretly "skimming" off the taxes collected by the Network of Global
Corporate Control.

The ponzi scheme known as country debt has been offset by the 2 quadrillion in Treaty of Versailles
bonds issued by the Federal Reserve Bank and the rest of the interconnected private central banks that
belong to the insolvent Bank for International Settlements.
https://s3.amazonaws.com/khudes/treaty+of+versailles+offer+of+sale+2+quadrillion1.pdf

The Board of Governors of the World Bank and IMF declared these central banks in receivership in the
Global Debt Facility on April 19, 2015. https://s3.amazonaws.com/khudes/Twitter4.19.15.pdf

----Original Message-----
From: Karen Hudes
To: shagan <shagan@imf.org>
Sent: Mon, Feb 1, 2016 8:28 pm
Subject: Governance Issues at the World Bank and IMF

Dear Mr. Hagan,

I have been in contact with you over the years concerning the governance issues at the Bretton Woods
institutions. In 2012 the Board of Governors reinstated me as Acting General Counsel of the World Bank,
and following the Annual Meetings in Peru, appointed me as Oversight Mandate Trustee of the Global
Debt Facility containing the world's international monetary gold reserves. More recently, I have filed
interim financial statements of the Global Debt Facility with the Securities and Exchange Commission.
https://s3.amazonaws.com/khudes/Twitter1.26.16.2.pdf

In this connection, please verify whether there is any truth to the attached story that you accompanied
Christine Lagarde to the Vatican for signature of an agreement that was not authorized by either the
Board of Governors or the Board of Executive Directors of the IMF. If this is the case, both you and
Ms.Lagarde exceeded the authority of the Managing Director in the IMF's Articles of Agreement; the
purported agreement is null and void ab initio.

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Sincerely,
Karen Hudes
Acting General Counsel
International Bank for Reconstruction and Development
Legal Counsel Global Debt Facility, TVM-LSM-666

-----Original Message-----
From: BAETEN Ries
To: Karen Hudes
Sent: Mon, Feb 6, 2012 10:01 am
Subject: RE: The World Bank's General Capital Increase

Björn and I have met at Middlesex University in June last year, and we've been in e-mail contact in 2005-
2006 when he wrote his firs study.

I really, honestly, don't know where your story is going, if indeed it goes anywhere, as long as you do not
produce refreshing new overview documents now and then instead of the well-known links and packages
of the same forwarded material everybody's given up reading.

Good luck!!

Ries

From: Karen Hudes


Sent: 04 February 2012 17:07
To: rcc@risk-communication.de
Cc: jwarnes@transparency.org
Subject: Fwd: The World Bank's General Capital Increase

Dear Bjorn,
I spoke to John Warnes on Thursday.

Best,

Karen

---------- Forwarded message ----------


From: Karen Hudes
Date: Fri, Feb 3, 2012 at 6:07 AM
Subject: World Bank
To: jwarnes@transparency.org

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Dear John,

It was good talking to you. Here is contact information for Ries Baeten, Marta Andriessen's
aide on the European Parliament:

riesbaeten@hotmail.com, ries.baeten@europarl.europa.eu

Here is my testimony for the Committee on Budgetary Control: an online file

The Sarbanes-Oxley litigation in the United States Court of Appeals for the District of
Columbia Circuit is Case No. 11-7109.

Here are the URLs for the articles in Foreign


Policy: http://bosco.foreignpolicy.com/posts/2012/01/23/a_world_bank_insider_on_a_new_presi
dent#comment-941266

https://mail.google.com/mail/?tab=wm#sent/134f803fa8e7a798

Best,
Karen
-----Original Message-----
From: Karen Hudes
To: aaron.ellias <aaron.ellias@mail.house.gov>; tim_rieser <tim_rieser@appro.senate.gov>
Cc: john.hardy <john.hardy@usaexport.org>; alan_frumin <alan_frumin@sec.senate.gov>; fred.hochberg
<fred.hochberg@exim.gov>; lmenghetti <lmenghetti@ecattrade.com>; breinsch <breinsch@nftc.org>;
rob.mckenna <rob.mckenna@atg.wa.gov>; gonzalez <gonzalez@rechnungshof.gv.at>; melitot
<melitot@gao.org>; spitlere <spitlere@sec.gov>; kart <kart@sec.gov>; oag <oag@oag.state.md.us>;
shagan <shagan@imf.org>; ig.hotline <ig.hotline@usaid.gov>; jcharlifue <jcharlifue@usaid.gov>;
lael.brainard <lael.brainard@do.treas.gov>; oighotline <oighotline@frb.gov>; ron_kirk
<ron_kirk@ustr.eop.gov>
Sent: Sat, Feb 4, 2012 11:01 am
Subject: The World Bank's General Capital Increase
Dear Messrs. Ellias and Rieser,
The Secretary of the Treasury is to submit to the Committees on Appropriations a report detailing the
extent to which the World Bank has continued to make progress. Sadly, the Secretary of the Treasury, as
Chair of the National Advisory Council on International Monetary and Financial Policies, has failed to
implement the policy goals required for disbursement of the World Bank's general capital increase. This
matter is currently before the International Organization of Supreme Audit Institutions, the European
Parliament Committee on Budgetary Control an online file , the US Court of Appeals for the DC Circuit,
Case No. 11-7109, http://www.prweb.com/releases/2011/12/prweb9010726.htm, and the American
public. http://bosco.foreignpolicy.com/posts/2012/01/23/a_world_bank_insider_on_a_new_president#com
ment-
941266, http://bosco.foreignpolicy.com/posts/2012/01/19/race_to_lead_the_world_bank_heats_up#comm
ent-938011 .

The U.S. Consolidated Appropriations Act, 2012, signed into law by President Obama on December
23, 2011, provides in Section 7082 of H.R. 2055 "prior to the U.S. Congress disbursing funds for the
general capital increases of the International Bank for Reconstruction and Development, the Secretary of

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the Treasury must report that each institution is, among other things, making 'substantial progress' toward
implementing best practices for the protection of whistleblowers from retaliation, including best practices
for legal burdens of proof, access to independent adjudicative bodies, results that eliminate the effects of
retaliation, and statutes of limitation for reporting retaliation."

The International Bank for Reconstruction and Development is out of compliance on the
capital markets. The legitimacy of the World Bank and its effectiveness remain impaired as the
governance crisis continues unabated. Commitments agreed to by the World Bank in the
Pittsburgh Leaders’ Statement issued at the Pittsburgh G20 Summit in September 2009
concerning sound finances, effective management and governance, transparency and
accountability, focus on core mission, and results are implemented in the breach. As evidence
of substantial progress, I shall report back to work on Monday.

Sincerely,
Karen Hudes
http://www.canadainternational.gc.ca/g20/summit-
sommet/g20/declaration_092509.aspx?view=d

27. We commit to pursue governance and operational effectiveness reform in conjunction


with voting reform to ensure that the World Bank is relevant, effective, and legitimate.

ANNEX: Core Values for Sustainable Economic Activity

1. The economic crisis demonstrates the importance of ushering in a new era of sustainable
global economic activity grounded in responsibility. The current crisis has once again
confirmed the fundamental recognition that our growth and prosperity are interconnected,
and that no region of the globe can wall itself off in a globalized world economy.

2. We, the Leaders of the countries gathered for the Pittsburgh Summit, recognize that
concerted action is needed to help our economies get back to stable ground and prosper
tomorrow. We commit to taking responsible actions to ensure that every stakeholder –
consumers, workers, investors, entrepreneurs – can participate in a balanced, equitable,
and inclusive global economy.

3. We share the overarching goal to promote a broader prosperity for our people through
balanced growth within and across nations; through coherent economic, social, and
environmental strategies; and through robust financial systems and effective international
collaboration.

4. We recognize that there are different approaches to economic development and


prosperity, and that strategies to achieve these goals may vary according to countries’
circumstances.

5. We also agree that certain key principles are fundamental, and in this spirit we commit to
respect the following core values:

 We have a responsibility to ensure sound macroeconomic policies that serve long-term


economic objectives and help avoid unsustainable global imbalances.
 We have a responsibility to reject protectionism in all its forms, support open markets,
foster fair and transparent competition, and promote entrepreneurship and innovation
across countries.

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 We have a responsibility to ensure, through appropriate rules and incentives, that
financial and other markets function based on propriety, integrity and transparency and
to encourage businesses to support the efficient allocation of resources for sustainable
economic performance.
 We have a responsibility to provide for financial markets that serve the needs of
households, businesses and productive investment by strengthening oversight,
transparency, and accountability.
 We have a responsibility to secure our future through sustainable consumption,
production and use of resources that conserve our environment and address the
challenge of climate change.
 We have a responsibility to invest in people by providing education, job training, decent
work conditions, health care and social safety net support, and to fight poverty,
discrimination, and all forms of social exclusion.
 We have a responsibility to recognize that all economies, rich and poor, are partners in
building a sustainable and balanced global economy in which the benefits of economic
growth are broadly and equitably shared. We also have a responsibility to achieve the
internationally agreed development goals.
 We have a responsibility to ensure an international economic and financial architecture
that reflects changes in the world economy and the new challenges of globalization.

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