Mission creep has infected the IMF and the World Bank
The following is a transcript of a speech delivered yesterday by the Treasury Secretary Scott Bessent. In the final months of World War Two, Western leaders convened the greatest economic minds of their generation. Their task? To build a new financial system. At a quiet resort high up in the mountains of New Hampshire, they laid the foundation for Pax Americana. The architects of Bretton Woods recognized that a global economy required global coordination. To encourage that coordination, they created the IMF and the World Bank. These twin institutions were born after a period of intense geopolitical and economic volatility.
