It is common to hear phrases such as "Mr 10 percent" as a reference to powerful leaders in various countries. For instance, Pakistan President Asif Ali Zardari is called "Mr 10 percent". 10 percent cut from every contract. This is not unique to Pakistan. In India, many regional party leaders (basically, they and their family own the political party) want 20 percent cut.
The corruption elsewhere is of different order. In US, one can bid up four times normal, one at least delivers the quality. Elsewhere, roads fail, buildings fall, bridges collapse, pipes burst upon the first use, ...
1. Perfect roads. Little visible construction despite high traffic: no corruption.
2. Awful roads. Almost no visible construction - medium corruption.
3. Continuous years-long construction. Roads always semi -closed, semi-permanent "work zone". When one construction ends, another immediately starts - extremely high corruption
during the nineties there was this joke going around in Spain:
the leaders of Germany, France, and Spain meet to discuss infrastructure...says the German chancelor: see this autobahn? 10% in my pocket...comes the French president and says: this autoroute? 20%...ha!, the Spanish prime minister says, you don't see no autopista here do you?
Is everyone here so afraid of downvotes or out of touch that they don't remember "10% for the big guy" Biden? I know the US doesn't exactly get "Foreign Aid" but our politicians sure do, and it's a broad spectrum problem.
I know nothing about crypto, but wasn't one if its selling points that its "digital gold" for people without stable fiat currencies?
You send aid to a drought-stricken farmer to some sub-saharan region with ample cheap data but no (stable) banks, how...are they supposed to store the money?
Crypto has been sold many many ways, but most of it is not a stable store of value.
Stablecoins are what are supposed to be stable sources of value, but Zeke Faux's book Number Go Up points out how opaque and unaccountable the companies managing these currencies are. From his reporting, their "tractor app" appears to be not so much farmers in sub-saharan Africa receiving aid payments but criminals looking for anonymous ways to transfer lots of money.
Does the movement of money increase when foreign aid is distributed? If you were to assume the proposition of the proponents of cryptocurrency that it works in a manner similar to money, wouldn't the evidence provided here also support the conclusion that it is working as intended?
If you can imagine a valid world in which a measure is an indicator of a property and also imagine a valid world in which the same measure is an indicator of its inverse, all you have done is proven that the measure cannot be used to determine the truth of the property.
Why does literally every single item on Hackernews have some replyguy screaming about clickbait? Is there therapy for that? Do you understand how headlines work? What part of 2 to 6 looks like "not an estimation"?
Edit: HN title used to be "Around 2-6% of World Bank foreign aid got siphoned into crypto wallets"
Original post: While you're being rude and it would be worth cutting the first half of your comment, that's a good point that "2-6%" is still clearly an estimation.
When one hears 2-6%, it is just the floor.
1. Perfect roads. Little visible construction despite high traffic: no corruption.
2. Awful roads. Almost no visible construction - medium corruption.
3. Continuous years-long construction. Roads always semi -closed, semi-permanent "work zone". When one construction ends, another immediately starts - extremely high corruption
the leaders of Germany, France, and Spain meet to discuss infrastructure...says the German chancelor: see this autobahn? 10% in my pocket...comes the French president and says: this autoroute? 20%...ha!, the Spanish prime minister says, you don't see no autopista here do you?
You send aid to a drought-stricken farmer to some sub-saharan region with ample cheap data but no (stable) banks, how...are they supposed to store the money?
So they fund wages among other things?
Stablecoins are what are supposed to be stable sources of value, but Zeke Faux's book Number Go Up points out how opaque and unaccountable the companies managing these currencies are. From his reporting, their "tractor app" appears to be not so much farmers in sub-saharan Africa receiving aid payments but criminals looking for anonymous ways to transfer lots of money.
https://theleahfiles.substack.com/p/the-currency-killer-part...
Did you know Tether (cryptocurrency company) is in the top 20 USD treasury holders, more than most countries?
And Lutnick is the manager of those funds, or his sons are (silly mistake!) because he divested completely.
If you can imagine a valid world in which a measure is an indicator of a property and also imagine a valid world in which the same measure is an indicator of its inverse, all you have done is proven that the measure cannot be used to determine the truth of the property.
> We estimate an implied leakage ...
So the estimation became almost a fact in the title? What's the equivalent of clickbait in papers?
The rest of that sentence:
> ... of 2 to 6 cents per aid dollar, which amounts to roughly 1.7 to 4.4 billion dollars of aid diversion across the tranche arrivals we study.
This isn't a clickbait in the paper, but by the submitter.
Original post: While you're being rude and it would be worth cutting the first half of your comment, that's a good point that "2-6%" is still clearly an estimation.