IMF's Christine Lagarde: How We Regulate Tech Needs To Be Reinvented

IMF Director Christine Lagarde: How We Regulate Tech Needs To Be Reinvented

CNBC video above published Oct 6, 2017: IMF Managing Director Christine Lagarde talks about regulating big tech, and bitcoin, with CNBC.com's Sara Eisen.

Big Tech's power remains unchallenged

Financial Times (ft.com) video above published Sep 19, 2017: Rana Foroohar, the FT's global business columnist, examines the implications of the dominance of Big Tech groups like Google, Amazon and Facebook for competition ( antitrust, monopoly), for innovation and for the health of democracy. Slide:

source: S&P Global

Transcript of Lagarde interview (YouTube.com auto-generated):
00:00  IMF Managing Director Christine
00:01  Lagarde laying out her policy agenda in
00:04  a speech ahead of the IMF annual
00:05  meetings next week I got a chance to sit
00:07  down with her for an exclusive interview
00:08  yesterday asked about the increasing
00:10  regulatory and political pressure on big
00:13  tech everything from taxes to fake news
00:16  under the microscope I asked her whether
00:17  companies like Google and Facebook
00:18  actually deserve more regulatory
00:21  scrutiny I think the way in which they
00:25  operate and the value that they generate
00:29  the activity from needs to be looked at
00:32  and I would hope that this can be done
00:34  in cooperation with them you know value
00:38  that is driven by data by information by
00:41  pattern of consumption that we volunteer
00:44  in a way without really us knowing about
00:46  it
00:47  determines the value of what they can
00:50  offer in terms of service services and
00:52  clearly revenue needs to be contributed
00:55  by those companies where it is
00:58  contributed how it is defined
01:00  how intellectual property is going to be
01:02  used as a basis to allocate revenues and
01:06  base taxation on all these things are
01:10  being need to be reinvented and I hope
01:14  that dialogue takes place rather than
01:16  you know harsh adversarial debates have
01:21  they become too powerful competition law
01:25  is there to actually deal with it why
01:27  don't you also ask you about your
01:28  comments which made a lot of waves last
01:30  week on Bitcoin you said could
01:32  ultimately give central bank's a run for
01:33  their money
01:34  mm-hmm so with countries like China and
01:37  Korea this week cracking down is that a
01:40  mistake not to embrace it you know what
01:43  what the Chinese authorities have
01:44  decided is to just ban the initial
01:49  offering of bitcoins and I think that
01:52  they've done that on the basis of the
01:53  analysis that it was at least strongly
01:55  dominated by you know speculation and
01:58  Ponzi like schemes which is certainly
02:02  showing that they are paying attention
02:04  you know when you look at a country like
02:06  like Kenya for instance where transfers
02:08  where taxes being paid totally digitally
02:11  when you look at the way in which
02:13  you know some civil servants are paid
02:15  also totally electronically and and and
02:18  without leakages in the system as is the
02:20  case in some of the developing countries
02:22  when I look at my own country where you
02:25  know of all transactions between you
02:29  know my compatriots and and and the the
02:32  Treasury Department is all now on
02:35  digital support I think there are
02:37  massive changes taking place at the
02:39  moment which everybody needs to be
02:41  attentive to would you ever buy any for
02:43  yourself
02:44  no I didn't and it's too expensive for
02:46  me at the moment we're seeing the guard
02:49  headline Bitcoin is too expensive at the
02:51  moment but seriously her comments about
02:53  the new digital economy and payment
02:55  system and and phrasing that off of the
02:58  question about whether central banks and
03:00  governments should embrace Bitcoin to me
03:03  is a very powerful statement from the
03:05  head of the International Monetary Fund
03:08  especially in light of some other recent
03:10  comments from big bankers completely
03:13  dismissing the idea as a fraud well look
03:14  JPMorgan thinks it's a fraud Bank of
03:17  America thinks it's a terrible idea we
03:18  talked to to see your professor there
03:20  and then Goldman Sachs on the other side
03:22  may be trying to either create a market
03:24  or mining it or who knows what the plan
03:26  is so it's there's everybody's coming on
03:28  in a different side she really raises an
03:30  important question though around how
03:33  taxation needs to change in this digital
03:36  era you've got huge companies like
03:37  Google Facebook they don't make stuff
03:39  like the old manufacturing companies
03:40  everybody knew how to tax those who has
03:42  the convening power to bring those
03:45  companies and others to the table so
03:46  they don't end up saying well whatever
03:48  proposal the EU has or the US has or
03:50  whomever it's unfair who's gonna bring
03:52  all these folks together at a table I
03:54  don't know and I think also that the
03:55  point on privacy is related and that it
03:58  has to be looked at and it has to be I
04:01  think her point was in conjunction with
04:02  the companies and not just regulators
04:05  starting to put all sorts of new rules
04:07  and and stricter sort of laws around
04:09  this right well let's try to figure this
04:11  out

feedback & comments via twitter @DomainMondo
Follow @DomainMondo

DISCLAIMER

Brexit Impact On Tech Startups, Business & Global Economy (videos)

London Stock Exchange benchmark index FTSE 100, market close Friday, July 8, 2016:

London Stock Exchange benchmark index FTSE100 UP 4% since Brexit Vote (source: google.com)

Chart above: London Stock Exchange benchmark index FTSE100 Friday, July 8, 2016, UP 4% since Brexit Vote on June 23, 2016, while Germany's DAX and France's CAC40 are still DOWN (see charts at bottom of this post below).

Managing partner at GGV Capital (domain: ggvc.com) Glenn Solomon weighs in on Brexit's short term impact and what's moving in the tech industry, specifically startups. Published by CNBC.com July 8, 2016

See also: This Is What Brexit Means For You And Your Startup | Mattermark.com: "Given the volume of noise, I have some advice for the founders, engineers, retirees, marketers, and cab drivers on what they should do: Nothing. ... What should startup founders do? Focus on hiring great people, closing more deals, and making their customers happy. The rest is noise. When you get to the size of Oracle or IBM, growing at the global GDP rate—or worse—you can worry about shifting macro trends."

IMF's Christine Lagarde on Brexit uncertainty:

Shawn Donnan talks to the IMF.org's Managing Director, Christine Lagarde, about Brexit and how global growth has been impacted following the UK's referendum to leave the EU. Published by FT.com July 7, 2016.

See also: Heard in the Hutong: Beijingers on Brexit - China Real Time Report | WSJ.com: Do you think the European Union will become weaker if Britain leaves? Do you think Britain will be better off on its own? "The EU will become weaker. For the U.K., as I said before, it’s hard to tell..." Do you see any consequences for China of this? "No."

Since Brexit vote on June 23, 2016, 3 other nation's benchmarks (see chart below):

• Germany's DAX Down 6%
• France's CAC40 Down 6%
• USA's S&P500 Up 1%

Top to bottom: DAX, CAC40, and S&P500 (source: google.com)

feedback & comments via twitter @DomainMondo
Follow @DomainMondo

DISCLAIMER

IMF Spring Meetings: Uncertainties, China, Brexit, Geopolitical Risks (video)

Lagarde Says Political Uncertainties Threaten Global Growth: 

International Monetary Fund (IMF) Managing Director Christine Lagarde talks about uncertainty surrounding "Brexit" debate in the U.K. and the top geopolitical risks she sees for 2016. She speaks with Francine Lacqua on "The Pulse." Published April 5, 2016

IMF Spring Meetings, Washington, D.C., April 15-17, 2016:

    Above video: 2016 Spring Meetings promo

G20 finance ministers gather in Washington to discuss world economy problems, earnings season begins for the troubled US banking sector, and GDP data will focus concern on China's cooling growth prospects. Seb Morton-Clark reports for FT.com (April 10, 2016).

International Monetary Fund, Washington, D.C., commonly referred to as the IMF, also known as the Fund, was conceived at a UN conference in Bretton Woods, New Hampshire, United States, in July 1944. The 44 countries at that conference sought to build a framework for economic cooperation to avoid a repetition of the competitive devaluations that had contributed to the Great Depression of the 1930s. The IMF's responsibilities: The IMF's primary purpose is to ensure the stability of the international monetary system—the system of exchange rates and international payments that enables countries (and their citizens) to transact with each other. The Fund's mandate was updated in 2012 to include all macroeconomic and financial sector issues that bear on global stability.

IMF Governance structure: Board of Governors
Domain: imf.org
Official language: English
Membership: 188 countries
Parent organization: United Nations

IMF -- About: "The International Monetary Fund (IMF) is an organization of 188 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world. Created in 1945, the IMF is governed by and accountable to the 188 countries that make up its near-global membership."

Tweets by @IMFNews

See also on Domain Mondo: Will the UK Leave the EU? Brexit Is More Likely Than You Think (video)


Follow @DomainMondo

DISCLAIMER

IMF World Bank Meetings, Christine Lagarde Press Briefing (videos)

Video above: IMF World Bank Meetings, Lima, Peru, October 9-11, 2015: What Results Can We Expect? Bloomberg's Francine Lacqua reports on the world’s finance chiefs and central bankers gathering in Lima to discuss a sluggish global economy. She reports on "Bloomberg ‹GO›, October 8, 2015.


Press Briefing: IMF Managing Director, Christine Lagarde - (53:12) October 8, 2015
Topics discussed include: TPP Trade Agreement, China, World Economy,
2015 Annual Meetings - World Bank Group - International Monetary Fund
Speakers:
Christine Lagarde, Managing Director, IMF
David Lipton, First Deputy Managing Director, IMF
Gerry Rice, Director, Communications Department

2015 Annual IMF World Bank Meetings website

International Monetary Fund: imf.org
World Bank: worldbank.org


Managing the Transition to a Healthier Global Economy
(01:01:05)  September 30, 2015
IMF Managing Director Christine Lagarde discussed the state of the global economy in a speech delivered at an event hosted by Council of the Americas (AS/COA). Video: Courtesy of Council of the Americas.

See also on Domain Mondo:

• Wall Street and the World Are Watching: Will the Fed Make Its Move Now? Sep 16, 2015
• Race to the Bottom: Chinese Stocks Crash, China Lowers Interest Rates Aug 25, 2015
• Wealthy Chinese Investors Flee China's Stock Markets Aug 19, 2015

Follow @DomainMondo

DISCLAIMER