Once upon a time in the land of Austria, Marlene Engelhorn, an Austrian heiress, made a bold decision to redistribute her wealth of €25 million (about $27 million USD). She formed an assembly called the Guter Rat für Rückverteilung (Good Council for Redistribution), consisting of 50 everyday people. The assembly's purpose is to decide how to spend the money over the course of six weekends. Engelhorn has been an advocate for European governments to tax the rich and is part of a global movement of wealthy young individuals seeking to dismantle the systems that allowed their wealth to accumulate. The Guter Rat is inspired by citizens' assemblies that have been convened in approximately two dozen nations over the past 20 years. The assembly will convene in Salzburg and will hear from experts on economics, wealth, and philanthropy. The decisions of the assembly must be reached by consensus, and if they cannot agree, the money will revert back to Engelhorn. The Guter Rat is prohibited from donating to organizations that promote racism, xenophobia, deny climate change, campaign against higher taxes, or fund religious groups. The assembly's discussions will also focus on democracy and the process of making collective decisions. The proceedings of the Guter Rat will be available online for public viewing and learning. Engelhorn has already given away a significant portion of her wealth and expects to receive more in her lifetime, which may also be redistributed according to the decisions of the Guter Rat [0589820b].
In Kenya, President William Ruto emphasized the importance of embracing a saving culture to strengthen the economy. He spoke at an event attended by various dignitaries, including First Lady Rachel Ruto and African First Ladies from Namibia, Ghana, Burundi, and Uganda. The President highlighted the role of organizations like the Joyful Women Organization in promoting financial inclusion and empowering women. In other news, President Ruto expressed the government's commitment to working with the private sector to achieve Universal Health Coverage. He also mentioned the adoption of new approaches to managing emerging security threats and called for unity among nations in addressing global issues. Additionally, Members of Parliament approved the names of 27 envoys nominated by President Ruto, and the Kenya Revenue Authority was praised for its use of technology in tax collections. The website also includes information about the projected growth of Kenya's economy in 2023 and Russia's economy in the same year.
Despite the challenges of high living costs, President Ruto remains confident in the government's policies and their potential to strengthen the economy. He believes that better relations with international financial institutions such as the IMF and World Bank will help address Kenya's debt and settle the Eurobond debt in the coming year, which in turn will calm global debt markets. However, media fact-checkers have raised concerns about the accuracy of Ruto's claims, pointing out discrepancies in prices. Ruto acknowledges the public trust deficit caused by these economic reforms and aims to regain the people's trust. To emphasize the importance of financial discipline and saving habits, Deputy President Ruto organized a grand event attended by various dignitaries, including First Lady Rachel Ruto and African First Ladies from Namibia, Ghana, Burundi, and Uganda. The event celebrated the achievements of the Joyful Women Organization in promoting financial inclusion and empowering women in Kenya. Ruto's emphasis on embracing a saving culture aligns with his administration's economic reforms and the need for individuals to contribute to the strength of the economy. The presence of prominent figures such as Prime Cabinet Secretary Musalia Mudavadi and Nairobi Governor Johnson Sakaja highlighted the support for the cause. The First Lady of Ghana praised the organization's efforts and its impact on women's lives.
President Ruto also expressed the government's commitment to working with the private sector to achieve Universal Health Coverage. He mentioned the adoption of new approaches to managing emerging security threats and called for unity among nations in addressing global issues. Members of Parliament approved the names of 27 envoys nominated by President Ruto, and the Kenya Revenue Authority was praised for its use of technology in tax collections. The website also includes information about the projected growth of Kenya's economy in 2023 and Russia's economy in the same year.
The Van der Vorm family, one of the Netherlands' wealthiest families, has made a philanthropic gesture by paying off the debts of 1,000 Rotterdam households. The family, worth €9 billion, will spend at least €8 million through its network of charities. Stichting Nieuw Vaarwater will negotiate with the companies owed money, while Fonds de Loods will pay off the debt in one go. The project is open to families with at least one child who have debts caused by a life-changing event. The council is not participating in the project but will refer qualifying families. The project is similar to one launched in Arnhem last month. Erasmus University professor Godfried Engbersen believes it is the government's responsibility to prevent people from accumulating debt [9c3aac6b].
The article 'Doing right is hard when doing wrong is profitable' discusses the historical example of the Dutch Republic's involvement in the slave trade despite their initial opposition to slavery. Dutch merchants, who initially vowed to avoid the slave trade, eventually engaged in it due to financial incentives and the need for slave labor in their colonies. The article highlights the role of a 1638 tract by Dutch theologian Godfried Udemans in justifying the enslavement of heathens. The author reflects on the implications of this historical example for modern attempts to prioritize moral concerns over financial interests. The article also mentions the challenges faced by US and European efforts to promote human rights and other causes overseas, as they are often perceived as self-interested and quickly abandoned when self-interest changes. The author concludes that doing the right thing when it is less profitable is difficult but still worth pursuing, despite the likelihood of good intentions facing similar fates as the Dutch Republic's commitment to freedom in the face of the slave trade [b2479b7f].
The Hustler Fund, initiated by Kenyan President William Ruto, aims to address the financial challenges faced by small-scale entrepreneurs in the country. The fund provides micro-loans at a low interest rate, offering a viable source of capital for businesses within the informal economy. In just one year, the Hustler Fund has lent over 39.5 billion Kenyan shillings, benefiting more than 21.7 million Kenyans. The fund has become a game changer, particularly for those relying on a daily subsistence model for survival. By charging an interest rate of 0.002 percent per day, the fund enables entrepreneurs to access capital for their businesses, such as paying for electricity, within their projected daily profit margins. The digital nature of the fund allows businesses to keep automatic records, and it has also contributed to an increase in M-Pesa customers. The Hustler Fund is seen as a transformative initiative that is driving the development of Kenya's economy at the grassroots level [b9d11461].