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Biden's Africa Summit won't gain influence for US without investment
Biden's Africa Summit Won't Gain Influence for US Without Investment | World In :60 | GZERO Media

Biden's Africa Summit won't gain influence for US without investment

Ian Bremmer shares his insights on global politics this week on World In :60.

What does Biden hope to achieve from his Africa summit?

Dozens of African leaders in Washington DC, potentially the most stillborn summit the Americans have hosted since the Summit of the Americas, Latin America, in LA months ago, because the United States doesn't have much of a strategy. Certainly want to have more influence given how much the Chinese have been economically locking up so much of the political orientation of these countries. But that means money, and the Americans, this is at the end of the day not the top priority, not even close for the United States, given GDP and given role in the world. So I suspect it's going to be a lot of happy talk. There'll be some political alignment, but it's not going to be a lot of influence.

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FTX CEO Sam Bankman-Fried attends a press conference at the FTX Arena in downtown Miami.

Reuters

What We're Watching: Bankman-Fried in cuffs, China after "zero," Peru's next vote, Japan's proposed tax hike

FTX’s Sam Bankman-Fried in cuffs

Sam Bankman-Fried, the shaggy-haired founder of FTX known colloquially as SBF, was arrested Monday night at his apartment in the Bahamas. FTX, the once booming crypto exchange, imploded last month after investors grew worried about the firm’s financial standing, leading to massive withdrawals. Unable to pay customers out, SBF had been funneling investors’ funds to a crypto hedge fund, while Bankman-Fried had also used billions of dollars to fund risky wagers. SBF, who ultimately declared bankruptcy last month, has recently been compared to infamous con artists like Bernie Madoff. On Tuesday, US federal prosecutors are set to release the indictment, which includes a host of financial crimes, including wire fraud and money laundering. What’s more, SBF’s arrest came the night before he was due to testify to the US Congress about the collapse of his $32 billion empire. It's unclear whether the former crypto whiz will fight extradition efforts.

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