[Script Info]
Title: 
[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:00.92,0:00:05.43,Default,,0000,0000,0000,,I live in Washington, D.C.
Dialogue: 0,0:00:05.43,0:00:12.95,Default,,0000,0000,0000,,But I grew up in Sindhekela, a village in Orissa,\Nin India.
Dialogue: 0,0:00:12.95,0:00:16.97,Default,,0000,0000,0000,,My father was a government worker.
Dialogue: 0,0:00:16.97,0:00:20.86,Default,,0000,0000,0000,,My mother could not read or write, but she
Dialogue: 0,0:00:20.86,0:00:26.30,Default,,0000,0000,0000,,would say to me, "A king is worshiped only in his
Dialogue: 0,0:00:26.30,0:00:32.93,Default,,0000,0000,0000,,own kingdom. A poet is respected everywhere."
Dialogue: 0,0:00:32.93,0:00:36.28,Default,,0000,0000,0000,,So I wanted to be a poet when I grew up.
Dialogue: 0,0:00:36.28,0:00:40.08,Default,,0000,0000,0000,,But I almost didn't go to college
Dialogue: 0,0:00:40.08,0:00:44.100,Default,,0000,0000,0000,,until an aunt offered financial help.
Dialogue: 0,0:00:44.100,0:00:47.25,Default,,0000,0000,0000,,I went to study in ___,
Dialogue: 0,0:00:47.25,0:00:50.99,Default,,0000,0000,0000,,the largest town in the region,
Dialogue: 0,0:00:50.99,0:00:57.99,Default,,0000,0000,0000,,where, already in college, I saw a\Ntelevision for the first time.
Dialogue: 0,0:00:57.99,0:01:00.27,Default,,0000,0000,0000,,I had dreams of going to the United States
Dialogue: 0,0:01:00.27,0:01:03.09,Default,,0000,0000,0000,,for higher studies.
Dialogue: 0,0:01:03.09,0:01:04.88,Default,,0000,0000,0000,,When the opportunity came,
Dialogue: 0,0:01:04.88,0:01:07.21,Default,,0000,0000,0000,,I crossed two oceans, with borrowed money
Dialogue: 0,0:01:07.21,0:01:14.22,Default,,0000,0000,0000,,for airfare, and only a 20 dollar bill in my pocket.
Dialogue: 0,0:01:14.22,0:01:18.51,Default,,0000,0000,0000,,In the U.S., I worked in a research center,
Dialogue: 0,0:01:18.51,0:01:22.95,Default,,0000,0000,0000,,part-time, while taking graduate classes in economics.
Dialogue: 0,0:01:23.02,0:01:28.15,Default,,0000,0000,0000,,And with the little I earned, I would
Dialogue: 0,0:01:28.15,0:01:30.77,Default,,0000,0000,0000,,finance myself and then I would send
Dialogue: 0,0:01:30.77,0:01:35.27,Default,,0000,0000,0000,,money home to my brother and my father.
Dialogue: 0,0:01:35.27,0:01:38.28,Default,,0000,0000,0000,,My story is not unique.
Dialogue: 0,0:01:38.28,0:01:43.06,Default,,0000,0000,0000,,There are millions of people who migrate each year.
Dialogue: 0,0:01:43.06,0:01:46.34,Default,,0000,0000,0000,,With the help of the family, they cross oceans,
Dialogue: 0,0:01:46.34,0:01:53.32,Default,,0000,0000,0000,,they cross deserts, they cross rivers, they cross mountains.
Dialogue: 0,0:01:53.32,0:01:57.77,Default,,0000,0000,0000,,They risk their lives to realize a dream,
Dialogue: 0,0:01:57.77,0:02:00.56,Default,,0000,0000,0000,,and that dream is as simple as having a
Dialogue: 0,0:02:00.56,0:02:03.87,Default,,0000,0000,0000,,decent job somewhere so they can send money home
Dialogue: 0,0:02:03.87,0:02:05.66,Default,,0000,0000,0000,,and help the family,
Dialogue: 0,0:02:05.66,0:02:09.95,Default,,0000,0000,0000,,which has helped them before.
Dialogue: 0,0:02:09.95,0:02:15.37,Default,,0000,0000,0000,,There are 232 million international migrants in the world.
Dialogue: 0,0:02:15.37,0:02:16.82,Default,,0000,0000,0000,,These are people who live in a country
Dialogue: 0,0:02:16.82,0:02:19.47,Default,,0000,0000,0000,,other than their country of birth.
Dialogue: 0,0:02:19.47,0:02:20.76,Default,,0000,0000,0000,,If there was a country made up of
Dialogue: 0,0:02:20.76,0:02:22.81,Default,,0000,0000,0000,,only international migrants,
Dialogue: 0,0:02:22.81,0:02:24.70,Default,,0000,0000,0000,,that would be larger in population
Dialogue: 0,0:02:24.70,0:02:26.21,Default,,0000,0000,0000,,than Brazil.
Dialogue: 0,0:02:26.21,0:02:28.23,Default,,0000,0000,0000,,That would be larger, in its size
Dialogue: 0,0:02:28.23,0:02:31.26,Default,,0000,0000,0000,,of the economy, than France.
Dialogue: 0,0:02:31.26,0:02:36.05,Default,,0000,0000,0000,,Some 180 million of them, from poor countries,
Dialogue: 0,0:02:36.05,0:02:38.72,Default,,0000,0000,0000,,send money home regularly.
Dialogue: 0,0:02:38.72,0:02:44.16,Default,,0000,0000,0000,,Those sums of money are called remittences.
Dialogue: 0,0:02:44.16,0:02:48.00,Default,,0000,0000,0000,,Here is a fact that might surprise you:
Dialogue: 0,0:02:48.00,0:02:52.73,Default,,0000,0000,0000,,413 billion dollars, 413 billion dollars
Dialogue: 0,0:02:52.73,0:02:55.92,Default,,0000,0000,0000,,was the amount of remittences sent last year
Dialogue: 0,0:02:55.92,0:02:58.90,Default,,0000,0000,0000,,by migrants to developing countries.
Dialogue: 0,0:02:58.90,0:03:00.21,Default,,0000,0000,0000,,Migrants from developing countries,
Dialogue: 0,0:03:00.21,0:03:02.23,Default,,0000,0000,0000,,money sent to developing countries--
Dialogue: 0,0:03:02.23,0:03:04.68,Default,,0000,0000,0000,,413 billion dollars.
Dialogue: 0,0:03:04.68,0:03:06.12,Default,,0000,0000,0000,,That's a remarkable number because
Dialogue: 0,0:03:06.12,0:03:08.14,Default,,0000,0000,0000,,that is three times the size of
Dialogue: 0,0:03:08.14,0:03:12.22,Default,,0000,0000,0000,,the total of development aid money.
Dialogue: 0,0:03:12.22,0:03:15.26,Default,,0000,0000,0000,,And yet, you and I,
Dialogue: 0,0:03:15.26,0:03:17.26,Default,,0000,0000,0000,,my colleagues in Washington,
Dialogue: 0,0:03:17.26,0:03:18.76,Default,,0000,0000,0000,,we endlessly debate and
Dialogue: 0,0:03:18.76,0:03:21.64,Default,,0000,0000,0000,,discuss about development aid,
Dialogue: 0,0:03:21.64,0:03:25.83,Default,,0000,0000,0000,,while we ignore remittences as small change.
Dialogue: 0,0:03:25.83,0:03:28.100,Default,,0000,0000,0000,,True, people send 200 dollars per month,
Dialogue: 0,0:03:28.100,0:03:33.21,Default,,0000,0000,0000,,on average. But, repeated month after month,
Dialogue: 0,0:03:33.21,0:03:35.04,Default,,0000,0000,0000,,by millions of people,
Dialogue: 0,0:03:35.04,0:03:38.81,Default,,0000,0000,0000,,these sums of money add up to rivers \Nof foreign currency.
Dialogue: 0,0:03:38.81,0:03:43.90,Default,,0000,0000,0000,,So, India last year received 72 billion dollars, larger than
Dialogue: 0,0:03:43.90,0:03:46.57,Default,,0000,0000,0000,,its IT exports.
Dialogue: 0,0:03:46.57,0:03:49.34,Default,,0000,0000,0000,,Egypt, in Egypt remittences are three times
Dialogue: 0,0:03:49.34,0:03:52.92,Default,,0000,0000,0000,,the size of revenues from the Suez Canal.
Dialogue: 0,0:03:52.92,0:03:56.73,Default,,0000,0000,0000,,In Tajikistan, remittences are forty-two percent of GDP.
Dialogue: 0,0:03:56.73,0:04:00.06,Default,,0000,0000,0000,,In poorer countries, smaller countries, fragile countries, conflict
Dialogue: 0,0:04:00.06,0:04:04.64,Default,,0000,0000,0000,,afflicted countries, remittences are a lifeline,
Dialogue: 0,0:04:04.64,0:04:08.45,Default,,0000,0000,0000,,as in Somalia or in Haiti.
Dialogue: 0,0:04:08.45,0:04:10.30,Default,,0000,0000,0000,,No wonder these flows have huge
Dialogue: 0,0:04:10.30,0:04:15.05,Default,,0000,0000,0000,,impacts on economies and on poor people.
Dialogue: 0,0:04:15.05,0:04:18.72,Default,,0000,0000,0000,,Remittences, unlike private investment money,
Dialogue: 0,0:04:18.72,0:04:21.75,Default,,0000,0000,0000,,they don't flow back at the first
Dialogue: 0,0:04:21.75,0:04:23.54,Default,,0000,0000,0000,,sign of trouble in the country.
Dialogue: 0,0:04:23.54,0:04:26.76,Default,,0000,0000,0000,,They actually act like an insurance.
Dialogue: 0,0:04:26.76,0:04:29.02,Default,,0000,0000,0000,,When the family is in trouble,
Dialogue: 0,0:04:29.02,0:04:31.45,Default,,0000,0000,0000,,facing hardship, facing hard times,
Dialogue: 0,0:04:31.45,0:04:34.06,Default,,0000,0000,0000,,remittences increase, they act like an insurance.
Dialogue: 0,0:04:34.06,0:04:36.08,Default,,0000,0000,0000,,Migrants send more money then.
Dialogue: 0,0:04:36.08,0:04:37.83,Default,,0000,0000,0000,,Unlike development aid money,
Dialogue: 0,0:04:37.83,0:04:40.25,Default,,0000,0000,0000,,that must go through official agencies,
Dialogue: 0,0:04:40.25,0:04:43.37,Default,,0000,0000,0000,,through governments, remittences
Dialogue: 0,0:04:43.37,0:04:44.99,Default,,0000,0000,0000,,directly reach the poor,
Dialogue: 0,0:04:44.99,0:04:46.31,Default,,0000,0000,0000,,reach the family,
Dialogue: 0,0:04:46.31,0:04:48.86,Default,,0000,0000,0000,,and often with business advice.
Dialogue: 0,0:04:48.86,0:04:52.04,Default,,0000,0000,0000,,So, in Nepal, the share of poor
Dialogue: 0,0:04:52.04,0:04:54.87,Default,,0000,0000,0000,,people was forty-two percent in 1995,
Dialogue: 0,0:04:54.87,0:04:57.06,Default,,0000,0000,0000,,the share of poor people in the population.
Dialogue: 0,0:04:57.06,0:05:00.66,Default,,0000,0000,0000,,By 2005, it declined later, at a
Dialogue: 0,0:05:00.66,0:05:03.81,Default,,0000,0000,0000,,time of political crisis, economic crisis.
Dialogue: 0,0:05:03.81,0:05:07.84,Default,,0000,0000,0000,,The share of poor people went down to thirty-one percent.
Dialogue: 0,0:05:07.84,0:05:11.12,Default,,0000,0000,0000,,That decline in poverty, most of it,
Dialogue: 0,0:05:11.12,0:05:13.37,Default,,0000,0000,0000,,about half of it, is believed to be
Dialogue: 0,0:05:13.37,0:05:16.02,Default,,0000,0000,0000,,because of remittences from India,
Dialogue: 0,0:05:16.02,0:05:18.29,Default,,0000,0000,0000,,another poor country.
Dialogue: 0,0:05:18.29,0:05:22.35,Default,,0000,0000,0000,,In El Salvador, the school dropout
Dialogue: 0,0:05:22.35,0:05:25.28,Default,,0000,0000,0000,,rate among children is lower
Dialogue: 0,0:05:25.28,0:05:27.41,Default,,0000,0000,0000,,in families that receive remittences.
Dialogue: 0,0:05:27.41,0:05:29.06,Default,,0000,0000,0000,,In Mexico and Sri Lanka,
Dialogue: 0,0:05:29.06,0:05:34.02,Default,,0000,0000,0000,,the birth weight of children is higher
Dialogue: 0,0:05:34.02,0:05:39.49,Default,,0000,0000,0000,,among families that receive remittences.
Dialogue: 0,0:05:39.49,0:05:42.94,Default,,0000,0000,0000,,Remittences are dollars wrapped with care.
Dialogue: 0,0:05:42.94,0:05:45.29,Default,,0000,0000,0000,,Migrants send money home for food,
Dialogue: 0,0:05:45.29,0:05:48.01,Default,,0000,0000,0000,,for buying necessities, for building houses,
Dialogue: 0,0:05:48.01,0:05:49.93,Default,,0000,0000,0000,,for funding education, for funding
Dialogue: 0,0:05:49.93,0:05:52.92,Default,,0000,0000,0000,,healthcare for the elderly, for business
Dialogue: 0,0:05:52.92,0:05:55.50,Default,,0000,0000,0000,,investments for friends and family.
Dialogue: 0,0:05:55.50,0:05:57.26,Default,,0000,0000,0000,,Migrants send even more money home
Dialogue: 0,0:05:57.26,0:06:00.33,Default,,0000,0000,0000,,for special occasions like a surgery
Dialogue: 0,0:06:00.33,0:06:04.01,Default,,0000,0000,0000,,or a wedding. And migrants also send
Dialogue: 0,0:06:04.01,0:06:06.99,Default,,0000,0000,0000,,money, perhaps far too many times,
Dialogue: 0,0:06:06.99,0:06:09.00,Default,,0000,0000,0000,,for unexpected funerals that
Dialogue: 0,0:06:09.00,0:06:13.72,Default,,0000,0000,0000,,they cannot attend.
Dialogue: 0,0:06:13.72,0:06:16.24,Default,,0000,0000,0000,,Much as these flows do all that good,
Dialogue: 0,0:06:16.24,0:06:17.48,Default,,0000,0000,0000,,there are barriers to these
Dialogue: 0,0:06:17.48,0:06:18.99,Default,,0000,0000,0000,,flows of remittences, these
Dialogue: 0,0:06:18.99,0:06:21.97,Default,,0000,0000,0000,,400 billion dollars of remittences.
Dialogue: 0,0:06:21.97,0:06:24.00,Default,,0000,0000,0000,,Foremost among them is
Dialogue: 0,0:06:24.00,0:06:27.80,Default,,0000,0000,0000,,the exorbitant cost of sending money home.
Dialogue: 0,0:06:27.80,0:06:30.17,Default,,0000,0000,0000,,Money transfer companies structure
Dialogue: 0,0:06:30.17,0:06:33.80,Default,,0000,0000,0000,,their fees to milk the poor.
Dialogue: 0,0:06:33.80,0:06:36.57,Default,,0000,0000,0000,,They will say, "up to 500 dollars
Dialogue: 0,0:06:36.57,0:06:38.24,Default,,0000,0000,0000,,if you want to send, we will charge you
Dialogue: 0,0:06:38.24,0:06:40.79,Default,,0000,0000,0000,,30 dollars fixed."
Dialogue: 0,0:06:40.79,0:06:43.90,Default,,0000,0000,0000,,If you are poor and have only 200 dollars to send,
Dialogue: 0,0:06:43.90,0:06:47.32,Default,,0000,0000,0000,,you have to pay that 30 dollar fee.
Dialogue: 0,0:06:47.32,0:06:49.25,Default,,0000,0000,0000,,The global average cost of sending
Dialogue: 0,0:06:49.25,0:06:51.98,Default,,0000,0000,0000,,money is eight percent.
Dialogue: 0,0:06:51.98,0:06:53.43,Default,,0000,0000,0000,,That means you send 100 dollars,
Dialogue: 0,0:06:53.43,0:06:55.18,Default,,0000,0000,0000,,the family on the other side receives only
Dialogue: 0,0:06:55.18,0:06:56.74,Default,,0000,0000,0000,,92 dollars.
Dialogue: 0,0:06:56.74,0:06:58.33,Default,,0000,0000,0000,,To send money to Africa,
Dialogue: 0,0:06:58.33,0:06:59.95,Default,,0000,0000,0000,,the cost is even higher:
Dialogue: 0,0:06:59.95,0:07:01.31,Default,,0000,0000,0000,,twelve percent.
Dialogue: 0,0:07:01.31,0:07:03.25,Default,,0000,0000,0000,,To send money within Africa,
Dialogue: 0,0:07:03.25,0:07:04.89,Default,,0000,0000,0000,,the cost is even higher:
Dialogue: 0,0:07:04.89,0:07:06.11,Default,,0000,0000,0000,,over twenty percent.
Dialogue: 0,0:07:06.11,0:07:09.97,Default,,0000,0000,0000,,For example, sending money from Benin \Nto Nigeria.
Dialogue: 0,0:07:09.97,0:07:13.99,Default,,0000,0000,0000,,And then there is the case of Venezuela, where,
Dialogue: 0,0:07:13.99,0:07:15.65,Default,,0000,0000,0000,,because of exchange controls,
Dialogue: 0,0:07:15.65,0:07:17.61,Default,,0000,0000,0000,,you send 100 dollars and you
Dialogue: 0,0:07:17.61,0:07:19.58,Default,,0000,0000,0000,,are lucky if the family on the other side
Dialogue: 0,0:07:19.58,0:07:23.15,Default,,0000,0000,0000,,receives even 10 dollars.
Dialogue: 0,0:07:23.15,0:07:24.99,Default,,0000,0000,0000,,Of course, nobody sends money to Venezuela
Dialogue: 0,0:07:24.99,0:07:27.59,Default,,0000,0000,0000,,through the official channel.
Dialogue: 0,0:07:27.59,0:07:29.79,Default,,0000,0000,0000,,It all goes in suitcases.
Dialogue: 0,0:07:29.79,0:07:31.87,Default,,0000,0000,0000,,Whereever costs are high,
Dialogue: 0,0:07:31.87,0:07:34.38,Default,,0000,0000,0000,,money goes underground.
Dialogue: 0,0:07:34.38,0:07:35.100,Default,,0000,0000,0000,,And what is worse,
Dialogue: 0,0:07:35.100,0:07:38.46,Default,,0000,0000,0000,,many developing countries actually
Dialogue: 0,0:07:38.46,0:07:40.78,Default,,0000,0000,0000,,have a blanket-ban on sending money
Dialogue: 0,0:07:40.78,0:07:42.53,Default,,0000,0000,0000,,out of the country.
Dialogue: 0,0:07:42.53,0:07:44.48,Default,,0000,0000,0000,,Many rich nations also have a
Dialogue: 0,0:07:44.48,0:07:49.74,Default,,0000,0000,0000,,blanket-ban on sending money \Nto specific countries.
Dialogue: 0,0:07:49.74,0:07:52.11,Default,,0000,0000,0000,,So, is it that there are no options,
Dialogue: 0,0:07:52.11,0:07:54.79,Default,,0000,0000,0000,,no better options, chapter options, to send money?
Dialogue: 0,0:07:54.79,0:07:55.72,Default,,0000,0000,0000,,There are.
Dialogue: 0,0:07:55.72,0:07:59.29,Default,,0000,0000,0000,,Mpesa in Kenya enables people to send money
Dialogue: 0,0:07:59.29,0:08:01.42,Default,,0000,0000,0000,,and receive money at a fixed cost of only
Dialogue: 0,0:08:01.42,0:08:04.82,Default,,0000,0000,0000,,60 cents per transaction.
Dialogue: 0,0:08:04.82,0:08:06.76,Default,,0000,0000,0000,,U.S. Fed started a program with Mexico
Dialogue: 0,0:08:06.76,0:08:09.30,Default,,0000,0000,0000,,to enable money service businesses
Dialogue: 0,0:08:09.30,0:08:10.97,Default,,0000,0000,0000,,to send money to Mexico
Dialogue: 0,0:08:10.97,0:08:16.23,Default,,0000,0000,0000,,for a fixed cost of only 67 cents per transaction.
Dialogue: 0,0:08:16.23,0:08:19.16,Default,,0000,0000,0000,,And yet, these faster, cheaper, better options
Dialogue: 0,0:08:19.16,0:08:21.79,Default,,0000,0000,0000,,can't be applied internationally
Dialogue: 0,0:08:21.79,0:08:24.98,Default,,0000,0000,0000,,because of the fear of money laundering,
Dialogue: 0,0:08:24.98,0:08:27.69,Default,,0000,0000,0000,,even though there is little data
Dialogue: 0,0:08:27.69,0:08:30.21,Default,,0000,0000,0000,,to support any connection, any significant
Dialogue: 0,0:08:30.21,0:08:32.12,Default,,0000,0000,0000,,connection between money laundering
Dialogue: 0,0:08:32.12,0:08:37.56,Default,,0000,0000,0000,,and these small remittence transactions.
Dialogue: 0,0:08:37.56,0:08:38.90,Default,,0000,0000,0000,,Many international banks now
Dialogue: 0,0:08:38.90,0:08:42.18,Default,,0000,0000,0000,,are weary of hosting bank accounts of
Dialogue: 0,0:08:42.18,0:08:45.37,Default,,0000,0000,0000,,money service businesses, especially
Dialogue: 0,0:08:45.37,0:08:48.34,Default,,0000,0000,0000,,those serving Somalia.
Dialogue: 0,0:08:48.34,0:08:50.35,Default,,0000,0000,0000,,Somalia, a country where the
Dialogue: 0,0:08:50.35,0:08:57.49,Default,,0000,0000,0000,,part-time income is only 250 dollars per year, 250 dollars per year.
Dialogue: 0,0:08:57.49,0:09:00.07,Default,,0000,0000,0000,,Monthly remittences, on average, to Somalia
Dialogue: 0,0:09:00.07,0:09:02.22,Default,,0000,0000,0000,,is larger than that amount.
Dialogue: 0,0:09:02.22,0:09:05.46,Default,,0000,0000,0000,,Remittences are the lifeblood of Somalia.
Dialogue: 0,0:09:05.46,0:09:08.97,Default,,0000,0000,0000,,And yet, this is an example of the right
Dialogue: 0,0:09:08.97,0:09:10.98,Default,,0000,0000,0000,,hand getting a lot of aid,
Dialogue: 0,0:09:10.98,0:09:15.30,Default,,0000,0000,0000,,while the left is cutting the lifeblood
Dialogue: 0,0:09:15.30,0:09:20.29,Default,,0000,0000,0000,,to that economy, through regulations.
Dialogue: 0,0:09:20.29,0:09:25.18,Default,,0000,0000,0000,,Then there is the case of poor people\Nfrom villages, like me.
Dialogue: 0,0:09:25.18,0:09:26.97,Default,,0000,0000,0000,,In the villages, the only place where you can
Dialogue: 0,0:09:26.97,0:09:29.72,Default,,0000,0000,0000,,get money is through the Post Office.
Dialogue: 0,0:09:29.72,0:09:31.67,Default,,0000,0000,0000,,Most of the governments in the world
Dialogue: 0,0:09:31.67,0:09:34.73,Default,,0000,0000,0000,,have allowed their post offices to have
Dialogue: 0,0:09:34.73,0:09:38.26,Default,,0000,0000,0000,,exclusive partnership with money transfer companies.
Dialogue: 0,0:09:38.26,0:09:40.92,Default,,0000,0000,0000,,So, if I have to send money to my
Dialogue: 0,0:09:40.92,0:09:43.47,Default,,0000,0000,0000,,father in the village, I must send money
Dialogue: 0,0:09:43.47,0:09:46.05,Default,,0000,0000,0000,,through that particular money transfer company,
Dialogue: 0,0:09:46.05,0:09:47.30,Default,,0000,0000,0000,,even if the cost is high.
Dialogue: 0,0:09:47.30,0:09:51.56,Default,,0000,0000,0000,,I cannot go to a cheaper option.
Dialogue: 0,0:09:51.56,0:09:53.63,Default,,0000,0000,0000,,This has to go.
Dialogue: 0,0:09:53.63,0:09:55.58,Default,,0000,0000,0000,,So, what can international organizations,
Dialogue: 0,0:09:55.58,0:09:57.60,Default,,0000,0000,0000,,social entrepreneurs do to reduce [the] cost
Dialogue: 0,0:09:57.60,0:09:59.58,Default,,0000,0000,0000,,of sending money home?
Dialogue: 0,0:09:59.58,0:10:06.02,Default,,0000,0000,0000,,First, relax regulations on small remittances\Nunder 1000 dollars.
Dialogue: 0,0:10:06.02,0:10:07.96,Default,,0000,0000,0000,,Governments should recognize that
Dialogue: 0,0:10:07.96,0:10:12.62,Default,,0000,0000,0000,,small remittances are not money laundering.
Dialogue: 0,0:10:12.62,0:10:17.06,Default,,0000,0000,0000,,Second, governments should abolish exclusive partnerships
Dialogue: 0,0:10:17.06,0:10:19.82,Default,,0000,0000,0000,,between their post office and the money \Ntransfer company.
Dialogue: 0,0:10:19.82,0:10:21.23,Default,,0000,0000,0000,,For that matter, between the Post Office
Dialogue: 0,0:10:21.23,0:10:23.69,Default,,0000,0000,0000,,and any national banking system that
Dialogue: 0,0:10:23.69,0:10:26.60,Default,,0000,0000,0000,,has a large network that serves the poor.
Dialogue: 0,0:10:26.60,0:10:29.95,Default,,0000,0000,0000,,In fact, they should promote competition,
Dialogue: 0,0:10:29.95,0:10:32.89,Default,,0000,0000,0000,,open up the partnership so that
Dialogue: 0,0:10:32.89,0:10:35.80,Default,,0000,0000,0000,,we will bring down costs like we did,
Dialogue: 0,0:10:35.80,0:10:39.96,Default,,0000,0000,0000,,they did, in the telecommunications industry.
Dialogue: 0,0:10:39.96,0:10:42.27,Default,,0000,0000,0000,,You have seen what has happened there.
Dialogue: 0,0:10:42.27,0:10:47.08,Default,,0000,0000,0000,,Third, large non-profit philanthropic organizations
Dialogue: 0,0:10:47.08,0:10:49.96,Default,,0000,0000,0000,,should create a remittance platform
Dialogue: 0,0:10:49.96,0:10:51.15,Default,,0000,0000,0000,,on a non-profit basis.
Dialogue: 0,0:10:51.15,0:10:52.52,Default,,0000,0000,0000,,They should create a non-profit
Dialogue: 0,0:10:52.52,0:10:54.57,Default,,0000,0000,0000,,remittance platform to serve the money transfer
Dialogue: 0,0:10:54.57,0:10:57.15,Default,,0000,0000,0000,,companies so that they can send money at a low cost,
Dialogue: 0,0:10:57.15,0:11:00.23,Default,,0000,0000,0000,,while complying with all the complex
Dialogue: 0,0:11:00.23,0:11:05.04,Default,,0000,0000,0000,,regulations all over the world.
Dialogue: 0,0:11:05.04,0:11:06.36,Default,,0000,0000,0000,,The development community should
Dialogue: 0,0:11:06.36,0:11:08.67,Default,,0000,0000,0000,,set a goal of reducing remittance costs
Dialogue: 0,0:11:08.67,0:11:11.98,Default,,0000,0000,0000,,to one percent from the current eight percent.
Dialogue: 0,0:11:11.98,0:11:14.44,Default,,0000,0000,0000,,If we reduce costs to one percent,
Dialogue: 0,0:11:14.44,0:11:18.48,Default,,0000,0000,0000,,that would release a saving of 30 billion per year.
Dialogue: 0,0:11:18.48,0:11:22.81,Default,,0000,0000,0000,,30 billion dollars, that's larger than the entire
Dialogue: 0,0:11:22.81,0:11:25.94,Default,,0000,0000,0000,,bilateral aid budget going to Africa per year.
Dialogue: 0,0:11:25.94,0:11:29.19,Default,,0000,0000,0000,,That is larger than, or almost similar to,
Dialogue: 0,0:11:29.19,0:11:31.93,Default,,0000,0000,0000,,the total aid budget of the United States government,
Dialogue: 0,0:11:31.93,0:11:35.02,Default,,0000,0000,0000,,the largest donor in the planet.
Dialogue: 0,0:11:35.02,0:11:36.41,Default,,0000,0000,0000,,Actually, the saving would be larger
Dialogue: 0,0:11:36.41,0:11:38.22,Default,,0000,0000,0000,,than 30 billion because remittance channels
Dialogue: 0,0:11:38.22,0:11:44.28,Default,,0000,0000,0000,,are also used for aid, trade and investment purposes.
Dialogue: 0,0:11:44.28,0:11:46.41,Default,,0000,0000,0000,,Another major impediment to the
Dialogue: 0,0:11:46.41,0:11:48.86,Default,,0000,0000,0000,,flow of remittances reaching the family
Dialogue: 0,0:11:48.86,0:11:51.44,Default,,0000,0000,0000,,is the large and exorbitant
Dialogue: 0,0:11:51.44,0:11:54.76,Default,,0000,0000,0000,,and illegal cost of recruitment,
Dialogue: 0,0:11:54.76,0:11:57.14,Default,,0000,0000,0000,,fees that migrants pay, migrant workers
Dialogue: 0,0:11:57.14,0:12:00.77,Default,,0000,0000,0000,,pay to labor and ___ in the job.
Dialogue: 0,0:12:00.77,0:12:04.02,Default,,0000,0000,0000,,I was in Dubai a few years ago.
Dialogue: 0,0:12:04.02,0:12:06.56,Default,,0000,0000,0000,,I visited a camp for workers.
Dialogue: 0,0:12:06.56,0:12:12.00,Default,,0000,0000,0000,,It was eight in the evening, dark, hot, humid.
Dialogue: 0,0:12:12.00,0:12:13.60,Default,,0000,0000,0000,,Workers were coming back from
Dialogue: 0,0:12:13.60,0:12:16.44,Default,,0000,0000,0000,,their grueling day of work,
Dialogue: 0,0:12:16.44,0:12:18.00,Default,,0000,0000,0000,,and I struck a conversation
Dialogue: 0,0:12:18.00,0:12:21.00,Default,,0000,0000,0000,,with a Bangledeshi construction worker.
Dialogue: 0,0:12:21.00,0:12:23.72,Default,,0000,0000,0000,,He was preoccupied that he is sending
Dialogue: 0,0:12:23.72,0:12:25.11,Default,,0000,0000,0000,,money home, he has been
Dialogue: 0,0:12:25.11,0:12:28.07,Default,,0000,0000,0000,,sending money home for a few months now,
Dialogue: 0,0:12:28.07,0:12:29.37,Default,,0000,0000,0000,,and the money is mostly going
Dialogue: 0,0:12:29.37,0:12:32.31,Default,,0000,0000,0000,,to the recruitment agent, to the labor agent
Dialogue: 0,0:12:32.31,0:12:34.06,Default,,0000,0000,0000,,who found him that job.
Dialogue: 0,0:12:34.06,0:12:36.69,Default,,0000,0000,0000,,And in my mind, I could picture
Dialogue: 0,0:12:36.69,0:12:38.79,Default,,0000,0000,0000,,the wife waiting for
Dialogue: 0,0:12:38.79,0:12:40.72,Default,,0000,0000,0000,,the monthly remittence.
Dialogue: 0,0:12:40.72,0:12:42.42,Default,,0000,0000,0000,,The remittence arrives.
Dialogue: 0,0:12:42.42,0:12:44.05,Default,,0000,0000,0000,,She takes the money and hands
Dialogue: 0,0:12:44.05,0:12:48.20,Default,,0000,0000,0000,,it over to the recruitment agent,
Dialogue: 0,0:12:48.20,0:12:50.78,Default,,0000,0000,0000,,while the children are looking on.
Dialogue: 0,0:12:50.78,0:12:54.12,Default,,0000,0000,0000,,This has to stop.
Dialogue: 0,0:12:54.12,0:12:58.86,Default,,0000,0000,0000,,It is not only contraction workers from Bangledesh,
Dialogue: 0,0:12:58.86,0:13:00.72,Default,,0000,0000,0000,,it is all the workers. There are millions of migrant
Dialogue: 0,0:13:00.72,0:13:03.55,Default,,0000,0000,0000,,workers who suffer from this problem.
Dialogue: 0,0:13:03.55,0:13:05.08,Default,,0000,0000,0000,,A construction worker from Bangledesh,
Dialogue: 0,0:13:05.08,0:13:08.86,Default,,0000,0000,0000,,on an average, pays about 4000 dollars in recruitment fees
Dialogue: 0,0:13:08.86,0:13:14.65,Default,,0000,0000,0000,,for a job that gives him only 2000 dollars\Nper year in income.
Dialogue: 0,0:13:14.65,0:13:17.07,Default,,0000,0000,0000,,That means that for the two years or three years
Dialogue: 0,0:13:17.07,0:13:20.45,Default,,0000,0000,0000,,of his life, he is basically sending money
Dialogue: 0,0:13:20.45,0:13:22.06,Default,,0000,0000,0000,,for the recruitment fees.
Dialogue: 0,0:13:22.06,0:13:25.59,Default,,0000,0000,0000,,The family doesn't get to see any of it.
Dialogue: 0,0:13:25.59,0:13:28.62,Default,,0000,0000,0000,,It is not only Dubai, it is the dark
Dialogue: 0,0:13:28.62,0:13:31.81,Default,,0000,0000,0000,,underbelly of every major city in the world.
Dialogue: 0,0:13:31.81,0:13:34.10,Default,,0000,0000,0000,,It is not only Bangledeshi contraction workers,
Dialogue: 0,0:13:34.10,0:13:36.13,Default,,0000,0000,0000,,it is workers from all over the world.
Dialogue: 0,0:13:36.13,0:13:38.24,Default,,0000,0000,0000,,It is not only men.
Dialogue: 0,0:13:38.24,0:13:40.19,Default,,0000,0000,0000,,Women are especially vulnerable to
Dialogue: 0,0:13:40.19,0:13:43.73,Default,,0000,0000,0000,,recruitment malpractices.
Dialogue: 0,0:13:43.73,0:13:48.05,Default,,0000,0000,0000,,One of the most exciting and newest
Dialogue: 0,0:13:48.05,0:13:50.42,Default,,0000,0000,0000,,thing happening in the area of remittences
Dialogue: 0,0:13:50.42,0:13:53.05,Default,,0000,0000,0000,,is how to mobilize, through innovation,
Dialogue: 0,0:13:53.05,0:13:57.15,Default,,0000,0000,0000,,diaspora saving and diaspora giving.
Dialogue: 0,0:13:57.15,0:13:58.54,Default,,0000,0000,0000,,Migrants send money home,
Dialogue: 0,0:13:58.54,0:14:00.57,Default,,0000,0000,0000,,but they also save a large amount of
Dialogue: 0,0:14:00.57,0:14:02.95,Default,,0000,0000,0000,,money where they live.
Dialogue: 0,0:14:02.95,0:14:05.25,Default,,0000,0000,0000,,Annually, migrant savings are estimated
Dialogue: 0,0:14:05.25,0:14:09.84,Default,,0000,0000,0000,,to be 500 billion dollars, 500 billion dollars.
Dialogue: 0,0:14:09.84,0:14:11.85,Default,,0000,0000,0000,,Most of that money is parked in
Dialogue: 0,0:14:11.85,0:14:15.79,Default,,0000,0000,0000,,bank deposits that give you zero percent interest rate.
Dialogue: 0,0:14:15.79,0:14:18.84,Default,,0000,0000,0000,,If a country were to come and offer three percent
Dialogue: 0,0:14:18.84,0:14:21.34,Default,,0000,0000,0000,,or four percent interest rate, and then say
Dialogue: 0,0:14:21.34,0:14:23.71,Default,,0000,0000,0000,,that the money would be used for building schools,
Dialogue: 0,0:14:23.71,0:14:27.15,Default,,0000,0000,0000,,roads, airports, train systems
Dialogue: 0,0:14:27.15,0:14:28.97,Default,,0000,0000,0000,,in the country of origin, a lot
Dialogue: 0,0:14:28.97,0:14:30.59,Default,,0000,0000,0000,,of migrants would be interested in
Dialogue: 0,0:14:30.59,0:14:32.98,Default,,0000,0000,0000,,parting with their money because
Dialogue: 0,0:14:32.98,0:14:34.97,Default,,0000,0000,0000,,its not only financial gains that
Dialogue: 0,0:14:34.97,0:14:36.47,Default,,0000,0000,0000,,gives them an opportunity
Dialogue: 0,0:14:36.47,0:14:42.17,Default,,0000,0000,0000,,to stay engaged with their country's development.
Dialogue: 0,0:14:42.17,0:14:44.59,Default,,0000,0000,0000,,Remittence channels can be used
Dialogue: 0,0:14:44.59,0:14:48.54,Default,,0000,0000,0000,,to sell these bonds to migrants
Dialogue: 0,0:14:48.54,0:14:49.93,Default,,0000,0000,0000,,because when they come on
Dialogue: 0,0:14:49.93,0:14:51.40,Default,,0000,0000,0000,,monthly basis to send remittences,
Dialogue: 0,0:14:51.40,0:14:53.57,Default,,0000,0000,0000,,that's when you can actually sell\Nit to them.
Dialogue: 0,0:14:53.57,0:14:55.02,Default,,0000,0000,0000,,You can also do the same
Dialogue: 0,0:14:55.02,0:14:57.86,Default,,0000,0000,0000,,for mobilizing diaspora giving.
Dialogue: 0,0:14:57.86,0:15:00.16,Default,,0000,0000,0000,,I would love to invest in a
Dialogue: 0,0:15:00.16,0:15:02.54,Default,,0000,0000,0000,,bullet train system in India
Dialogue: 0,0:15:02.54,0:15:05.83,Default,,0000,0000,0000,,and I would love to contribute to efforts
Dialogue: 0,0:15:05.83,0:15:09.36,Default,,0000,0000,0000,,to fight Malaria in my village.
Dialogue: 0,0:15:09.36,0:15:13.34,Default,,0000,0000,0000,,Remittences are a great way of
Dialogue: 0,0:15:13.34,0:15:17.51,Default,,0000,0000,0000,,sharing prosperity between places
Dialogue: 0,0:15:17.51,0:15:19.68,Default,,0000,0000,0000,,in a targeted way that benefits
Dialogue: 0,0:15:19.68,0:15:22.67,Default,,0000,0000,0000,,those who need them most.
Dialogue: 0,0:15:22.67,0:15:25.80,Default,,0000,0000,0000,,Remittences empower people.
Dialogue: 0,0:15:25.80,0:15:28.90,Default,,0000,0000,0000,,We must do all we can to make\Nremittences,
Dialogue: 0,0:15:28.90,0:15:29.100,Default,,0000,0000,0000,,and recruitment,
Dialogue: 0,0:15:29.100,0:15:32.38,Default,,0000,0000,0000,,safer and cheaper.
Dialogue: 0,0:15:32.38,0:15:35.19,Default,,0000,0000,0000,,And it can be done.
Dialogue: 0,0:15:35.19,0:15:36.96,Default,,0000,0000,0000,,As for myself, I have been
Dialogue: 0,0:15:36.96,0:15:40.98,Default,,0000,0000,0000,,away from India for two decades now.
Dialogue: 0,0:15:40.98,0:15:43.56,Default,,0000,0000,0000,,My wife is a Venezuelan.
Dialogue: 0,0:15:43.56,0:15:47.32,Default,,0000,0000,0000,,My children are Americans.
Dialogue: 0,0:15:47.32,0:15:50.95,Default,,0000,0000,0000,,Increasingly, I feel like a global citizen.
Dialogue: 0,0:15:50.95,0:15:53.19,Default,,0000,0000,0000,,And yet, I am growing nostalgic
Dialogue: 0,0:15:53.19,0:15:56.50,Default,,0000,0000,0000,,about my country of birth.
Dialogue: 0,0:15:56.50,0:16:01.74,Default,,0000,0000,0000,,I want to be in India and in the U.S. at the same time.
Dialogue: 0,0:16:01.74,0:16:04.07,Default,,0000,0000,0000,,My parents are not there anymore.
Dialogue: 0,0:16:04.07,0:16:07.54,Default,,0000,0000,0000,,My brothers and sisters have moved on.
Dialogue: 0,0:16:07.54,0:16:09.60,Default,,0000,0000,0000,,There is no real urgency for me to send money home,
Dialogue: 0,0:16:09.60,0:16:12.42,Default,,0000,0000,0000,,and yet, time to time,
Dialogue: 0,0:16:12.42,0:16:15.07,Default,,0000,0000,0000,,I send money home to friends,
Dialogue: 0,0:16:15.07,0:16:18.45,Default,,0000,0000,0000,,to relatives, to the village
Dialogue: 0,0:16:18.45,0:16:20.52,Default,,0000,0000,0000,,to be there, to stay engaged--
Dialogue: 0,0:16:20.52,0:16:22.50,Default,,0000,0000,0000,,that's part of my identity.
Dialogue: 0,0:16:22.50,0:16:25.62,Default,,0000,0000,0000,,And, I'm still striving to be a poet
Dialogue: 0,0:16:25.62,0:16:28.01,Default,,0000,0000,0000,,for the hardworking migrants
Dialogue: 0,0:16:28.01,0:16:29.59,Default,,0000,0000,0000,,and their struggle to break free
Dialogue: 0,0:16:29.59,0:16:31.10,Default,,0000,0000,0000,,from the cycle of poverty.
Dialogue: 0,0:16:31.10,0:16:32.40,Default,,0000,0000,0000,,Thank you.
Dialogue: 0,0:16:32.40,0:16:38.85,Default,,0000,0000,0000,,(Applause)