[Script Info]
Title: 
[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,I live in Washington, D.C.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,But I grew up in Sindhekela, a village in Orissa\Nin India.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,My father was a government worker.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,My mother could not read or write, but she
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,would say to me, "A king is worshiped only in his
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,own kingdom. A poet is respected everywhere."
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,So I wanted to be a poet when I grew up.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,But I almost didn't go to college
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,until an aunt offered financial help.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,I went to study in ___,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,the largest town in the region,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,where, already in college, I saw a\Ntelevision for the first time.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,I had dreams of going to the United States
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,for higher studies.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,When the opportunity came,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,I crossed two oceans, with borrowed money
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,for airfare, and only a 20 dollar bill in my pocket.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,In the U.S., I worked in a research center,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,part-time, while taking graduate classes in economics
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and with the little I earned, I would
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,finance myself and then I would send
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,money home to my brother and mother.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,My story is not unique.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,There are millions of people who migrate each year.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,With the help of the family, they cross oceans,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,they cross deserts, they cross rivers, they cross mountains.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,They risk their lives to realize a dream,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,that dream is as simple as having a
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,decent job so they can send money home
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and help the family,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,which has helped them before.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,There are 232 million international migrants in the world.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,These are people who live in a country
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,other than their country of birth.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,If there was a country made up of
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,only international migrants,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,that would be larger in population
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,than Brazil.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,That would be larger in its size
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,of the economy than France.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Some 180 million of them, from poor countries,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,send money home regularly.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Those sums of money are called remittences.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Here is a fact that might surprise you:
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,413 billion dollars, 413 billion dollars
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,was the amount of remittences sent last year
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,by migrants to developing countries.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Migrants from developing countries,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,money sent to developing countries--
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,413 billion dollars.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,That's a remarkable number
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,that is three times the size of
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,the total of development aid money.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,And yet, you and I,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,my colleagues in Washington,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,we endlessly debate and
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,discuss about development aid
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,while we ignore remittences as small change.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,True, people send 200 dollars per month
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,on average, but repeated month after month,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,by millions of people,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,sums of money add up to rivers \Nof foreign currency.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,So, India last year received 72 billion dollars, larger than
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,its IT exports.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Egypt, in Egypt remittences are three times
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,the size of revenues from the Suez Canal.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,In Tajikistan, remittences are forty-two percent of GDP.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,In poorer countries, smaller countries, conflict
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,afflicted countries, remittences are a lifeline,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,as in Somalia or in Haiti.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,No wonder these flows have huge
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,impacts on economies and on poor people.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Remittences, unlike private investment money,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,they don't flow back at the first
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,sign of trouble in the country.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,They actually act like an insurance.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,When the family is in trouble,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,facing hardship, facing hard times,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,remittences increase, they act like an insurance.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Migrants send more money then.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Unlike development aid money,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,that must go through official agencies
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and governments, remittences
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,directly reach the poor,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,reach the family,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and often with business advice.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,So, in Nepal, the share of poor
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,people was forty-two percent in 1995,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,the share of poor people in the population.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,By 2005, it declined later, at a
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,time of political crisis, economic crisis.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,The share of poor people went down to thirty-one percent.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,That decline in poverty, most of it,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,about half of it, is believed to be
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,because of remittences from India,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,a poor country.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,In El Salvador, the school dropout
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,rate among children is lower
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,in families that receive remittences.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,In Mexico and Sri Lanka,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,the birth weight of children is higher
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,among families that receive remittences.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Remittences are dollars wrapped with care.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Migrants send money home for food,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,for buying necessities, for building houses,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,for funding education, for funding
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,healthcare for the elderly, for business
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,investments for friends and family.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Migrants send even more money home
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,for special occasions like a surgery
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,or a wedding. And migrants also send
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,money, perhaps far too many times,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,for unexpected funerals that
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,they cannot attend.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Much as these flows do all that good,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,there are barriers to these
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,flows of remittences, these
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,400 billion dollars of remittences.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Foremost among them is
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,the exorbitant costs of sending money home.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Money transfer companies structure
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,their fees to milk the poor.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,They will say, "up to 500 dollars
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,that you want to send, we will charge you
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,30 dollars fixed."
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,If you are poor and have only 200 dollars to send,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,you have to pay that 30 dollar fee.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,The global average cost of sending
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,money is eight percent.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,That means you send 100 dollars,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,the family on the other side receives only
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,92 dollars.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,To send money to Africa,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,the cost is even higher:
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,twelve percent.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,To send money within Africa,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,the cost is even higher:
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,over twenty percent.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,For example, sending money from Benin \Nto Nigeria.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,And then there is the case of Venezuela, where,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,because of exchange controls,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,you send 100 dollars and you
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,are lucky if the family on the other side
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,receives even 10 dollars.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Of course, nobody sends money to Venezuela
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,through the official channel.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,It all goes in suitcases.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Whereever costs are high,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,money goes underground.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,And what is worse,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,many developing countries actually
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,have a blanket ban on sending money
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,out of the country.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Many rich nations also have a
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,blanket-ban on sending money \Nto specific countries.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,So, is it that there are no options,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,no better options to send money?
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,There are.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Mpesa in Kenya enables people to send money
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and receive money at a fixed cost of only
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,60 cents per transaction.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,U.S. Fed started a program with Mexico
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,to enable money service businesses
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,to send money to Mexico
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,for a fixed cost of only 67 cents per transaction.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,And yet, these faster, cheaper, better options
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,can't be applied internationally
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,because of the fear of money laundering,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,even though there is little data
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,to support any connection, any significant
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,connection between money laundering
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and these small remittence transactions.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Many international banks now
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,are weary of hosting bank accounts of
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,money service businesses, especially
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,those serving Somalia.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Somalia, a country where the
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,part-time income is only 250 dollars per year.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,