The news that the US government is eying Citigroup to acquire some shares can not go without being dissected. This is interpreted as nationalization of the same.
It’s reported last month that the US government was intending to acquire 40% of common stock of the biggest bank in America. All this aims at saving it from going under and enhance cash flow in the country. To be able to lend as means of enhancing public spending that means recouping ailing economy, banks must have cash to assure credit flow. While this is seen as a good idea aiming at stabilizing financial flow and lending in the US, for many African countries facing the same situation a few years ago, it was totally unacceptable. It’s referred to as socialism in which the state runs or regulates business as opposed to capitalistic rules.
So too, this lie depended on which side a particular country was inclined. Those that were inclined to the east suffered a lot more than those inclined to west.
In his state of union speech, US president, Barack Obama openly said: he intends to do away with archaic non-regulatory system in which the government allowed banks to run as free as pleased, so as to end up running on empty after CEOs paid themselves a lion share which factor, among others caused this mess we’re in.
Shall things be straightened up, it will be Washington ‘s third effort to aid Citigroup since last fall. In October, the Treasury Department injected a total of $125 billion into eight giant financial institutions, including $25 billion to Citigroup, in exchange for preferred shares and warrants to buy stock. Recently the House of Representatives passed $787, 000,000,000 asked by Obama as an economic stimulus. Before then George Bush injected many billions into the economy by means of bailout. What used to be a taboo is currently a ritual.
To the contrary, many African countries gave away their investments to multinational companies. They were forced to by international financial and monetary institutions mentioned above. But when it comes to rich countries, bailout is ideal, judicious and justifiable!
By acting in this dubious way, these so-called international institutions are but colonial-exploitative tools hell bent to see to it that Africa is doing their dirty laundry. What appalls is the gullibility and complicity of our straight edges.
Now that the world is facing recession, Africa is likely to slip into depression thanks to two evils-international institutions and African thievish mumbo-jumbos that swallow whatever nonsense from rich countries.
In Tanzania , before the coming of megalomaniac Benjamin Mkapa’s regime, the National Bank of Commerce (NBC) had some financial hitches. When the late father of the nation Mwl. Julius Nyerere argued that NBC be bailed out, he’s lampooned by WB, the IMF and even Mkapa, the man he wheeled to the presidency. They said they’re not ready to help Tanzania in this. For it was contrary to their policies.
Rich countries have maintained psychological wars against Africa by referring at it as the poorest continent on earth. But when one looks at the recently released movie-slum dog millionaire, no doubt, India has more paupers than African countries individually. The World Bank estimates that a third of the global poor now reside in India ; it’s over 300,000,000 paupers… almost a half of all Africans! Living conditions in Indian slums is worse than those of Africa.
While poverty in Africa is caused by the greed of our honchos and conspiracy by rich countries, in India it’s caused by exploitative caste system. Whilst Indians can comfortably live with poverty thanks to their caste system, Africans are forced by parasitic regimes to make do with it.
Noises are made by rich countries about human rights. But they address cosmetic matters. For example, while China hangs officials found guilty of corruption, in Africa, thievish regimes stay in power thanks to being supported by rich countries. And when the hoi polloi agitates that they be persecuted, “Human Rights” are used to defend them. Currently in Tanzania, former president Mkapa is under pressure to be brought to book. But his successor does not want to do so. Reason why? Mkapa has immunity under the democratic constitution! Is this democracy or burglary?
Currently in Equatorial Guinea, the despot of that country, Theodore Obiang Nguema his family, army and friends, are openly plundering the majority. Citizens would like to topple this nugatory regime. But they’ve failed thanks to being supported by the US that exploits and buys all oil produced by this poor African country! The situation is the same in DRC, Gabon, Uganda, Congo, Tanzania and such.
Our thieves obtain loans from rich countries to end up financing their king-size lives. The farmer and a common worker do not spend even a dime of this money. But when it comes to paying the debt with super inflated interest rates, the paupers are squeezed and made to pay! Nobody is seeing this as gross violation of human rights.
We’ve time and again urged international community to declare mega graft as a crime against humanity. But nobody is ready to subscribe to this for the fear of injuring their vested interests. Under this donkey-man relationship Africa is bleeding to death. Western media like to take photo of destitute African begging, scooping dirty water and such. They go home and pummel this nonsense to the mainstream media. You know what. This media missile has shaped our mindset in that we are created to be poor so as to kow tow before west to help us.
Belgium has bigger per capital than the whole Africa . Ask it: “Where did it make this massive wealth?” DRC and Congo are but the sources. For this tiny country, the size of the smallest region in DRC, has no minerals or anything worth mentioning.
National statistics shows that in 2003-2005, Belgium per capital were $76,134.68… whilst DRC was less than $100. But again, the so-called civilized and developed international community does not see this crime! Why doesn’t someone force Belgium to redress DRC for the miseries it caused her? We all know. DRC has been at war since independence thanks to machination by Belgium. The situation is the same in Rwanda and Burundi where former colonial master left tribalism and mistrust so as to off and on cause genocide and mass massacre. Nobody taxes them!
If you look at the history of Africa, no country has ever escaped colonial legacy-cum-machinations. What makes it worse is the fact that even the flag independence Africa countries acquired since late fifties has never saved the common man. But while this crime is in the commission, there is the universal declaration of human rights! Which human rights are these if they don’t embrace economy and good governance?
We’ve set off with the example of US regulating and saving private business as opposed to what they are tutoring us to prove how Africa still needs to rethink solo and independently. But how, if at all, almost all African countries are ruled by thievish governments or parties? Had Robert Mugabe redistributed land equally, indeed, it’d have become another precedent for others facing the same anathema to follow. But nay! He did the right thing a wrong way though.
African youths need to take a leaf from their colleagues in the US, that ushered in the first black president into the white house, regardless all hidden racism and double standard existing in this nation. True, they’re the very victims of the very myopic, blind and greedy current regimes.
Another place to take a leaf from is Russia . After the west demised the then USSR , Russia is currently punching back to see to it that it gains its lost fief in international community.