Posted - 22 Apr 2017 : 16:40:50
AFRICA: OUR CONFLICT WITH MONETARISM
By Michael Davies
The Point: Friday, April 21, 2017
I should begin by mentioning that, certainly in Africa, the traditions when someone needs financial support for whatever purpose he or she so strongly desire, is through the deposit monetary system. But African governments have created blocks that has never been an institution, which necessarily does not go along with monetary system of the west that had worked so well. So that today, which is a global financial movement Africa economy has make the day by creating additional impediments on the way. Not only with its corrupt government officials and dishonest population, but also a cash flow system that had not worked to benefit its people and their aspirations over a very long period. Africa without any question, if our governments and people’s are honest and unaffected in a way that will show what they say is really meant, will determine the direction of African history for the next several generations.
Obviously, this is Africa’s critical moment. It was not long ago that African governments established what there perceived at that time to be a financial system that will establish a monetary base that can support the continent development processes. But that program even though laudable and meticulously established only goes to work at highest level in the society. Governments establish the African Development Bank and other banking ordinance, which grant credit to State parties to the article of association. What the original founding fathers of the continents financial system forget to do was that it could not at the same time create parallel credit system for the ordinary man on the street who is the principal beneficiaries of the monetary system so established. We have put in place a credit based financial system for governments but on the other hand the people have to do with a deposit financial system that is not willing to support the poor man otherwise brilliant initiative if it can not support its borrowing with heavy collateral demands, which very often are beyond the poor‘s reach, and something that most of our people cannot afford.
African governments can write projects have them approved and sign contracts to pay the loan together with the interest over a period. Here the only guarantee is the people but the other side of the banking system does not trust the people that the government had mortgaged. But should the ordinary poor African people be made wreathless. The system is not working for them. The monetary system as in Africa today can best be described as authoritarian, oppressive, mass profit orientation met to strangle the people and subjugate them to beggary existence. We are dealing and more precisely confronted with a system that African governments and financial markets do not have control over and because of this had continually made the African people poor. The ordinary African is so poor that, sometimes wonder how come that, the African governments and its financial system that have subjugated its own people to poverty often refer to borrowing money from some places to finance its local project only to come and reward the masses with an over estimated tax regime obligations, which does not reflect the true income of the people. In other words, African financial governance has devise ways and means to rub the people who only benefit they derive from government is oppression and constant harassment and inhuman treatment and threats to their lives. How can our governments calm to guarantee right to life when in fact those rights are violated with impunity. Can you imagine the former president of The Gambia coming on national television to threaten its people, the guarantors of the borrowed cash in his pocket, with death and promising that nothing will come out of it.
Governments borrow money and make the people as mortgages so the people have become financial obligation, the very poor people as guarantors of the loan that presidents often calm as their own. The people are now forced to ask what is wrong with our financial system. Why is it that we cannot finance our own planed projects. Why is that we cannot build our own credit base monetary system to meet our own developmental needs. Why have we made our financial system favorably only to the few rich among us. The rich who are part of the African mafia connected to rouge governments and supervised by international private financial gangs controlled by a super power. This is tiresome.
Africa have come to a point that the monetary system, which is based on international financiers interest which is deposit system that is not comparable to the dream of having well managed nation-state-international financial interest, which is refer to as global free market system have to be revisited. This is a system that African governments cherished even when the so-call beneficiaries - the people do not approved of it. Why the people should be forced continually to approve of what does not work for them. African people are sick and tired of this monetary system based on the amount of deposit one can make. Look at the housing program, check the required amount of money one need as down payment and see how many people in a nation state of African origin will be able to afford. It goes without saying that the poor will always be at the mercy of the rich who are the principal beneficiaries of monies borrowed from financial agencies in the West. West Africa housing programs are typical example of landlords extorting hefty sum of money from it tenants. All this inhuman and degrading treatment should provided African governments a base to re-think strategy to address the unjust banking system and work toward the establishment of a credit based monetary system that targets the ordinary people who are the true owners of the wealth of the country. The time has come to begin shearing equitably the national cake. The people must, no longer at this moment be and feel like living dead. The African people are saying to their governments we want to live a good life.
Now, the time has come to establish a continental credit system not a monetary system nor NEPAD, but a system, which will be organized by the African Development Bank among other financial institutions in cooperation with other nations and treaty bodies. The African credit system will mobilized the resources of the continent for infrastructure development, for a purpose of production, to use the abandoned human resources on the continent to produce the goods and services which will then be a vessel for freeing our people from poverty and under development, free them from subjugation, and reorganize Africa on the bases of credit financial system, which in the long run will make Africa part of the growing international monetary credit system. This credit system that I am referring to is the intent of every financial institution ever created in the world. Bear with me reader the monetary system that the British envisage and established during the period of colonialism is the major contributing factor to nation state perpetual enslavement, exploitation, inhuman treatment and degrading conditions in which majority of our people live in. Africa must free itself once and for all from this monetary system and make a way for progress through the putting in place of a credit system. Africa must win back its sovereignty as a nation state that will have partnership with respective credit systems to ensure continuous alleviation of poverty on our continent. Africans need to adopt a tried and tested financial system that was engineered by President Roosevelt for the world after the Second World War. This is what had become known as the Marshall Plan.
One main thing that should made African governments wary of the monetary system is that this system creates international private banking interest not governments that allows the control of the idea of money by private banking interest that aim at making big, big profits at all cost. Compare this to the United States government money system that only permits sovereign nation states to be allowed to possess such powers. Africa’s under development, huge credit balance of payment is deeply rooted in the present monetary system in place. No amount of destroy and crate economy or continuous borrowing, which does not reach the ordinary person can relief the continent of its perpetual backwardness and misery. We will never be able to settle our debts if we can not be part of the global credit system. The time is now to establish “Third Station” as they have the G8 and so on to manage our credit system and make sure that our yes is yes and no is no. It is only by so doing shall Africa arising from its slumber.
The continuous suffering on the continent that is endow with enormous wealth and yet declining is an unnecessary breakdown, which the powers that be should be addressing by now. We can afford to set forth policy to deal with the poverty confronting the continent. We can take certain measures to strengthen our banking system restructure it on credit monetary system not only for governments but the people. We can afford to give protection to our banks and regulate borrowing from commercial bank. I have firm believe that if African governments can be bold enough to take decision with the support and concern of the people’s representatives then we will be out of this mess. We have to, sort of do, banking reorganization, break with the colonial monetarism and lower the expense charges on the population. Once banks are in a position to open up the lending faucet again then we will likely see a surge in startups of small to medium business that will fuel employment and lead to poverty alleviation in our communities.
In whatever way, if our leaders stop stealing, looting from the national cake, and continue to lack the ability to sort out ways and means to meet the needs of the suffering masses, and continue to engage in not creating employment and improve the conditions of life and security for Africans. If African governments continue to fail making jobs available and continue to make the people believe that this is because of the continents obligations to honoring the artificial debts of a bunch of crooked swindlers associated with the monetarism system. Africa as a continent will contentiously be confronted with crisis on crisis engineered by butt-kissing finance ministers manipulated by a rouge presidents connected to international financial interest, which also controlled by a supper power. Because of the great crisis confronting Africa today, which our leaders have failed to address and will not be able to address unless, they become aware of the real problem confronting us, which is our deposit, based banking, monetary system that is manipulated by mafia businesses with connections in higher places. The continent will continue to face mass unemployment. We should be asking why people are not employed. Is it not because the people are not producing? Is it not because the people do not have any opportunities? Is it not because our agriculture does not have bank credit that is supported by the state within a credit monetary system? Our situation is worse than I can describe here, it is something akin to treason and it is all because our governments have failed to understand that this globalization stuff is credit plan by the west and it make sense for Africa to do same and help alleviate its economy from slumber.
Other people are said to be alight with vigor because they concentrate their growth on credit line they give to multinational corporations that there established to exploit through extraction of minerals with one thing on their mind, to feed their industries that are based on richer levels of resources that their credit can buy from poor but potentially rich Africa. In fact the time had come and that time is now to free our people from the originators of the global monetarism so that we too can build an African system of sovereign nation states of people and establish peace among our people based on common ground for a structure that ensure continuity. Africa is demanding a society has a characteristic that is based on the nature of the individual and not oligarchic as the British. The G8 and G20 groupings of nation states have problems maintaining the standard of living their people enjoy because they have the intent to loot and use up those resources that we have and they depend on. If they fail to loot and use up our resource which they purchased on credit to feed their industries that depends on richer level of resources. The G8 and G20 groupings are aware that Africa still has plenty of resources and they have to get it because these resources do not stretch out on their doorsteps. Countries like China and India have joined the race to grab their part paying for our resources with the credit derived from their credit monetary system. They are now members of the credit system and their people are beginning to be counted among nation states. African governments should free their people through the building of monetary system of relatively sovereign nation states of people refusing to work for the sharks out there to control and threaten our very existence. We should be able to find common interest and seek cooperation among Africa nation states and the international community.
Africa is the developed nation states source of raw materials. For this reasons they will go the length and breadth of the earth to always reverse their policies on Africa when things are not going well for them. First they will come to us with proposals to give some money with strings attached. Within the dishonest system of monetarism. Then the continuous processes to colonized and recolonized Africa without pity. The monetarist do not think for a second to use their potential industrial might of the developed nation states to enable Africans to belong to the main stream through the introduction machine tools, the credit monetary system so that Africans will begin to develop their own independence and eventually self sufficiency. All this is taken place because of the lack of courage to put in place and respect that policy that paved the way for true decolonization of the continent that will permit us to use our potentials, our resources, among other things to begin to develop our true independence and self-sufficiency.
In whatever way, Africa remains the last frontier. We are a unique people because we represent the genesis of creation and so the monetarist has made it a point to destroy us and make us victims of ourselves. By so doing create confusion among us and while we fight make coups, go to war they will be making advances in other to strengthen their foot hold on the continent. That is why it has become of importance for us to prove our capabilities by creating jobs for our people and the only way we can do this in other to stand up among community of nations and be counted is to make our people work, provide the necessary support from governments for large scale infrastructure that will put lot of people to work. We have to make our rivers produce the energy and water for industries and agriculture use. Our governments should make efforts to make our communities productive. Our farmers need appropriate tools, equipment and markets. We have the stock market but we need to have commodity exchange too so that we can equally trade, do business among ourselves and with other people and with other credit base economy of the world. If we can do that we shall have value for our produce and our people will be prosperous just like any other country on earth. Governments can provide the funding and encouragement for the people to work, provide them housing and social support system that discourage corruption and laziness among our people.
To whatever degree, wherever African governments build infrastructure or other project we can have immediate stimulation of employment within the communities in which such initiative takes place. The people with talents, with various skills will definitely applied for the job created, fill those positions and work to generate income and ensure prosperity among our people. We must be able to do this and do that immediately with our people in mind and aim for the benefit of the future generation. All honest hands must be on deck. We have to work to achieve what can do for the people even today. One important thing we should be doing is to convince our people that governments will be really accountable to the people that the corruption will end, that the looting will stop that both the people and every person residing on the continent will be accountable to authority. We should let the people understand that we have a credit system. A system that will address the developmental needs of the continent and that people will have equal pay for equal work done. We should say, we are going to stop the stealing of the people’s money, put an end to obtaining wealth illegally, we are going to say stop to politicians who when voted into office commit atrocities against the people. We must be committed to obeying the rules and those who are in conflict with the rules will be punished. We have to do things orderly. We have to do all these because our people are desperate in themselves. We have to build confidence among the African people. We have to make things work right away for the people, for our children of today and for our future generation.
Let us pick one particular project get it started work on it diligently and ensure its success. Our governments must avoid misuse of public funds. African money should be invested into productive sector of the economy to create productive employment that finally will bring about prosperity for the people not for an individual.
A clear concience fears no accusation - proverb from Sierra Leone