British Prime Minister Gordon Brown invited leading African leaders to London for a consultative meeting to gauge the economic agenda of Africans before the G20 meeting in April, 2009. The Prime Minister should be commended for organizing a forum where these African leaders could share their concerns as the African Continent is always the hardest hit in any global economic downturn.
At this meeting in London, African leaders did not mince their words. They not only tried to impress the reality on the ground to the British Prime Minister, they also pin pointed the dire consequences of the global economic crisis.
Ethiopian Prime Minister Meles Zenawi, who is the chairman of the New Partnership for Africa’s Development (NEPAD), and who will attend next month’s G20 summit , warned that ” some African countries could go under” unless the developed world consider supporting Africa in this unprecedented global economic meltdown. Zenawi also pointed out that ” it is in the interest of the developed world to do so”. His point of view was widely shared by other African leaders that attended the London meeting.
Gordon Brown told the African leaders that ” we must move towards a fairer and more equal world”. For anyone that seriously has been contemplating about the global economic disaster and its root causes, the Prime Minister’s statement should give one a pause. And this respite should be a time to think.
Their should not be too many arguments if one states that it is the economic collapse in the U.S. that is spreading its seeds of economic destruction to the rest of the world. The only argument would be in finding out how the U.S. economy reached this disastrous position.
So, what is this Anarcho-Capitalism? Simply defined, Anarcho-Capitalism is an economic system that destroys government regulation of the economy, and creates anarchy within the global economic system. As the U.S. has the largest economic power in the world, its continuous deregulation of the economy within the U.S. and the consequence of the actions has a hugely magnified damaging impact globally.
The U.S. has carried out the biggest transfer of wealth to its wealthiest citizens in the history of humankind. Something without a doubt is wrong in the picture of wealth distribution in the U.S. where the wealthiest one percent of the population own half of the nation’s wealth, while the rest ninety nine percent of the population fights for the remaining fifty percent. This truly is a “trickle down economy” the super majority fighting for the crumbs, the leftovers.
One day in the future, historians and economists will point to Reagan’s presidency as the start of the downfall of the U.S. economy. By the end of President Reagan’s term, the national debt had tripled. The dream of the ” market regulating itself ” had started. ” junk bond” was born, the slogan became that everything has to be “privatized”, and focus on manufacturing was marginalized. The Bush presidency’s role was only to become the willing conduit for the spread of the virus that had started under Reagan. By raising the national debt to the tune of ten trillion dollars, and by totally being able to destroy the U.S. economy, it has successfully accomplished its mission as the flag bearer for the Anarcho-Capitalists.
History has laid its burden on President Obama to save the U.S. from economic disaster. Anyone and everyone that claims to love the united States of America should give him all the support he needs in this most difficult times.
If president Obama is to be successful, he needs to focus on strong government regulation of the economy. He must pay attention to equitable distribution of the wealth of the country, and serious focus must be given to the manufacturing sector of the economy as opposed to the financial sector which has gambled the country’s wealth away, on “derivatives” and “leverages”. In other words, if the president is to solve America’s economic problems, the focus should be on structural changes. Anything less would only be an exercise in futility.
Unless April’s G20 meeting comes up with wise decisions which includes proposals on how to “move towards a fairer and more equal world”, the social and political chaos Prime Minister Meles talked about is not going to be limited only to Africa.