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Seun (m)
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Sokari Ekine has written about an interview titled ' Confessions of an Economic Hit Man: How the US. Uses Globalization to Cheat Poor Countries Out of Trillions' ( Interview Transcript | Audio (MP3) | Video (128K) | Video (256K)). In the interview, a man named John Perkins confesses that, as an "Economic Hitman", he used to go around convincing poor countries (like Nigeria) to accept large development loans which they'll never be able to repay, and make sure that the development projects were contracted to US companies. And once the debts mounted to a level where they could no longer be repayed the US would then use their influence as creditors to influence the policies of those countries to favor the US, such that the US would indirectly control their natural resources (such as Nigeria's oil). He says he would never have confessed but for the events of September 11, which he indirectly attributed to the frustration of the masses in developing nations in the middle east who are angry about how they have become so dependent on the West. What's your take on this issue? Why do our leaders keep falling over themselves to accept loans from organizations such as the IMF? Are the development plans proposed by organizations such as the World Bank (were our finance minister used to work) meant to help us or to enslave us to the developed nations or the US in particular? Read the interview and make up your mind!
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obong (m)
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Of course. International organisations are western organisations, thy are not neutral organisations to help poor ocuntries, which is why countries that don't pay attention to them do the best, like singapore, china, etc.
I have heard of this man's book before, but never read it. I think its unfortunate that our leaders take these lonas when they know what it will do to the country. I'm sure they get bribes and don't care what happens once they are gone. Our Finance minister is paid by the world bank, and is praised in the western media. our external reserves are also managed outside of the country. She also helped broker a deal to cut our debt, though the details are not open to the public. I think she is a double agent that is helping nigeria in some regards, but is still beholden to her world bank masters
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joftech (m)
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Like any new development globalization has it's own wonderful implications as well as woes. The issue of Wordl Bank and IMF loaning money to poor countries is not the fault of the West, if they gave you an offer and you refuse they will never force you to take the loan. But our leaders simply for their selfish interest sheepishly oblige to take all the poison laden morsel(loans) thrown at them. The best way to kill someone is to give him/her unfettered access to loans. I don't blame the west, i blamed our leaders for our own woes; what are the so called leaders even doing with those loans; the loans always eventually end up in some western bank vault while the masses whom are supposed to be beneficiaries of the loans end up not getting the loan. It's a well known fact that multinational companies are the worst thing that can ever happen to a country and community. Multinationals always send their profit to their home country after milking people in their operating bases, but we still pray for their presence. Until each country develop their internal economic system to a state where it can be substainable without external influences the issue of globalization will continue to be a huge contention. The ilk of George Soro (sorrow) and co always and will continue to bring sorrow to masses in improverished nations for their own selfish interest, when you fail to play ball with them you are seen as a foe that must be vanquished:  |
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nferyn (m)
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Like any new development globalization has it's own wonderful implications as well as woes.
The issue of Wordl Bank and IMF loaning money to poor countries is not the fault of the West, if they gave you an offer and you refuse they will never force you to take the loan. But our leaders simply for their selfish interest sheepishly oblige to take all the poison laden morsel(loans) thrown at them.
The best way to kill someone is to give him/her unfettered access to loans. I don't blame the west, i blamed our leaders for our own woes; what are the so called leaders even doing with those loans; the loans always eventually end up in some western bank vault while the masses whom are supposed to be beneficiaries of the loans end up not getting the loan. That's exactly the problem: the unaccountability of the leaders. Only loans granted to truly democratic countries should be honored (e.g. the DR Congo is still paying off loans granted to Mobutu) And on top of that access to credit should be easier for the masses in the developing countries (e.g. who can afford to buy their own home if they don't have access to mortages?) It's a well known fact that multinational companies are the worst thing that can ever happen to a country and community. Multinationals always send their profit to their home country after milking people in their operating bases, but we still pray for their presence.
That also depends on the political organisation of the host countries. For example there are a lot of multinationals that operate in Belgium (we actually hardly have any own large enterprises left), but in general their presence is beneficial Until each country develop their internal economic system to a state where it can be substainable without external influences the issue of globalization will continue to be a huge contention.
That is actually no longer possible (even the US and EU economies are internally not sustainable). It is extremely important that the economies of the large trading blocs (US and EU) stop putting up large trade barriers. One of the policies of the EU I hate most is the CAP (common agricultural policy), which basically suffocates competition from developing countries. The ilk of George Soro (sorrow) and co always and will continue to bring sorrow to masses in improverished nations for their own selfish interest, when you fail to play ball with them you are seen as a foe that must be vanquished: Well, George Soros really just milked the system and aimed his arrows also the industrialised world. His interventions made both the British Pound and the South African Rand devaluate, but of course the implications for South Africa and the on South Africa dependent economies were far greater On the other hand Soros is starting to turn around and now devotes a considerable amount of his money to bringing democracy to the world (e.g. Orange Revolution in Ukraine) |
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bijorium (m)
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Much of this goes to show that much of the Father-Christmas America plays all over the world is meant to serve its own selfish interests. It's a case where wars are no longer fought to control another country's resources ( except that the Present American administration has excepted that in the guise of chasing Saddam out of Iraq and their refusal to leave as it were months after no weapons of mass destruction were found). The intent of it all is to steal and plunder and rape these nations (Nigeria inclusive) until they are barely sovereign entities capable of taking any decisions without recourse to the whims and caprices of a willing 21st Century Slave master. I am not in the least surprised. It's a case od the one who pays the piper dictating the tunes. And until the leaders of third world countries begin to really serve the interests of their people and not stash away money in different parts of the world, there is little we can do save Pray( And get involved actively in whatever way we can)  . I rest my case. IMHO Nigeria isn't anywhere near poor. She has only been robbed, raped, and plundered by willing thieves in position of power. God bless Nigeria |
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nferyn (m)
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Much of this goes to show that much of the Father-Christmas America plays all over the world is meant to serve its own selfish interests. It's a case where wars are no longer fought to control another country's resources ( except that the Present American administration has excepted that in the guise of chasing Saddam out of Iraq and their refusal to leave as it were months after no weapons of mass destruction were found).
I think it was Kissinger that once said (paraphrased) that the US does not have permanent friends, only permanent interests. International politics is a very a-moral game as there is no accountability of the actors (their constituencies are not the ones affected) The intent of it all is to steal and plunder and rape these nations (Nigeria inclusive) until they are barely sovereign entities capable of taking any decisions without recourse to the whims and caprices of a willing 21st Century Slave master. I am not in the least surprised. It's a case od the one who pays the piper dictating the tunes. And until the leaders of third world countries begin to really serve the interests of their people and not stash away money in different parts of the world, there is little we can do save Pray( And get involved actively in whatever way we can) . I rest my case. IMHO Nigeria isn't anywhere near poor. She has only been robbed, raped, and plundered by willing thieves in position of power. God bless Nigeria It's not only nations that are being pludered and raped. Our runaway capitalistic system is continuously degrading the value of human life all over the world. I am fully in favor of free markets, but these can only work within a strict regulatory framework and under more equal starting positions. We have the science and technology to give each and every inhabitant of our small planet a decent life. There is no need for this rat race. Too many people end up either in the meat grinder or under so much stress that living is not really worth wile. |
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Bibi (m)
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Well, you guys have said it all , so I don't have anything to say.
Globalization in itself has positive or negative benefits. The act of IMF or World Bank granting loans is in itself a good thing to help societies with lower income to have more money for development. The main issue is that the countries we are talking about don't use the monies as intended, neither do they implement the policies they agreed on. For example, most of the loans taken by African countries and Nigeria in particular were "chopped" by individuals while the nationals are made to suffer in paying back the debt (i.e. accumulated debt during the 2nd republic ammounted to about 28 billion dollars, which we are all paying back until today). Mozambique took the same loan and implemented the policies, now they have the highest economic growth rate in Africa and one of the best in the World.
I do not think that the intent with the policies is to enslave but drive accountability. One of the conditions for Nigeria securing the $18 billon debt relief is (1) Tackling corruption (2)Sustain the democratic institutions, etc. These requirements are not for enslavement but ensuring probity in the goverment to make sure that the loans can be well utilized and paid back in due course.
I don't doubt that US or the West in General may have a hidden agenda to command and control the weak economies, however I see most of the remaks by Sokari entertaining, James Bond style criminal immagination with economic hitmen living and operating in a fantasy comic world. I bet this goes more for a Tom Clancy or Robert Ludlum style Novel than an economic reality.
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nferyn (m)
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[SNIP]
I don't doubt that US or the West in General may have a hidden agenda to command and control the weak economies, however I see most of the remaks by Sokari entertaining, James Bond style criminal immagination with economic hitmen living and operating in a fantasy comic world. I bet this goes more for a Tom Clancy or Robert Ludlum style Novel than an economic reality.
Actually they probably don't have a hidden agenda and these conspiracies are mainly just conspiracy theories without much basis in reality. However, that does not mean that the results of these economic actors are very different than what would result from such a conspiracy. All those transnational companies are there to maximise their profits and they choose the easiest route to obtain these objectives. If that means exploiting weak and corrupt states, then that is exactly what they will do, regardless of the consequences. In the same token, if they can increase shareholder value by closing factories or moving production to regions with lower labor costs they will do so. This is exactly what is currently happening with the so called industrialised west. What Nigeria really needs for an economic jumpstart is a stable infrastructure, the rule of law (especially enforcability of contracts) and political stability. In view of the overall ingenuity among Nigerians, that's all that's needed |
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Bibi (m)
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@nferyn; I completely agree with you. However, maybe from a different point of view, borrowing your last comments. I don't see weak states, I see corrupt states. The multinationals are like every business man, make profits, more and more and they need to do that to keep their shareholders. As you said, the weak economies actually have more to gain from Globalisation. Multinationals are moving operations to low cost economies (outsourcing, less cost, more profit), the big industrial nations are looking at importing more from poor nations (cost of goods/sales is low, affordable). If you put all that together, then why are we complaining. It doesnt look to me like its the US or the West that is cheating Nigeria (example), rather it is Nigeria that is suffering from poor leadership not to have benefited from the opportunity.
The stable economies in Asia are reaping the fruits of globalisation as many of these trannationals continue to outsource their operations there, the Leadership problem in Africa will worry any businessman from putting too much money into the ground. For instance, most of the money borrowed by Nigeria are not used for projects with US companies or companies from Europe (to a little extent), rather they went into frivolous projects that we can't even explain, a significant one is the Ajaokuta Steel project which was handled by Russians and seems will never be completed. You see, considering all these and more, this is why I fault Sokari's Economic hitmen thing. The Grand design for the Aids and Loans is not to cheat, but rather, we find ourselves in very bad situation as a result of not spending the loans wisely as intended. The question is why are some countries that have taken the Loans (Mozambique and some other Assian Economies) doing so well and turning their economies around unlike Nigeria and rest of majority of African countries. The real problem is not the US or the multinationals, its the Poor leadership inherrent in those (poor) countries.
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nferyn (m)
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@nferyn; I completely agree with you. However, maybe from a different point of view, borrowing your last comments. I don't see weak states, I see corrupt states. The multinationals are like every business man, make profits, more and more and they need to do that to keep their shareholders. As you said, the weak economies actually have more to gain from Globalisation. Multinationals are moving operations to low cost economies (outsourcing, less cost, more profit), the big industrial nations are looking at importing more from poor nations (cost of goods/sales is low, affordable). If you put all that together, then why are we complaining. It doesnt look to me like its the US or the West that is cheating Nigeria (example), rather it is Nigeria that is suffering from poor leadership not to have benefited from the opportunity.
[SNIP]
I do agree, but corruption is not the main factor. Bribes, etc are generaly just considered a cost of doing business. The main problem is the lack of predictability that goes hand in hand with the type of corruption you see in Nigeria. You don't know beforehand how much it is going to cost ad that cost fluctuates constantly. This ensures that only ventures with higher profit margins are undertaken and that some industries or services are not even considered by investers, precisely for that reason |
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cushman (m)
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Nigeria is America's largest source of import and second largest export market in Africa
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i.k
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hi fanz, Y'all should know that that western nations are using globalization to cheat poor countries like Nigeria. The Politics in the so-called globalisation is all 'bout ideological conflict, Politics of mass communication and the ability to negotiate with client countries on the capacity to exchange their resources comparative resource endowment at at a relatively low advantage. As you know, African leaders lack the intelligent energy to compete with these highly technically exposed, statesmen. We still need to redefine our purpose and ambition in the international community. frm i.k, Cheerz.  |
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nferyn (m)
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@ i.k
It's not really about nations. The main drivers in the explotation of poor countries are transnational corporations. They subvert the political process in the west by pushing their agenda. This is done directly by having legislation implemented that is favorable for them and indirectly by monopoliseng public discourse. the most extreme example of this is the US where they even managed to completely marginalise the left wing of politics. What is called liberal in the US would be considered center-right in Europe.
It is as if here is currently no alternative for the cut throat global capitalism
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cushman (m)
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It is sad indeed for countries with high standards in terms on naturally endowed human and material resources to be foxed by US. and it's capitalist agencies. We have the required skills to take care of ourselves. What then is the problem? I think our only problem is lack of committed leadership. Nigeria lacks leaders and managers of her resources.
Whatever the case may be, whatever way we are going to take it, US must be stopped!
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Chxta (m)
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We should face China and India
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4 Play (m)
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The US does not "use" globalisation to cheat poor countries .Globalisation is a phenomena that happens on its own and can not be "used" in any sense of the word by a particular nation
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Seun (m)
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What we're saying is that maybe the US does some bad things in the name of "globalization".
I mean it the same way terrorists do very bad things in the name of "Islam". I.e. they abuse the term.
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toshmann (m)
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and yet human beings sit in london and washington and think there'll be peace on earth. everybody talks of peace and nobody is talking of justice and fairness. there can never be peace. terrorism has come to stay and believe it or leave it, one day the terrorists will lay their hands on nuclear materials. and then kaput . . . . .both rich and poor. . . .old and young. . . .male and female. . . . . all of us go go rest. one day. |
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4 Play (m)
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Posted by: Seun
What we're saying is that maybe the US does some bad things in the name of "globalization".
I mean it the same way terrorists do very bad things in the name of "Islam". I.e. they abuse the term.The comparison between globalisation and Islam would have made more sense had one not been a religion while the other is a simple phenomena.How do you "abuse" a chain of events?  On the purveyor of profiteering conspiracy literature,John Perkins,his stories would have had greater credence had he not also alleged that the US Govt killed John F Kennedy,Martin Luther King,John Lennon,Sen Robert Kennedy and was behind the 9-11 attacks.He believes that humans can travel beyond time and space through "visions and dream wanderings". On the substance of his claims,we should use Nigeria as a case study.Does anyone really believe that Nigeria plunged into debt because of a Western conspiracy?With our array of competent leaders like Abacha,Babangida,Gowon,OBJ.e.t.c.does anyone seriously think that it is US conspiracy that plunged us into debt Interestingly,the US has $10 trillon of external debt(60% of GDP) while Nigeria has $6.5 billion of same as at 2006( less than 10% of GDP),I think most of that debt has actually been repaid.So a nation that cannot deal with its debt is supposed to have managed to plunge others into debt. Less than 3% of Africa's debts is owed to the US($4.5 billion-Year 2000 figures).China alone,lent Africa $12.5billion in 2006 alone yet noone has expressed any concern on this thread,all we see is the usual knee jerk anti-Americanism . Africa's debt is the result of economic mismanagement by our leaders,which we as Nigerians can bear testimony, not because of some conspiracy by a people whose debt problem is actually worse than ours.Britain alone is borrowing £32 billion for the next budget year. At the time of our independence,we had little or no debts.You would think that when the whiteman ruled our country,that is when they should have sought to plunge us into debt. It is psychologically soothing to blame others for our problem.We can point fingers as much as we want but the root of our problems lie back home and not at the centre of some fantasist conspiracy
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