The crash in the market was because China changed its method of dealing with inflation. Before now, china was deflating but some weeks(or months not sure) ago there was a noticeable change in the trend. . . China started inflating. This caused a massively unstable global market. The world market has been crashing in the last 2 weeks until (my opinion) SA and Nigeria decided to increase their inflation rate too. Now things have become stable again.

There is so much injustice. How can the average Nigeria not earn more than 100 dollars per month. Even a window cleaner in Sweden can afford to buy a car with his salary. I am not a guru in economics in fact I'm crap but I feel something smells fishy somewhere.

Should Nigeria not go through a phase of deflation until the average man can afford to eat three square meals and have a choice of what he eats?

Should we clamour for inflation or deflation? Western countries are no longer producers, they are a bunch of consumers!!! We will remain a Developing Nation since all big multinationals will have their headquarters in US and Europe and the hard working people will slave away in Factories in developing countries. This is slavery with a new name NEO COLONIZATION!!!!

Please someone tell me my argument is flawed. I don't have proofs please tell me I'm wrong.

http://za.today.reuters.com/news/newsArticle.aspx?type=businessNews&storyID=2006-06-15T133116Z_01_BAN548638_RTRIDST_0_OZABS-ECONOMY-AFRICA-RATES-20060615.XML&archived=False

So In a few words, whats your solution? bullet points plz. (feeling like my wickid prof)

@food4tot

Calm down, nobody is colonizing you yet 

On a serious note, the new paradigm in global economics de-emphasizes factories and industries, and emphasizes intellectual properties and high skills. You should go and read up on Saskia Sassen, Manuel Castells and Peter Taylor opinions on the "global city" concept.

Basically, all they are saying is that the 21st century will operate more on the theory of "space of flows":  Nigeria for instance can develop a particular city and equip it with the best of infrastructure. That city will then attract the best service industries: head-quarters of multinational corporations, top research institutes, top financial institutions and other services from all over the world. Those businesses would then manage factories and industries located elsewhere (they can be in any country provided there is comparative advantage in producing from such country). All nations of the world can do this, so I don't understand how it can be termed neo-colonialism.

If your leaders understand the stakes of today's global economics, they would quickly fix electricity and other basic infrastructures, and build cute cities which can attract top skills and services from all over the world, and thus prevent Nigeria being the factory or "sweat shop".
The problem is that Nigerian leaders have no clue!

food4tot:

The crash in the market was because China changed its method of dealing with inflation. Before now, china was deflating but some weeks(or months not sure) ago there was a noticeable change in the trend. . . China started inflating. This caused a massively unstable global market. The world market has been crashing in the last 2 weeks until (my opinion) SA and Nigeria decided to increase their inflation rate too. Now things have become stable again.

There is so much injustice. How can the average Nigeria not earn more than 100 dollars per month. Even a window cleaner in Sweden can afford to buy a car with his salary. I am not a guru in economics in fact I'm crap but I feel something smells fishy somewhere.

Should Nigeria not go through a phase of deflation until the average man can afford to eat three square meals and have a choice of what he eats?

Should we clamour for inflation or deflation? Western countries are no longer producers, they are a bunch of consumers!!! We will remain a Developing Nation since all big multinationals will have their headquarters in US and Europe and the hard working people will slave away in Factories in developing countries. This is slavery with a new name NEO COLONIZATION!!!!

Please someone tell me my argument is flawed. I don't have proofs please tell me I'm wrong.

http://za.today.reuters.com/news/newsArticle.aspx?type=businessNews&storyID=2006-06-15T133116Z_01_BAN548638_RTRIDST_0_OZABS-ECONOMY-AFRICA-RATES-20060615.XML&archived=False

As you've said your idea on economics is crap. Dude, Western nations are manufacturers too and they don't import the commonest things. In Nigeria we import about 70% if not more of our common commodities. Tell me why we don't have a good refinery even though we have crude oil yafun yafun. We can't even provide electricity and last I heard GHANA is offering to sell watts to Nigeria. If Nigeria can start producing and manufacturing our common products, including cars, we'll have better economy. Imagine if American were importing all their cars and meat? It's more money and more jobs for the manufacturing countries. Nigeria is 150milli and at least there are upto 50 or 100 million cars in Nigeria even more. Now imagine if Nigeria manufacture at least 50% of the cars being used in Nigeria. We import rice, we import milk, import sugar, import what 150 million people eats. That a shame.

One thing I feel bad about is currency exchange rate. I mean China is just as industrialized as UK and US if not more yet yuan is still less than $ and pounds. It takes me back to what I learned in history about the US introducing Bell trade act after the war in philipines. The Bell trade act was to make sure the Philippines' currency doesn't beat the $ and that America has full control over the Philippine's natural resources. Sad but true.

Cheap labour buddy, cheap labour. Imagine if to produce a barrel of fuel costs 50,000 Naira and Naira is equivalent to $ do you think it will be even possible for anyone abroad to buy fuel? NOPE! So slavery goes on but now on a global scale. The countries with the most resources and most valuable resources including human resources have the cheapest labour you can think of. Why do you think many American companies are actually operating China and Japan and Mexico? because if Apple was to manufacture Ipods in the US, only a few rich folks will buy it cause it will be too expensive to make.

Ghana,.,.,wants to sell watts to Nigeria?