But again, logically, one thing makes sense. First of all, the
So the first thing to do was to take on greedy CEOs who offered credit generously knowingly this irresponsibility would backfire. Their gargantuan emoluments like golden parachutes, salaries and the likes were practically abolished or slashed. To make sure that these crooks do nary get away with it, the government purchases some shares in affected firms so as to ultimately-for some-own them.
Currently AIG and General Motors or Government Motors as it is joked, are under government watch as it becomes the holder of majority shareholder of the restructured company, with 60% of the stock. To make sure the crime is not repeated, White House receives briefings on economy almost everyday among which is the state of the bill of health of bailed out firms. This way, the government is doing business to see to it that taxpayer’s money is not swindled.
One thing to remember, this is the same government that stupidly nationalized almost everything especially profit-making gung-hos Nyerere found after felling them and proving to be shoddy as far as business is concerned. Sadly by relegating back to business, this means: privatization is a hoax or much bigger mess should be expected.
Let me prove my point.
If this megalomania is not stopped,
Despite warnings from experts, as usual, like a wise monkey that sees, hears and does nothing, Dar is still hell bent to go on with this buffoonery! Before thinking about bailout, it would have been wise to tackle the root cause-graft and lack of fiscal discipline and vision. The same government that’s chest beating is sitting on mega million scandals! Without combating graft, poor and begging countries will be attempting suttee in the name of bailout. For, in the end, the money aimed at bailing economy out will bail out thieves and crooks in power.
For long, Africa ’s economies were marginalized from the rest of the world so as to be nicely exploited. The prices of our produce have been low and there have nary been equal terms in the so-called international trade since in flag independence. Our countries are run by straight-jacket policies tailored abroad and supervised by puppets not to mention strings attached to the prescription vending international agencies such as World Bank and IMF.
What’s more, African economies still largely depend on those of rich countries on top of our governments’ lack of vision and mission. Though this dependence is superficial, it affects them verily.
Another sensible thing to do would be embarking on narrow-and-straight fiscal policies. Instead of depending on and loaning from WB and IMF, African experts in this area should be consulted and their expertise be heed and exploited. Will the West allow this? To avoid going on being caught in their nests,
What does this mean? Africa is an unregulated free market for the world. Many substandard goods enter
In other countries, IMF-WB’s policies have ruined the countries so as to depend on donors even on food. Without feeding oneself, one can not forge ahead. To do away from current economic crises and poverty Africa needs to think about feeding herself as the step towards fully emancipation. Without doing this, all is good for nothing. In such a debacle can we make it without planning and manning ourselves really? The recipe number one to thwart this is tackling graft at all levels and by all means.
Moreover, our good-at-aping rulers tell us: bailout is an in-thing for the rejuvenation of the economy, thanks to American invention.
In a nutshell, bailout African style will ruin our ICU-based economies. We need good governance and empowerment of our people in place and responsible governments accountable to their people. Economic crimes especially involving embezzlement of public money should be categorized as crimes against humanity. Otherwise, this charade we saw aimed at economic bailout is yet havoc to the continent.