A word for the “Wise”

It’s a new day in the world. If you had told people in the mid 70s and early 1990s that Africa’s economy would be growing and European countries crumbling, who would have believed you? We grew up with the myths that when it came to wisdom there was none like the Greeks. Greek philosophy this and the other, while Africans were deemed ‘uncivilized’ and at the mercy of the oh wise European. In 2011 the tables are turned Greece, Ireland, Iceland, Italy, Spain, Portugal and counting. Ireland and Iceland once deemed by the top American economist Fredric Mishik and counterparts has collapsed. What happened to the IMF/World Bank predictions? What of the learned economists?

The reality is that European economies were based on credit. I know many people who laugh at Africans who live on $1 a day. The reality is that one can live on a$1 in Africa but certainly not in the west, where the cost of living is extremely high. In Africa someone may have a net worth of $100, $350, $500; but correct me if I am wrong but aren’t all these better than -$5,000; -$10,000; -$50,000? In Ireland the once richest man in Ireland Sean Quinn has filed for bankruptcy; how the mighty have fallen from $6BN to negative billions.

Now that the vultures have left the west in the poor house they are setting their prospects on emerging markets. In Asia people believe in saving and they cannot make inroads there. Remember Singapore in the 1990s? Ireland today? Make sure that this does not happen to Africa.

Africa must resist growing at the light of speed through credit because there is no light at the end of that tunnel. It appears to be an oasis of success but when you get there, there is just a mirage. There are many in Iceland who wish they still had their old way of life before the promise of higher returns from high pitched salesmen stole their pensions.

 It turns out that there was a price tag to colonialism and that Spain could not afford all that conquering business. She is still riddled with costs from the days of Christopher Columbus when she borrowed just to be a colonial power. I guess they came they saw and now the only ones with the kind of money to bail them out are the Chinese who have come to conquer. Debt has a sense of humor; the conquerors are now the conquered.

Comments are closed