“I would prefer to be the least important person in a United Africa, than the most important person in a divided Africa.” (Sekou Toure of Guinea).
NTOABOMA — The world is changing. And you must change with it. Ghanaians are tired. We have been tired. We need change more than ever. This is my sincere direction to the Bank of Ghana since it seems that the leaders of this Bank, which is obviously tethered to the IMF, cannot come up with ideas for the definite future of Ghanaian manhood.
The leading reserve role of the US dollar, since August 1971 when the dollar broke away from gold-backing, has essentially shown that it was the last nail (Christianity was the first nail) in the coffin of the emasculation of the manhood of the ordinary Ghanaian, lest all African manhood. It has driven our efforts in the mine, our efforts on the farm and our efforts in the home to monstrous, inimical proportions.
In effect it has allowed other men, in particular those in the US Government, seemingly to run wild, unopposed, the world over, with endless budget deficits without having to worry about rising interest rates. We – men in Ghana – have virtually nothing, but those men in the West have a permanent overdraft credit at their banks without repercussion. The implications of this predicament manifest themselves in unthinkable ways: the Ghanaian government cannot seem to find the money to pave a much needed feeder road to my grandmother’s village, Ntoaboma.
How does this work?
The sale of oil denominated in dollars is essential for the support of the US dollar and the continued stagnation of the Ghanaian Cedi and hence the definite non-future of Ghanaian manhood. In other words, we do not own a debit card, lest a permanent credit card without limit.
One might ask, what can an unlimited credit card do for the manhood of any nation? At any rate, the parallel is easily understood for any individual (man) with a partner with deep desires and essential needs as the honorable and most beautiful women. (I have never seen women more beautiful than in my grandmother’s village, Ntoaboma.) So, how exactly does this work in a nation like Ghana and how is the US dollar connected to the demise of the definite future of Ghanaian manhood (and also female pleasure)?
Say, oil prices rise from 50 dollars to 100 dollars per barrel. The Central Bank of Ghana artificially lowers the dollar exchange rate, or is coerced to lower the exchange rate, buying dollars for fewer Cedis – cheap dollars. The Bank is then allowed to circulate into the local economy the equivalent amount of dollars bought, of course, in Cedis. Artificial inflation, to cause our Cedis to become cheap!
However, when oil prices drop, from 100 dollars to 50 dollars, the process is reversed and the Central Bank of Ghana increases the dollar exchange rate. Or is coerced to increase the exchange rate. The US dollar becomes more expensive. The mechanism is not even sly. It is obvious that the men in the US are trying to keep their economy in stable condition.
Which means that the ordinary hard working women in my grandmother’s village, Ntoaboma, and across the country, must suffer to stabilize the US dollar. They must dish out more Cedis to purchase the same amount of dollars in order to purchase fertilizer and farming tools, produced across the river plus along the border, for their small farms. Never mind their medical needs.
This is how the Bank of Ghana manages to soak up more of the Cedi circulation in our economy. We pay more for everything we import even if it’s from Togo or Burkina Faso. But you ask, oil prices just dropped, or what?
Now the honorable women in my grandmother’s village run out of funds. The men on the other hand do not have unlimited credit cards to support their beloved women. People go hungry, and as a man I can’t even borrow from the Bank to keep my own grandmother sustained enough to see the next season. I take the hit on my manhood, obviously. All the while, the beautiful women of Ntoaboma watch the hardship, like I failed them. Terrible!
Why?
Because our nation, Ghana, needs to acquire dollars to buy imports of oil and most other commodities – including the much needed fertilizer and farm tools – although we are an oil producing country. Typically we also have to invest our trade surplus dollars that our raw materials earn, not in Ntoaboma securities, not in the school under the Great Kuminini Tree at the center of Ntoaboma, not in the makeshift Wawa Clinic behind town, but we must invest – according to IMF and World Bank directions – in US government bonds or similar US government securities.
That means, no matter how hard the honorable women of Ntoaboma work, the profits and the surplus do not benefit their children; fruits of their labor benefit the children of France and fill the Gas tanks of automobiles owned by teenagers in the US who suffer, obviously they say, from Affluenza.
That in effect does nothing for my definite future or my self-assertive Ghanaian manhood. Often it makes me a laughing stock in Ntoaboma. Until I can export more of my Cocoa, more of the Gold in my land, more of the Diamonds and more of my newfound Oil, there is absolutely no way I can amass enough dollars to keep my economy in Ntoaboma stable enough to keep my grandmother’s small farm supplied with fertilizer, nor our women and children supplied enough with their medical needs, lest their educational needs.
But, what does this do for the collective manhood of Washington’s men?
They go on to create a record 18.6 trillion dollar federal debt without any major concern. Today the ratio of US government debt to GDP is 111 percent. In 2001 when George W. Bush took office and before trillions were spent on the Afghan and Iraq “War on Terror,” US debt to GDP was just half, or 55 percent.
So you see, why does this matter to the ordinary Ghanaian man in Ntoaboma?
Well, the glib expression among the men of the US is that “debt doesn’t matter,” as the assumption is that the rest of the world’s men—including Ghanaian men and our beautiful women–will always buy US debt with our trade surplus dollars. That is after we have sold our Cocoa, Gold, Diamonds and Oil and have collected a few dollars for our uncertain future, we must buy into US debt! Or, if we refuse, we get wacked like Muammar Gaddafi was – we get pelted, not with stones like they do for whores in Saudi Arabia, they (the US) will pelt us with giant fucking bombs.
We are their whores. We are their bitches.
As if that was not enough. If you are lucky to escape, the drone attacks of the world’s most wanted criminal – Blessing Hussein Obama— will begin! He is no Nigerian! Far, far, far from it. Without the shelter of our Palm trees, Baraq Hussein Obama is the only deadly lightening we will see in Ntoaboma in a whole century – the last one hit my grandfather’s corn-storage hut some 96 years ago – if we were to defy the Mafiosi of the United States of America and their Drug Lords in Europe.
Hence the ability of Washington’s men to cause havoc everywhere in the world they may like. These men can buy all and everything for their wives, sisters, mothers and children. Me? No, I must go to work, make enough, export or exchange my goods in dollars before I can buy fertilizers from Nigeria to supply my grandmother’s little farm. I must always work to get what I and the next Upright man (the Burkinabe) wants. We must together work extremely hard to exchange our goods and services lying plain in our sight.
The irony is stark. The dollar as the lead reserve currency, a strategic priority for Washington’s men and Wall Street’s crooks, is vitally tied to how many Ghanaian children starve on any given day. What power? In Ghana, we are partly funding the bloated and extravagant spending of the US around the world. Ghanaian men are basically funding American men to treat their wives, their mothers and their children better than we are willing to treat ours. But how?
Ask this foolish list of governors of the Bank of Ghana. The so-called smarties, the so-called Ghanaian elite.
Some are dead and gone. Good!
Now you ask, why on earth would a sovereign and independent country tie her monetary policy this way to the dollar? Do not bother to float this question before the President of Ghana. He is busy negotiating to house America’s Criminals in our backyards for pittance – 200 million dollars. You ask, we have Gold in the land, we have Diamonds, we even have oil, not to mention the Cocoa, but for some reason we need 200 million dollars to appease the good people of Ntoaboma that two suspected (oh, alleged) terrorists will pose no danger or threat to the territorial integrity of our nation. Mind you, the people of Ntoaboma will never see a dime of that money, by the way.
So, look.
Maintaining demand for US dollars by central banks such as ours, the Bank of Ghana, for our currency reserves to back foreign trade with countries like Nigeria, Kenya, Japan or Germany, will only allow the United States dollar to continue wreaking havoc on the beautiful and honorable women of Ntoaboma. That status as world’s leading reserve currency is one of the two pillars of American pimping, of Western brutality in Ghana and in Africa at large since the end of World War II. The second pillar is of course the unfathomable Nuclear Weapon – used only by the Americans on an already surrendered Japan.
Today it doesn’t matter how hard we work in Ghana. It doesn’t matter how beautiful our women are. Hell, it doesn’t even matter if they are honorable or not. No! The only thing that matters is the petrodollar based on Wall Street’s price of oil.
How did this come to be?
In the period up until the end of the 1980s world oil prices were determined largely by real daily supply and demand, or what one would call in Ntoaboma, real, not imagined economics. Then Goldman Sachs decided to buy the small Wall Street commodity brokerage, J. Aron, in the 1980s and ever since it has transformed how the decision to starve children in Ntoaboma and simultaneously emasculate me would work.
The advent of this “paper oil,” oil traded in futures, contracts independent of delivery of physical crude has made it so much easier for Wall Street to manipulate prices based on rumors and derivative market skullduggery. It is a casino where Goldman Sachs, Morgan Stanley, JP MorganChase and a few other giant Wall Street banks run the crap tables on Ghanaian manhood. It’s a big shame. My grandmother is not very pleased.
But gradually Ghana can join Russia and China and other emerging economies in taking measures to lessen our dependency on the US dollar, to “de-dollarize” Ntoaboma. We have suffered enough. Oil is the world’s largest traded commodity and it is almost entirely priced in dollars. Were that to end, the ability of the US military industrial complex to throw bombs at us, as if we were whores in a lawless Saudi Arabia would end.
Paradoxically, the de-dollarization – the dramatic end for the role of the dollar as world reserve currency – if coupled with a Ghanaian-styled domestic refocus on rebuilding the Ghanaian manhood will deny Washington the ability to finance future wars on Ntoaboma.
This could be a valuable contribution to genuine world peace. This could restore my definite and self-assertive manhood. This would restore the honor and dignity that our beautiful women in Ntoaboma proudly deserve for all their hard work. Wouldn’t that be nice for a change?
If Narmer Amenuti had your curiosity, he should perhaps now command your attention with this wonderful piece!
We need currency swaps to facilitate inter African trade. Otherwise our trade volume is dictated by how many dollars we earn.
Within seconds, I found the connection between Money and Manhood rather hilarious. Within a few minutes, I found it enticing. With a little thought, I realize that this is what Manhood is all about! Money! Not just that, but our ability to control our Money hence our collective Destiny as Men! What I mean is, it sounded chauvinistic in the beginning, then I realized, this is the most brilliant use of Macho to prove the point that we have become ‘bitches.’ Great! Including the Governors of the Bank of Ghana and the President of Ghana! Whores, really!
What an amusing article. Hahaha
Wasn’t it?
Sancho has landed to defend his lordship. We welcome you Dade.
I thought you meant well. But damn… Sancho? Is that a dog?
No African context. A frankly pathetic Spanish story by Cervantes been applied to Africa? Afropea is alive and well!
No. Good lord! He is a character in Cervantes’ Don Quixote
I see. I wouldn’t know any of that… Spanish stuff! I see. Well I hope Ayelam continues to enjoy his Spanish utensils!
Hahahahaa… Don Quixote is a Spanish novel by Miguel de Cervantes Saavedra? No? Hahahaa… does this guy know his stuff?
Thank you Dade … I will.
When I say utensils, I mean this: “Many genocides have been glorified (or planned) around dinner tables adorned with shiny forks and knives made from actual silver, without a single inappropriate or illegitimate act or speech having occurred.”
Ayelam would know!
I see, smile. Is that an empirical conjecture?
“Empirical conjecture”? Is that another phrase from Don Quixote? Come again…
Ayelam is a quintessential coon. Seen him around a few times, everything is conjecture to him.
My relationship with money has been a confusing one since I read Georg Simmel’s Philosophies des Geldes (the philosophy of money). A friend and I have for the pass two years been researching about alternative payment models in order to rid us of these shackles. Nana Gyan our last discussion before i took off is wonderfully treat in this piece. please read and lets see how we can get out of the shackles. thanks Narmer Amenuti
I understand power of utterance and power of definition, which are essentially what the west uses in bullying us. Economics (western type) is something I’m handicapped in. So I read the article hoping to find things to help my desire and efforts to defect from western controlled paper currency but got more confused. So answer this question to help your brother. What can possibly happen to a group of people who decide to agree on an alternative currency not backed by any of those people?
For now, the Mafia will come for you! They won’t stop until you are dead. Or, you can get yourself a gun – the bomb – to deter them. Still, they might come for you. In the end, you must be ready to die. If you are not ready, don’t try it.
Another way. Encourage the Mafia to go to war with other mafia. They might end up destroying themselves. But then, you destiny, your definite future for a self-assertive manhood depends on others. It’s a jungle we live in.
Of course, it is true that the petro-dollar system serves to underwrite americas debt binge. This is no doubt detrimental to weak states and Ghana in particular. But the system is not entirely in americas interest. And the reason is what they call the triffin dillemma. Google it.
Audu …. To answer your question: nothing really.
Now, “money” is not as simple a concept as it originally appears.
No matter. I will simplify things:
1. It is the case today that what we call money (the money narmer refers to in his article) is *fiat* or paper money.
2. Fiat money is a creature of the law (state)
3. therefore it’s utility as a medium of exchange and ultimately as a standard deferred payment (meaning the accepted ways in which a debt can be settled) is dependent on the state and the recognition of its magesty by others
3. This is why it is written on the cedi and American dollar that the paper you hold is “legal tender”.
3. The American dollar serves as reserve currency because it is backed by three things (a) a truly dynamic and powerful economy (b) the petro-dollar system which creates demand for dollars and (c) the military industrial complex.
In other words the Americans have the means, the sheer size and the motivation to maintain the dollar hegemony.
Ghana is a small, economically insignificant economy. The reason why we are hocked to the petro-dollar system no more has anything to do with “manhood” than it has to do with “mis-education”.
We are hocked because it makes economic sense from our stand point, and it makes economic sense because we have no means of enforcing our legal tender laws on others (but america can). Let us simplify things and say the opportunity costs are so great that only a non-rational weak state will do it. (If you recall Zimbabwe tried, ten years later the American dollar is Zimbabwes de facto currency; the reason for failure was mismanagement and the fact that no one trusted the zim central bank and dollar).
The suggestion that we establish a busket of currencies with which to trade is doable but it is expensive. It will not dislodge/insulate as from the petro-dollar system. Economically it does not make sense but it may make sense politically.
It is one thing to say that you disagree with your detractors, that is fine, it is another to make economic arguments.
To answer Audu Salisu thread. I see the statement: “Ghana is a small, economically insignificant economy.”
Was Ghana a small insignificant economy when she traded slaves for cowries for more than 300 years? Or was the Cowry not the legal tender? When she owned 32 of the slave outposts, out of the 44, on the entire West African Coast?
Was Ghana a small insignificant economy when she traded in Gold, Salt and Diamonds for 500 years in Cowries? Or was that not legal tender?
Before I can comment on this parochial view of our humanity as Ghanaians I have to take issue first with the import of a few statements.
1. If Ayelam Valentine Agaliba believes in fiat money, we can show that Ghana has had her own fiat money in recent history – the Cowry (the Ewes call it “ho or hotsui,” which is why the term “Ho ne nie?” or How much is it?, comes from. That was successful for 300 years or more, or was it not? Or is it only helpful when it means nothing to them (the Americans)?
2. Was the Cowry not a creature of the laws (states) of the Gold Coast and beyond?
3. This point is just the definition of fiat money.
I could also easily write, that the Cowry served as reserve currency because it was backed by three things (a) a truly dynamic and powerful economy (gold, diamonds, salt, and the stupidity of slavery – of which America too benefitted plenty from, in order to establish their dollar) (b) the gold-cowry or slave-cowry system which created demand for cowries and (c) the various Asafos of Yaa Asantewaa and beyond.
For, how exactly does Ayelam think soldiers in Ghana were paid after war? The Asante fought several wars with the British, and with Dahomey, which also fought several others with the French, the Asantes and the Yoruba. How exactly were these militaries built and fed? It seems to me that the complexity of African society has thoroughly escaped the British imagination of Ayelam. But fine.
I maintain that if Asante and Dahomey alone had the honorable means as men, the sheer size and the motivation as men to maintain the cowry as hegemony, I have to wonder why the great grandson of somebody I could actually respect from Salaga thinks we cannot do it again?
But more disturbing however is Ayelam’s last statement: “It is one thing to say that you disagree with your detractors, that is fine, it is another to make economic arguments.”
Let me be categorically succinct. I do not disagree with others, like Ayelam’s America, only I would rather the legal tender came from me, from here, from Ghana!
As for the part about economic argument, I have to say Ayelam completely contradicts himself. How is it only economics when any legal tender must be backed by a substantial military industrial complex?
I take it that when Ayelam mentions the triffin dilemma he understands full well that Ghana would actually love to have America’s headaches. There is a Ghanaian proverb that I am wont to paraphrase: “The rich man always tells the poor man, being rich is hard oh…!”
But I doubt it. The same parables were told to the slaves in America by their Christian masters who established the dollar as hegemony: “It’s hard to be a slave-owner oh….”
Yah, right! I think I’d prefer to be rich. I’d prefer that Ghana deals with any dilemma, triffin or otherwise, that becomes attendant on our self-assertive manhood. I will cherish the challenge any day.
Finally, Ayelam misses the point of a distinct African literary tool. But that’s fine. We can discuss another day. However, I feel extremely depressed, oh yes, that the future of our manhood as Ghanaians according to the gospel of Valentine is rooted in our continued suffering in the dollar. I would rather, if you were a Human Being, believe in breaking away from the last shackles of slavery.
I’d rather die free than continue a slave of the dollar!
Another cacophony of non siquiturs. You never disappoint.
As for you Ayelam Valentine Agaliba, you can keep speaking the British Imagination. Your last statement accomplishes nothing. It is ad hominen. You never cease to disappoint your fellow Brits and I guess Americans now, with your untoward attacks!
My dear friend …. You suffer from an acute case of duning-kruger.
I am thoroughly civilized enough to not follow you down that road. Please, you and your friends can Blow (literally) one another away. Please, move on!
So, you have a sense of humour?! How amusing. Hahaha
Of course I do. But I take no prisoners!
Flawless victory. Narmer Amenuti literally destroyed my favourite coon….
Get the bomb. North Korea has it, they dare not attack. It is the bomb, nothing esle matters. All real men with iron balls need to be packing the bomb as they say in Texas.
LOL. Iron balls ha? Well, you either have it or you die. It’s that simple!
LOL. You either have it, or you become their bitch, or you die! Your pick!
Ayelam Valentine Agaliba I know u meant good and want to help me understand the whole process. I have to admit that my inability to comprehend comes from a deliberate attempt not fall into accepting it as how the world should work… which is what I read from your explanations… Im a pragmatist and think all black people should wash their dirty laundry at home… so I’d rather tolerate coonry than divide black people… Honestly speaking, as you may have noticed from my own writing and posting, I understand things the Narmer Amenuti way than your way.
Audu …
And what is my way? You asked what could possibly stop the recommendation that we dislodge from the (petro-dollar) system? My answer was that nothing stops a country from trying. However, I pointed out the opportunity costs are very high. Was I being esoteric?
what i mean by your way lies in the rhetoric, which is the fact that in my view both of you answered my question by practically stating that it is impossible. However, you used textbook western type economic prudence, which I pointed out that I’m careful not to be caught into by simply refusing to comprehend them.
Smile.
I guess Ayelam thinks he is smarter than the Chinese, Indians,Russians and Iranians who are increasingly doing currency swaps for trade
Masterpiece!! Congrats!
Interesting piece Akosua M. Abeka. Some very anti American sentiment expressed. Understandable to a certain extent since US foreign policy hasn’t been very popular the past 2 decades.
Surprised to read a few things from the article. Didn’t realize the IMF/World bank as part of their restructuring programs force countries to purchase US debt as the article alludes to. Sounds a bit strange to me since it’s the World Bank that is capitalizing these countries to start with and the source of this money is really Washington make no mistake. The largest holder of US debt by far is China. Trust and believe that no one forces them to do this. Whatever US debt that Ghana or all African countries hold don’t even show up on the map if you look at the numbers. If anything I would say it’s really the Chinese fueling and driving US spending.
As far as Wall St, understand that a lot of these instruments were never meant to be speculative initially. I would argue that the speculation in commodities and all asset classes that you see today is not really conspiracy of any sort but more of an unintended consequence of the markets trying to squeeze out efficiency and make more money. Unintended consequences of capitalism, nothing personal against the small town individuals that the article talks about. In the US today regulations are finally catching up to a lot of this.
Article complains a lot about the dollar being the reserve currency. Bottom line, countries have to hold reserves in something. You are welcome to hold your reserves in Gold but Gold tends to fluctuate from crisis to crisis. In terms of fiat currencies, pegging the value of any currency to gold also has severe limitations(whole new discussion). US debt is straight up triple A debt and until that changes countries will continue to hold US debt.
You can create some new medium to trade your oil but guys will come right back to buying Uncle Sam debt to hedge. Back at square one. Note how China is the leading caller for a new currency outside the dollar yet ironically holds the most US debt.
As far as oil, the US has been for a while reducing its dependency on foreign oil. By the time OPEC or any other monopoly stops trading in USD I suspect the US would care less leaving China the main player. Trust and believe that the Chinese will not treat u any nicer.
Bottom line no matter what path u go down there is no upside or positive outcome for the people of the wonderful village discussed in the article.
The only way to control your own destiny is to control your own resources. Don’t worry about currencies and all that. Control your own resources and you have the power. Africa just does not do this very well.
Thanks Ares Mars. You’ve raised some interesting issues. But, I think I will leave this to Narmer Amenuti.
Ares Mars, you really think the market is efficient and not gamed. Then maybe you should read Pillage by Nomi Prins who was an insider at City Group and Goldman Sachs. There are no free markets in contrast to what they feed people in business school. You really believe commodity prices are governed by supply and demand? Maybe you need to check what really happens in the options and futures market.The prices are not totally set by supply and demand but by what happens on the derivatives market which has no correlation with supply and demand. If you think gold is not worthwhile, why is China and India and Russia buying so much gold for their reserves. The So called masters of the universe have conned the gold market with gold prices artificially low in order to make it less attractive as a reserve. With China producing most manufactured goods in the world, soon she will be demanding yuan for the goods.Why demand us dollars when global manufacturing has shifted to Asia. America cannot continue to export dollars and import real goods when she manufactures little.
I believe markets for the most part have unintended consequences. Funny u mention GS and Citi worked at both. What i did say is speculation run wild causes issues. I also did say regulators are catching up all across the world. Never mentioned supply or demand in my response. Futures etc never started out as mainly speculative instruments they served a real purpose even the dreaded derivatives which have been so horribly labeled. Take away the universe of all these and you still operate in a market place where u are still severely disadvantaged
…. You are a breath of fresh air in this stale mortuary.
In terms of China don’t drink the koolade. Yes China exports a lot to the US but a lot of times what is not discussed is the US on the other hand is also the number one exporter to China as well lol.
Yes there is a trade imbalance toward tipping to China but trust me China needs the US and vice versa.
Considering China’s population size too it’s acceptable. They will always struggle to keep this going to make the billions of people they have happy
My reference to the triffin dillemma escaped quite a few here. It’s hilarious.
How funny and ironic indeed that a bunch of anti-market leftist cranks can appeal (without any sign of embarrassment) to a type of foreign exchange derivative originally designed and intended to circumvent foreign exchange controls….; I laughed hard. It must be the anti-american prejudice. Ah well. I am off to make more money.
Wait until the next casino capitalism fueled market crash wipes our your paper wealthy smile emoticon Then maybe you will finally learn geopolitics 101.
I gather that it is underway at the moment…….\
Gbemela were you even conversant on these matters you might have referenced Zhou Xiaochuan famous 2008 speech on the issue (ie the need for a new reserve currency) (which is official chinese position). Instead, it amuses you to regurgitate left wing cant.
I am familiar with that. I might flaunt my knowledge of China and Russia even on a linguistic level but I chose not to do that. The African in me abhors arrogance and vanity
Feigned magnominity ….. It suits you badly.
Gbemela funny thing a crash is not necessarily a bad thing depending on which side of the house u play. Some people would even argue that the corrective effects of any crash are actually really positive. Question to u if capitalism is so bad what other system would u advocate? Bottom line all I want to see is Africa controlling it’s resources and having more say in its destiny. Am sure we can all agree to that.
I fully take Jonathan Nukpezah’s position… we really dont need to understand western economic primciples to develop. i do take a point from Ares Mars though, that market crushes are not always necessarily negative. these are some of the things we need to know as africans… how to stop seeing things from negative/positive and right/wrong positions. we should see the opportunity in every situation for our own interest and well being; seek to apease no one but ourselves. i know Ayelam Valentine Agaliba will call this a leftist rant but thats what russians and chinese have that we dont have. trust me if i can get one state in africa, even the smallest one to back me, i’m with the view that we should try a non western backed legal tender. all we need is to know that some of us will be recruited to unfilterate and spoil it. with lessons from Zimbabwe, we could go a step further. we ahouldnt seek to aucceed on first try… we should just not be merciful to the Morgan Twangerais and the Ayelams.
There is nothing in my thesis that confounds the US dollar as hegemony with the bastardization of capitalism.
Whatever the intentions of the “instruments,” which “were never meant to be speculative initially,” has done to my dilapidated economy in Ntoaboma and my manhood, I doubt we are in the position to know for certain. The good intentions of the US bothers me none. I don’t care! Good for them. I have my own good intentions! I intend to build a vibrant economy in Ntoaboma, and as a Man, I have the right to this definite self-assertive manhood no matter what my shortcomings might entail in my own future.
Still, I do not speak of a “conspiracy of any sort.” The “unintended consequence of the markets” if you so choose to put it this way, is a point I have peripherally addressed. It’s nowhere found as a main issue. But I find it insulting almost. “Unintended consequences,” are no excuses for the death and destruction in Ntoaboma; it is no excuse for the suffering and the pain around the world where American bombs run wild; they are no excuses for the drone warfare that Blessing Hussein Obama has launched everywhere the world over. You choose your words disingenuously and I choose mine as the reality in Ntoaboma and the rest of the Economic South dictates.
I have delineated in clear terms how my manhood, and the manhood of several other men, goes to fund the US’s unnecessary wars around the world. The 18.6 trillion dollars of US debt is not a consequence of promoting trade; it is not a consequence of well-intentioned monetary policy; it is not a consequence of promoting democracy; nor is it the “unintended consequence of the markets.”
You cannot possibly explain to me the US dalliance with Saudi Arabia while being stared in the face with the six decades of US economic embargoes on Cuba. Such benevolent reading of the US dollar as hegemony and in tandem the US trade and monetary policy around the world, concomitant with its military escapades, flies in the face of facts. There are so many exceptions that they quickly become the rule.
But no matter. Whatever it is, the “unintended consequence” prevents me, and other men, from chattering our definite course for our self-assertive manhood – the Mafiosi in the US will jump at our throats if we tried. I mentioned Gaddafi, and Libya, as a recent illustration alone since Hillary Clinton’s emails clearly show a carefully planned “unintended consequence.” But several nations fall in line with this US antagonism – Cuba, Iraq, Iran, Syria, Russia.
I argued, there is no way the US can afford this brutality around the world, amassing unfathomable debts while at it, without the US dollar as the sole currency of trade around the world. There is no way the US can continue to do this, if my hand, in Ntoaboma, were not forced by my Central Government and my Central Bank in Ghana to buy dollars first, in order to purchase fertilizer and farm tools from across my border with Togo. Mind you, the store my grandmother wanted to buy these much needed goods from is owned by the grandson of her sister!
In the same way, the feeder road needed in Ntoaboma in order for our beautiful women to ship our farm produce to Accra, the capital, and to Togo have been stalled by a lack of US dollars in our reserves. I ask, do you think I need US dollars in order to build a house in my own town? Do you really think we need to export goods to some country to earn dollars in order that we may yet build our own shelters, our own roads and the bridge we need across our river?
So let’s not conflate this discussion about monetary policy, the US dollar as hegemony with the hideous tenets, which is what they are, of US crony capitalism. That would be a wholly different debate.
The focus of the article is more about appealing for a more efficient world. A world, I suppose, where no one nation, no one region, has such economic power as to hold the rest of the world hostage. I intend to do business with the rest of my extended family in Togo. To do it, I doubt anyone can make the argument that I need US dollars. I intend to hire civil engineers from Mali to build the bridge across my river. To do this, no economist can argue that I have to export my Gold, my Diamonds, and my Cocoa in US dollars in order to acquire the services of engineers next door. Is it not more efficient to give the Gold as payment to the people we hire? Wouldn’t that be more efficient?
This brings me to the issue of the fluctuating price of Gold. As if the price of Oil, the basis of the petrodollar, does not fluctuate? Still, if this was the cancer, I doubt the US would take issue with Russia for starting a new Oil exchange to guard against the “unintended consequence” of US economics. No?
One can easily argue that Gold has a longer history than Oil as backing for economic stability. It is only because this precious metal, and much of other precious metals, are found in the economic south that the West moved away from it. It’s exactly because the extraction of Oil, and the Oil refinery, places an advantage at the doorsteps of the West that’s why Oil is tooted as the preferred backing for an international currency. No other reason! If Ghana ruled the world it would be Gold, as we once did!
I am not the first, and I will not be the last, to point to a renegade state in the US. Does this say anything about the good people of the US? Absolutely not! The poor in the US suffer as much.
The US government could spend US taxpayer dollars on rebuilding the horrendous deterioration of basic USA economic infrastructure. The American Society of Civil Engineers in 2013 estimated $3.6 trillion of basic infrastructure investment is needed in the United States over the next five years. They report that one out of every 9 bridges in America, more than 70,000 across the country, are deficient. Almost one-third of the major roads in the US are in poor condition. Only 2 of 14 major ports on the eastern seaboard will be able to accommodate the super-sized cargo ships that will soon be coming through the newly expanded Panama Canal. There are more than 14,000 miles of high-speed rail operating around the world, but none in the United States.
The US ranks number 5 in the proliferation of child poverty! The kind of basic infrastructure spending I propose in my article for Ntoaboma would be a far more economically beneficial source of real jobs and real tax revenue for the United States and Ntoaboma than more of John McCain’s endless wars!
Which all go to show that the levers of the US economy have gone mad. The reason is simple. The role of the US dollar as the sole reserve currency of the world has given the US and its allies too much power. This power has, without mincing words, however, absolutely corrupted the US leadership. In turn they have set the world in flames. It won’t stop until this power is reigned in.
Of course that starts with me. I must define my own future – my self-assertive manhood from Ntoaboma! That should not involve the US, except currently, they feel their happiness means my enslavement. And I emphasize that I would rather die than be enslaved by the dollar!
Well argued. Ares Mars, you have your response.
What a rebuttal! My God!
“The focus of the article is more about appealing for a more efficient world. A world, I suppose, where no one nation, no one region, has such economic power as to hold the rest of the world hostage.”
YESSSSSSSSSS!!!!!!
Narmer Amenuti I thought your assay speak volume of itself to further illustrate your case on this debate column.
I never wanted to reply Ares Mars because I felt Jonathan Nukpezah in some extent justify in clear economic illustration to elaborate the full intended spirit behind the write-up.
My question to him, is how do Gold fluctuate from crises to crises as he put it?
I suggest to you.. Ares Mars that an attempt of men to centrally influence and control the economic market to their desire is the cause of all the negative effect you listed as well as the Narmer write-up seek to enumerate. (Study Briton Woods Agreement I, II) Find the real truth behind “Nixon Shock”. And why the Americans never accepted the “Bucca” proposed by Dr.John Maynard Keynes
And you seek to argue that there is no alternative solution for a sound economic enviroment to be proposed as Narmer “piece” seek to achieve than your only antidote you are recommending for Africa, to me is fallacy, why ? you have just confused two school of economic application together giving birth to a theory which in it application will cause an economic crime.
1. The School of Monetary Economics
2. The mechanistic operation of the market in connection to global trade
The problem of it centralise management for global manupilation is the course of alot of developed economic schools to address future anticipated problem but yet fail several time which almost made economics as a subject began to loose it value and essence of studies. Just because the political left want module that could deepen the authority in manupilation at the same time address future repercussions which has not been achieved yet.
Solomon. Just to be crystal clear my intent is not to show how wrong any individual is. There are merits to both sides of the argument. I feel like one can always learn from others perspectives.
One thing I can fully get through all these responses is the theme of American foreign policy vs American capitalism which has been proliferated throughout the entire world. Some may argue that they are one and the same.
The writer makes his case for another currency to transact international business with. I never opposed that. All nations should be free to determine how they would trade and I support this. I stated that most nations have to actually hold their reserves somewhere and due to perceived safety of US debt it has become the default choice.
Bottom line if you truly believe that The US is the number one cause of all the problems that African countries face then that is an ideological split between my world view and yours.
There is nothing fundamentally wrong with intellectual agreement and disagreement. This is just a case where we disagree.
Across the entire continent dictatorships and corrupt governments running unchecked are in no short supply. The writer ignores all the national and regional issues facing the people of this village and completely absolves everyone else of their responsibilities by pacing the blame solely on US capitalism.
I do not believe that you can simply replace a means of exchange and that alone will be enough to solve all the problems that face these societies.
So we can’t have Africans talk specifically about external causes of our problem without some afro-pessimist assuming we are refusing to acknowledge internal causes. Funny enough this article makes mention of miseducated local elites–false paradigm, how did you miss that. Okay, we rid the continent of dictatorships then problem solved???
I see that this is the opportune moment for another Post. Please permit me………
If the basis of all this was just to score some ideological make belief points, then go ahead and score this your way. It does very little to advance the conversation or conceive any real true change. As I said in my other post, I would like to see Africa gain more control of its destiny. And like I said that is something that I believe everyone on the message boards can agree on.
You might be paying lip service to your supposed wish to see Africa control her destiny. You tend to be an apologist for global institutions that were created and operated historically, to the detriment of Africa. You assume and believe too much, you might be an ideologue yourself trying to score points.
Ok sir. Take it how you will. Good luck with your efforts to trade in a new currency. Again as I said if you truly believe this will solve all the challenges faced in your village then more power to you sir. Am really pulling for you bro.
Ares Mars, no one is saying we need a currency to replace the dollar. Where do you get that? Here:
“The focus of the article is more about appealing for a more efficient world. A world, I suppose, where no one nation, no one region, has such economic power as to hold the rest of the world hostage.”
That means we do not need one currency that is issues by one nation or one region that dominates all trade! We need to also have currency swaps – more of it! Unfortunately the US government will kill anyone involved in this.
Solomon Azumah-Gomez got it. Understand exactly what you are saying and yes the US will act to preserve the status quo. As far as swapping currencies for international business transactions what I think will happen is sooner rather than later people will then again standardize in one and you might be back at the same position.
I do however see where you are going with this just skeptical it would actually work
Also what this is advocating is noble but I think can only be realized in some utopia setting. So you get rid of the US super power today. There will be a power vacuum. Trust and believe that another powerful entity will step up to fill this vacuum.
Like a friend of mine said, if you get rid of greedy people eventually even greedier individuals will replace them
Ares Mars I dont believe most people are not aware of all that. I think its very important to recognise that to be marginalised due to institutional malfunction in an Africa controled system is definitely better than a white supremacist syetem, at least from my point of view… Whites do opress other whites. Its not all rosy with them but as soon as you show up you are the other and they put their differences aside… I see nothing wrong advocating for this. Its utopia today but its possible its not, tomorrow. Hey US could self destroy, who knows. I dont leave in the US but past riots have shown race and other forms of war from within are not completely impossible.
My final response on this. We don’t have to look too far back in history to see some of the horrible atrocities committed by Africans v Africans. Rwanda genocide, Somalia, Congo, Liberia it goes on and on. An African controlled system like you mentioned might lead to more unspeakable atrocities or it very well might not. However there is nothing today that show me that it will not. From South Africans burning attacking other Africans to a host of other things happening am not convinced.
The continent is split across sectarian, religious and so many other lines. Am I suggesting that a Western dominated system is by far better absolutely not.
IMO nothing has been offered here that will make the situation any better. You would simply trade one form of colonization for another. Don’t be fooled the Chinese are not playing big time out there cos they would like to see the continent be a more prosperous place. Absolutely not.
As I said when the US fades from the world scene another dominant power will step up to fill the void. It could be the Chinese, Europe or even Russia who knows. It’s safe to say that as of right now no African country or the continent as a whole will step up to fill this void.
If you truly believe the Chinese will treat you better, look at what their government does to its own people. We all know from history that the Europeans will be your worst nightmare. Russians are really Europeans. Maybe an Arabic super power will treat you great? Yep only if you convert to Islam else your heads will be cut off.
The strategy which you guys are hoping for is a bridge to no where. Very noble like I said but won’t happen in this world.
Great discussion guys.
You have some phobia for change or revolution, I’m curios, or it is just the pessimism????