Tuesday, October 10, 2023

Unravelling

Africa pleads for debt relief in todays Times: "With its young population, vast renewable energy and mineral resources and large tracts of uncultivated arable land, the continent is more important to future global prosperity than ever before." Of course Africa has never heard these rosy promises before. Just let us tear out your minerals and cultivate your land and you'll all get rich, no, really. A rising tide lifts all boats! All it requires is outside investment (at low interest!) and a willingness to see your landscapes denuded. One can expect development banks, governments and private equity to be a bit leery about lending Africa more money since it always ends up in the pockets of dictators, warlords, elected officials, etc.. Not that corruption is unique to post-colonial Africa. The post-Soviet countries are all kleptocracies run by Mafia elites. On closer inspection you see that every so-called capitalist "democracy" is riddled with corruption, some more sophisticated than others. And so the disintegration of liberal order accelerates daily, with increasing failed states, ethnic conflict, land grabs, etc. Latin America has been out of the news thanks to Ukraine and now Israel, but many countries there are facing default and we don't even bother thinking about the Carribean; Haiti being the best example. US liberals continue to prattle on about electric vehicles and green hydrogen as societies implode. They worry about "our polarizing politics". The age of oblivious.

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