Summit Affairs: Globalization

» SamAJPillay - Globalization

Thank you, Glenn, for your piece on the G7/8 Group. You raise some pertinent questions. It is significant that the group has put Africa on its priority list.

Africa has been placed on this so-called list of priorities off and on since the mid-50s. Things on the continent, however, have reached ever heightening scales of horror and mismanagement. Plus ca change ...

Much of the problem appears to be the result of behind-the-scenes manipulation by the major powers; not a consequence of some atavistic characteristic imbedded in Africa and Africans. Nigeria, Uganda, the former Zaire stand as outstanding examples of blatant abuses perpetrated in the interests of resource extraction.

So now we have the wolves sit in judgment of the chooks that ran amok. It is a pretty kettle of fish, indeed, to mix metaphors.

I would say the greatest problem arose with Nixon's dismantling of the dollar standard at Bretton-Woods in August 1974. It may be a bit simplistic to say this but every financial and economic woe of today's leads back to Bretton-Woods.

It paved the way to unbridled speculation in every field, and the situation is getting worse. It certainly has not solved any of the United States' economic problems.

This summit is certainly unlikely to offer any more than some more window dressing.

I'll happily stand corrected on the points I have made.

Best regards,

-- posted by SamAJPillay