And black people always talk about white devil's but they fail to see their own home grown black devils Astonishing. Has my sister said a black man is his own worst enemy.
Part 2: Origins of the Free market & the IMF The IMF was created as advised by John Keynes in 1945, right after World War 2 and the "Great depression", initially to facilitate and stabilise exchange rates between participating countries which was crucial to Europe, who needed financing for its reconstruction from damages caused by the war. However, following internal unrests, economic stagnation under Keynes economic policies & the growing U.S. budget deficits mostly accrued from the Vietnam war in the 1970s, U.S. president Richard Nixon suspended the gold standard form of exchange and coerced it's allies to replace gold as reserve to the U.S. Dollar as advised by "Free market economy" enthusiasts from the Chicago School of Economics. With America being the world largest creditor at the time, replacing gold with the Dollar further solidified its standing as the leader of the "Free world" against the Soviet led Communism and gave them the ability to finance their international objective without a worry about deficits. With the efforts of the C.I.A, the U.S carried out countless missions that sabotaged Soviet leaning countries, swaying them to Globalisation with enough U.S Dollar to print and finance their new liberated economies. The IMF was forced to make changes to its role in the face of U.S foreign policy to ensure and advertise American led global capitalism as the viable option for human progress, expanding its agreements to debt financing and repayments to further uphold the new economic order. African nations, which have long been tortured to subservience by their colonial masters, to an extent they were handed a country and their independence without any form of struggle, seemed ripe for the sort of propaganda that persisted in the battle for supremacy between the Soviet Union and the United States. How they managed to influence our society is a tale for another day. But as we know, the United States won the battle as the Soviet union collapsed.
I honestly disagree with this your content, we the people of Africa always want to blame someone for the bad decision and selfish interests of our leaders, we had independence with some Asian countries. Have you ever heard any president or leaders there doing any blame game?
If you speak with the IMF, they will tell you each country should focus on it's competitive advantage. The West is great at manufacturing and being rich while africa should stay poor and un-industrialised as that is our competitive advantage.
I'm not african, but wish for the prosperity and success for my African brothers and sisters. I have hope that One day africa will overcome any struggle it faces and will have some of the most developed nations on earth. Love from an indo-trinidadian🇹🇹
@@ifecoAEof course those demons in power know there's fire on the mountain but choose to remain quiet because of the benefits they get from selling out to the colonial thieves.
The annoying part is that the governments of Africa and its politicians don't listen to the populace neither do they learn from their past mistakes. What a pity 💔💔💔. Thanks Jude for this.
Case in point Kenyan president and Adani deal. The president was forcing the deal despite country wide protest against it. But a US indictment of Adani made him cancel the deal. Is he an American president or Kenyan president?
That's because they're not in power for the good of the people but for their self aggrandizement hence their nod to bizarre terms and conditions on loans
I just discovered this channel, such a gem of africa. 👏 💯 👌 Salute from Ethiopia 🇪🇹 🙌 🙏 The beginning of the video just made me so sad that interest usury is legal or at least not highly regulated by governments. Such an evil tool of capitalism.
That is where the West is getting it wrong. A poor population can not buy foreign goods. China is competing seriously with the West for the African market.
Then they say; "We found you poor"/"You ancestors were poor"... You can't be poor with land, livestock & crops as well as antelope & variety of birds to eat in the African wilderness. Bureaucracy is keeping us poor. African chiefs/kings would never survive if their citizens were hungry.
I am a business man, borrowing is actually good, that is why the west prevailed and the Ottoman empire failed. When I go to the bank to borrow some money, I use that money for my business ONLY. I do not use the money for entertainment! I double or triple the money, give bank their own and put the rest back to work! The main problem is that the vast majority of the people who call themselves African leaders cannot run a KIOSK! They cannot run a lemonade stand. Many have never held a real job throughout their miserable lives. Wealth without enterprise.
It easier to steal because there is little or no oversight. Don’t borrow we have 54 nations if all put a small portion to the elevation of Africans we won’t owe or be in debit to anyone. We have to invest in ourselves so we can dictate the terms. The rest of the world will never play fair with us unless we make them. Historically we have always let our enemies to close and they have always taken turns taking advantage of us. In most African countries we treat Africans as less then foreigners in our country’s. Even look at them as being smart or better. We need to change how we view our selves and how how outside nations view us. The whole world watches as we get mistreated and disrespected. 54 Nations combined would make is the biggest military and economic power over night. The stealing and disrespect would stop. They would have to sit at our table or their country’s will fall because we don’t have to deal with them and they wouldn’t be able to makes us.
Thank you for your hard work and revelatory information. We must make conscious effort to consistently reinvent ourselves individually, to stay relevant as the future unfolds. No matter how tough the going gets, never give up on your self development. Its all you got, and it would eventually pay off.
Jude, very well done video. Watching from the US, I remember back at university wondering why so many countries experienced economic shocks and political unrest during the late 1980s. While there are a number of factors (not least of which the fall of the Soviet Union reducing the number of powers to seek economic support from), I failed to realize the common economic structures that caused issues. I do find it interesting that some of the first countries that received IMF aid were ones that were more inclined to seek an independent foreign or domestic policy (Egypt and Algeria both come to mind). The conditions imposed, much as in other examples you provide, forced these states to dismantle social safety nets (subsidies, privatization) or open their economies to imports (some of which got subsidies from the exporting nation). It reminds me of Touré's Guinea, and how de Gaulle cut Guinea out of the French economic system for seeking immediate independence. It also echoes far too many colonial transitions, where the colonial power imposed restraints on how many locals could be educated, in the civil service, etc. Even if these are not done with malice, such actions seek to impose the existing power imbalance and force those who dare go another way to be punished. Another video that dovetails nicely with this is Cogito's video about Haiti. Far too many parallels with the debt traps that have consumed too many countries in the global South.
Wellsaid. The keyword here is "neoliberalism," an economic ideology/framework (aka Free market economy) as advertised and imposed upon the developing world, calling for governments to create policies and infrastructure necessary for an unregulated free-market economy to thrive but which the government must not interfere in. If they do so, in respect to the welfare of their citizens, they risk placing their countries on the path of totalitarianism, communism or socialism away from liberty, freedom, or individualism. Liberty, freedom, and individualism can only be achieved not in respect to ensuring human rights/dignity but rather based on your ability to participate in the market via the stock market, seeking employment or creating a business. The government role is to ensure that the market economy keeps on, providing subsidies, bailouts and regulations in favor of businesses such as tax cuts and reforms, Interest rates, wage cuts, which turns out to mostly favor multinational corporations who will bring in the jobs and infrastructure as discussed during bilateral and international trade deals. The assumption is economic freedom will bring about political freedom; our role as consumers and entrepreneurs will allow us to live the best life possible. How has these turned out we, countries that adopted this economic framework? Neoliberal or the free market framework became the norm after the failure of Keynesian policies in the U.S and at the height of the Cold War, where the U.S and its western allies sort out to propagate to the entire world that American led capitalism was superior and humane as compared to Soviet led communism.
I am a business man, borrowing is actually good, that is why the west prevailed and the Ottoman empire failed. When I go to the bank to borrow some money, I use that money for my business ONLY. I do not use the money for entertainment! I double or triple the money, give bank their own and put the rest back to work! The main problem is that the vast majority of the people who call themselves African leaders cannot run a KIOSK! They cannot run a lemonade stand. Many have never held a real job throughout their miserable lives. Wealth without enterprise.
Yes and I don't know why brain dead Africans don't get this and are always quick to demonize the IMF or World Bank. These NGOs have the right to doubt proper usage of funds by Africans. Africans have no precedent of a society that excelled in terms of scientific innovation. Why the hell would you give easy loan terms to Africans? Let's be less emotional and realistic about the nature of Africans.
@@narvanamusic2656 Sure, let’s just ignore the strings attached to these loans and the fact that they’re often contracted under duress, as countries are left devastated by imperialism and colonization by the very nations now offering the loans
IMF in DRC ex Zaire in the 70s place conditions on Mobutu to place IMF officials to work in the country's central bank where they devalued the zaire currency over 20 years. They also forced the government to produce only goods for export (sugar, coffee, timber, cocoa) instead of maize, chickens, soya, rice which till today DRC is food insecure. They essentially made the Congo an extractive economy where only raw materials were collected and no industrialisation was promoted. They ensured that even the education system only promoted mostly degrees that would work in these extraction economies such as mining engineering, geology, metallurgy etc instead of agronomy, animal science or computer science. No innovative degrees were promoted.
IMF is evil ,but Mobutu is far away from being innocent ,Zaire was making a lot of money during the copper boom of the 1960 s and Early 70s , Zaire currency was stronger than the Canadian dollar but Zaire became a spendthrift state , the copper revenue money was lavishly spent on pharoanic project and endless state parties ,the government didn't have a plan to create a sovereign wealth fund like others minerals rich countries do (Norway,Saudi Arabia,usa,china,russia etc...). If the copper revenue was put into a sovereign wealth funds to be invest into international corporation(google, Microsoft etc... ) or local successful established business after the copper boom the country could still have tons of cash coming from those investment.
I just found your video in my feed. After watching half of the video, I hit the subscribe button. Excellent content. I totally agree that IMF is responsible for keeping Africa poor. However, I also believe that good leadership can counteract IMF's corrosive intentions. After all, look at what Mali has recently accomplished by eradicating their own debt to IMF.
Good leadership isn't enough.! We've had good leaders. And though I could still argue otherwise that most of the so-called bad leaders were western sponsored(through coups, propaganda, manipulation, etc) , a couple of them turned out to be good at some point but their countries had gone in so deep into the trap that any measure or attempt short of outright radicality and rebellion against these institutions, rather contributed to plunge their countries into deeper waters. So yes, Good leadership is required, but at the level we are now, and based on your comparison with Mali, Burkina faso and Niger, even the more, we need RADICAL leadership willing to take 180⁰ turn away from the west. That's the only way.
Thanks Jude for this elucidation. I believe some of us would love to know if there are African nations that have not fallen into d IMF bait and how they have been able to thrive without this help-trap. Our youths and upcoming Nigerians need to learn from them for perhaps d betterment of our nation in d future. Part 2 please. Thanks
Ebola, slavery, inter tribal conflicts, lack of education, lack of electricity, corruption, colonialisim, small pox, diptheria, cholera, paternalisim, dictatorship, feudalisim. But blame the IMF FFS
A succinct analysis as always. However, Nigeria hegemony on African economies has been demystified. It now ranks 4th behind South Africa, Egypt, and Algeria. "The Emilokon effect" 😂😂
People need to understand that the IMF should never be any country’s first option. IMF is the LENDER OF THE LAST RESORT; that is , you go to them if you have exhausted all your options like fiscal, trade etc.
One thing about loans is that you must be disciplined, you mustnhe able to use it as means of solving a specific problem, not managing a problem. Is like a mortgage loan, you get it for mortgage, not getting it to buy a car.
The thing these loans from imf have conditions and those are often to cut production in farming and education and healthcare. So then the African country now outsources all its needs, it’s IMPORTANT needs. And that’s what imf wants!!
Hi Bro, I like the Thumb Nail How I translated it Our leaders are willing to sell us Africans to the highest bidder out there Be it the West, North, East or South
I think we Africans should stop blaming the West for our problems.. look at Asian countries, we were at a similar economic level in the 19's but because of serious and forward-thinking leadership, they have even outpaced some of these Western countries. The problem in Africa today is leadership problem... we have leaders who think about their pockets rather than the progress or development of their country. I think some African leaders are getting it right now though like Rwanda and some southern African countries
@@rw9833such a cop out response. Society’s build nations not individuals. The fact that African society’s are consistently incapable of producing competent leaders is a reflection of their dysfunction. But I guess blaming the West is an easier answer.
Asia is not blessed with as much natural resources as sub Saharan Africa. The West along with others need to have control over it. Their economies would shrink or collapse if Africans controlled and added value to the natural resources. Remember Lumumba.
Sure we need more Patriotic leaders but remember the history of such leaders in Africa. The multiple assassinations and attempts, the demonization of our heroes, the funding of coups and regime changes that ousted competent leaders. There's simply no excuse for the nonsense the west is doing around the world.
Wait, i want to get this right, you mean Ghana was producing so much rice that it was exporting the excess and the IMF stepped in and requested them to start importing rice instead? some things just leave me speechless!
I really need a source for this because I cannot believe this and after Google-ing I am yet to find data that supports this. It'd be appalling if this truly is the case.
It's true. They did the same to Bangladesh. Imf "recommended" coastline shrimp farming as loan condition because there was market for it in the west. When they implemented the recommendation they could no longer farm crops bcoz they soil was poisoned by saltwater. Long story short Bangladesh is at the bottom of poor list of countries.
Thanks for this video, Jude. It's really eye-opening. The sooner African countries concentrate on managing its reasons and stop relying on these loans, the better for us to thrive economically.
They are not dumb, they are playing their part extremely well, making policies and investments that benefit them and their investors ONLY The nigerian populace is of no concern to them
Hey Jude, thanks for this great documentary. But regarding Egypt, there are alot of things that people don't know, and so you as well. The Egyptian economy and public was doing really badly under Nasser's communist regime, and Sadat understood this. Nasser even stole and nationalised all of the endowments and mosque's properties that were used to feed small numbers of the poor for hundreds of years, he took them and feed the population for few years, which lead to the depletion of the endowments and there was no money left for the poor as a result. In the end, liberalisation was necessary, but the government didn't want political freedom, and economic freedom always brings political freedom, so the Egyptian government limited economic freedom again. Such a poor strategy. The Egyptian government and military impoverished egyptians since the rule of Mohammed Ali Pasha, who indirectly and ignorantly paved the way for the british hegemony in Egypt. I know the history of Egypt, and it's so sad how it destroyed itself since Napoleon Bonaparte's campaign.
Jude 😢you have just said the ultimate truth that we see with our own eyes everyday from these our evil leaders that stay quiet instead to fight for us like in some countries like the Sahel guys who are taking the bull by the horn
Thank you for your videos. They are very relevant and informative especially in these times. as Africans work to find our rightful place on the global stage. It's imperative Africans understand the issues and challenges plaguing us collectively.
Good piece there Bro we all can resonate with IMF and their policies as they mean no good to developing countries rather they are meant to impoverish them and make them glued to the western countries 😊😢😮
I haven't watched it all yet so may have jumped the gun but I think the best way to highlight the failure of the IMF and other organisations is to show the comparison of how well Botswana done by not taking on such loans, debts and conditions !!
The CORRUPTOR who's the colonizer, plays a major role for the CORRUPTEE who are African politicians to practice CORRUPTION, once you understand this cycle THEN YOU WILL UNDERSTAND HOW TO DEAL WITH THE CORRUPTOR, CORRUPTEE AND CORRUPTION, and the other problem is the governance system and policies we have inherited or adopted in the way we govern ourselves, we have adopted to run our countries by taxing people who don't have economic muscle to generate taxes, SO THERE'S A LOT TO BE DONE FOR AFRICA TO BE ON THE RIGHT TRACK
There is nothing to be done for Africa, the money stolen goes back to the West and repatriated as loans. This has given the West a false sense of security, which has been erased by the emerging giant China. So they should continue giving the loans.
Again, you have managed to out do yourself. This is the information that young and old should be required to know. We are not in the position we are in because God said so. Bad decisions, opportunistic foreign entities and shortsightedness have all come together to bring us this current reality. But information/knowledge is power and we can still turn this around. God bless
Amazing content as always. The clear trend i see in all the cases you cited is the clear mismanagement of those countries by the leaders leading to their collapse. The IMF only comes in to milk what is already broken. If the societies self-governed well, they wouldn't have needed IMF loans in the 1st place. Whilst the UAE was developing their economy with oil money, some prodigal leaders in Africa were wasting it on themselves and frivolities. When oil failed and they had no reserves/investments, they had no choice than to turn to the economic hitmen. I dont blame the IMF at the same level I blame the prodigal leaders...
Two colleagues from the former Eastern block of Europe were conversing, and my curiosity made me listen to them. They discussed politics in their home country, democracy, capitalism, and democracy V communism. They spoke about corruption, massive gaps between the rich and poor, and how Western ideologies create poverty in their democratic countries. Reflecting on their conversation, I thought about how Africa, which has so many resources, is under the thumb of Western policies, and puppet leadership can truly trade as an equal to benefit its growing population.
I understand the countries who are in war or been through war, byt why are african countries that didn't have any war in last 50 years are still poor? Make no sense.....
The cost of building sea ports varies greatly depending on factors such as size, location, infrastructure, and capacity. Here’s an estimate based on modern port construction costs: 1. Cost of a modern sea port: • Small to medium-sized ports: $100 million to $1 billion. • Large international ports: $5 billion to $10 billion. 2. Assumption: Let’s use an average cost of $2 billion per port for medium-sized facilities. Result: With $250 billion, approximately 125 medium-sized sea ports could have been built since 1960.
The looting and mismanagement of the IMF loans is also a contributing factor to our economic misery...So the said loans are not even utilized for the betterment of the African people but looted by our politicians.
We can blame both the leaders and the outsiders, it doesn't have to be one or the other. One of the problems in my country is that after every election cycle we all forget who is responsible for the problems we're facing. We elect the same malicious leaders and they take on the same malicious loans.
Visit invideo.io/i/JudeBela to begin using Invideo to bring your ideas to life.
Needless to comment anything other than commend your spot-on and impressive analysis.
Well done!
And black people always talk about white devil's but they fail to see their own home grown black devils Astonishing.
Has my sister said a black man is his own worst enemy.
Congratulations on your excellent use of AI to come up with that thumbnail. 👏👏
Part 2: Origins of the Free market & the IMF
The IMF was created as advised by John Keynes in 1945, right after World War 2 and the "Great depression", initially to facilitate and stabilise exchange rates between participating countries which was crucial to Europe, who needed financing for its reconstruction from damages caused by the war.
However, following internal unrests, economic stagnation under Keynes economic policies & the growing U.S. budget deficits mostly accrued from the Vietnam war in the 1970s, U.S. president Richard Nixon suspended the gold standard form of exchange and coerced it's allies to replace gold as reserve to the U.S. Dollar as advised by "Free market economy" enthusiasts from the Chicago School of Economics.
With America being the world largest creditor at the time, replacing gold with the Dollar further solidified its standing as the leader of the "Free world" against the Soviet led Communism and gave them the ability to finance their international objective without a worry about deficits.
With the efforts of the C.I.A, the U.S carried out countless missions that sabotaged Soviet leaning countries, swaying them to Globalisation with enough U.S Dollar to print and finance their new liberated economies. The IMF was forced to make changes to its role in the face of U.S foreign policy to ensure and advertise American led global capitalism as the viable option for human progress, expanding its agreements to debt financing and repayments to further uphold the new economic order.
African nations, which have long been tortured to subservience by their colonial masters, to an extent they were handed a country and their independence without any form of struggle, seemed ripe for the sort of propaganda that persisted in the battle for supremacy between the Soviet Union and the United States.
How they managed to influence our society is a tale for another day. But as we know, the United States won the battle as the Soviet union collapsed.
I honestly disagree with this your content, we the people of Africa always want to blame someone for the bad decision and selfish interests of our leaders, we had independence with some Asian countries. Have you ever heard any president or leaders there doing any blame game?
If you speak with the IMF, they will tell you each country should focus on it's competitive advantage. The West is great at manufacturing and being rich while africa should stay poor and un-industrialised as that is our competitive advantage.
😤
That's EXACTLY what they say!
The concept is sound in theory. Question is, who decides what constitutes the competitive advantage and whose interests do such advantages serve?
Don't forget our leaders
@@hundeyinyep
Rather than working with each other, African leaders would rather run to the slave masters for help. Vicious cycle!
The Slave master is African leaders THEMSELVES !!!
The slave master is amongst us, he strategically hid amongst us for century while pointing fingers with us.
The devils come in all different forms
I'm not african, but wish for the prosperity and success for my African brothers and sisters. I have hope that One day africa will overcome any struggle it faces and will have some of the most developed nations on earth. Love from an indo-trinidadian🇹🇹
That can only happen when they can accept that they have a problem.
@@ifecoAEWe already know there's a problem what's next?
@@jaypee116 Who are you? You are just an individual on the internet. You are insignificant, the people who matter are yet to do so
@@ifecoAEof course those demons in power know there's fire on the mountain but choose to remain quiet because of the benefits they get from selling out to the colonial thieves.
@@jaypee116 Thank u
It's so interesting that in the game of economics, slavery and poverty is of high importance. 😑
Sadly in the global game, we’re the losers and at the bottom of the pyramid.
The annoying part is that the governments of Africa and its politicians don't listen to the populace neither do they learn from their past mistakes. What a pity 💔💔💔. Thanks Jude for this.
It’s the money that motivates Nigerian politicians
They puppets of the West.
Case in point Kenyan president and Adani deal. The president was forcing the deal despite country wide protest against it. But a US indictment of Adani made him cancel the deal. Is he an American president or Kenyan president?
That's because they're not in power for the good of the people but for their self aggrandizement hence their nod to bizarre terms and conditions on loans
Amazing content. All your stuff is truly top notch
Wow
Thank you for your support 🙏
I just discovered this channel, such a gem of africa. 👏 💯 👌
Salute from Ethiopia 🇪🇹 🙌 🙏
The beginning of the video just made me so sad that interest usury is legal or at least not highly regulated by governments. Such an evil tool of capitalism.
🙏
Be blessed thanks for all you do 🙌🏾
Thank you so much for your support 🙏
I call this the DEBT SENTENCE.
Thank you as always for your service.
Really love this Jude, more youths(in Africa) need to understand this to know why their countries are sometimes facing economic hardship
bullship
Poverty is big business
..for the west.
FFS. Banks make far more money from wealthy customers than from almost irrelevently poor customers.
That is where the West is getting it wrong. A poor population can not buy foreign goods. China is competing seriously with the West for the African market.
@@conormcmenemie5126 ...don't be absurd - the IMF and WB profit most from loans to developing countries. We're talking chess here, not checkers.
@@illitrait Thanks for the heads up - please show the balence sheet or your source of data.
Then they say; "We found you poor"/"You ancestors were poor"... You can't be poor with land, livestock & crops as well as antelope & variety of birds to eat in the African wilderness. Bureaucracy is keeping us poor. African chiefs/kings would never survive if their citizens were hungry.
The most astonishing part is that many Africans believe it to be a fact.
Well done.
Thank you for your support 🙏
Well done Jude! Found this very information-rich and insightful
Thank you, David, this means a lot coming from you 🙏.
Keep up the good work! 👏
Thank you! Will do! Thanks for your support.
Thank you for condensing complex topics to an engaging way go teach our people. Lack of education is a big problem
🙏
I am a business man, borrowing is actually good, that is why the west prevailed and the Ottoman empire failed. When I go to the bank to borrow some money, I use that money for my business ONLY. I do not use the money for entertainment! I double or triple the money, give bank their own and put the rest back to work! The main problem is that the vast majority of the people who call themselves African leaders cannot run a KIOSK! They cannot run a lemonade stand. Many have never held a real job throughout their miserable lives. Wealth without enterprise.
They don't even have the intention of paying back the loan.
@@marcusgenz4020 facts
Thanks so much, well said
Case in point Kenya. A billionaire without industry 😂
It easier to steal because there is little or no oversight. Don’t borrow we have 54 nations if all put a small portion to the elevation of Africans we won’t owe or be in debit to anyone. We have to invest in ourselves so we can dictate the terms. The rest of the world will never play fair with us unless we make them. Historically we have always let our enemies to close and they have always taken turns taking advantage of us. In most African countries we treat Africans as less then foreigners in our country’s. Even look at them as being smart or better. We need to change how we view our selves and how how outside nations view us. The whole world watches as we get mistreated and disrespected. 54 Nations combined would make is the biggest military and economic power over night. The stealing and disrespect would stop. They would have to sit at our table or their country’s will fall because we don’t have to deal with them and they wouldn’t be able to makes us.
What are we doing for ourselves? No one else can take us out of poverty. Our leaders are unfortunately too dull to understand this.
Not dull but Intentional about making you poor and miserable. Open your eyes
They're not dull, they just don't care and know what they're doing
@@seunolawepo1405 My thoughts
Thank you for your hard work and revelatory information. We must make conscious effort to consistently reinvent ourselves individually, to stay relevant as the future unfolds. No matter how tough the going gets, never give up on your self development. Its all you got, and it would eventually pay off.
Jude, very well done video. Watching from the US, I remember back at university wondering why so many countries experienced economic shocks and political unrest during the late 1980s. While there are a number of factors (not least of which the fall of the Soviet Union reducing the number of powers to seek economic support from), I failed to realize the common economic structures that caused issues.
I do find it interesting that some of the first countries that received IMF aid were ones that were more inclined to seek an independent foreign or domestic policy (Egypt and Algeria both come to mind). The conditions imposed, much as in other examples you provide, forced these states to dismantle social safety nets (subsidies, privatization) or open their economies to imports (some of which got subsidies from the exporting nation).
It reminds me of Touré's Guinea, and how de Gaulle cut Guinea out of the French economic system for seeking immediate independence. It also echoes far too many colonial transitions, where the colonial power imposed restraints on how many locals could be educated, in the civil service, etc. Even if these are not done with malice, such actions seek to impose the existing power imbalance and force those who dare go another way to be punished.
Another video that dovetails nicely with this is Cogito's video about Haiti. Far too many parallels with the debt traps that have consumed too many countries in the global South.
Wellsaid.
The keyword here is "neoliberalism," an economic ideology/framework (aka Free market economy) as advertised and imposed upon the developing world, calling for governments to create policies and infrastructure necessary for an unregulated free-market economy to thrive but which the government must not interfere in. If they do so, in respect to the welfare of their citizens, they risk placing their countries on the path of totalitarianism, communism or socialism away from liberty, freedom, or individualism.
Liberty, freedom, and individualism can only be achieved not in respect to ensuring human rights/dignity but rather based on your ability to participate in the market via the stock market, seeking employment or creating a business. The government role is to ensure that the market economy keeps on, providing subsidies, bailouts and regulations in favor of businesses such as tax cuts and reforms, Interest rates, wage cuts, which turns out to mostly favor multinational corporations who will bring in the jobs and infrastructure as discussed during bilateral and international trade deals.
The assumption is economic freedom will bring about political freedom; our role as consumers and entrepreneurs will allow us to live the best life possible.
How has these turned out we, countries that adopted this economic framework?
Neoliberal or the free market framework became the norm after the failure of Keynesian policies in the U.S and at the height of the Cold War, where the U.S and its western allies sort out to propagate to the entire world that American led capitalism was superior and humane as compared to Soviet led communism.
Only Africa can help themselves. Awesome content. Keep it up
The borrower will always be subject to the lender. This is why I detest borrowing.
I am a business man, borrowing is actually good, that is why the west prevailed and the Ottoman empire failed. When I go to the bank to borrow some money, I use that money for my business ONLY. I do not use the money for entertainment! I double or triple the money, give bank their own and put the rest back to work! The main problem is that the vast majority of the people who call themselves African leaders cannot run a KIOSK! They cannot run a lemonade stand. Many have never held a real job throughout their miserable lives. Wealth without enterprise.
@@ifecoAE Dude, have you watched the video, or are you so dense that even a 28 minute explanation can’t cut through?
Yes and I don't know why brain dead Africans don't get this and are always quick to demonize the IMF or World Bank. These NGOs have the right to doubt proper usage of funds by Africans. Africans have no precedent of a society that excelled in terms of scientific innovation. Why the hell would you give easy loan terms to Africans? Let's be less emotional and realistic about the nature of Africans.
Loans is a very essential part of any Successful Economy, it all depends on how it's used
@@narvanamusic2656 Sure, let’s just ignore the strings attached to these loans and the fact that they’re often contracted under duress, as countries are left devastated by imperialism and colonization by the very nations now offering the loans
IMF in DRC ex Zaire in the 70s place conditions on Mobutu to place IMF officials to work in the country's central bank where they devalued the zaire currency over 20 years.
They also forced the government to produce only goods for export (sugar, coffee, timber, cocoa) instead of maize, chickens, soya, rice which till today DRC is food insecure. They essentially made the Congo an extractive economy where only raw materials were collected and no industrialisation was promoted.
They ensured that even the education system only promoted mostly degrees that would work in these extraction economies such as mining engineering, geology, metallurgy etc instead of agronomy, animal science or computer science. No innovative degrees were promoted.
IMF is evil ,but Mobutu is far away from being innocent ,Zaire was making a lot of money during the copper boom of the 1960 s and Early 70s , Zaire currency was stronger than the Canadian dollar
but Zaire became a spendthrift state , the copper revenue money was lavishly spent on pharoanic project and endless state parties ,the government didn't have a plan to create a sovereign wealth fund like others minerals rich countries do (Norway,Saudi Arabia,usa,china,russia etc...).
If the copper revenue was put into a sovereign wealth funds to be invest into international corporation(google, Microsoft etc... ) or local successful established business after the copper boom the country could still have tons of cash coming from those investment.
I just found your video in my feed. After watching half of the video, I hit the subscribe button. Excellent content. I totally agree that IMF is responsible for keeping Africa poor. However, I also believe that good leadership can counteract IMF's corrosive intentions. After all, look at what Mali has recently accomplished by eradicating their own debt to IMF.
Good leadership isn't enough.! We've had good leaders. And though I could still argue otherwise that most of the so-called bad leaders were western sponsored(through coups, propaganda, manipulation, etc) , a couple of them turned out to be good at some point but their countries had gone in so deep into the trap that any measure or attempt short of outright radicality and rebellion against these institutions, rather contributed to plunge their countries into deeper waters.
So yes, Good leadership is required, but at the level we are now, and based on your comparison with Mali, Burkina faso and Niger, even the more, we need RADICAL leadership willing to take 180⁰ turn away from the west.
That's the only way.
Thanks Jude for this elucidation. I believe some of us would love to know if there are African nations that have not fallen into d IMF bait and how they have been able to thrive without this help-trap. Our youths and upcoming Nigerians need to learn from them for perhaps d betterment of our nation in d future. Part 2 please. Thanks
IMF is definitely the worst thing that happened to Africa.
But IMF has never forced any of the criminal African rulers
Our leaders are the worse things that happened to Africa.
@JsGOOGLEVOICE so sad
Africa happened to IMF
Ebola, slavery, inter tribal conflicts, lack of education, lack of electricity, corruption, colonialisim, small pox, diptheria, cholera, paternalisim, dictatorship, feudalisim. But blame the IMF FFS
Great Video Jude. Well detailed. You have never disappoint
Ohhh, Poor Bango. 😢😢
This sounds like Tinubus playbook
Thank you, Mr. Journalist for your content 🙏 👏 😊
Thank you for this deep information. I really don't know what to say about African leaders
You're a blessing to us all jude
A succinct analysis as always. However, Nigeria hegemony on African economies has been demystified. It now ranks 4th behind South Africa, Egypt, and Algeria. "The Emilokon effect" 😂😂
Excellent video! 👏🏾 Well done.
It is truly refreshing to see a youth who is not just interested in history but working to master it. We'll done!
I appreciate that!
Another masterpiece Mr Jude Bela 👍
FESPACO 22nd February -1st March 2025
Ouagadougou, Burkina Faso
Thank you, good job
Wow!!
Thank you for this, Jude.
People need to understand that the IMF should never be any country’s first option. IMF is the LENDER OF THE LAST RESORT; that is , you go to them if you have exhausted all your options like fiscal, trade etc.
IMF is not the problem. African leaders are. IMF dey their dey but your leaders keep going to them for loan and end up embezzling the funds
This is a masterpiece Jude
Wow this was very comprehensive and well presented … Thanks Jude ✊🏿
Thank you so much for the broad wide view of your knowledge 🙏🏻
We love your work, Mr Jude..
Keep going 🎉
Just like when I watch football, your documentaries are always ecstatic! Wonderful work as always ❤️
One thing about loans is that you must be disciplined, you mustnhe able to use it as means of solving a specific problem, not managing a problem. Is like a mortgage loan, you get it for mortgage, not getting it to buy a car.
The thing these loans from imf have conditions and those are often to cut production in farming and education and healthcare. So then the African country now outsources all its needs, it’s IMPORTANT needs. And that’s what imf wants!!
Hi Bro, I like the Thumb Nail
How I translated it
Our leaders are willing to sell us Africans to the highest bidder out there
Be it the West, North, East or South
I think we Africans should stop blaming the West for our problems.. look at Asian countries, we were at a similar economic level in the 19's but because of serious and forward-thinking leadership, they have even outpaced some of these Western countries. The problem in Africa today is leadership problem... we have leaders who think about their pockets rather than the progress or development of their country. I think some African leaders are getting it right now though like Rwanda and some southern African countries
The leaders are puppets of the west. You are under western rule but with black face
The leaders got killed or overthrown by people. Sankara, Nkrumah, etc. 20 plus and counting.
@@rw9833such a cop out response. Society’s build nations not individuals. The fact that African society’s are consistently incapable of producing competent leaders is a reflection of their dysfunction. But I guess blaming the West is an easier answer.
Asia is not blessed with as much natural resources as sub Saharan Africa. The West along with others need to have control over it. Their economies would shrink or collapse if Africans controlled and added value to the natural resources. Remember Lumumba.
Sure we need more Patriotic leaders but remember the history of such leaders in Africa. The multiple assassinations and attempts, the demonization of our heroes, the funding of coups and regime changes that ousted competent leaders. There's simply no excuse for the nonsense the west is doing around the world.
Wait, i want to get this right, you mean Ghana was producing so much rice that it was exporting the excess and the IMF stepped in and requested them to start importing rice instead? some things just leave me speechless!
Fr our leaders are the real cause
I really need a source for this because I cannot believe this and after Google-ing I am yet to find data that supports this. It'd be appalling if this truly is the case.
It's true. They did the same to Bangladesh. Imf "recommended" coastline shrimp farming as loan condition because there was market for it in the west. When they implemented the recommendation they could no longer farm crops bcoz they soil was poisoned by saltwater. Long story short Bangladesh is at the bottom of poor list of countries.
Thanks for this video, Jude. It's really eye-opening. The sooner African countries concentrate on managing its reasons and stop relying on these loans, the better for us to thrive economically.
Wonderful video. It is very encouraging and revealing of the evils of IMF. Keep it up to educate Africans and their leaders pls.
We have dumb leaders in Africa.
Evil. Greedy and evil.
Cowards
They are not dumb, they are playing their part extremely well, making policies and investments that benefit them and their investors ONLY
The nigerian populace is of no concern to them
They are western puppets
Their loyalty is elsewhere.
Great content. Very insightful
An amazing piece of very high quality
Thank U Jude for doing what U're doing. U're such an inspiration.
Hey Jude, thanks for this great documentary. But regarding Egypt, there are alot of things that people don't know, and so you as well.
The Egyptian economy and public was doing really badly under Nasser's communist regime, and Sadat understood this. Nasser even stole and nationalised all of the endowments and mosque's properties that were used to feed small numbers of the poor for hundreds of years, he took them and feed the population for few years, which lead to the depletion of the endowments and there was no money left for the poor as a result. In the end, liberalisation was necessary, but the government didn't want political freedom, and economic freedom always brings political freedom, so the Egyptian government limited economic freedom again. Such a poor strategy. The Egyptian government and military impoverished egyptians since the rule of Mohammed Ali Pasha, who indirectly and ignorantly paved the way for the british hegemony in Egypt. I know the history of Egypt, and it's so sad how it destroyed itself since Napoleon Bonaparte's campaign.
Thank you for this clarification. I'm interested in learning more about Egypt’s history, so I will do well to read more on the subject.
Juuuudddeeee I genuinely wished I ran into a channel like yours 10+ years ago, I would have ran far away from Nigeria
Jude 😢you have just said the ultimate truth that we see with our own eyes everyday from these our evil leaders that stay quiet instead to fight for us like in some countries like the Sahel guys who are taking the bull by the horn
ABSOLUTELY 💯, these policies and trade deals need to be scrutinised! Africa is independent on paper, but dependent on foreign policymakers…
Jude, thank you for putting up and sharing this insightful video.
Glad you enjoyed it!
Those 3 people in your thumbnail picture Africa you know what to do. Do what Putin would do!
Push them out a window?
Thank you for your videos. They are very relevant and informative especially in these times. as Africans work to find our rightful place on the global stage. It's imperative Africans understand the issues and challenges plaguing us collectively.
Keep up the good work JB. God bless your works
Thank you, I will
Great stuff 👏 Jude. Keep educating us!
Amazing video. Well researched and well presented
Once again, wonderful content. 👏🏾👏🏾
Good piece there Bro we all can resonate with IMF and their policies as they mean no good to developing countries rather they are meant to impoverish them and make them glued to the western countries 😊😢😮
Now people do not like western countries and are turning to China and Russia
Amazing content keep it up as always bro
Thanks! Will do!
Well done Jude more grace....nice one
You have a good knowledge of World economics.
I love you presentation and it opened my eyes too
I haven't watched it all yet so may have jumped the gun but I think the best way to highlight the failure of the IMF and other organisations is to show the comparison of how well Botswana done by not taking on such loans, debts and conditions !!
This is an interesting perspective worth trying.
Why can't we have an NMF
It’s heartbreaking to hear this
Unfortunately, that's the bitter truth.
Thanks bro nice video
Thanks for this documentary
Thanks for this video. Very eightening.
Thanks for sharing.
Thanks for watching!
Thank you for showing us , the reality is in front our eyes. S.wonder can see.
The CORRUPTOR who's the colonizer, plays a major role for the CORRUPTEE who are African politicians to practice CORRUPTION, once you understand this cycle THEN YOU WILL UNDERSTAND HOW TO DEAL WITH THE CORRUPTOR, CORRUPTEE AND CORRUPTION, and the other problem is the governance system and policies we have inherited or adopted in the way we govern ourselves, we have adopted to run our countries by taxing people who don't have economic muscle to generate taxes, SO THERE'S A LOT TO BE DONE FOR AFRICA TO BE ON THE RIGHT TRACK
There is nothing to be done for Africa, the money stolen goes back to the West and repatriated as loans. This has given the West a false sense of security, which has been erased by the emerging giant China. So they should continue giving the loans.
Again, you have managed to out do yourself. This is the information that young and old should be required to know. We are not in the position we are in because God said so. Bad decisions, opportunistic foreign entities and shortsightedness have all come together to bring us this current reality. But information/knowledge is power and we can still turn this around. God bless
The thumbnail and this video is fire. I really hope they don't silence you.
Very insightful video. Truly this loans are another means of control!💯
Thanks for sharing Afrika leaders need to start thinking about working together
Those who understand the power of compound interest will be rich. Those who do not understand compound debt will be eternally poor.
💯
@@realjudebela Great video as always informative and truthful.
Amazing content as always. The clear trend i see in all the cases you cited is the clear mismanagement of those countries by the leaders leading to their collapse.
The IMF only comes in to milk what is already broken.
If the societies self-governed well, they wouldn't have needed IMF loans in the 1st place. Whilst the UAE was developing their economy with oil money, some prodigal leaders in Africa were wasting it on themselves and frivolities. When oil failed and they had no reserves/investments, they had no choice than to turn to the economic hitmen.
I dont blame the IMF at the same level I blame the prodigal leaders...
Two colleagues from the former Eastern block of Europe were conversing, and my curiosity made me listen to them. They discussed politics in their home country, democracy, capitalism, and democracy V communism. They spoke about corruption, massive gaps between the rich and poor, and how Western ideologies create poverty in their democratic countries. Reflecting on their conversation, I thought about how Africa, which has so many resources, is under the thumb of Western policies, and puppet leadership can truly trade as an equal to benefit its growing population.
I understand the countries who are in war or been through war, byt why are african countries that didn't have any war in last 50 years are still poor? Make no sense.....
Both Africa and the Caribbean
Our leaders have failed us,and we have failed electing them also
most presidents are placed there strategically.
Each generation keeps making the same mistakes and never learning
Just subscribed... Maybe history told from our own voices will wake more people up...
Kudos!!!
Thank you 🙏
Bro is a researcher…. Nice, very nicce
Jude! WOW! Yeah!
THIS IS SO REPREHENSIBLE. THAT RICH MAN DOESN'T REALIZE HE HAS TO MEET THE JUDGE OF JUDGES AND BECAUSE OF HIS ACTS WILL SUFFER WHEN HE DIES.
It seems you're losing the essence of the illustration.
You are doing great job.keep it up.i love your chanel.
Well said my Brotha, and yes you are correct that is what is keeping the Black world poor, stop paying the debt.
The cost of building sea ports varies greatly depending on factors such as size, location, infrastructure, and capacity. Here’s an estimate based on modern port construction costs:
1. Cost of a modern sea port:
• Small to medium-sized ports: $100 million to $1 billion.
• Large international ports: $5 billion to $10 billion.
2. Assumption: Let’s use an average cost of $2 billion per port for medium-sized facilities.
Result:
With $250 billion, approximately 125 medium-sized sea ports could have been built since 1960.
Last I checked, the loan was not by force, you can build economy from just agriculture, some countries depend mainly on cattle rearing
The looting and mismanagement of the IMF loans is also a contributing factor to our economic misery...So the said loans are not even utilized for the betterment of the African people but looted by our politicians.
😢 true
Africa is simply cursed with bad leadership. Blaming outsiders is just another excuse for not doing the right thing.
We can blame both the leaders and the outsiders, it doesn't have to be one or the other. One of the problems in my country is that after every election cycle we all forget who is responsible for the problems we're facing. We elect the same malicious leaders and they take on the same malicious loans.
Maybe you should try to get into politics and do better. You seem to have the solution...
All the African leaders are puppets to the Colonisers, the US or China.
Why outsiders military base all over Africa?? @longidalu3835 Pls do you gets your networks free? ?or family member of Politician??
@@rosekt2023 You ought to know that these folks in politics now will frustrate anyone with solutions to problems so as not to be displaced themselves.
Africans must look inward.