Page 15 - Msingi Afrika Magazine Issue 15

Economy

facilitate the control and looting will the locals get the opportunity to sources that generated super normal
of our factors of production by grow capital, while working for slave profits that flew out of the country
foreigners, depriving us of sequen- wages from wholly foreign-owned to western centers.
tial technology transfer, experience companies that are depleting the
and learning curve dynamics and the easy-to-reach minerals, without Then, it looked like Zimbabweans
elusive triple rent. leaving savings to reinvest and grow were doing well but, the fact is, we
tomorrow? were being paid peanuts, to wear ties
How does a finance minister devel- and suits, to incur debt, facilitate the
op a people and a nation, by taking Remember, we have already had pillaging of our resources and ex-
on debt his people can’t repay, to the Rhodesian colonial case study ternalize the supernormal earnings
reward thieves who stole the same from 1889 to 1995, until we fought harvested from our economy.
people’s land and impoverished not only to end colonialism, but
them; or by giving control of their to decolonize and indigenize the We were similar to people assisting
economy and critical strategic min- economy, because it wasn’t benefit- the people who were robbing us to
erals to foreign capital, without local ing Africans. In Rhodesia, and the move our own stolen property into
beneficiation or ownership? new Zimbabwe, we know very well their warehouses. And the moment
How does his country skills-transfer that 110yrs of only European FDI indigenization wanted a share of
and capital accumulate by outsourc- and economic policies created by those earnings generated by ex-
ing wealth creation to foreigners, European Finance Ministers, didn’t ploiting our country, and labor laws
while its people are mere cheap create black wealth, they just made began to tighten, white capital with-
labor? us slaves while our minerals were drew their $3.5 billion investment
being pillaged. on Black Friday and externalized it,
How does he push local benefi- knowing that colonial supernormal
ciation policies in foreign-owned In that process MaDzimbabwe lost profits would simply enrich and
companies, without local ownership over $1trillion in stolen land, re- grow black wealth, which would
and directorship? sources and excess value created by have demanded more control and
underpaid labor. This is why, today, eventually wrestled monopoly of
Westerners don’t just rely on African we don’t have savings to replace our economy from them in the long
government policy to influence and maintain the same Rhodesian term.
policy in our countries, but they get industry or infrastructure used to
their investment banks and shadow loot Zimbabwe, because the surplus Our clownish economists failed to
banks to control stakes (shares) in wealth and savings we should have see the matrix and so they blamed
our local banks, insurance compa- been setting aside in a Sovereign the Black Friday flight of capi-
nies and businesses, to influence the Wealth Fund for reinvestment in tal on government paying a mere
selection of their directors, to drive the future, ended up as supernormal US$4,000 per war veteran, in local
their own policies from inside (think profits in the pockets of the same currency. However, over the past
Delta, Innscor and Econet). This (FDI) foreign investors who only few years, since the banking crisis,
means ownership and directorship care about harvesting excess value we have learnt that this claim was
in companies in an economy matters (exploiting). nonsense, because a local currency
more in controlling economies than based injection to war veterans who
just government policy. It’s for the purpose of siphoning used it to build houses, start busi-
these supernormal profits gained nesses and drove up consumption in
In China, all companies must have from exploiting our resources the economy, would have stimulated
a communist party board and local and labor, that over $3.5 billion in the economy in the same way quan-
control. That is because modern foreign investment was enticed to titative easing has done in America,
colonialism (and even the former) invest in the Zimbabwe Stock Ex- EU, China and Asia over the past
is driven by corporations, as we saw change between 1990 and 1997, to fourteen years, benefiting investors.
with BSAC, Lonrho, British East make it the second biggest exchange But white investors deliberately
India Company and Anglo Ameri- in Africa. The ZSE and the JSE sabotaged our war vet economic
can today. were the biggest returning exchang- stimulus package by withdrawing
es (to European investors) in the capital earned from exploiting our
In a depressed salary earnings world then, because of monumental economy for a century, to prevent
environment like Zimbabwe, where exploitation of black labor and re- wealth transfer to blacks.

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