Page 71 - Msingi Afrika Magazine Issue 29
P. 71
Art & Culture
The conversation with Joey is a bit longer How does the US dollar that is not backed up
than what I have shared but I am sure you by anything have such power, while the fact
got the point of the discussion. But one remains that most of what the US consume
quick question to pull out of his statement are produced in China or outside of the
is “When did the masses of the world agree US. Who wrote the economic law that says
that “1 gold piece equals 132 silver pieces”? my country’s local currency can only take
No one has ever asked us what we think its worth from another country’s currency.
about the so-called social contract that Klaus And this is not a blame game but simple
Schwab of the World Economic Forum keeps foundational questions that can make us have
talking about. Who wrote it and when did we conversations.
sign it and for what?
Larry: You raise profound and thought-
Anyway, we also got a few more comments provoking questions about the foundational
on LinkedIn where the post was shared. Here rules governing global economics and
are a few of them. currency valuation. A country’s trade balance,
manufacturing base, political stability, and
Larry: We all played a role in arriving at this commitment to poverty alleviation can
challenging situation, so there’s no need to significantly impact its currency’s worth, as
assign blame. If we had focused on locally exemplified by China’s remarkable economic
producing what we need and consuming our progress over the past two decades.
own resources, we may not have ended up in
this predicament. Consider how few outsiders Someone else called Brian also commented.
wear or utilize our traditional clothing and The conversation with him was even longer
textiles, or partake in our local cuisine, while and intense that others had to join in but at
many of us eagerly embrace their imported the end, he was quite furious and then wrote:
foods and products. It’s an interesting Brian: ...if you are not a mathemaician then
dynamic worth reflecting on. Don’t you think what makes you think discrediting thousands
so? of years of mathematical knowledge is right
instead?
Msingi Afrika Magazine: Oh yes we
agree that we all have roles to play in the Someone named Gaurav also commented:
challenging situations that we have found Gaurav: It is perhaps time to move out of
ourselves and I bet you we are doing the framework of ‘economics’ that makes
that daily. But that role is not just about us account for life and nature in ‘capital’
producing what we consume, even though and ‘asset’ terms. It is perhaps time to
it’s part of it, The question we are seeking evolve a new framework within which we
answer for is, but by what rule is what i see the relationship between Nature, work,
produced given value. Who sets the rule that and our needs. Whether humans can prefer
says my Naira has to be 1400 to a US dollar. minimalism with the same enthusiasm as they
ISSUE 29 | JULY 2024 71
