Global meltdown: inevitable or caused.

As the great economic power congregate at London at about a week's time, it is time to take a look at this strange periodic economic disaster,which like its natural counterpart,man has been unable to contain.
USA has spent about $700 billion in Iraq,money gotten from external borrowing. the boom in American spending was financed from borrowed spending. To paraphrase an American President; nations like families can survive on borrowing for a while, but eventually it will go broke. the boom before this burst was a pyramid-Ponzi scheme.

Africa's economy

There was a study done that pointed out that subsaharan Africa's economy-minus south Africa-had an economy that was smaller than that of Belgium. That was sometime ago. But the scenario isn't better. Africa has embraced China but with falling commodity prices, China is making harder bargain. The major problem with the African economy is the destructive legacy of colonialism(divide and rule and other means of economic exploitation). At independence, the new leaders inherited the government formed on this negative principles. Attempts by some well meaning African leaders to change the status quo was repelled subvertedly by the ex-colonial master through their African cronies, because the former had not weaned themselves from the resources of the new nations and also due to cold war paranoia. This underground manupulation by the Western nations, resulted in civil strife in most African nations and various coups. However, the African states had their own undoings. This will be talked about in a future posting.

Africa's economy