Whilst on the subject of "Experts"..for all those who enjoy reading about the (very) unpleasant world of "Expert" International banking, and who might have a social conscience, could I highly recommend "Africa's odious debts; How foreign loans and capital flight bled a continent", by Ndikumana and Boyce (US Based research)
Interesting contrasting the benefits of the "Expert" International Bankers to the benefits from gold mining, for some of the poorest countries. Burkina Faso gold sector contributed 20% to their GDP, $240m plus in tax in 2011 as reported through Transparency International (I wonder if the banks have signed up to this organisation....http://www.transparency.org/..) created significant employment and greatly assisted in the creation of more sustainable agricultural practise around the country. Gold may well become the noble metal?
A review of "Africa's odious debt"...
From 1970 to 2008, the combined foreign debt of African countries rose from less than $50 billion to more than $200 billion in constant dollars. During the same time, capital flight from the 33 sub-Saharan African countries for which decent data exists totaled $735 billion. In this arresting analysis, two economists show that those numbers are closely related. A large proportion of the publicly contracted debt was siphoned off by individuals, often in key policymaking roles, and then expatriated for private gain. Ndikumana and Boyce estimate that as a result, Africa, the world’s poorest region, is actually a net creditor to the rest of the world. Much of this lively and readable book is concerned with the combination of sheer incompetence, delusion, corruption, and regulatory failure that led Western banks and financial institutions to lend money to the region, even though it would obviously never be repaid. The book makes a compelling case that because of the way it was created, this “odious” debt should not be repaid today. Of course, the more important practical issue for Africa is how to bring about the repatriation of all that squandered capital...
I guess those who gaze into the computer screens, buying and selling something they barely know and never see...will just keep on keeping on
