by Zahra J. Saleh
Wednesday, July 13, 2011
When the world financial institutions, including banks, stock market companies, private investment organizations, and real estate companies started falling like leaves one after another beginning in 2008, no one ever expected that the world economy would hit rock bottom as it has today. Moreover, in the past, the defaults of financial institutions used to be small scratches from time to time, but never the deep wounds we are witnessing these days.
Their current disorders have shocked and affected the world bitterly to the extent it has become apparent to us that these huge reputable international financial institutions in which we earlier put our trust were not creating or inventing any money as we had thought. Rather, they were practicing a policy of transferring money from one place to another with, of course, a handsome amount of interest and commissions on top for them.
This system of transferring funds and the policy of borrowing or lending huge amounts of money to certain organizations, such as the labor associations, large corporations, wealthy individuals, gold dealers and land developers, etc, was readily apparent and must have been known by top level management in those financial institutions. In other words, the consequences and results of these massive amounts of funds provided for investment were not fixed because of ignorance or a lack of expertise of the concerned groups.
We are accustomed to financial institutions guiding us with respect to how we should invest our money. We have entrusted them with our hard-earned income because of their academic knowledge of the subject.
So what went wrong?
After learning of the dilemmas created by trusted financial institutions worldwide, the desks of these organizations' CEOs, whether banks, insurance companies, land developers, treasuries, auditing firms or legal advisors of financial investment companies, have become bare and raised huge public enquires.
Fortunately, there is a way to erect a platform for a clear direction and well balanced financial systems in the years ahead in a world that has been highlighted thoroughly in this ARTICLE. In other words, a remedy exists in terms of the data it contains which is, in the public view, media feedback, financial experts' opinions about the media, IMF, G20, DIFC, news analysis, ministers of finance and ministries of the economy of certain countries.
What about Africa, my continent, a place many of us including even presidents are proud that were originated? Is there a safe place to put your money in it?
An expensive answer I believe?
Since 1950's and 60's which were the period many African states gained their independence, Africa leaders did not spare a minute to jam-pack or full their pockets with money, gold, diamond, natural resources and everything (valuable available in the continent) were transferred into other countries.
These resources and assets and were transferred into different parts of world and mainly to Switzerland's bank and similar countries. And now that most of these African presidents are either dead or gone and these assets are closed subjects with no clue and waived from the records.
Consequently, one I should wonder even if they are yet feeling guilty about their ugly deeds? They definitely have failed to leave a legacy of good "universities, banks, financial institutions, hospitals, and so on for their people".
In the past, Africa Continent had missed a golden opportunities for "a safe place to put its money and asset" but what about for today? Shall we still have to cry over split milk?
I hope we are not repeating the same mistakes and if not, please give me a clue for a "Safe place to PUT my money in Africa"?
Zahra J. Saleh
Somailian Freelance Writer
Based in Sharjah – UAE.
E-mail: [email protected]