AFRICA 1 THE CITY 0
Zambian economist Dambisa Moyo is one smart lady. Her new book, entitled ‘Dead Aid’ explains how $1trillion has been sent to Africa over the past 50 years. She goes on to explain that between 1970 & 1998, when the aid OD’d, poverty in Africa rose from 11% to 66%. Conversely, micro-lending has worked.
In the past 6 months, we/the government has dolled out/promised £500billion to the innumerate boys in the city who play banks for a living, or rather did.
So who has ‘spent’ their handout most wisely? If we do the maths simplistically but invisibly (a la city boy style), allow for a sterling to dollar conversion rate of 1:1 (as it will be next month), factor in time, equate unemployment rise to poverty rise, then it seems that Africa is more able. 50 times as able as the city.
Money is like heroin. The more you get, the more you want, the more you skew its sense of worth.
PLEASE NOTE: The money for this article was donated to a new yacht for Goldman Sachs.
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