{UAH} NEW EU QUEST FOR SUPERPOWER STATUS CAN ONLY HAPPEN IN HONEST PARTNERSHIP WITH AFRICA.
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About a month ago Europe publicly decided to lead the world again. Yes, the declaration didn't get all the media coverage it deserved but that was the main point in the 2018 State of the European Union speech last September. And one initial key area where the EU wants to fight to establish their global leadership is their currency, the Euro.
An attempt to make it the worlds leading reserve currency.
Obviously such an endeavor means going in direct confrontation against the US Dollar.
We all know how that might sound for the current White House administration. Its head would most probably understand this as going personally against himself.
One can therefore expect some kind of US economic countermeasures even though certain products' tariffs have already been implemented in recent weeks against known US allies like Canada.
But whatever happens, following the current US utterances concerning NATO member states contributions, the EU has been forced to realize the possible false sense of security they have been basking in, and now they face the disturbing fact that the alliances of the past might not necessarily be there in the future.
They therefore have decided going forward not to depend anymore on any country for their social, political, financial and economic security.
Sometimes when one is dumped by their long time ally, it helps them wake up and realize the subservience that they were unknowingly being held back in, and now they can rise to their full potential as a self-reliant, global leader in their own right.
By the way this is the very kind of resolve that Africa needs most more than anything else to rise from poverty instead of permanently seeking aid for everything. While our nations tend to primarily count on our mineral resources for income to fund our socio-economic development, not only are these resources mismanaged, plundered and bought from us at meager prices, but let it also be known that Hong Kong is a country with no mineral resources at all, yet it is a leading world economy.
So Africa's poverty is primarily a psychological state of mind of its political and economic leaders and so-called elites, which then results in the continued physical economic poverty of its entire peoples.
Meanwhile, how could the new EU assertiveness benefit Africa?
While my research indicates at least 3 key policy/strategy area's which, if acted on, could see the Euro surpass the US Dollar as the worlds leading reserve currency in 5 to 10 years, why should we in Africa, or anyone for that matter, support the rise of the Euro?
And if indeed a leading Euro presents some economic benefits for Africa's developing economies, what exactly are those benefits?
Today, the global economic reality shows European industrial decline in the face of growing Chinese economic dominance. Yet in the past four decades, Europe has made more investments in Asia, especially in Japan and China, more than anywhere else in the world.
Basically Europe has been fueling their own economic demise by helping their competitor rise and crush them economically.
The G20 summit that just ended in Germany highlighted the need for leading economies to turn their focus on Africa. They even declared the "Compact with Africa" which intends to see the World Bank, International Monetary Fund and the African Development Bank " create in African countries the conditions needed to attract private investment, including economic stability, anti-corruption systems and financing".
This is a rhetoric heard many times before being said by these very institutions. But the European Union seems to desire its own policy aimed at more tangible economic cooperation with Africa.
What I have publicly urged Europeans to do previously, is transfer target industries and/or the related technology, plus their management and marketing capabilities to Africa, under bilateral cooperation agreements and new ways to fight poverty, but not as plunderous multinationals.
I understand that this is somehow now the intention of the EU. Besides increasing their policies on free trade with Africa, and establishing with the continent more programs in scientific research and education, the EU wants to make 23% more investment in Africa, and increase to 36% the share of Africa's trade in the Europe Union.
For the record, any policy that sees more European industries transferred to Africa would at least keep those industries functional and viable given the low production costs, new markets, and other comparative advantages European companies have been finding in Africa. For Africa, the purpose of such investment policy would be to upgrade local skills, creating jobs, increasing tax revenue for African countries, reinvesting profits in new ventures in Africa, thereby supporting faster economic growth depending on the share-holding/ownership structures that companies under such a policy could be based on.
As for Europeans, they would thereby be preventing themselves from loosing everything to Chinese competition.
In any case isn't increased global EU industrial cooperation one of the ways to robustly impact the financial markets and thereby have a chance to overpower the US Dollar as the worlds leading reserve currency?
Uganda first signed a cooperation agreement with the European Union in 1975 under President Idi Amin. At the time it was called the Lome Agreement. Back then the EU was still called the European Economic Community (EEC).
The agreement was signed by 48 countries from Africa and about 70 other countries and territories around the world.
Basically all the cooperation between the EU and Uganda to this day including in health, education and infrastructure was a policy initiative of President Idi Amin when he signed the Lome agreement with the EEC. Though the Europeans then tried to use this agreement for their own ulterior geopolitical purposes during those cold war days, including propping puppet regimes and committing outright plunder of Africa.
Today that same EU agreement continues from 1975. They simply renamed it the Cotonou agreement when the European Economic Community (EEC) changed its name to European Union (EU) in 1995.
This Cotonou agreement with all the member countries around the world is therefore the already existing platform for any EU illusions of future economic and geo-political grandeur around the world.
By Hussein Lumumba Amin
06/11/2018
--
Hussein Juruga Lumumba Amin
Kampala, Uganda
-- An attempt to make it the worlds leading reserve currency.
Obviously such an endeavor means going in direct confrontation against the US Dollar.
We all know how that might sound for the current White House administration. Its head would most probably understand this as going personally against himself.
One can therefore expect some kind of US economic countermeasures even though certain products' tariffs have already been implemented in recent weeks against known US allies like Canada.
But whatever happens, following the current US utterances concerning NATO member states contributions, the EU has been forced to realize the possible false sense of security they have been basking in, and now they face the disturbing fact that the alliances of the past might not necessarily be there in the future.
They therefore have decided going forward not to depend anymore on any country for their social, political, financial and economic security.
Sometimes when one is dumped by their long time ally, it helps them wake up and realize the subservience that they were unknowingly being held back in, and now they can rise to their full potential as a self-reliant, global leader in their own right.
By the way this is the very kind of resolve that Africa needs most more than anything else to rise from poverty instead of permanently seeking aid for everything. While our nations tend to primarily count on our mineral resources for income to fund our socio-economic development, not only are these resources mismanaged, plundered and bought from us at meager prices, but let it also be known that Hong Kong is a country with no mineral resources at all, yet it is a leading world economy.
So Africa's poverty is primarily a psychological state of mind of its political and economic leaders and so-called elites, which then results in the continued physical economic poverty of its entire peoples.
Meanwhile, how could the new EU assertiveness benefit Africa?
While my research indicates at least 3 key policy/strategy area's which, if acted on, could see the Euro surpass the US Dollar as the worlds leading reserve currency in 5 to 10 years, why should we in Africa, or anyone for that matter, support the rise of the Euro?
And if indeed a leading Euro presents some economic benefits for Africa's developing economies, what exactly are those benefits?
Today, the global economic reality shows European industrial decline in the face of growing Chinese economic dominance. Yet in the past four decades, Europe has made more investments in Asia, especially in Japan and China, more than anywhere else in the world.
Basically Europe has been fueling their own economic demise by helping their competitor rise and crush them economically.
The G20 summit that just ended in Germany highlighted the need for leading economies to turn their focus on Africa. They even declared the "Compact with Africa" which intends to see the World Bank, International Monetary Fund and the African Development Bank " create in African countries the conditions needed to attract private investment, including economic stability, anti-corruption systems and financing".
This is a rhetoric heard many times before being said by these very institutions. But the European Union seems to desire its own policy aimed at more tangible economic cooperation with Africa.
What I have publicly urged Europeans to do previously, is transfer target industries and/or the related technology, plus their management and marketing capabilities to Africa, under bilateral cooperation agreements and new ways to fight poverty, but not as plunderous multinationals.
I understand that this is somehow now the intention of the EU. Besides increasing their policies on free trade with Africa, and establishing with the continent more programs in scientific research and education, the EU wants to make 23% more investment in Africa, and increase to 36% the share of Africa's trade in the Europe Union.
For the record, any policy that sees more European industries transferred to Africa would at least keep those industries functional and viable given the low production costs, new markets, and other comparative advantages European companies have been finding in Africa. For Africa, the purpose of such investment policy would be to upgrade local skills, creating jobs, increasing tax revenue for African countries, reinvesting profits in new ventures in Africa, thereby supporting faster economic growth depending on the share-holding/ownership structures that companies under such a policy could be based on.
As for Europeans, they would thereby be preventing themselves from loosing everything to Chinese competition.
In any case isn't increased global EU industrial cooperation one of the ways to robustly impact the financial markets and thereby have a chance to overpower the US Dollar as the worlds leading reserve currency?
Uganda first signed a cooperation agreement with the European Union in 1975 under President Idi Amin. At the time it was called the Lome Agreement. Back then the EU was still called the European Economic Community (EEC).
The agreement was signed by 48 countries from Africa and about 70 other countries and territories around the world.
Basically all the cooperation between the EU and Uganda to this day including in health, education and infrastructure was a policy initiative of President Idi Amin when he signed the Lome agreement with the EEC. Though the Europeans then tried to use this agreement for their own ulterior geopolitical purposes during those cold war days, including propping puppet regimes and committing outright plunder of Africa.
Today that same EU agreement continues from 1975. They simply renamed it the Cotonou agreement when the European Economic Community (EEC) changed its name to European Union (EU) in 1995.
This Cotonou agreement with all the member countries around the world is therefore the already existing platform for any EU illusions of future economic and geo-political grandeur around the world.
By Hussein Lumumba Amin
06/11/2018
--
Hussein Juruga Lumumba Amin
Kampala, Uganda
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