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Compass for Economic Reform in Africa
Egom, Peter
Egom, Peter
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Abstract
The current world monetary system is a fractional reserve central banking system which is anchored to and driven by the inflation growing public sector debt monies of the reserve currency nations of the West. It blights, through the phenomenon of industrial outsourcing, the growth of local content in the reserve currency nations of the West and in the nonconvertible currency nations of Sub-Saharan Africa as it grows local content only in the target nations of industrial outsourcing in the Far East because these are fiscally protected developmental States. Thus , the compass for economic reform in Africa says that if any Sub-Saharan African economy like Nigeria ,or ,more importantly, any reserve currency economy of the West for that matter, wants to use the market mechanism to grow itself sustainably in local content, then it must work, right from its home-base and with the aid of its own rural industrialization roadmap, for the emergence of a new world monetary system which is anchored to and driven, in tandem, by the interest-free and inflation-free private sector commodity monies of each and all the trading and paying nations of the globe. Such is the nature of the full reserve principle of central banking which the emerging global monetary system of justice and peace will use to make citizens all and subjects none of all human beings in time and space. In principle and practice, therefore, no Sub-Saharan African economy can grow sustainably in local content unless it joins every other nation of the globe to trade and pay abroad each with its own gold convertible currency.
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Creative Commons Copyright (CC 2.5)