Africa Needs Monetary Sovereignty

Hemal Mali

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Comedy & Entertainment

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Africa does not need to be filled with poor, ill and suffering people. It’s a human design. One of Africa’s biggest problems: Africa just needs monetary sovereignty. Right now, all systems are designed to hold Africa hostage by the Bretton Woods Institutions, Europe and US. Today, <a href="http://www.global-isp.org/">Fadhel Kaboub</a> from Denison University and Dr. Ndongo Samba Sylla from Rosa Luxemburg Foundation joins us to talk about their new effort to fight back against Africa’s lack of monetary sovereignty. Website: <a href="http://mes-africa.org/">MES Africa</a> Check out Dr. Fadhel Kaboub’s previous episode: <a href="https://historicly.substack.com/p/big-structural-adjustments-with-fadhel">Big Structural Adjustments</a> We’ve spoken about the CFA franc! Dr. Ndongo Sylla is the co-author of <a href="https://www.plutobooks.com/9780745341798/africas-last-colonial-currency/">Africa’s Last Colonial Currency</a> with Fanny Pigeaud. Important: Can we get #AfricanMonetarySovereignty trending? Shownotes 2:00 - Why the invisible hand of the market is fiction for developing countries 3:50 - 2 Trillion dollars a year are moving from poor countries to rich countries 5:00 - Monetary Sovereignty and Sovereign Debt: Monetary Sovereignty is a Spectrum 7:20 - Senegal and the CFA Zone 10:20 - Practical effects of Monetary Sovereignty 15:00 - Role of the World Bank 17:00 - Why countries just don’t say “no” to paying back IMF and world bank loans? 19:00 - Why Leftist world leaders aren’t as leftist as you expect? It’s the system 20:00 - Africa and Covid-19 23:00 - African Monetary Sovereignty Initiative 28:00 - Monetary Sovereignty and Humanitarian Disasters 30:28 - How to get out of this infinite cycle? 31:00 - IMF increases inequality in formerly colonized country 40:00 - W

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