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The Financial Crisis: Everything Rosy? G20 Will Solve Our Problems?

By Dr. Bienvenu-Magloire Quenum

The G20 summit gathering in London, UK, April 2-3, 2009 final communiqué reports promise from G8 members to assist developing nations, and African countries in particular, with a global financing package amounting to US$ 250 million, to stop economic decline and pursue the developing process.

This is a wonderful promise, as the G8 leaders are themselves confronted with the direst financial crisis in 70 years, that is destroying economic and social structures in their respective countries. Banks, well established centenary companies are in trouble and are bailed out by governments. Huge amounts of money, in the range of trillion dollars are poured into the economy to stop the downward slide and to avoid global recession.

National budgets are in the red and deficits are simply increasing and swallowing money and subsidies as black holes. So, does it make sense to believe that these countries can now dedicate money to assist developing nations weather the crisis? Any African nation's leader banking on said promise is not behaving realistically. he needs to remember previous promises of the king from G8 lades that never materialized. You certainly remember the wonderful promise to dedicate US$ 50 billions to Africa's developing made in June 2005, at G8-Gleneagles summit (Scotland, UK, July 6-8, 2005 Summit), that had not seen the slightest sign of implementation till today April 14, 2009.

So why continue to believe in such "false" promises that never materialized? It is high time that Africans take their fate into their own hands, because the clock is ticking. The more they wait for the fruits to fall from the three, the more they will remain poor people amongst prosperous citizens from other continents. Click here to read about: The Financial Crisis: An Opportunity to Develop inter-African Trade and Break Free.

About the author: Dr. Bienvenu-Magloire Quenum is the principal/ managing director of Dr. Quenum & Associates, IBC. He is an experienced Investment & Business Planner with 25 years consulting practice in African countries. He is the editor in chief of Africabiz Online

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MORE ON THE FINANCIAL CRISIS

1- Financial Shock: A 360º Look at the Subprime Mortgage Implosion, and How to Avoid the Next Financial Crisis by Mark Zandi (Hardcover - Jul 19, 2008) 2- The New Paradigm for Financial Markets: The Credit Crisis of 2008 and What It Means by George Soros (Hardcover - May 5, 2008) 3- Manias, Panics, and Crashes: A History of Financial Crises (Wiley Investment Classics) by Charles P. Kindleberger, Robert Aliber, and Robert Solow (Paperback - Oct 4, 2005) 4- Chain of Blame: How Wall Street Caused the Mortgage and Credit Crisis by Paul Muolo and Mathew Padilla (Hardcover - Jul 8, 2008) 5- Understanding Financial Crises (Clarendon Lectures in Finance) by Franklin Allen and Douglas Gale (Hardcover - May 17, 2007) 6- The Subprime Solution: How Today's Global Financial Crisis Happened, and What to Do about It by Robert J. Shiller (Hardcover - Aug 24, 2008)

7- The Trillion Dollar Meltdown: Easy Money, High Rollers, and the Great Credit Crash by Charles R. Morris (Hardcover - Mar 3, 2008) 8- Empire of Debt: The Rise of an Epic Financial Crisis by William Bonner and Addison Wiggin (Paperback - Oct 6, 2006) 9- Financial Crisis, Contagion, and Containment: From Asia to Argentina by Padma Desai (Hardcover - April 21, 2003) 10- America's Financial Apocalypse: How to Profit from the Next Great Depression by Stathis (Paperback - Nov 14, 2006) 11- Crash Proof: How to Profit From the Coming Economic Collapse (Lynn Sonberg Books) by Peter D. Schiff and John Downes (Hardcover - Feb 26, 2007) 12- Bad Money: Reckless Finance, Failed Politics, and the Global Crisis of American Capitalism by Kevin Phillips (Hardcover - April 15, 2008)

"CONTRIBUTOR'S GUIDELINES" are available here. We invite you to contribute to AFRICABIZ ONLINE MONTHLY ISSUE - with articles related to "How Africa Could Bridge The Developing Gap".

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Many thanks for subscribing to Africabiz. See you here on April 15, 2009.

  Dr. B.M. Quenum
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Business Opportunities

MISCELLANEOUS SERIES: - STRAW AS RAW MATERIAL TO PRODUCING ENERGY

In developing countries and in African nations in particular, straw, hay and leaves - by-products of cereals's crops and tropical fruits's crops - are not used as raw materials to generate additional revenues.

A high proportion (if not the whole available volume) of maize's, corn's, rice's,sorghum's straw and hay undergoes field burning. That is an astonishing waste of energy when, most of said African countries are currently experiencing energy crisis [1, 2, 3, 4, 5]

Click here to read more about the matter

Control Your Desktop

WHY SURF ANONYMOUSLY?

Sometimes ago I asked a friend to install a security software, if he wants to continue to chat with me or speak on the phone with me over the Internet. He asked what's the fuss. He has nothing to hide.

Well, I told him, listen to this: Do you know that unscrupulous people are roving over the Net to commit mischief? Yes he replied, but I am not a target, because I am a small fry.

The question is not to be a small fry or not, I replied to him and explained to him that these mischievous people are scanning the Net, collecting honest people IP address in order to use the IP addresses to pose as the people they belong to, in order to perpetrate mischief on their names. There, he became more attentive and I explained to him how it is possible to use, for instance, Microsoft Messenger to pretend being another person. He was baffled. Yes, that's possible and many surfers do not know that.

For more on the matter visit this link

FINANCING RESOURCES FOR DEVELOPING COUNTRIES

At the International Trade Centre's FINDATA available at this link, you have a searchable database of financial institutions (major banks, credit insurance agencies, export credit agencies, etc.,) in developing countries that support international trade.

You select a country, financial product, and type of institution, and FINDATA will list financial institutions that fit your criteria. Clicking on the name of an institution, you will get listing of financial resources (export credits, forfaiting, letter of credit, etc.,) offered by the institution and relevant contact information.

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