AFRICAN MONETARY FUND, AFRICAN CENTRAL BANK, AFRICAN INVESTMENT BANK
The US$30 billion frozen by Mr. Obama belong to the Libyan Central Bank and had been earmarked as the Libyan contribution to three key projects which would add the finishing touches to the African federation – the African Investment Bank in Syrte, Libya, the establishment in 2011 of the African Monetary Fund to be based in Yaounde with a US$42 billion capital fund and the Abuja-based African Central Bank in Nigeria which when it starts printing African money will ring the death knell for the CFA franc through which Paris has been able to maintain its hold on some African countries for the last fifty years. It is easy to understand the French wrath against Gaddafi. The African Monetary Fund is expected to totally supplant the African activities of the International Monetary Fund which, with only US$25 billion, was able to bring an entire continent to its knees and make it swallow questionable privatization like forcing African countries to move from public to private monopolies. No surprise then that on 16-17 December 2010, the Africans unanimously rejected attempts by Western countries to join the African Monetary Fund, saying it was open only to African nations.
It is increasingly obvious that after Libya, the western coalition will go after Algeria, because apart from its huge energy resources, the country has cash reserves of around a 150 billion. This is what lures the countries that are bombing Libya and they all have one thing in common – they are practically bankrupt. The USA alone, has a staggering debt of $US14,000 billion, France, Great Britain and Italy each have a US$2,000 billion public deficit compared to less than US$400 billion in public debt for 46 African countries combined.
Inciting spurious wars in Africa in the hope that this will revitalize their economies which are sinking ever more into the doldrums will ultimately hasten the western decline which actually began in 1884 during the notorious Berlin Conference. As the American economist Adam Smith predicted in 1865 when he publicly backed Abraham Lincoln for the abolition of slavery, ‘the economy of any country which relies on the slavery of blacks is destined to descend into hell the day those countries awaken’.