Sunday, November 22, 2009

China's Taking of Africa

A few years back I read John Perkin's Confessions of an Economic Hit Man which explained how the U.S. companies (and the government in some cases) used, among other things, low interest loans to take over natural resources from poor countries. They would purposely loan enough money to eventually default the country and thus take over full ownership.

In today's Pioneer Press, Llewellyn King's article China's concerted scramble for Africa shows that the U.S. is not alone in trying to economically "rape" (King's term) poor countries.

According to King, China is active in 48 countries out of the roughly 53 real state African entities. They are looking for resources to fuel their continued growth. In addition to loaning money, the Chinese are buying African elites who control much of the country. It's a potentially tragic situation that will demand our attention in the coming years.

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