I don't know much, but I know that the truth is what Africans, especially African leaders need in order for Africa to come out of these different forms of slavery as a result of global injustice that has been caused by international policies and structures which are carefully designed by certain developed countries so that they can continue to feast on developing countries. Bob Marley sang, “they can fool you sometimes, but they can't fool you all the time�?.

Today there exists greater linkages between nations and across continents than our planet has ever known - a truly global exchange of people, of ideas, of goods and services. Yet we live in world that faces an ever-increasing divide between rich and poor. As the face of communications, business and international relations changes, so must our commitment to ending this disparity. Making globalisation work for all represents the greatest challenge in the 21st century.

Many African nations have and are still exporting their raw materials for centuries to the London Metal Exchange (LME) for sale, at a price determined by the LME, based on US dollar, euro and Sterling pound liquidity, and not the liquidity of the countries from which the goods originate. Sadly, no African nation's currency can buy its exported commodities from the LME using their own national currency as LME currency regulations only allow the US dollar, the Japanese yen, the new euro, and the sterling pound as acceptable currencies to be used in purchasing commodities from the LME.

Naturally, African currencies are banned from purchasing their own commodities and hence from global trade. This logically has been the main thrust in fuelling poverty in Africa, as more commodities are exported for less value in US dollar and Sterling pound real terms. In other words, African nations and their undervalued wealth are directly responsible for the economic wealth and power enjoyed by multinational bankers i.e. IMF/World Bank and firms in developed world as a result of African commodities subsidising their economic growth.

The truth of the matter is that there is over US$ 1 trillion passing through the London money markets a day, and about US$2 billion a day through the LME. Unfortunately the liquidity of the Zambian Kwacha is only equal to about US$100 million but this cannot be compared to the US$ 1 trillion against which African exports are measured.

Consequently, the price that can be derived from Kwacha liquidity worth US$ 100 in US dollar terms, as compared to the LME linked to the London money markets at around US$ I trillion a day would be extremely high, thus distorting the value of the Kwacha in US dollar terms.

In retrospect, the US dollar liquidity on the LME would achieve US dollar-driven prices that are beyond the price level of kwacha-driven price if it were accepted on the LME, but that kwacha price in US dollar terms would be higher than the direct price pegged to the prevailing US dollar liquidity. US dollar-driven prices on the LME distorts negatively the real value of the kwacha.

As recorded in the 1972 Bank of Zambia annual report, copper prices expressed in kwacha were negatively affected from 23rd June onwards by the British authorities to let the sterling float. After the floating began, copper prices expressed in sterling recovered compared with the pre-floating period, but this recovery was not enough to compensate for sterling depreciation.
A float is a continuous devaluation termed as depreciation. The continuous drop in the value of the sterling pound is marked in many African nations by a drop in imports right up to today. In fact for a country like Zambia that has earned roughly US$1 billion from exports since 1964, to get the same worth of value today, she would be required to export about US$10 billion to cover for the loss in value of the US dollar as a result of accepting payment in US dollar directly for her commodities. In fact, Zambia since independence has lost about US$21 billion resulting in abject poverty in which 80 percent of the ten million plus Zambians live on less than a US dollar a day.

Although Zambia has lost US$21billion, the US dollar and sterling pound has gained US$21 billion. The stark reality of currency trading is seen in that a US dollar cannot buy any goods from the UK until US dollars are changed into sterling pound and those Sterling pounds are used to buy goods from the UK. The supplied US dollars can be used to buy imports from the US by importers. Similarly, the Sterling pound cannot buy any goods and services from the US without first changing the same sterling pounds to the US dollars first. This insulates the country from the US dollar and sterling pound depreciation-induced shocks.

Similarly, African currencies have to be accepted into the global trading system if fair trade, equity and equality are to exist and convertibility is to be determined by price.

The truth of the matter is that the citizens of Japan, Europe and North America are living on the sweat and labour of African nations as the LME currency policy together with the London and New York money markets practically robs them of the true value of their commodities that are sold directly in to the US dollars, sterling pound, the euro and Japanese yen.

Such an LME and money market policy deliberately dislocates the financial liquidities of African nation's currencies and undermining economic development, resulting in the poverty crisis that African nations face.

Global justice and equity and basic economic rights demand that African currencies must buy their own commodities on the global markets, meaning that the LME, the London and New York money markets must accept African currencies that must be used to buy their corresponding commodities. It has to be the supply and demand of African currencies against European, American and Japanese currencies and not the demand of African commodities by European and American currencies.

Africa's economic emancipation from poverty demands global justice, and removing the currency barriers and currency racism that many African nations face in trade today.

Having spilled out this truth, I would like to take this opportunity to share with the nation a historic move I would like to undertake to address this injustice. I would like to humbly ask our founding President of Zambia Dr. Kenneth, David Kaunda to help me influence the following African leaders and powerful people to go to the UK in one of the banks and invite the media to witness if the these leaders and powerful African people would be allowed to change their currencies in this bank. When they refuse, then Africa and the world have to rise to this historic moment to demand for justice and fair trade. The following are the African leaders and people I would like to get help from:

1. Nelson Mandela
2. Dr. Kenneth Kaunda
3. Namibian President
4. Thabo Mbeki
5. Malawian President
6. Tanzanian President
7. Kenyan President
8. Nigerian President
9. DRC President

I'm humbly asking these leaders as a future leader of Africa to help us open the way for trade justice to go to the UK in a bank and try changing their national currencies to highlight LME, London and New York currency racism that many African nations face in trade today.

I'm pleading with these leaders to understand me and pay serious attention to this request to save the future of Africa and millions of lives dying innocently every minute as a result of apartheid racist currency policies that are contributing to trade injustice which is robbing Africa's development in all spheres of human endeavor. African leaders should know that the LME currency regulation is an apartheid and racist policy in the 21st century and directly responsible for the poverty in Africa, reducing it to a slave continent.

It is wrong to be discouraged when everything is still possible.

johnsphiri@yahoo.com


By John Phiri: Thursday September 08, 2005

http://www.post.co.zm/post-read_arti...?articleId=897

Although Zambia has lost US$21billion, the US dollar and sterling pound has gained US$21 billion. The stark reality of currency trading is seen in that a US dollar cannot buy any goods from the UK until US dollars are changed into sterling pound and those Sterling pounds are used to buy goods from the UK. The supplied US dollars can be used to buy imports from the US by importers. Similarly, the Sterling pound cannot buy any goods and services from the US without first changing the same sterling pounds to the US dollars first. This insulates the country from the US dollar and sterling pound depreciation-induced shocks.

The truth of the matter is that the citizens of Japan, Europe and North America are living on the sweat and labour of African nations as the LME currency policy together with the London and New York money markets practically robs them of the true value of their commodities that are sold directly in to the US dollars, sterling pound, the euro and Japanese yen.

Such an LME and money market policy deliberately dislocates the financial liquidities of African nation's currencies and undermining economic development, resulting in the poverty crisis that African nations face.



Am too familiar with money flows.

Too bad to many of us just dont know how good we have it. And why fighting for class position based on someone else sweat is catching up on the character of all people in our lands. We have become the big bohemid that clogs the rest of the world and specifically each other from being happy. Expecting more while giving less. That is rich ruler people culture filter into the lives of the common stock of people who have aspiration to control the outcoem of their own lives. It also illustrate why immigrating to Western countries have been an enriching experience for all those who are able to come and are still coming. The value (rich rulers) are here, not in Africa.

We should not expect black people of the West to resolve this issue because this would require a combined effort of all people on all continents. This is in my opinion represents the true caste which puts Africa at the bottom of global affairs.

I do find it odd that the power of my dollar can buy me a whole lot in Africa but an African country dollar does not match its strength in my country even with Africa's expressed fertile lands, mineral encrusted earth and liquid gold deep beneath the surface. Same way in most of Asia. Most third world people work hard under drudgery conditions to bring to the Western world the fruits of their hard labor to find those fruits out of their price range and pocketbook.

I dont have a firm answer to actually resolve this issue but personally make an effort to know what's going on and am able to make concious decisions on it.