Expectations were very high that DAVOS 2009 would
proffer both short-term and long-term economic solutions to the current
world economic crises or at least, subdue the motive force. At this
year’s Davos Summit, limited success was achieved more in the area of
identifying that a serious economic “Tsunami” was raging than on how to
Some Euro-American leaders do believe in the efficacy of consultations
but in choosing discussants, they invite African leaders for
deliberations on tangential issues like malaria and other irrelevant
topics that never address the core problems on the agenda, which they
always unilaterally set for DAVOS Economic Summits.
Some journalists, who look for minor errors or mis-statements in texts
in order to come down heavily on opinion leaders, have hilariously
declared that the DAVOS 2009 was a failure. We are shifting through the
massive papers presented at the Summit , which were graciously sent to
BOSAS INTERNATIONAL LAW BUREAU, ABUJA , Nigeria before we perfect our
We shall limit our remarks here to some historical and contemporary
reasons for the apparent “failure “of the world economy and Davos 2009.
Asia, Africa and Latin American states, undoubtedly contributed
immensely to Euro- American capitalist socio-economic progress for
centuries. As a result, international economic relations revolved around
Euro-American financial systems.
From what we now see, United States authorities did not seem to have
reacted early enough to the economic trend which eventually resulted in
the present economic meltdown. Ronald Reagan issued a basic white paper
on economic policy in 1980. His direction was to the right with emphasis
on the private sector. With the benefit of hindsight, his STAR WARS
programme consumed a lot of resources.
George F. Wills understood Republican inclinations very well, so he
supported Reagan and Reaganomics.The President effected a reduction in
government regulation of business and encouraged major cuts in what he
described as “counterproductive taxes.”
In 1982, the Bureau of Census reported that while US states revenues
rose by12.2% to $310.8 billion that year, spending increased at a faster
rate (13.1%) and overall indebtedness jumped 10.6% to $134.8 billion.
Several states ( Massachusetts , Kentucky , Indiana , South Dakota ,
Carolina , New Jersey and New Hampshire ) could not balance their books.
(Time Magazine, November 8, 1982 at page 24.)
The National Conference of Legislatures in the same year noted that the
situation was growing worse. Constitutionally, the American Federal
Government is not required to balance its budget. Is this why there has
been no serious supervision over states’ fiscal prudence since 1982?
The American citizens, brandishing well-laminated credit cards went on
spending sprees buying new homes, cars and other luxury goods. Anyone
with a rudimentary, fleeting or even cascading interest in economics
would agree that Christmas comes but once a year!
Naturally, a lot of citizens died, without insuring their huge
indebtedness, leaving the living to take care of such small worries.
Globally, since 1980, UN institutions regulating international economic
relations have helped to stabilize international trade. Apart from the
GATT regimes, the World Trade Organization has worked tirelessly to
create more favourable conditions for international financial
China, India and South Korea , adroitly used these mechanisms to
successfully challenge the monopolistic and oligopolistic tendencies,
which have been prevalent in the international trade system.
Russia used its gas proceeds to create new affluence for its
long-suffering people. Venezuela applied its oil resources to lift up
the poor in Venezuela . Nigerian oil wealth is in politicians’ pockets.
China opened up its rural country-side and also built new cities,
becoming the manufacturer of the world. In 2005, the Chinese economy had
an all-round growth as follows; agriculture 3.1%, industry 11.4%,
investment 25.7%, the domestic market 12.9%, foreign trade 23.2%, rural
income was relatively low, as a result of adverse climatic conditions.
On the whole, the Chinese economy grew at 9.9% in 2005 and has
maintained its promise. A nation that feeds 1.3 billion people,
importing little food has my respect. I lived there.
Iran has developed scientific methods, which have become applicable
in science and technology. The economic growth in other climes affected
the US economy.
A new power structure emerged, which diffused the existing excessive
centralization that had been dominant in the world’s financial system.
More fundamentally, the global financial landscape began to yield to
new currencies, which forced themselves into the global currency baskets
and insisted on being recognized as veritable means of exchange.
When Adam Smith published THE WEALTH OF THE NATIONS, the world had an
economic compass to understanding the creation and distribution of
financial wealth. The British imperial universities adumbrated the
economic philosophy of Adam Smith, with great energy and passion.
Owen, Fourier and other economic thinkers later challenged Adam Smith’s
postulations. Much later, Karl Marx, Fredrick Engels, Lenin and Mao
Zedong propounded their own economic theories. At various Stations of
the Academic Cross, I was tortured through these man-made theories, but
Unfortunately, both capitalist and socialist socio-economic systems
seem to have shown signs of significant distress or fatigue. This throws
a major challenge to academic thinkers in all nations.
The Euro-American centered economic order has collapsed. This was the
main reason we thought that DAVON 2009 was summoned for states to engage
in multi-lateral economic diplomacy to shore-up a total melt-down.
We did not hear much innovative thinking in Davos, except some
Ex-Cathedra pontifications, by Christine Amanpour and others, which
served both as questions and contributions.
At Davos, a swarming hive of CNN reporters celebrated their undivided
journalistic and political power over the world. Its elite journalistic
grand masters achieved a total take-over of the Summit .
I have a question. How much disaster have Euro-American journalists
contributed to the failure of some prominent politicians? Euro-American
journalistic philistinism has always encouraged the technique that
produces a gratuitous smear on other nations, their leaders and people.
Some of such reportage is insulting and denigrating.
The absence of African-Asian-Latin American inputs at Davon Summits,
have robbed the discussions of relevant information that would have
formed the synthesis for meaningful dialogue.
Euro-centric, hegemonist euro-vision of the world, often falls short
of the expectations evinced in running the world economy, whose
commanding heights they no longer control.
Before DAVON 2009 kicked off, the European Energy Charter was subjected
to serious contempt. Russia decided to shut its gas stations carrying
gas to the Ukraine and through Ukraine to Europe .
I remember how much Russians suffered during the Soviet era to sustain
the energy and other social requirements of the Ukraine , Georgia and
other Soviet Republics .
At Davos 2009, no serious attempt was made to address the economic
conditions of the former Soviet Republics . Except Kazakhstan ,
Uzbekistan , Azerbaijan and a few others are having it easy.
The financial melt-down has affected Euro-American burgher prosperity
and past bustling stabilit
y. Some of these states, now harbour sloppy,
baggy- jeans wearing school drop-outs, some half-dazed with dope,
blurred visions and they cannot even walk straight.
Let us re-invigorate societies and bring back the sure-footed guy, with
a spring in his walk, a twinkle in his eyes and who is pleased to say,
“Hello”, to everyone he passes by. You know, just like in the trendy,
good, old days.
We must re-enact the entrepreneurship spirit of” Mr. John Y. Brown, an
encyclopedia salesman, who bought Colonel Sanders’ Kentucky Fried
operation and parlayed it into an empire that he sold for an estimated
$35 million profit”. (TIME Magazine, 1979.)
At Davos 2009, propagators of globalization were rather very subdued.
As we wrote in 2002, the alluring sloganeering would eventually push
itself out of intellectual discourse. We had complained at the early
stages of the globalization fad that its blinkered vision was unclear.
Above all, it was not quite clear to us who were globalizing and who
were being globalized.
The concept was neither acute nor profound. We could not find a common
denominator between its propagators and its opponents. There is need for
a new economic theology.
During a session in Davos 2009, the British Prime Minister, Gordon
Brown said that the World Bank and IMF have become outdated. I agree
completely with Mr. Brown.
I have reviewed some World Bank recommendations to many African states.
The Bank often insisted on macro-economic reforms, structural
adjustments, privatization, de-regulation, cuts in social benefits and
scrapping of national agencies that tended to compete with advanced
Painfully, Nigeria suffered from these anti- people recommendations and
strategic misadvise between 1999 and 2007, when the World Bank
buff-girls took over our fiscal institutions.
If I were at Davos, I would have been screaming and kicking against the
inequality in the international division of labour. I would have argued
that raw materials should be processed at source, I would have insisted
on narrowing the salaries gap between executives and real workers. I
would have displayed the new design of the world currency, THE FUGARO,
Although discussions at Davos later drifted to politically contentious
matters, only general presentations were allowed.
Davos 2009 cleverly avoided the Bishop of Rome’s faux pas. Pope
Benedict had inadvertently re-instated Bishop Richard Williams, an
irreverent Holocaust denier. This act hurt the Vatican , just like the
1933 Vatican Concordat with Hitler’s Germany .
Pope Benedict may wish to study the pontifical acumen of Popes Gregory
V11, Innocent 111 and Boniface V111, who increased the influence of the
Catholic Church in their days ,through wise counsels.
From the three points of the triangle at Barbiyan in the Ukraine ,
Auswitsch in Poland and the Jews synagogue in Cologne , Germany , I have
enough evidence to believe that there was a HOLOCAUST. I agree with the
German Federal Chancellor, Angela Merkel that
“Der Pabst hat sich falsch ausgesprochen”
Davon 2009 delved into Zimbabwean political affairs that have been over
flogged when it exhausted its agenda, earlier than scheduled. I watched
President Odinga say what “they” wanted to hear, after a little coaching
I suspect that the collapse of the world financial system is probably
as a result of the work of TRANSPARENCY INTERNATIONAL and other national
economic and financial monitory and regulatory agencies, which act, both
as deterrents and prosecuting authorities world-wide.
The movement of stolen funds is no longer as easy as it was hitherto,
so the activities of some banks, which acted as agents for international
free-loaders, have been severely hampered.
I am convinced that as these financial monitoring agents cooperate
more efficiently and effectively world-wide, we shall know those who are
really rich and those who are filthy rich. Above all, the misfortunes
of the rogue banks and their clients would deepen inexorably.
In the Era of the Gentiles, Atonement and the Brotherhood of Man, all
man-made economic and scientific structures will collapse if they are
not in accordance with the will of God. There will be a shaking of the
World except we all become apostles, intercessors and priests according
to the Order of Melchizedek.