Africa is Not Poor, It is Being Robbed (Video)
What is Zambia’s (a poverty-stricken Southern African country) connection to a small village in Switzerland, the Iran hostage crisis, apartheid, President Clinton, and the biggest tax fraud in US history?
Zambia has the 3rd largest copper reserves in the world, yet 64% of the Zambians live below the poverty line, 80% of people living on less than $2 a day.
When Zambia’s economy was crashing under debt from the previous World Bank loans that were given to the country to build roads and power grids for the mining companies’ business operation needs; The International Monetary Fund (IMF) and the same World Bank have pressured the Zambian Government to privatize the copper mines.
According to Civil Society Trade Network of Zambia, 1997 and 2000 marked the completion of one of the most comprehensive and rapid privatization processes seen anywhere in the world. Under the supervision of the World Bank and IMF, Zambia has been transformed from a socialist economy dominated by the state-owned Zambia Consolidated Copper Mines (ZCCM) into a free-market system.
Between 2001 and 2008, the price of copper has nearly quadrupled, yet foreign investors paid virtually nothing in taxes in Zambia. One reason was the transfer pricing. The name of the game was to shift the profits from the countries where the profits were actually made into tax havens.
Zambia became a British colony towards the end of the nineteenth century. For most of the colonial period the country was governed by British South Africa Company as a part of the Scramble for Africa run.
Scramble for Africa, also known as the Race for Africa, was a process of invasion, occupation, colonization, and annexation of African territory by European powers during the New Imperialism period, between 1881 and World War I in 1914.
As Alex Cobham of the Save The Children organization says in the video, “Africa’s natural resources are being extracted frequently without countries and citizens of those countries getting their fair share.”
The web of deceit and fraud exposed in the above video, which was produced and made available for free by the WHY POVERTY organization, is not only about the big multinationals’ shameless looting of the continent of Africa, but it is also about United State’s rickety justice system.
This article was edited by Jeri Walker-Bickett