The New Gong Magazine

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South Atlantic Market Bridge for Global
Economic Renaissance


As Dr. Eric Williams of Trinidad and Tobago (Capitalism and Slavery,1945) and Dr.
Walter Rodney of Guyana ( How Europe Underdeveloped Africa,1972) make amply
clear in their works as above, capitalism has been and remains the economics of
black enslavement on the global scale. It was capitalism which took some 90 million
African slaves across the Atlantic to the Caribbean and the Americas between 1650
and 1900. As capitalism was, thus, using millions upon millions of African human
capital over the centuries to build and sustain the social, market, utility and physical
infrastructures of the center-capitalist economies of Europe and North America, so
was capitalism depriving, in the same period and  at  the same tempo,  the extreme-
periphery and South-Atlantic African economies of the human capital wherewithal
that would have enabled them  to continue to  measure up to, and even surpass, the
rest of the world in social and material circumstances. It, thus, follows that until
capitalism is totally undone and symmetry is established in the flow of human capital
and other resources between the capitalist-center economies of the Euro-American
North Atlantic, on the one hand, and the extreme-periphery economies of  the
African South Atlantic, on the other,  the South-Atlantic  African economy  will not
have access to the requisite and balanced global structure of resource  use and
control that will enable it to grow, apace and sustainably, in social and material
circumstances.

In other words, with the current and  inherited capitalist global order of  economic
exchanges, it does not make any sense for the third-tier and largely primary
producing  South Atlantic African nations and communities to say that they want to,
and that they will be able to, catch up with either the second-tier , newly
industrializing and Euro-Asian nations and communities of the BRIC-type in Latin
America and in South and East Asia or with the first-tier and center-capitalist nations
of Europe and North America. For the global capitalism of market hierarchy which
has kept this three-tier structure of inequality in the international division of labour
going over the recent decades  will only be committing suicide if it begins to foster
equality and balance in the global structure of resource use and control. And,
because the primary producing South Atlantic African nations and communities can
neither domesticate much of  value-adding within Africa nor build  transatlantic and
durable bridges of  enterprise with their African-Diaspora kith and kin in the
Caribbean and the Americas for as long as capitalism rules the global waves of
commerce and industry, it follows that capitalism must die before the South Atlantic
African economy can begin to grow sustainably in social and material circumstances.

In effect, the global formula of resource use and control which will grow  the South
Atlantic African economy will seek to contain the use of much of  Continental  Africa’s
resources of men, materials and money in Africa  as it will   endeavour to build,
operate and maintain a South Atlantic bridge of organic linkages between the
Continental  African markets and the African-Diaspora markets of the Caribbean and
the Americas. And, the main idea here is that the Diaspora Africans who have
resided in the Caribbean and the Americas for centuries should and must be  
empowered to remain where they currently are, if they so choose, and  to use their
local African Diaspora resources of men, materials and money to grow their African-
Diaspora roots and localities in balanced and organic social and material
circumstances with Sub-Saharan Black Africa. So, the emerging South Atlantic
African economy and civilization will plant its deep and transatlantic market pillars in
the Sub-Saharan African nations and communities as well as in the Diaspora-African
nations and communities of the Caribbean and the Americas.   For, just as global
capitalism created the now tottering North Atlantic Euro-American economy of war
and injustice with imperial out-posts all over the globe, so will global communitarian-
ism create and sustain the  emerging  South Atlantic African and global economy of
market level-ground, justice and peace with communitarian outposts all over the
African-Diaspora world.

1.2 Global capitalism uses a very elementary monetary and financial mechanism to
enable the North Atlantic Euro-American economy to  enslave and expropriate the
second-tier and largely Euro-Asian economies and the third-tier South-Atlantic
African economies  of the globe. This it does simply by pushing the deficit-financing
policies of the North Atlantic Euro-American nations into the global market domain
through the imperial financing trick of the financial convertibility of their so-called
reserve currencies which are, for this reason, on the gold exchange debt standard.
The gold exchange debt standard, thus, allows the North Atlantic Euro-American
nations to be at the resource importing centre of the global economy so that the
global reins of commercial, financial, industrial and technological middleman-ship are
firmly in the hands of the Euro-American casino capitalists of New York, London,
Frankfurt etc. In other words, it is the global monetary and financial mechanism of  
the gold exchange debt standard and the financial convertibility of the North Atlantic
Euro-American currencies, which enslaves the non-convertible currency second-tier
Euro-Asian nations and the non-convertible currency  third-tier South Atlantic
African nations into the global role of being the captive  capital exporters and
funders of the imperial deficits of the North Atlantic European nations. And this is
what ,  in the first and last analysis,  is responsible for the existing  three-tier
structure in the international division of labour and for the centuries of the extreme-
periphery and exiguous economic circumstances of the South-Atlantic African
economy.

In other words, the convertible public sector debt money of capitalism creates a
global financial architecture of the gold exchange debt standard which concentrates
global currency market power, global financial market power and global industrial
market power in the hands of the private sector debt merchants of the North Atlantic
and Euro-American nations in close working alliance with their global institutional
bailiffs of the IMF, World Bank and WTO multilateral complex. Given ,then, that it is
the global markets for the convertible public sector debt instruments of the North
Atlantic Euro-American nations that constitute the monetary and financial hub  and
engine of global capitalism, it  must follow that the global tectonic shifts that have
been occurring in the global markets for money have primarily to do with  the
irreversible debt-weariness  and debt-top-heaviness that have crept, inevitably, into
the  Euro-American global  system of public sector debt markets. This has gone out
of hand and the Argentinean Syndrome  of public sector debt implosion has set in
across the Euro-American global financial system. And ,so, what we are witnessing  
today as a result of this ,across the globe , are implosions here and there in the
Euro-American global market fabric of convertible public sector debt instruments.
For instance, the North American public sector debt market has gone irreversibly to
the wind. And the European public sector debt markets are slowly but steadily
spreading the contagion of implosion from the Mediterranean Greece ,Spain, and
Portugal northwards. Hence, the last days of the imperial and fake common currency
, the Euro, are here. For, any  common currency of market hierarchy like the Euro
must keel over one day under the strain of debt -weariness and  debt top- heaviness
.

So, in very due course, the existing but tottering three-tier structure in the
international division of labour with the North-Atlantic Euro-American nations on the
casino-capitalist first-tier, the Euro-Asian nations on the industrial capitalist second-
tier and the South Atlantic African nations at the bottom and primary-producing third-
tier, will give way and the South Atlantic African economy will have its first-ever
chance in the past 500 years to rise and shine on its own monetary, financial and
industrial market steam. This will be made possible by the fast emerging global shift
from public sector debt money to the private sector equity money as the accepted
and acceptable instrument for facilitating trade and payments relations between and
among the nations and peoples of the globe. For as this global equity money
scenario emerges, we will notice that convertible private sector equity money of
communitarian-ism will create a global financial architecture of the level-ground and
the gold standard which will de-concentrate and disperse global currency market
power, global financial market power and global industrial market power evenly and
across-the-board into the private sector hands of all the peoples of all the nations of
the globe.

                                                                                             
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