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.