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Submitted by Kazeem Bello on
Hello Dr Shanta, Thanks for maintaining this Blog. I want to comments on the subject of the So-called global financial & Ecomomic crisis. As far back as the late 1980's and early 1990's, some of us predicted and warned of a critical paradigm shift in the global economic dynamics, GDP, Growth prospect and debt profile. The impending signal then was the silent economic cold war that was launched and sustained by the Russian, Chinese and the new emerging economies of the Asian region with tacit growth potential in India. The truth is that the the communist champions engaged in serious economic war with the West and especially targeted at the G7 membership for FDI's and crucial capital flight. The result is that most of these G7 withnessed huge capital flight unprecendented in history in the last 10 years, arising from the petro-dollar recycling and huge trade deficits from the G7 members to the gaint communist champions and the emerging economies brides of singapore, indonesia, India, Malaysia etc. The current global financial crisis will only affect the G7 and thier allies simply because of these factors. The questions is the beneficiary of the capital flight of almost a decade are not affected instead they are exceeding rich that they do not even have a clue what to do with the huge capital inflow and unprecedented reserves they have accrue from the losses of the G7 and their allies. Did you hear China complain, Did you hear Russia complain, Did you hear any hiccups from any of the Middle East beneficial of the petro dollars, Did you hear any shout from Malaysia, Indonesia or India, these are countries that have benefited from the mis-calculations of the West especially arising from the claudestine Economic Cold War from the Sino-Russian, the boom in India, and the development ( open-eyed) in the Middle eastern countries. Definitely, it will not affect Africa because most of these countries benefiting from these economic paradigm shift will readily trade with African countries and transfer some of these capital for developmental projects in Africa unlike the G7. Kazeem Bello is Financial Consultant based in United States