Sarkozy's Gurl And The Bogey Of Macroprudential Regulation By Bamidele Ademola-Olateju

Christine Lagarde is a Sarkozy gurl who became France's Economics and Finance minister before becoming the head of the International Monetary Fund (IMF). Why is she visiting Nigeria at this time? She will be visiting under the banner of Macroprudential policy which is often touted as a way of mitigating systemic risk within the financial system to forestall systemic failure. I don't blame her, I blame our thieving elite and our prodigal ways. I often speak against conspiracy theorists who sees the hand of Esau and the voice of Jacob in everything. This barely disguised visit at this time is a pointer that the IMF is an immoral system of modern day colonialism that SAPs emerging economies and their poor people.

The IMF, the World Trade Organization (WTO) and the World Bank are the trifecta of economic inequality and environmental destruction of developing countries. The West will blame Africa for being sick and they will turn around to infect it with deadly diseases. Why? The dog breast feeds its own and prey on the litters of the grasscutter. Why do they stifle and cripple leaders who mean well for their people and are primed to develop their countries? Why are they hell bent on killing poor people? Their structural adjustment policies (SAPs) are predicated devil may care prescriptions of cutting spending on education and health; elimination of agriculture and transportation subsidies; devaluation of currencies to make exports cheaper; privatization of national assets; and the freezing of wages. These belt-tightening measures has never solved a thing. Instead it multiplies poverty and stunt domestic economies. Under SAP, multinationals and funds engage in capital flight, exploit workers and degrade the environment. Invariably, IMF and World bank undermine democracies in developing economies.

Who Owns IMF?

Rich countries own IMF. In every democratic setting, it is one man, one vote. In the case of a global body, it ought to be, one country, one vote. Not in IMF! Rich countries determines everything because it is one dollar, one vote! The United States has 18 percent quota, the largest. Japan, France, Germany and Great Britain has 20 percent. These five countries own 38 percent! What this means is that these wealthy countries will protect the interests of their investors, bankers and corporations and they don't give a damn to you, the world's poor.

IMF As Foster Parent of Inequality

Last year in my column in Premium Times, I wrote an article titled "Agriculture Alone Not the Answer to Nigeria’s Mono-Product Economy". While industrialized countries benefit from the value chain of value added services, the IMF asks developing countries to prioritize export production of export crops that are destined for wealthy countries. In like manner, they require countries to eliminate assistance to domestic industries while giving breaks to multinational. Because of these skewed practices, small businesses and farmers in developing economies cannot compete. Through these bad policies, the cycle of poverty is replicated and debt continues to grow further impoverishing unborn generations. perpetuated, not eliminated, as governments' debt to the IMF grows.

President Buhari must know that he has a date with history. The fate of Africa rests on his slim shoulders, because wherever Nigeria goes, there goes the rest of Africa. Please treat Sarkozy's gurl to fine dinner and after? Tell her - No! Thanks!