Category: Iraq

Africa’s classic depiction in the mainstream media, as a giant basketcase full of endless war, famine and helpless children creates an illusion of a continent utterly dependent on Western handouts. In fact, the precise opposite is true – it is the West that is reliant on African handouts. These handouts come in many and varied forms. They include illicit flows of resources, the profits of which invariably find their way into the West’s banking sector via strings of tax havens (as thoroughly documented in Nicholas Shaxson’s Poisoned Wells). Another is the mechanism of debt-extortion whereby banks lend money to military rulers (often helped to power by Western governments, such as the Congo’s former President Mobutu), who then keep the money for themselves (often in a private account with the lending bank), leaving the country paying exorbitant interest on an exponentially growing debt.