Did you know many African countries continue to pay colonial tax to France since their independence till today!
When Sékou Touré of Guinea decided in 1958 to get out of french colonial empire, and opted for the country independence, the french colonial elite in Paris got so furious, and in a historic act of fury the french administration in Guinea destroyed everything in the country which represented what they called the benefits from french colonization.
Three thousand French left the country, taking all their property and destroying anything that which could not be moved: schools, nurseries, public administration buildings were crumbled; cars, books, medicine, research institute instruments, tractors were crushed and sabotaged; horses, cows in the farms were killed, and food in warehouses were burned or poisoned.
The purpose of this outrageous act was to send a clear message to all other colonies that the consequences for rejecting France would be very high.
Slowly fear spread trough the african elite, and none after the Guinea events ever found the courage to follow the example of Sékou Touré, whose slogan was “We prefer freedom in poverty to opulence in slavery.”
LONDON — Share prices went through the roof, speculation ran wild and money poured into ill-fated ventures before the boom turned, inevitably and catastrophically, to bust.
After that financial crash in 1720, called the South Sea Bubble, the British government was forced to undertake a bailout that eventually left several million pounds of debt on its books. Almost three centuries later, Britons are still paying interest on a small part of that obligation.
The last few years of crisis politics were a prime example of how on the one hand profits are privatized, while on the other hand losses are socialized. The deep crisis of capitalism has left in its wake a sovereign debt crisis. The answer of the political class has been fiscal consolidation. Finance capital’s claims on returns are guaranteed and collected by the state. The invisible hand of the market is joined by the visible fist of the state. Struggles over state finances will be central battlefields in the next few years.
That is no doubt the reason why the publication of David Graeber’s book Debt: The First 5,000 Years was greeted with euphoria, even by the bourgeois press. In the Frankfurter Allgemeine Sonntagszeitung, Frank Schirrmacher wrote that Graeber »opens the reader’s eyes to what’s going on right now,« and furthermore, »Graeber’s text is a revelation, since one is no longer forced to react to the system itself within the system of apparent economic rationality.« Der Spiegel opines: »his book on the nature of debt and its economic and moral basis is already regarded as an anti-capitalist standard work of the new social movements which have emerged during the world economic crisis.« This is in reference to the Occupy protests. Even the chief economist of the Deutsche Bank group reviewed Graber’s book positively in the monthly economic policy journal Wirtschaftsdienst (4/2012) with regard to the question of the future of central banking. Since May 2012, the book has been available in a German edition.