PRE-WEDDING SHOOT - Big Brother Nigeria Winner K...

PRE-WEDDING SHOOT - Big Brother Nigeria Winner Katung Aduwak & Raven Taylor!

Katung and Raven have been dating for the past 2 years and the wedding will be in August, lets go and sew our Aso ebi.

    

DOES THE DEBT-BASED MONETARY SYSTEM OF THE CAPITALIST ORDER NEED TO BE TRANSFORMED IN THE 21ST CENTURY?

Money is viewed as essentially endogenous in a credit based economy which often respond to changes in the behavior of economic entities, rather than being subjected to the control of monetary authorities. Loans created by banks simultaneously increases the deposits against which checks can be written with proportional increase the amount of funds in the circulation, however, the total amount of funds held as deposit by banks also decline as these loans are paid without being renewed or offset by loans to other parties. (Arestis and Eichner 1988, pp.1004-1005). 

Rowbotham (1998) attributed the existence of money to the creation of credit through banking systems by converting the small amount of equity into a highly leveraged debt which accounts for 97% of monies in circulation. He stressed that the recent growth in mortgage finance is an insidious form of personal indebtedness that subjects consumers to a state of “wage dependence” or “debt slavery” which in turn causes the supply of labor to be higher than it should, thus leading the economies to a state of “forced economic growth” (Rowbotham 1998). 

Recently, in a bid to avoid recession in 2003, the bank of England though at the risk of unleashing forces of households relying solely on credit, announced the reduction of interest rate base of loans and mortgages. Considering the competitiveness of the banking industries, borrowing became so cheap that the volume of mortgages rose drastically (Credit crash Britain: Slumpbusters, 2008). 

However, credits at this stage are no more being used as a stop gap, but rather as a way of making ends meet. The design of credit based system has changed essentially to become a flexible loan product; rather than a way of paying for things you could afford, it became a way of paying for things you could not afford. Subsequent to this, countries like Britain went on a spending sledge, during 2003, £38 billion was spent on fashion and holiday spending rose by 41% to £8 billion. The slowdown encountered by the economy in recent years can be attributed to inability to repay loans, consumers started to raise new credit to offset old ones. 

Hence, my opinion that the debt-based monetary system of the capitalist order be transformed.

Africa and the Western Media

As a lover of news events and current affairs, with limited choices of news channels to watch (only BBC and SKY on free-view), one can not but continue to add-up to the figures that makes up for the rather high audiences recorded by BBC, even though it is mostly down to lack of good choices.

Although BBC is renowned for its rather bias and disgusting representation of Africa which without doubt is supported by 'the west'; It feels disheartening that the corporation's resolve never to highlight any good thing from the continent now stands in the way of reporting sensitive information.

While any bad ideology never misses the all-seeing eye of the BBC and are often repeatedly broadcasted by the worst scenes and vocal expressions; the same all-seeing eye often turns blind when it comes to a good bit that concerns Africa.

In 'Welcome to Lagos', a research by BBC on Nigeria, a nation of 150 million was summarized as a 'ghetto'. While there are bad sights all over the world, including Southampton where I have lived for 4 years, BBC will rather spend its time showing the breath-taking sights of the London-2012 Olympics. BBC's interest ended as soon as the portrayal of a ghetto Nigeria had been satisfactorily crafted.

I enjoyed the wide prominence gained during the process of electing the IMF president, review of potential candidates' credentials and qualities. However, rather than the presidential election in IMF's sister institution, the World bank to gain equal prominence, if not more, the all-bad-seeing eyes of the BBC has failed to highlight the processes.

Is it because the most qualified candidate which ironically 'the west' may decide not to give the job to is African?

would BBC rather not expose the west's foolishness in advocating democracy while it does not practice same? IMF-euro/W/Bank US alliance?



Middle, Okonjo Eweala, the most qualified candidate for the job, left and right, Kim, a medical Dr and American, with Jose, a columbian resp