The Congolese Crisis Coming to Your Doorstep

01.09.2017 • France

Simone Wapler – La Chronique Agora (France) –

There is a lot of talk about job creation in developed countries. But where is the creation of wealth?

“Pffff … This is desperate. You can not imagine. “

My son, who lives and works in the Congo, telephoned me last night.

My mother’s heart sank …

” Hopeless ? “

” Yes. Even the Chinese have refused a loan to the Congolese government. Even if the Chinese do not put more money, it’s the end … The Congolese are negotiating with the IMF. But this is not the worst. “

Before we get to the worst, let’s look at the rest of the world.

As Bill Bonner recalls, Trump was elected on a promise of job creation. The first record of his presidency is bad.

Macron was elected on promises of reform, pardon, “transformation” of the labor market. More flexibility in regulation in this area should help in job creation he said – and people have believed it. Or, they did not really listen.

Is France trying to apply the principle stated by Bill Bonner that “to improve the situation, a government must undo what precedents have done to improve the situation”? Will this attempt be successful? We will see…

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What is important are not jobs or work, but wealth created. Working in a sterile way is silly. How do you know if your job creates wealth, adds value to what already exists? Prices, the market, that is, competition. It’s as simple as that.

Wealth is not created from above, from the government, but from below.

Return to Congo.

“You understand, obviously, there is the oil rent. That’s 75% of the revenue of the state here. When oil is expensive everything goes well. When oil is low, it is panic.

The problem is that the Congolese do not know how to create wealth themselves. They only know how to draw on the creation of wealth made by others. They dream of administration, bureaucracy, national airline, but no business. Still, there is plenty to do …

If the oil goes up, the Congolese will think themselves rich, but the true wealth is gone. Those who earn money do not leave it here. People invest only if they are reassured by the right of ownership, that they do not risk expropriation, confiscation, nationalization, civil war.

This is panic in the banks, right now. The money does not come out anymore and it comes in less. People who bring theircashare being steered. Officials and even the police are no longer paid. So, we prefer to do otherwise to keep the recipes.

Above all, we must not have government as a customer. He does not pay you, but for taxes, he does not forget you.

My businesses are running, even though I have cash concerns because of the banks. In my case, it’s mainly service and not too much investment. But I think I will do like everyone else here: reinvest what I earn elsewhere.

Oil will come up one day, and I will be ready; the expatriates will return; the construction,cateringfor the tankers, the hotel business, all that will go away. But the Congolese will not be richer than before because their government will collect more taxes on this … “

It’s evening. It’s getting late. I resume my reading,The factory boat. We are very far in the space and time of the United States, France and the Congo. This Zola from the sea, written in 1929, tells the story of Japanese sailors and fishermen near the Russian coasts of Kamchatka. The factory boat produces canned crab. These were areas of no law, factories that did not follow the rules of navigation or industrial rules.

“All the factory ships were dilapidated. For a boss in his office in Tokyo, what is the death of workers at sea in Okhotsk? When capitalism can no longer be satisfied with ordinary incomes alone,if interest rates fall and liquidity flows, he launches into a mad race ahead. So, in the proper sense, all means are good. No wonder people like so much factory ships, which easily bring in hundreds of thousands of yen. “

Kobayashi Takiji

Always and everywhere the same repetitious stupidities. When we get older, we find it tiring …

-Read more at (French)-

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