Last week CFM received an award from the Central Bank of Nigeria for “Best community building initiatives in 2020/21.” We travelled to the venue, along with Christian and Muslim community members from CFM’s district. As we journeyed, we spoke of our need to join together to call on banks to provide policies of jubilee, of debt and interest release. In Christian history, interest was illegal, back when the first Mr Rothschilds started his banking empire. Rothschilds was at first arrested for charging interest in Europe, but later the elite warmed to the idea.
In the director of CBN’s speech, she spoke of her desire for Nigeria’s economy to flourish. We know the government tries to give relief to the poor, by limiting interest rates, by providing disbursements of cash, cheap loans, seed for farming, and many other initiatives. However, the government is hemmed in by the policies of global banking. The policy of global banking is their own profits, no matter how much they may give lip service to community values. The global institution does not exist for the welfare of the community, but for the welfare of themselves.
Take, for example, the cash disbursements made to lower income people in Western nations during the “covid crisis.” In my memory, this policy began with prime minister John Howard of Australia. He sold the government owned telecom industry to the global private sector and then used the funds to “stimulate” the economy by giving the public cash disbursements. This is a win win for the elite. Not only do they get control of the telecom industry, but they also get their cash back as the lower income bracket spend their disbursements on their products. The same goes for “covid relief.” This whole scheme degenerates local economy, while moving all wealth to the hands of the elite.
What is needed is not disbursements, but an infrastructure that enables people to make income for themselves. This means financial markets that are conducive to local economies, an environment that supports small business, and policies that curtail the growth of monopolistic powers. Governments and banks must have policies that empower all people within the community to generate capital and income. Only then can local and rural regions revive. Getting back to the speech of the director of CBN, our economy can only be restored as we insist on policies that restore the people. It is the people who restore the economy when they are permitted to thrive. This is true economic recovery. The rising stock market is a false indicator of recovery. It indicates transfer of wealth to the elite.
A nation can only thrive as it commits to the policies that ensure local rural communities thrive in self-sustaining development. The restoration of the people of the rural areas, is the backbone to robust and enduring national economic revival. Nigeria has been taken captive by the global banking sector, and this is why her people languish. We need policy makers who can free Nigeria from this yoke, and put the restoration of communities ahead of the profits to the banking sector. Let the banks truly serve the people, not make the people its subjects.
This is why we need collaboration within our communities. All of us as neighbours, from all ethnic and religious backgrounds, need to come together and work to build our local regions and local economies, and stop the flow of money going to outside monopolies and banks. Our divisions enrich others and impoverish ourselves. This “liberalising” of the global economy in recent decades has enabled big powers to extract all resources from local economies, as they promote division to take advantage of regions. Even our agricultural capital is depleted as we fail to farm together, but instead rely on external sources for our productivity. This leads to serious local violence.
Foreign banking profiteers (banksters) have worked out a way to control and deplete all our local economies (appealing to our individualism and greed) and this must stop. There are communities where they come together to build each other’s houses, and don’t borrow money from the banks. When we collaborate locally we keep the wealth building within our community, and as this wealth builds we can also share it to help other communities restore. When we buy and sell from each other within our locality, we build our region’s economy (the money circulates within our local economy, producing more local wealth every time it is spent), with the overall purpose of helping other regions to do the same. For example, don’t buy Coca-Cola, but local farming products to make your soft drinks. This is far healthier, and we support local farmers, instead of sending our money to foreign companies, who use it strategically against our economy. Our local collaboration builds a better future for all our children.