Yoruba Commonwealth and Politics - Politics (205) - Nairaland
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| Re: Yoruba Commonwealth and Politics by Ibebe: 4:02pm On Nov 13, 2015 |
WIZGUY69: Yet their people loves them so. So yea, I can't absolve Ekiti/Osun people for their ignorance. |
| Re: Yoruba Commonwealth and Politics by Ritchiee: 4:02pm On Nov 13, 2015 |
Does anybody know how much the 5 SW states are owing now.The total debt of Nigeria was 9 billion plus before but now it has jumped to 11 billion plus....WOW... Read this... DMO: Nigeria's Foreign Debt Portfolio Hits $11bn 18 Oct 2015 Domestic debts now N11 trillion By John Shiklam in Kaduna The Director-General, Debt Management Office, Dr. Abraham Nwankwo has disclosed that Nigeria’s external debt profile has risen to $11 billion as at last week as against the $ 9.4 billion recorded in March. Similarly, domestic debt profile was said to have risen to N11 trillion. Nwankwo disclosed this in an interview with journalists in Kaduna on Friday shortly after declaring open a one-day enlightenment workshop with leaders of students' unions from tertiary institutions. Nwankwo, however, said the quantum of the debt did not really matter. He said the most important thing was how the resources were deployed to encourage economic growth, development, generate employment and reduce poverty. According to him, the concern about debt is "whether you are in a position to pay back what you borrowed as at when due," stressing that in the case of Nigeria, the debts remain sustainable. He noted that the current global economic problems, particularly the collapse of oil prices, were having a significant impact on economies all over the world. Nwankwo said, "because the Nigerian economy is very resilient and because the government is in control, Nigeria’s debts continue to remain sustainable. "Presently Nigeria owes, domestically, about N11 trillion and externally, about $11 billion.The figures are the total of all debts in the federation. It includes external debts of the federal and all the state governments as well as the domestic debts of the federal government and all the state governments. "Let me emphasise that what matters is not just the quantum, what is important is how these resources are deployed to encourage growth, development, generate employment and reduce poverty. "It matters whether you are in a position to pay back what you borrowed as at when due and in the case of Nigeria, I want to assure you that Nigeria’s debt remains sustainable. "Based on current global economic problems, particularly the collapse of oil prices, this is having significant impact on economies all over the world. Because the Nigerian economy is very resilient and because the government is in control, Nigeria’s debts continue to remained sustainable." Nwankwo commended the federal government and the Central Bank of Nigeria (CBN) for maintaining a healthy reserve and for stabilising the exchange rate in spite of the shock occasioned by the drastic drop in oil revenue. He said Nigerians should be proud that they have a government, a CBN and an economic system that is sound, in spite of the shock we have. He noted that other countries like Venezuela and Russia that had been in similar position had had their currencies devalued very rapidly in the first 30 days of the oil shock. "But you can observe that it was until about three or four months later that the CBN had to do some little adjustments with the exchange rate. "Nigerians should be proud that the economy is so resilient, that we have enough food for our population and that food prices, in spite of what has happened in the past seven months or more continues to be moderate. "That shows that over the years, we have attempted to improve, to diversify the economy, to strengthen our agriculture and that is a source of inspiration for all of us," he said. He urged Nigerians to use "the opportunity of President Muhammadu Buhari’s change to do better than we did in the past by working hard in making sure that agriculture continues to expand and modernise so that we can have real food security." http://www.thisdaylive.com/articles/dmo-nigerias-foreign-debt-portfolio-hits-11bn/223110/ |
| Re: Yoruba Commonwealth and Politics by Ibebe: 4:03pm On Nov 13, 2015 |
WIZGUY69: Did he give you a real reason why he loves Aregbe? |
| Re: Yoruba Commonwealth and Politics by Ibebe: 4:04pm On Nov 13, 2015 |
Ritchiee: In dollars.......but we'll be paying back in terms of naira. *Faints* |
| Re: Yoruba Commonwealth and Politics by Nobody: 4:07pm On Nov 13, 2015 |
Shymm3x: You know I was about to say that but I didn't want to initiate another romani topic In the red mud region, there are too many traders.In a place where there are too many traders, there will surely be less consumers.They always need people to sell to and they can't get that back home I have no idea why these people love buying and selling like its the only occupation on earth And Its not only Lagos,Its all over.Their population in Ondo state is huge and besides their dominace in the markets,they also make up a significant population of the civil service as well but the same thing can't be said of their region. You will hardly see non-romanis in the civil service except those who were transferred there by the Federal Government 3 Likes |
| Re: Yoruba Commonwealth and Politics by WIZGUY69(m): 4:11pm On Nov 13, 2015 |
Ibebe: not really, apart from free feeding & opon IMO whatever. but he was mostly defending the idiot that his inability to pay workers salary is a national thing. due to the fall in oil price. bla bla bla. And I ask, if osun state don't use to collect allocation every 30 days? calling Aregbesola a failure is an insult to the word failure. He's a disgrace and a fool. He's not fit to lead even his a family. He only brought shame And ridicule to osun state. 1 Like |
| Re: Yoruba Commonwealth and Politics by zimoni(f): 4:18pm On Nov 13, 2015 |
Aareonakakanfo: He brought the sabotage team from Lagos State because the Osun professionals (who had been managing Osun for years) were giving viable advice. WIZGUY69: Abi ooooooo. |
| Re: Yoruba Commonwealth and Politics by Shymm3x: 4:21pm On Nov 13, 2015 |
Aareonakakanfo: But a lot of these folks also work in the state ministries and other agencies across the SW. So they're contributing to the huge recurrent expenditure and debt profiles across the region. You can't just leave ya own region and become pests to other folks. So they should be targeted when it's time to start cutting down government spending across the region. Yoruba folks are just too stupid and docile for my liking. These are the same folks who told us APC is the best thing since slice bread - but the same APC has destroyed the whole region with utter idiotic fiscal policies. They told us Tinubu is a maverick, but the same Tinubu has ended up enslaving the region and future generation to enrich himself. They're the ones who go around fighting Biafrans when Biafrans aren't disturbing them, thus bringing collective shame to Yorubas who don't give two fvcks about Biafra. These idiots even support Buhari more than Northerners, despite the fact that Buhari intelligently ceded all the sensitive position of power under his government to the North - and gave out the tedious/problematic ones his government would be judged by to the South. Thus making them do the dirty work while the North consolidates its hold on power. And they're the same fools who tout that "we're accommodating" tripe everywhere to their own detriment, while piling up crazy debts. 4 Likes 1 Share |
| Re: Yoruba Commonwealth and Politics by Ritchiee: 4:25pm On Nov 13, 2015 |
WIZGUY69:No,he did not jazz them as an elderly person told me and even took me to Osun to see some of what Aregbesola did.They really believe in him o.I think he had great Ideas but did not know how to go by doing them because of lack of funds but that 52bn debt is outrageous. These are some of his projects that I got from State of Osun's website... List of Boundary Highways Project Name Route Length(km) Status Osogbo-Imesi Ile Osogbo-Ibokun-Imesi Ile 42 On-going Ikirun-Ilale Rd Ikirun-Otan Ayegbaju-Ila-Ilale KWSB 57.64 On-going Gbongan-Ajegunle -Rd Gbongan-Odeyinka-Orile Owu-Araromi Owu-Ajegunle 44.43 On-going Osogbo-Ila Odo Rd Osogbo-Ikirun-Ila Odo 36.85 On-going Ede-Ejigbo Ede-Awo-Iragberi-Ejigbo-OYSB 30.7 On-going Ejigbo-Oguro Ejigbo-Aye-Oguro 14.40 On-going Total Length 226.02km The only Pix there is that of Gbongan-Odeyinka-Orile-Owu-Ajegunle road project which is on going...CHAI. |
| Re: Yoruba Commonwealth and Politics by Nobody: 4:28pm On Nov 13, 2015 |
Nineteen Nigerian states are not in a position to meet their recurrent obligations, a comprehensive report by data-simplifying, civic organisation, BudgIT, has revealed. Osun, which, for months, has been hurt by series of protests over non-payment of workers’ salaries, placed last on the table of states’ fiscal sustainability, followed by Plateau and ogun states. Lagos, Rivers and Delta led the chart. Titled ‘State of States’ report, the report ranked all 36 states considering the size of their Internally-Generated revenue (IGR), derivation and Federation Accounts Allocation Committee (FAAC) receipts to cover their recurrent costs. The 16 other financially weak states are Plateau, Ogun, Nasarawa, Oyo, Bayelsa, Adamawa, Akwa Ibom, Kwara, Ondo, Ekiti, Bauchi, Abia, Zamfara, Kaduna, Imo and Gombe. Speaking with TheCable after the publication of the report, Atiku Samuel, a member of the report’s research team, said the weak financial positions of the 19 states means that will not be able to pay salaries of workers or even run a government without resorting to borrowing. The methodology of the report focused solely on how much of the revenue generated and collected centrally by the states could cover their recurrent expenditure, which most states struggle to meet. A minority weight was also attached to their debt-to-revenue ratio. It stated that the current fiscal state of many states is not different from 1984 when then Major-General Muhamadu Buhari said in his coup speech: “Let no one however be deceived that workers who have not received their salaries in the past eight or so months will receive such salaries within today or tomorrow…” In a session sub-titled ‘States Road to Insolvency’, the report observed that despite crude oil staying above $100 per barrel for 42 consecutive months, Nigeria’s federal, state and local governments failed to build adequate fiscal buffers, meaning the Excess Crude Account (ECA) failed to rise, as there was no excess revenue to save. “The ECA has been a political pawn of sorts, with states’ commissioners of finance complaining repeatedly about the opacity and lack of transparency in the administration of the account. The heightened pressure caused by lesser oil revenue further ensured Nigeria was highly dependent on this fiscal buffer, which came with more controversial clashes, mostly to do with the approval, disbursement and auditing of the ECA,” it said. “During the period of the crude oil price boom, Nigeria struggled constantly to meet its production targets, due to associated problems including crude oil theft, pipeline and production facility vandalisation, and poor metering. The resultant effect was that revenue fell short and governments at federal, state and local level had to pull out resources from the country’s fiscal buffer – the ECA, depleting the treasury further. “Over the period, state governments significantly increased the monies spent on salaries and allowances for bloated work forces. “The price war launched by sovereign nations against shale oil producers depressed global crude oil prices, putting enormous strain on the Nigerian government’s revenue. This is because approximately 80% of government revenue comes directly from crude oil sales, royalties on crude oil and petroleum profit tax. “As debts piled up statewide, ECA had its contents shared and depleted, despite crude oil prices standing above budget benchmarks, a situation which clearly called for financial prudence.” The report indicted state governments for “failing to read these trends”, neglecting to improve IGR figures, despite compensation bills for their civil servants increasing significantly. “State governments remained unwilling to diversify revenue sources beyond selling income generating assets, collecting personal income tax from voluntary payers, collecting road tax, e.t.c.,” it said. “Despite this escalation of their fiscal problems, most states still kept their books sealed. Very few published audited financial statements, even when asked within the ambits of the law.” Read more at: https://www.thecable.ng/report-19-states-incapable-meeting-recurrent-obligations |
| Re: Yoruba Commonwealth and Politics by Ritchiee: 4:30pm On Nov 13, 2015 |
Ibebe:You are really a smart woman to have quickly solved that little riddle...lol Awon APC ati PDP ti pawa...*swoons but quickly recovers*KINI A FE SE BAYI? |
| Re: Yoruba Commonwealth and Politics by Nobody: 4:35pm On Nov 13, 2015 |
Shymm3x: Yeah off course.I actually mentioned in my comment that they constitute a significant population of the Civil service in south-west states This is how it works.There are many traders in their region and some educated ones among them are in their civil service while the rest are leeches in other regions especially the South-west These red mud mawffughs are really smart and they benefit a lot from the One Nigeria The irony here is ignorant folks who don't know this are the ones shouting one Nigeria. I hate hearing that accommodating bullch!t.Some Yorubas say it to make themselves feel good Is being accommodative suppose to be an achievement? especially when those you're singing it to don't even buy it But there's nothing we can do about it.If you start targetting them while trying to cut down the population of civil servants, they will start shouting "tribalism" and that the universe hates them because they're industrious |
| Re: Yoruba Commonwealth and Politics by Ritchiee: 4:36pm On Nov 13, 2015 |
Osun Remains Best In Implementation, Maintenance Of Rural Access Mobility Project – World Bank IS THIS NOT PROPAGANDA AGAIN OR IS IT THE TRUTH?...OH MY GOD,THAT DEBT WOULD NOT ALLOW ME BELIEVE ANYTHING ABOUT OUR SW GOVS UNLESS THEY INSTANTLY REDUCE IT...HOW  Courtesy Visit by World Bank 3The management of World Bank has rated the State of Osun as the best among its peers in the implementation, management and maintenance of Rural Access and Mobility Projects (RAMP) being financed by the institution across the states of the federation. The global financial institution gave this commendation through its team led by Engineer Olatunji Hammed during a second phase project presentation to the state Governor, Ogbeni Rauf Aregbesola. Addressing the gathering, Engr Hammed disclosed that Osun State has put up an exemplary performance in the quality of its unprecedented developmental projects that centred on the lives of the generality of its populace most especially the rural dwellers. Engineer Hammed said Osun has been able to maintain its status as the first state that has successfully maintained it roads to enhance productivity and as well as improve the economy of the state through accessible and motor able roads, linking community to community, village to village, town to town as well as city to city. He said Osun State has always been number one as it remains the pacesetter for its counterparts in terms of rural based road maintenance which according to him, has prompted other states to come to Osun in order to learn rural access roads maintenance skills. Hammed revealed that in spite of the fact that the state is blessed with multitude of villages, towns and cities, the state has the best roads connectivity in the country. According to him, “Rural Access and Mobility Project has helped significantly in harnessing and exploring the agricultural potentiality of the rural dwellers in the area of transportation of farm produce to urban cities as roads rural/urban roads are being aggressively linked and exposed for easier accessibility. “There is no doubt about the fact that many states in the country are jealous of Osun in terms of its rapid developmental projects which aims at improving the general well being of its populace as the state ever remained the best in implementation, management and maintenance of community based roads across the length and breadth of the state. “This wouldn’t have been impossible if not for the support of Governor Aregbesola towards the Rural Access and Mobility Project which has impacted meaningfully in the teeming lives of the citizenry. Engineer Hammed said the institution’s findings on the phase1 of the Rural Access and Mobility Project (RAMP1) and general roads construction in the state have shown the accelerated improvement in the general lives of the citizenry most importantly that of the rural dwellers as it has contributed meaningfully and productively in the agricultural activities. Having assessed the state in terms of socio-infrastructural, political and economic developments, Engineer Hammed disclosed that the roads network in the state have the best linkage which according to him could always stand the test of time. He extolled Governor Aregbesola’s commitment and dedication towards the well being of his people, saying he has proven himself and distinguished his administration’s uniqueness in his quest for quality and standard construction materials which has resorted to long-last and durable roads being constructed in the state since his administration. He described Governor Aregbesola as an ardent lover of good governance and political stability, adding that his roles in bringing the dividends of democracy to the door steps of his people could not be forgotten. He described the RAMP programme as the only alternative mechanism and instrument which government at all levels need for the successful realization of economic diversification as the country is planning to shift face and attention from being over-reliant on crude oil production to full agricultural production. He however advocated for unwavering support and collaboration with the current government in the country and Osun State in particular in taking the state and nation to the lofty high of prosperous future. He stressed that the state compassion on the well being and development of rural dwellers had yielded positive results as new life of economic transformation and development has been brought to those communities. In his address, the Governor of Osun, Ogbeni Rauf Aregbesola, said Osun was the first state to involve the communities in the adoption and management of the roads across the state since the commencement of his administration. Governor Aregbesola said the project (RAMP) is popular to the people in the state and that consciousness is linked to the need of providing the best his government could in terms of quality facilities and materials for roads construction. He said his government having identified the needs of its rural dwellers, embarked on the massive roads network across the nooks and crannies of the state in order to break the wide gap between the people at the remote areas and urban residents. Governor Aregbesola stated that Osun, having been rated best in the implementation of the RAMP project, has no reason to strive further in the actualisation of its comprehensive development agenda. He pledged that the state under his watch will do everything possible to look for money to make up her counterpart fund for the phase2 of the Rural Access and Mobility Project (RAMP 11) that is set to commence. Governor Aregbesola stressed that Osun was keen in the project simply because the state has been wrongly tagged “Civil Service State” which in reality, according to him, is a peasant agrarian state. Why justifying his position, Governor Aregbesola said as a matter of fact the entire resources of the state even at the best of time was N4.6billion which was a period when the state received its highest allocation, saying the last chunk of this statutory allocation amounts to the sum of N3.6billion which was dedicated to payment of civil servants’ salary arrears, gratuity, pensions and other emoluments. He explained further that the state with the population of 4.5million that received its highest allocation of N4.6billion means that as at then, it had to service the population of 4.5million, which by calculation means that each citizen would receive N1000. He said what a citizen gets cannot even cater for a day old baby for one month. He noted that a sincere assessment of the state allocation resources and resources from Internally Generated Revenue (IGR) show that the state lives on agricultural values. Governor Aregbesola said the state exists on the sweats and labour of those unsung men and women in rural areas who are struggling and labouring every day to improve the agricultural commodities that are painfully brought to the market. He lamented over the dwindling allocation to the state, saying since June, 2013, the financial activities of the state had been hugely damaged due to what he described as unjust reduction. Governor Aregbesola buttressed his point by disclosing that the state got for its September allocation, a paltry sum of N1.8billion. He said such revenue cannot be the basis for the economy of Osun. According to him, “We engaged in Rural Access Mobility Project (RAMP) because we know that it is through this provision that we can support the economy of this state by meeting the core needs of rural dwellers, access and support the evacuation of their farm produce to the markets. “It is because of our genuine commitment to energize the rural dwellers in their onerous duty of producing agricultural commodity that we are passionate and aggressively committed to RAMP. “Though financially, we are highly constrained but even in spite of that constraint, we are committed to RAMP and I pledge that we will quickly mobilize our counterpart fund to usher in the commencement of the RAMP2. Governor Aregbesola said the project implementation support programme on Rural Access Mobility Project has gone a long way at ameliorating and transforming the lives of the marginalized, dejected and abandoned people at rural areas. He expressed gratitude to the management of World Bank for coming up with what he described as people development programme. He said, “Without any sense of doubt, implementation of approximately 225killometers of rural roads currently being rehabilitated and constructed across the length and breadth of Osun have started yielding fruitful results going by the information reaching me and my visit to all the rural areas and project sites across the state. “Farm produce as well as human and vehicular movement have improved considerably as farmers can easily evacuate farm produce without stress and this has increased our economy and social activities as developmental projects had speedily sprung up. “Demand for land acquisition for developmental projects has been on increase and to say the least, it has improved our people livelihood. “We are the government that holds our people well being and development in high esteem as we are committed to the successful implementation of project and its sustainability. “It is not an overstatement to say that Osun is leading other participating states and we will continue to lead because we will not rest on our oars in ensuring that all necessary conditions needed for the successful implementation of this project are met. |
| Re: Yoruba Commonwealth and Politics by zimoni(f): 4:41pm On Nov 13, 2015 |
Ritchiee: I don't get it Bro. How does $11bn equals |
| Re: Yoruba Commonwealth and Politics by Shymm3x: 4:41pm On Nov 13, 2015 |
Aareonakakanfo: However, since they do it in their states within the same ethnic group - why can't we do the same, to cut down recurrent expenditure? These folks are pests/rodents. Really and truly, the North and SE are the two regions that benefit from Nigeria the most - while the SS and SW are the two biggest losers. But ironically, the two biggest losers are the two loudest voices that want the status quo to remain the same. Absolutely shocking. Talk about Stockholm Syndrome. Anyway, which group is behind the DAWN initiative? If they're not part of the current two headed monster called political parties destroying the country - I think these folks should be allowed to lead Yorubas. At least they have a plan and if well implemented should fix a lot of things. |
| Re: Yoruba Commonwealth and Politics by Ritchiee: 4:48pm On Nov 13, 2015 |
Ibebe:Calm down,sister.We would fight for Yorubaland to move back to where it has been for centuries...UP there. |
| Re: Yoruba Commonwealth and Politics by Ritchiee: 4:52pm On Nov 13, 2015 |
zimoni:Read that story,bruv.I think domestic debt is 11bn naira while real debt is 11bn dollars... |
| Re: Yoruba Commonwealth and Politics by superstar1(m): 4:53pm On Nov 13, 2015 |
For most of you outside the country, you need to understand that the civil service plays a dual role. It is a civil service, as well as our form of social security programme. If the exact number that is needed is being adhered to rigidly as the workforce in form of civil service, thousands more will be jobless and the social insecurity and it's other attendant risks multiplies too. The bane of the civil services is not productivity in totality , it is the ghost workers sneaked in by fraudulent civil servants and politicians. Borrowing is not a bad thing at all, if you are sincere enough to utilise the borrowed money on developmental projects and infrastructures, that will motivate people to pay their tax, thereby increasing IGR and the repayment of such borrowing is expected to be guaranteed. Is that what we have in reality in SW states? No. What we have is a situation where some politicians borrow in the name of the state, embezzle or cannot account for a sizeable amount of the borrowed fund, use a little to do a project that would be completed and abandon the rest of the projects. With this they would have enriched themselves and their great grand children, while the children of the masses will keep paying back the borrowing that is in the pockets of the children of some bastar.ds. It's a cycle that will ensure the children of the thieves keep lording it over the children of the masses. How are we different from the northerners? We are even worse of because we are expected to be educated. 1 Like |
| Re: Yoruba Commonwealth and Politics by Nobody: 4:55pm On Nov 13, 2015 |
Shymm3x: Its not like they deliberately make it that way,people from other regions just don't go to the red mud region.Nobody wants to go there Afenifere renewal group are the ones behind the DAWN initiative Have you read the document? 1 Like |
| Re: Yoruba Commonwealth and Politics by Shymm3x: 4:59pm On Nov 13, 2015 |
superstar1: I already alluded to this by calling it "man-made black hole for looting funds". And no one on here has said anything against the civil service and what it represents. Borrowing is not a bad thing at all, if you are sincere enough to utilise the borrowed money on developmental projects and infrastructures, that will motivate people to pay their tax and thereby increasing IGR and the repayment of such borrowing is expected to be guaranteed. However, are they borrowing to do that? Once you start borrowing to meet recurrent expenditure, how will you even be able to finance capital/revenue expenditure to boost IGR? That's what we're complaining about on how they're running the recurrent expenditure alone in deficit. Anyway, you'd agree with me that a lot of Yoruba folks are useful idiots, yes? |
| Re: Yoruba Commonwealth and Politics by superstar1(m): 5:03pm On Nov 13, 2015 |
Shymm3x: Shymexx, do not be deceived. If they tell you they are borrowing to meet recurrent expenditures, just ask them how much was the wage bill before they took over and how much is it now? Let them show the corresponding productivity that followed the increase in wage bill. You will realise it is all propaganda. The reality is they say all that to cover up their unrestrained looting. 1 Like |
| Re: Yoruba Commonwealth and Politics by Shymm3x: 5:03pm On Nov 13, 2015 |
Aareonakakanfo: But Abia folks sack folks from other states within the SE in the state civil service all the time. Ditto other Igbo states. Why can't Yorubas do the same? Yoruba states don't have that type of money to be employing other folks - the states are heavily indebted. Yes, I downloaded it and read the plans. But who are the folks in Afenifere renewal group and are they affiliated to these two parties? |
| Re: Yoruba Commonwealth and Politics by Shymm3x: 5:05pm On Nov 13, 2015 |
superstar1: How's it propaganda? The stats was released by a Nigerian agency headed by a Yoruba person. We need to start questioning these governors. 3 Likes |
| Re: Yoruba Commonwealth and Politics by superstar1(m): 5:07pm On Nov 13, 2015 |
Shymm3x: It is a propaganda in the sense that the bulk of those recurrent expenditures and overheads are finding their ways into the pockets of some people. Those are the lies being peddled around by the governors as an excuse. The report is looking at the recurrent expenditure in absolute figure. It did not recognised the fact that politicians have inflated the workforce. |
| Re: Yoruba Commonwealth and Politics by Nobody: 5:11pm On Nov 13, 2015 |
Shymm3x: That was a gutsy move and on a good day I don't think he's allowed to do that.Mind you that was romani-romani so the issue won't be viewed through tribal lens I think there are different sub-groups of Afenifere but so far since I've been following DAWN,I have never seen any traces of political affiliation from these guys.Instead they encourage the unity of south-west governors irrespective of the party they represent 1 Like |
| Re: Yoruba Commonwealth and Politics by Ritchiee: 5:12pm On Nov 13, 2015 |
There are only a limited number of things a country can do to overcome massive debt. 1) Default 2) Inflation 3) Growth This makes the assumption that the country remains a sovereign nation. Of course it can be conquered or partitioned by another country and its debt will become irrelevant, but we will ignore that situation. Let's start by making one thing clear - deficits and debt are two different things. Deficits are the annual overspending of the budget while debt is the ongoing accumulation of deficits. The US deficit, for example, is half of what it was in 2008 when George W. Bush created the first 1+ trillion dollar deficits, but the debt continues to grow from both deficits and the compounding of interest. With Default the country has to do one of two things. First, it has to declare all past debts invalid. Second it has to balance its budget. This is because in the short term, no one will lend any more money to the country. In reality, even South American nations that have defaulted were able to get more loans within 5 years. Defaulting can devastate an economy because you have a nation dependent on large deficits suddenly cutting its budget to balanced. Losing all that spending results in massive unemployment, displacement and misery, but that is the tragedy of default. Another thing a nation can do is inflate its way out of debt. Germany did this after WW1 when 1 trillion Marks was equal to 2 American cents -- people would take a wheelbarrow to the market to get good, and then someone would dump the money on the street and steel the wheelbarrow. In an inflationary economy, the rich make out, the poor and those on a fixed budget are screwed and people turn to bartering. This happened in the 1980s in Israel when employees had to be paid twice or three times a day because their money would be worth so much less in just a few hours. Inflations occurs when the government creates too much money. Zimbabwe is a case in point. I have a real 1 Trillion Dollar Zimbabwe currency note at home. But by creating inflation, you make your debt worthless unless it is tied to the inflation rate. In the US in the late 70s we went on a rampage to crush inflation by raising interest rates, at one point as high as 21 percent. The Fed has typically made crushing inflation its number one goal. However, not all inflation is bad as it causes money to move. In the early 2000s when George W. Bush was running up huge debts he brought Ben Bernanke into the Fed because Bernanke was known as a guy who likes inflation. Until that time inflation in the US was running less than 1 percent, and was 1 percent all through the 90s, but once Bush got into power, inflation was between 3 and 5 percent. Each percentage point of inflation destroys about 30 billion dollars of debt. I believe this was Bush's secret goal -- cheapening his deficits and debt. But once the economy collapsed we were terrified of deflation -- prices collapsing, because once that starts, it's hard to fix and deflation is much, much worse than inflation. The other thing you can do is grow your way out of debt. By growing faster than spending you are reducing deficits and can use excess money to pay down your debt. It's not the debt that is so bad, because you never pay that off, really -- it's the interest on the debt because it becomes a larger and larger part of the budget, squeezing out spending for other things like roads and research, etc. In fact, in the US, the interest on debt is the second or third largest budget item. The problem is that it is really, really difficult to grow out of enormous debt. Nevertheless, we see that as the economy grows, the deficits automatically shrink as tax receipts rise. This is growth reducing the rate of increase of the debt. Some interesting facts can be shown to calm people's irrational fear of American debt: 76 percent of the US debt is owned by Americans and American entities but not so in Nigeria. Only 24 percent is owned by foreigners. Even the Chinese only own about 10 percent of US debt with the rest split up between England, Canada, Germany, the Cayman Islands (!), Ireland and Japan. Even Russia is in the top 10. |
| Re: Yoruba Commonwealth and Politics by Ritchiee: 5:19pm On Nov 13, 2015 |
superstar1:This is no propaganda,Uncle,I am sorry,are you a politician?I am not.I am only very passionate about my Yoruba race and any party that would put Yorubaland where it rightly belongs,then I am game without forgetting my fellow homosapiens... |
| Re: Yoruba Commonwealth and Politics by Nobody: 5:19pm On Nov 13, 2015 |
I laugh when I read comments here about accomodating Igbos in civil service, why is that some folks keep lying to themselves, let me tell you that my former hod in marketing dept esut was a yoruba from ondo, by name olakunle olakunori olaniyi. 3 Likes |
| Re: Yoruba Commonwealth and Politics by Shymm3x: 5:23pm On Nov 13, 2015 |
superstar1: My bad, I thought you were calling it propaganda to make the SW look bad. Anyway, if it's an avenue by the state governors in the SW to loot money and incur debts for future generations of Yoruba folks. You'd agree with me that these folks are the biggest failures ever. So why do these political jobbers and miscreants on here tell us daily that these folks are working? 1 Like |
| Re: Yoruba Commonwealth and Politics by Nobody: 5:27pm On Nov 13, 2015 |
Quimicababes I don sight you for that side again   |
| Re: Yoruba Commonwealth and Politics by Shymm3x: 5:28pm On Nov 13, 2015 |
Aareonakakanfo: States are meant to cater to indigenous people in the state not all and sundry. Fvck their emotions - they can systematically lay them off. Yoruba states are broke. They might as well start their own political party since the current plonkers ruling Yoruba states are failures of epic proportions. They can start from a state they have enough presence in the grassroot before moving to other states. If Mimiko can smack the APC machine in Ondo, they shouldn't have a problem doing that. I'm sure a lot of Yoruba folks are tired of both APC and PDP. The low turnout during the last election exemplifies that. Someone needs to stop that Tinubu guy. 2 Likes |
| Re: Yoruba Commonwealth and Politics by Shymm3x: 5:28pm On Nov 13, 2015 |
Aareonakakanfo: Lool. Big brev, you have seen her FB and her pic, what does she look like?  |
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