As in your earlier lucubrations about SDR's, your "solution" to the problem presumes that the problem doesn't exist. Do you really think that if FDI to Africa is currently 1% of total (which it is), that somehow a fund made of TT revenues is going to somehow either make its way to Africa, or make any difference? I mean, who is going to administrate this fund? The IMF? The World Bank? What makes you think that either of these is politically available to that project? How is the fund going to be denominated? More SDR's?
Christian
----- Original Message ----- From: Chris Burford <cburford at gn.apc.org> To: <lbo-talk at lists.panix.com> Sent: Wednesday, September 01, 1999 4:56 PM Subject: Re: New approach to debt called for
> At 21:47 31/08/99 -0400, Doug wrote:
> >Chris Burford wrote:
> >
> >>Sounds like the IMF needs to set up a fund to divert capital
centrifugally
> >>out to Africa at the same rate that it is flowing in centripetally.
> >>
> >>Sounds like the need for a Tobin tax again!
> >
> >Could you explain how a Tobin tax, a levy on transactions, would
> >fundamentally change the direction of net capital flows? And since
> >most of Africa's creditors are official, not private, would a TT even
> >touch them?>
>
>
> It would generate a fund of the order of 200 billion dollars a year that
> could be diverted consciously in the opposite direction to the centripetal
> tendencies of the uneven accumulation of capital.
>
> Like Zizek, I am arguing for global solutions to global problems.
>
>
>
> Chris Burford
>
> London
>
>
>