Stories and News No. 1279
Once upon a time a shadow, right? The Chinese shadow, with no surprises, since the title says it all, or almost. And in this case the latter reveals much more than what is seen.
Because we are talking about the shade of a complex and poorly understood nation, in terms of traditions and politics, lifestyles and variety of languages, habits and customs, which are most often mistakenly translated into a superficial mixture of clichés in a sweet and sour sauce.
But the shadow exists, okay? I refer to the African continent, as stated. Because the eastern giant has stuck both of its greedy hands among the natural wealth of all but the natives, and if they dare to claim rights or reasons, they become terrorists, separatists, or worse. Bad people, in short, even where they are at home, let alone when they decide to seek fortune elsewhere.
Thus, with the passage of time, the invaders change names, but you may also read as far-sighted investors, new friends, generous financiers and disinterested donors of solidarity-based donations.
As a common result, ever since the golden goose, but also oil and diamonds was discovered south of Western greed, there is a growing, gigantic and criminal debt on the heads of generations of Africans, poor even before to be imagined, rather than brought into the world.
So, here it is that the aforementioned blanket is staged, like a dark curtain that makes itself a spectacle in various ways, the Trap of the Chinese, the Chinese excessive power in Africa, The Chinese ballast for African countries and above all the Chinese predators who throw themselves into the debt of Africans.
All right, all true, or almost, and – as just said at the very beginning - it is the latter that makes the difference that matters. Because thanks to the praiseworthy report drawn up by the international organization Debt Justice, behind that shadow lies a disconcerting and paradoxical reality, which tells us that only 12% of the foreign debt of African governments is due to Chinese lenders compared to 35% in the Western private hands. African governments owe three times as much debt to Western banks, wealth managers and oil traders than China, and - more seriously - they pay double the interest.
According to Tim Jones, chief of policy at Debt Justice, the UK and the US are particularly important to control Western lenders because most international private debt contracts are entered into under British or US law. Recalling that Western companies, unlike China, did not suspend debt even during the pandemic, Jones summarizes the concept: "Western leaders blame China for debt crises in Africa, but this is a distraction."
So once upon a time there was the shadow of China over Africa and much more.
Once upon a time and, apparently, luckily for some it still is.
Because in its shelter someone gets triple enriched and passes also for the usual defenders of good, peace and justice in the world.