African capitalists: Parasites not creators

Mail & Guardian, PERCY ZVOMUYA
Businessman and political commentator Moeletsi Mbeki launched Architects of Poverty at the Cape Town Book Fair. It is a stinging critique of African capitalism, describing how the powerful elite on the continent "sell off its assets to enrich the rest of the world".

Look at the massive salary differences between the ANC officials in government and the masses. In South Africa we now have deep inequality among Africans. This is because of the attempt by black nationalists to live like the enemy. By emulating their enemy, they inherit the contradictions of the social system they take over.

Frantz Fanon railed against the unproductive bourgeoisie of newly independent countries.
But these nationalists are not a bourgeoisie. They have no capital like a typical bourgeoisie. They don't create wealth; they are a parasitic elite that lives off the existing assets which they didn't create.

Zimbabwe has become a bantustan of South Africa. The Mugabe regime has destroyed the productive capacity of Zimbabwean companies.

African plan to keep vulture funds at bay

Financial TImes, William Wallis and Michael Peel
The Africa Legal Support facility will provide funding and advice so that African governments are not at a disadvantage for lack of top level legal representation when subject to predatory debt claims. So-called vulture funds have provoked growing international criticism by launching lawsuits – many of them in courts in the US and Britain – to force repayment of poor country debt they have bought at heavily discounted prices on world markets.