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Wednesday, 01 November 2006


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I'd like to post a comment here that I posted under the CamCCUL article, because that one is on its way out. Under this article I will only add that I am skeptical about the declared intention of the minister of finance to fight poverty. You will notice that somewhere in the article it is mentioned that a security helicopter will be purchased with the funds. We should not be surprised if all the funds are diverted to security issues. After all, those in the security industry are the most dangerous; so they need a lot of pampering, as has been the case since 1993.
I am only surprised that these countries which cancel debts do not do their homework. In 1997, the Canadian government thought it was helping the election process by sloganeering. You could see posters and hear advertisements on the radio such as "I register, I vote". Of course, the Canadian government should have known that the government was just putting up a front. On the field, they would have known how difficult it was to register, not to talk of voting. The almighty DOs made sure that registration of unwanted voters did not take place. So how did they help us with elections? Debt cancellation will only go to line the pockets of those who are already filthy rich. Below is the comment on the CamCCUL article, and it is put here because both articles deal with reserves which treasury looters can put their hands on.

It is a tragedy that this article ends with some concrete figures to show the achievements of the Credit Union Movement. When I think of what happened to Cameroon Bank, PMO (NPMB), and now CDC, I shiver to think what the association of looters will do next to this cherished CamCCUL, which has inadvertently been helping them in the fight against poverty and other ills. My point is: if the government claims that it is fighting poverty, it should be seen to be doing just that, and not announce growth statistics on radio and tv while the common man on the street cannot feel it. This very CamCCUL was fortunate to recover its 15 billion from the defunct Cam Bank. They should not push their luck.
The collapse of Credit Agricole, BIAO, SCB, CamBank, Post Office Savings Bank, and the imminent collapse of the Credit Foncier are not accidental. These are programmed so as to make the suffering of the masses as complete as can be. So no one should think that this government will listen to CamCCUL today or tomorrow or any time in the future. People lost their savings in Bank of Credit and Commerce, Post Office Bank, BIAO, SCB, Credit Agricole, etc. So who cares about them anyway?
In future, the journalist should be careful when mentioning figures because those in control are like flies following the scent of a corpse or something to feast on. They will just zoom in on the establishment and kill it. I am aware, however, that CamCCUL has its Union Bank and the operating principle is that, if ever the government appoints some voracious fellow as its manager, members should know which way the wind is blowing and head for the next safe port (in the finance world). A word to the wise....


Tekum Mbeng

These debt cancellations, though helpful in the short run amount to a terrible degradation of Cameroon's credit rating.

Imagine a friend takes a loan from you, will not repay and declares bankruptcy so that you can forgive the loan. Next time, would you lend again to that friend?

Muki StoneHall

No Tekum Mbeng,I will not like to lend to the friend again.I will first like to know how and why he became bankrupt.
But this is something that the so-called Developed and rich countries have not done.The do not care about why and how African countries becomes poor.They are only interested in dishing out loans and cancelling them.It's a game the ordinary man will not understand.They cancel the loans in cash and get it back through other means.So even our presidents ask for loans a hundred times,they will still be given.

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