The wealthy families who rule the world, are creating the conditions of deep poverty for the vast population of the world. This video is merely a glimpse of how they syphon billions of dollars yearly from the world's poorest people:
Excerpt: "French treasury for example, is receiving about $500 Billion year in, year out, from African countries, based on colonial debt they force them to pay."
New Report Shows Corporations and Western Governments Continue to Profit from Looting of Africa
A recent report published by a coalition of African and British social justice organizations lays bare the truth that foreign corporations and wealthy governments continue to profit from the looting of the world’s most impoverished continent.
In 2015, the year the most recent data is available, African nations received $162 billion in aid, loans, and remittances. At the same time, $203 billion was taken from these nations through resource extraction, debt payments, and illegal logging and fishing.
“We find that the countries of Africa are collectively net creditors to the rest of the world, to the tune of $41.3 billion in 2015,” explain authors of the report, titled How the World Profits from Africa’s Wealth.
“There’s such a powerful narrative in Western societies that Africa is poor and that it needs our help,” explained Aisha Dodwell, a campaigner with Global Justice Now, one of the organizations that authored the report.
“This research shows that what African countries really need is for the rest of the world to stop systematically looting them,” Dodwell said. “While the form of colonial plunder may have changed over time, its basic nature remains unchanged.”
For example, over half of the population of Africa lacks access to sufficient healthcare, with an average of only 14 health professionals for every 100,000 people.
However, Africa’s wealth underground is extensive. In 2015, African nations exported some $232 billion worth of minerals and oil to the rest of the world, South Africa contains an estimated $2.5 trillion in mineral wealth, and the Democratic Republic of the Congo (DRC) holds an estimated $24 trillion in untapped mineral reserves.
Yet the poverty above ground persists, with 95% of the population in the DRC living on less than US $2 dollars per day.
The problem is that foreign companies profit the most from this resource extraction.
“Money is leaving Africa partly because Africa’s wealth of natural resources is simply owned and exploited by foreign, private corporations,” the report explains. “In only a minority of foreign investments do African governments have a shareholding.”
Furthermore, when multinational companies do extract and export raw commodities, they typically pay very little taxes to the government, or they use tax havens to avoid paying taxes.