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> The lack of liquidity in the financial system then further limits what banks can lend to builders. The massive credit expansion is exactly what you don't wan

> The lack of liquidity in the financial system then further limits what banks can lend to builders. The massive credit expansion is exactly what you don't want if you want to ease the housing market. The Economist got almost everything in this story wrong. I have personal experience of being to Nigeria a few times on infrastructure subcontract projects. The predominant portion of those abandoned construction sites are made by plain fraudsters, take money, make a semblance of construction going, then vanish with money. Urban apartment housing in most of Africa is seen as something for a more affluent, and well off, much alike how it is in Asia, and not the other way around as it is in the West. There are quite proficient builders in economically relatively well doing African countries. Take a look on http://www.mhfproperties.com/ http://www.mhfproperties.com/ Where fraud proliferates are 2nd tier African economies, and housing for people lower on the class ladder (ones who are just entering the middle class, and still want save hard on housing.) The shortages of cement, steel, and construction supplies bear much more on the availability of housing than any of that "liquidity" thing. Africa needs more factories, more mills, more kilns, more technical know how. At the moment even such basic things like petrol, and cement are largely import only even in most developed African economies. This leads to those countries squandering their short FX resources gained largely from agricultural exports, which could've been spent in import of something more useful, and productive, like plant machinery.

Accujack 6y ago
>Africa needs more factories, more mills, more kilns, more technical know how. Also less exploitation by industrialized nations and more leaders who want to improve their country's infrastructure rather than just get into a position of power so they can be a rich king. Western nations will invest in Africa if it gets them something... minerals, oil, other resources. They don't invest in Africa's people, they invest in the infrastructure they need to exploit those resources. Most of the money leaves the country, the part that stays usually gets greatly reduced by ending up in the pockets of political leaders because that's the way it's always been done.
- zappo2938 6y ago
  > exploitation by industrialized nations We hear a lot about how China invests billions in Africa building highways and such in order to have influence. I have a conspiracy theory based on stories I heard. It would be nice to know if is true or not. What Americans don't realize is that the Gambino crime family didn't just dissolve, they went to Africa, and they bought rights to natural resources such as coal. They have since the early 2000s become the brokers between natural resources in Africa and 3rd party buyers around the world and their business is violence.
  - angrais 6y ago
    You do realise Africa is massive and that a family of white, American-Italians wouldn't have much chance causing influence (even with violence) in certain African countries? Not to forget the difference in languages across those countries. So my question is: why do you think the Gambino family moved there and what evidence do you have for your claims?
    - sthnblllII 6y ago
      King Leopold of Belgium and 200 white advisors ruled all of the African Congo with a mostly black army that they assembled. I can't find anything about the Gambino family having assets in Africa.
      - angrais 6y ago
        Great point, though I suspect being a king and having a whole country and army support your colonisation of a country is outside the power of most people. Edit: I get your point now that the king paid locals to help cause "crimes against humanity" ... I'd say given modern media practices that a mafia don doing something similar would be most difficult. This thread reminds me of the Netflix TV show Lillyhammer on a smaller scale.
        sthnblllII 6y ago
LaMarseillaise 6y ago
> Africa needs more factories, more mills, more kilns, more technical know how. Building capital requires financing. Financing depends on trust and stability. From your description, it seems like the issue is an ineffective legal system that allows widespread fraud.
- sthnblllII 6y ago
  Financing (credit cards, furniture rentals, payday loans, diversity business loans) has not made poor people in rich countries rich. https://m.youtube.com/watch?v=4LSuZGlqL34 https://m.youtube.com/watch?v=4LSuZGlqL34 African attitudes and behavior are very different from those of people whose nations have developed technologically in the past 200 years. No amount of loans will teach people how to mix concrete or organize an effective workforce. These are things that people either decide to do on their own or have imposed upon them by a colonial power. I oppose ensnaring third world nations in debt. Either give them free stuff or let them figure civilization out on their own. "We can help them while making money at the same time" is always a veil for exploitation.
  - LaMarseillaise 6y ago
    > Financing (credit cards, furniture rentals, payday loans, diversity business loans) has not made poor people in rich countries rich. Predatory loans are not the whole picture. Stock markets and business loans have made many poor people rich. I know some of them. > No amount of loans will teach people how to mix concrete or organize an effective workforce. Student loans can help here. > I oppose ensnaring third world nations in debt. The developed world does not have a monopoly on finance. Credit unions and microcredit are possible anywhere, but nevertheless depend on trust and stability.
- baybal2 6y ago
  > From your description, it seems like the issue is an ineffective legal system There are African countries with well functioning legal system. Widespread fraud is, you know, happens much across the rich world, and victims are usually much the same demographic.

Accujack 6y ago

>Africa needs more factories, more mills, more kilns, more technical know how. Also less exploitation by industrialized nations and more leaders who want to improve their country's infrastructure rather than just get into a position of power so they can be a rich king. Western nations will invest in Africa if it gets them something... minerals, oil, other resources. They don't invest in Africa's people, they invest in the infrastructure they need to exploit those resources. Most of the money leaves the country, the part that stays usually gets greatly reduced by ending up in the pockets of political leaders because that's the way it's always been done.

zappo2938 6y ago
> exploitation by industrialized nations We hear a lot about how China invests billions in Africa building highways and such in order to have influence. I have a conspiracy theory based on stories I heard. It would be nice to know if is true or not. What Americans don't realize is that the Gambino crime family didn't just dissolve, they went to Africa, and they bought rights to natural resources such as coal. They have since the early 2000s become the brokers between natural resources in Africa and 3rd party buyers around the world and their business is violence.
- angrais 6y ago
  You do realise Africa is massive and that a family of white, American-Italians wouldn't have much chance causing influence (even with violence) in certain African countries? Not to forget the difference in languages across those countries. So my question is: why do you think the Gambino family moved there and what evidence do you have for your claims?
  - sthnblllII 6y ago
    King Leopold of Belgium and 200 white advisors ruled all of the African Congo with a mostly black army that they assembled. I can't find anything about the Gambino family having assets in Africa.
    - angrais 6y ago
      Great point, though I suspect being a king and having a whole country and army support your colonisation of a country is outside the power of most people. Edit: I get your point now that the king paid locals to help cause "crimes against humanity" ... I'd say given modern media practices that a mafia don doing something similar would be most difficult. This thread reminds me of the Netflix TV show Lillyhammer on a smaller scale.
      - sthnblllII 6y ago

LaMarseillaise 6y ago

> Africa needs more factories, more mills, more kilns, more technical know how. Building capital requires financing. Financing depends on trust and stability. From your description, it seems like the issue is an ineffective legal system that allows widespread fraud.

sthnblllII 6y ago
Financing (credit cards, furniture rentals, payday loans, diversity business loans) has not made poor people in rich countries rich. https://m.youtube.com/watch?v=4LSuZGlqL34 https://m.youtube.com/watch?v=4LSuZGlqL34 African attitudes and behavior are very different from those of people whose nations have developed technologically in the past 200 years. No amount of loans will teach people how to mix concrete or organize an effective workforce. These are things that people either decide to do on their own or have imposed upon them by a colonial power. I oppose ensnaring third world nations in debt. Either give them free stuff or let them figure civilization out on their own. "We can help them while making money at the same time" is always a veil for exploitation.
- LaMarseillaise 6y ago
  > Financing (credit cards, furniture rentals, payday loans, diversity business loans) has not made poor people in rich countries rich. Predatory loans are not the whole picture. Stock markets and business loans have made many poor people rich. I know some of them. > No amount of loans will teach people how to mix concrete or organize an effective workforce. Student loans can help here. > I oppose ensnaring third world nations in debt. The developed world does not have a monopoly on finance. Credit unions and microcredit are possible anywhere, but nevertheless depend on trust and stability.
baybal2 6y ago
> From your description, it seems like the issue is an ineffective legal system There are African countries with well functioning legal system. Widespread fraud is, you know, happens much across the rich world, and victims are usually much the same demographic.