Why are predominately black countries mostly poor? in your opinion

[Poitier]

According to who?

According to history

How is it false? Do you have any relatives in Nigeria? Ask them how much of their money is in the banks. And the banking system as we know it didn't exist in the late 1700s so that's not a fair comparison.

Its false because you can't expect a 60 year old country to have the infrastructure of a 250 year old country.

And what do you mean "banking system as we know it didn't exist" .... the institutions and bankers of 1700 are the same as today

10 years is a long time in regards to technology, but not in regards to economics.

Technology subverts economics. Look at the remittances economy just in the time mobile money caught on.

You notice that I did specifically say Nigerian business owners right?

Who have obvious biases and have no care for social infrastructure and public goods

 

[Poitier]

How am I using old paradigms if I'm bring up Bitcoin? And mobile money is actually just really taken off in East Africa, Kenya in particular.

"
Migrants of African descent pay a significantly higher amount in fees than other migrants pay to send money home, 12 percent, a loss of $1.8 billion annually. The East African estimates it is enough to put 14 million children into schools or to provide safe water for 21 million people.
"


"
Nigeria remains the largest recipient by far, with migrants sending about $21 billion in 2013
"

"
For example, Ghanians sending money to Nigeria pay up to 39 percent in fees.
"

Does it now make sense why mobile money is rapidly expanding across the continent and why many loath banks? Opening up banks that don't address this is capitalism but a capitalism that is praying on the poor. Saying Africans are disowning capitalism because of ignorance and not because it lacks social incentives and comes with high fees is false.

 

[OCCAMS_RAZOR]

and fees.

Which is where mobile money comes in. Stop using old paradigms. Apple Pay is 10 years behind what is happening in Africa and Asia.

yah, it's crazy back home. when i was last in kenya the big mobile money system was mpesa, i don't if there are any other big ones. over there you can use your phone as a credit card, to pay fees, buy groceries, it's insane.

& the penetration of mobile phones is pretty deep. everyone haas a phone for the most part. even the dudes in the farms with no electricity, lmao. they have charging stations where people can pay to charge their phones.

 

[OCCAMS_RAZOR]

Black people have tried and succeed at capitalism in America multiple times only to have it thwarted.

even before slavery was outlawed, there were tons of freemen and women who had benefited from the 'American Way'. i only recently found that out. black people know what the deal is when it comes to capitalism, we have no issues there.

biggest culprit imo for the wealth imbalance in the america's is institutional racism. i have no hard data to back it up but that's what i suspect.

 

[Poitier]

yah, it's crazy back home. when i was last in kenya the big mobile money system was mpesa, i don't if there are any other big ones. over there you can use your phone as a credit card, to pay fees, buy groceries, it's insane.

& the penetration of mobile phones is pretty deep. everyone haas a phone for the most part. even the dudes in the farms with no electricity, lmao. they have charging stations where people can pay to charge their phones.

Yup, I'm writing an article on it.

And now Kenya and Tanzania are letting people get loans based on mobile money, collect interest for $$$ that sits in the mobile wallet and are letting mobile wallet operators work across borders which will help intra-African trade. fukk a bank.

 

[Dion Isus]

According to history

I'd love to see a qualitative response to the qualitative answer I posed

Its false because you can't expect a 60 year old country to have the infrastructure of a 250 year old country.

When have I ever compared the infrastructure of the USA to that of Nigeria?

And what do you mean "banking system as we know it didn't exist" .... the institutions and bankers of 1700 are the same as today

"The Wealth of Nations" by Adam Smith was written in 1776. Are you really going to make a logical argument that there haven't been substantial changes in banking and economics since then?

Technology subverts economics. Look at the remittances economy just in the time mobile money caught on.

Technology and economics are interconnected. But once again, the question was an economical one, and my response was that 10 years in nothing in terms of economics. True or false?

Who have obvious biases and have no care for social infrastructure and public goods

Everyone has obvious biases, including both of us. However, I specifically said business owners as they are the ones who actually create private sector jobs, which cause an increase in social infrastructure and public welfare.

 

[Dion Isus]

"
Migrants of African descent pay a significantly higher amount in fees than other migrants pay to send money home, 12 percent, a loss of $1.8 billion annually. The East African estimates it is enough to put 14 million children into schools or to provide safe water for 21 million people.
"


"
Nigeria remains the largest recipient by far, with migrants sending about $21 billion in 2013
"

"
For example, Ghanians sending money to Nigeria pay up to 39 percent in fees.
"

Does it now make sense why mobile money is rapidly expanding across the continent and why many loath banks? Opening up banks that don't address this is capitalism but a capitalism that is praying on the poor. Saying Africans are disowning capitalism because of ignorance and not because it lacks social incentives and comes with high fees is false.

What has been the penetration of mobile money outside of East Africa? And why the emphasis on remittances and not money transfers within country?

 

[Dion Isus]

yah, it's crazy back home. when i was last in kenya the big mobile money system was mpesa, i don't if there are any other big ones. over there you can use your phone as a credit card, to pay fees, buy groceries, it's insane.

& the penetration of mobile phones is pretty deep. everyone haas a phone for the most part. even the dudes in the farms with no electricity, lmao. they have charging stations where people can pay to charge their phones.

Yes, the mobile phone has dramatically changed things in sub-saharan Africa. They had widespread text messaging there before it came to the US. But mobile money hasn't really left East Africa the last time I checked.

 

[Poitier]

I'd love to see a qualitative response to the qualitative answer I posed

Or you can simply show where Russians have lived in excess in history?

When have I ever compared the infrastructure of the USA to that of Nigeria?

Show me a 60 year old country with more local banks?

"The Wealth of Nations" by Adam Smith was written in 1776. Are you really going to make a logical argument that there haven't been substantial changes in banking and economics since then?

The same people and institutions who owned banking then, own it nw.

Technology and economics are interconnected. But once again, the question was an economical one, and my response was that 10 years in nothing in terms of economics. True or false?

"Technology and economics are interconnected" so false

Everyone has obvious biases, including both of us. However, I specifically said business owners as they are the ones who actually create private sector jobs, which cause an increase in social infrastructure and public welfare.

This is false. The government will have to regulate and allocate money for social infrastructure and public welfare, corporations have no need for it.

 

[Dion Isus]

even before slavery was outlawed, there were tons of freemen and women who had benefited from the 'American Way'. i only recently found that out. black people know what the deal is when it comes to capitalism, we have no issues there.

biggest culprit imo for the wealth imbalance in the america's is institutional racism. i have no hard data to back it up but that's what i suspect.

Do yourself a favor and look at black American "leaders" from the early 1900s and compare them to those of the 1960s and you will see a large shift in their professions and their messages.

 

[Poitier]

What has been the penetration of mobile money outside of East Africa? And why the emphasis on remittances and not money transfers within country?

Remittances account for a huge portion of GDP.

"
An Africa that hosts 242 mobile-phone based money transfer providers servicing 89 countries, totaling 203 million mobile money accounts (61 million accounts active), according to the GSM Association (GSMA), an association of mobile operators and related companies.
"

If you compare East Africa to anywhere in the world, the penetration of mobile money outside of it isn't as pronounced but Africa as a whole has adopted further than anywhere but maybe Asia.

 

[Poitier]

Do yourself a favor and look at black American "leaders" from the early 1900s and compare them to those of the 1960s and you will see a large shift in their professions and their messages.

Only if you look up all the failed attempts at capitalism that changed the message.

 

[Robbie3000]

Yup, I'm writing an article on it.

And now Kenya and Tanzania are letting people get loans based on mobile money, collect interest for $$$ that sits in the mobile wallet and are letting mobile wallet operators work across borders which will help intra-African trade. fukk a bank.

It's crazy Mpesa is so ahead of the US mobile industry. What Apple is trying to do in 2014 whats already in place in Kenya in 2008. What's even more amazing is how quickly people adopted mobile phones. My grandfather is 90 years old and he stays on his mobile phone on his farm.

 

[Dion Isus]

Or you can simply show where Russians have lived in excess in history?

Let me repeat my initial question:

"They may have had a strong military, but what about the standards of living of the people?"

Were or were they not behind the rest of Europe in terms of living standards during the cold war era? Were the people in the Soviet Republics able to get more than the bare minimum in regards to resources?

Show me a 60 year old country with more local banks?

More banks or more banks per person?

The same people and institutions who owned banking then, own it nw.

Like who?

"Technology and economics are interconnected" so false

What isn't interconnected?

This is false. The government will have to regulate and allocate money for social infrastructure and public welfare, corporations have no need for it.

And so after the regulation is in place, who is then awarded the contracts to build this infrastructure again? Who hires the people that will actually do the work?

 

[Kritic]

So I'm not black because I deviate frm the herd? nikka please...get away frm that plantation mindset...

what plantation and mindset are you talking about
who are you talking to..