September 2008


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LUSAKA (Reuters) – Zambia’s parliament has passed a law that will pave the way for oil exploration by international firms before the end of this year, Mines Minister Kalombo Mwansa said on Tuesday.

Mwansa told Reuters the petroleum exploration and production law had been sent to acting President Rupiah Banda to be signed.

Zambia would then invite international oil firms to submit bids for exploration in northwestern Zambia, bordering oil-rich Angola, where soil samples sent to European laboratories confirmed the existence of oil.

Mwansa said Zambia had lifted its suspension of oil exploration, a measure that was imposed pending the passage of a comprehensive law, and had defined oil blocks to enable foreign firms to tender for their areas of interest.

He said the process of issuing tenders should be completed within two months.

Under the new law, oil firms would initially be granted exploration licences and would gain production licences if they made finds big enough to sustain commercial production.

“A holder of a petroleum exploration licence shall commence exploration within 90 days, or such further period as the minister may allow, from the grant of the licence,” the law states.

It also says investors would be given two years to start development and production after gaining production licences.

The foreign firms would be expected to train and employ Zambians and adhere to strict environmental, health and safety regulations, and a state-run national oil firm would be set up.

Mwansa said the government had set up an oil exploration technical committee to supervise and award licences.

The law granted the country’s president powers to repossess land held by influential traditional leaders and award it to foreign investors to conduct oil exploration, in what analysts see as a move to remove barriers to oil development.

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Zambia has signed four treaties at the United Nations involving the rights of children, women and people with disabilities.

Foreign Affairs minister Kabinga Pande signed the treaties at the UN headquarters in New York, Monday.

The treaties include the Optional Protocol to the convention on the elimination of all forms of discrimination against women and the optional protocol to the convention on the rights of the child and the involvement of children in armed conflict.

The others are the optional protocol to the convention on the rights of the child on the sale of Children , child prostitution and child pornography and the optional protocol to the convention on the rights of persons with disabilities.

Speaking in an interview with ZNBC’s Grevazio Zulu soon after signing the treaties, Mr. Pande said the protocols are important as they affect the weakest in society.

The minister said Zambia is proud to be among the countries that have appended its signature to the treaties.

Among other things the treaty on children aims at ensuring countries strengthen measures that protect children in light of increasing international traffic in children for the purpose of prostitution and child pornography.

It also urges states to strengthen international cooperation in addressing the root causes, such as poverty and underdevelopment, contributing to the vulnerability of children.

The protocol on women urges countries to ensure full and equal enjoyment by women of all human rights and fundamental freedoms and to take effective action to prevent violations of rights and freedoms.

Source: ZNBC

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By Perege Gumbo

Dilapidated Tanzania-Zambia Railway Authority (TAZARA) will need immediate injection of between USD70-100 million to perk up its operations in the most efficient business manner.

This was revealed over the weekend by Zambian Minister of Communications and Transport Ms. Dora Siliya, saying heavy recapitalisation of TAZARA was now inevitable.

TAZARA is the most important infrastructure facility serving the landlocked country.

Efficient functioning of the railway would enable Zambia to transport it`s copper to world markets smoothly, but in the end would enhance positive contributions to the two countries` economic development as well as livelihoods of its people.

In a recent exclusive interview, she said that the on-going tremendous trade growth between Tanzania-Zambia and the East Asia emerging markets such as China, India and others call for efficient and effective transportation system.

Ms. Siliya, who also doubles as the Chairperson of the Council of Ministers for TAZARA revealed the decision to recapitalise has already been agreed upon.

Members to the Council of Ministers for TAZARA from the Tanzania include Ministers for Infrastructure Development, Industry, Trade and Marketing, as well as for Finance and Economy.

From Zambia, members to that Council include Minister for Communication and Transport, Commerce and Trade, and Minister for Finance.

“I have come to first of all familiarise myself with the TAZARA railways infrastructure and the associated port facilities following financial and management problems that the railways is facing“, she said.

However, she described the Tanzania-Zambia trade relationship and mutual economic ties as very healthy, but in need of enhancement.

In recent times, she said, Zambian copper has been enjoying robust demand in Eastern Asian countries.

In addition, signs of oil deposits in northern Zambia are promising, meaning that now and in the future, TAZARA would continue to become lifeline for Zambia`s economy.

Because both governments of Tanzania and Zambia have agreed in principle to revamp TAZARA, what remains to be done is proper valuation of the firm`s assets and liabilities, as well as getting furnished with expert advice on how best to undertake recapitalisation.

“Massive investment was still required to turn the firm around and make it operate both effectively and efficiently“, she stressed.

At any rate, any best way chosen to recapitalise TAZARA would incorporate Chinese inputs. Chine helped build TAZARA in the 1970s.

Preliminary estimates, according to Siliya, shows that over the shorter run, TAZARA would need between USD 70 to 100 million to enable it resume normal operations economically.

Currently, TAZARA has 300 wagons against between 1,500 and 2,000 wagons required for the railways to operate efficiently and commercially.

As a result of wagons? deficiency, TAZARA?s maximum transportation capacity of 6 million tonnes per year has been restricted to 1.3 million.

Asked why Zambia`s formerly paralysed copper mines have suddenly boomed, she attributed the performance to appropriate privatisation policies which brought in right investors to the sector.

The just launched World Investment Report has ranked Zambia among ten best African Foreign Direct Investment (FDI) destinations, having attracted USD 1billion.

  • SOURCE: Guardian

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by Jitendra Joshi

 

 

RENO, Nevada, Sept 30, 2008 (AFP) – Both candidates battling to succeed President George W. Bush telephoned the enfeebled leader Tuesday offering new ideas to break a devastating impasse in Congress on an economic bailout package.

 

Democrat Barack Obama and Republican John McCain both called for federal deposit insurance for US families and small businesses to be raised for the first time in three decades, in a bid to get rebellious lawmakers on side.

 

But there was also an eruption of partisan sniping as blame was traded over Monday’s failure of the emergency economic bill, with the Republican Party releasing a new ad saying Obama’s policies would worsen the crisis.

 

The two contenders warring for the November 4 election called Bush for “very constructive” discussions, White House spokesman Tony Fratto said.

 

“The senators offered ideas and reaffirmed what they have said publicly — that this is a critical issue that needs to be addressed,” he said.

 

Obama’s communications director Robert Gibbs said: “They spoke about the need to push for a package that Congress can agree on.”

 

Obama told Bush of his idea to lift the deposit insurance limit, “believing that such a proposal can broaden the coalition supporting the package,” Gibbs said.

 

The waning political capital of Bush, and the reluctant backing of Obama and McCain, was not enough to stop most Republicans and a minority of Democrats voting against the 700-billion-dollar bailout in the House of Representatives.

 

Both the White House contenders suggested increasing federal deposit insurance for families and small businesses with money saved in US banks from 100,000 dollars to 250,000 dollars.

 

The limit was set 28 years ago, and raising the ceiling could play into House Republicans’ demands for less direct intervention from taxpayers and more indirect support from the government through insurance for struggling firms.

 

Obama noted that the bill’s failure in the House had triggered a bloodbath on financial markets with 1.2 trillion dollars wiped off New York share values alone.

 

“While I, like others, am outraged that the reign of irresponsibility on Wall Street and in Washington has created the current crisis, I also know that continued inaction in the face of the gathering storm in our financial markets would be catastrophic for our economy and our families,” he said.

 

“At this moment, when the jobs, retirement savings, and economic security of all Americans hang in the balance, it is imperative that all of us — Democrats and Republicans alike, come together to meet this crisis.”

 

At a round-table economic discussion in Iowa, McCain warned “the dire consequences of inaction” would reverberate far beyond Wall Street.

 

McCain said he also recommended to Bush that the Treasury use its 250-billion-dollar “exchange stability fund” to directly shore up tottering Wall Street institutions.

 

And the Treasury has about one trillion dollars that it could expend without congressional authority to buy up “some of these terrible mortgages and help stabilize the situation,” the Republican said.

 

“We’re going to have to change enough Republican and Democrats’ minds. It was 95 Democrats that voted against it,” he told Fox News, without noting that even more House Republicans — 133 — also rejected the bailout.

 

“Even though we failed yesterday, even though I went back and was able to get more Republicans on board or help get more Republicans on board, we will go back to this, and I will be engaged always where I think America needs engagement.”

 

McCain has far more political capital invested in securing a deal than Obama, both as a member of Bush’s unpopular party and after intervening personally with a high-stakes dash to Washington last week.

 

The Republican National Committee released an advertisement arguing that the Democrat’s policies would drive up taxes and spending and “make the problem worse.”

 

The Obama campaign said the ad attack made a mockery of McCain’s slogan of “country first.”

 

“For John McCain’s party to demagogue a rescue plan that he supports in order to score cheap political points is not only dishonest and dishonorable, it is the height of irresponsibility on a day when we urgently need to pass that plan to prevent an economic catastrophe,” spokesman Bill Burton said.

 

Copyright © 2008 Agence France Presse. All rights reserved.

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Open Debate on Economy and how candidates will take the Zambian Enterprise forward. Below is what the two candidates HH and King Cobra put forward for the Zambian people to grasp. Who do you think is best for Zambia?

 

 R Banda and G Miyanda have not yet put up their website or any information. Our team decided to go ahead with the debate. Please we encourage our audience to critically read this information and pay attention to what the candidates are preaching on the rallies. Below is policy number one we decided to compare the two candidates, with how they are going to solve the Zambian economy. Please read and comment, for the benefit of every Zambian. We need your input.

 

Here at Zambian Chronicle are launching the debate on who should be the next Zambian president. We decided to critically look at their detailed policies on issues, where they stand and how they are going to move the Zambian enterprise forward without stumbling. Economy is number one issue we are looking at. Having said that, the team at our chronicle advises our audience to critically take a look at each and every policy on issues that all four candidates are putting forward before you cast your votes.

 

Unfortunately the two candidates, G Miyanda and R Banda have not put up their websites together yet since their declaration to run for president.  Our team decided to go ahead with the two candidates that have shown transparent in their policies through their website. In short Zambian chronicle will play Election centre from now on till the Election Day Oct, 30 2008.

 

Below we have the two candidates’ policies on economy. Please read carefully, understand their stand on issues, listen and pay attention to all 4 campaigns and come up with the right decision of who should lead the Zambian nation.

 

 The first one is Hichilema Hakainde’s policy on economy as reported by his campaign manager. The second one is Michael Sata’s as reported by his campaign team.

 

Thanks a trillion for your participation in the Zambian elections,

 

We all look forward in electing the right candidate on October 30 2008.

 

Belliah Theise (COO – Zambian chronicle) 

 

 

HH Is Running on: Campaign For Real Change – Theme Song. I liked the song that has been launched on HH website: listen to this, I will try to capture it later, but you can get to his website http://www.hakainde.com/index.php. Click home page the audio is right there. Awesome! HH is very creative and competitive.

 

Consider this:

 

The Auditor General’s report covering the period 2001 to 2005 reviews that the MMD government has through their various forms of financial mismanagement misappropriation and related irregularities lost 14.7 trillion kwacha of public funds. This money alone could have financed the entire education and health sector.

Each Minister and Deputy Minister in this Government has been consuming over 100 million kwacha per month.

Each Minister has more than two motor vehicles with over 1 5 million kwacha  worthy of fuel and over One million kwacha service costs per motor vehicle They also receive millions of kwacha worth of talk time.

Yet they receive tax free salaries and allowances and live in free houses with free water and electricity. Free medical services and their children have free education too.

The party will further develop appropriate taxation of all mining and other extractive industries in order to benefit both Zambians and investors.  Re-align the  effective tax regime in the mining sector to internationally comparable and relevant levels in particular mineral royalty, corporate tax etc. while paying particular attention to the need for continued commercial viability  and sustainability of mine operations. This, together with the targeted economic growth and other revenue measures, would help generate the necessary revenue to finance the intended and responsible investments in various areas including the social sectors of education, health, clean water supply, sanitation, infrastructure, etc.

 

 

Michael Sata on Economy-  

 

THE WAY FORWARD FOR ZAMBIA – Man of action and result

 

Note:  Mr. Sata’s website has no structured outline on issues. Our team will pick in his outline what we think relates to economy at this point. You can tell the difference yourselves by clicking on his site. Below is exactly how his campaign created the site. All issues typed in capital letters.

 

http://www.michaelsata.co.zm/massage_from_pres.htm

 

POVERTY AND INEQUALITY

THE INCOME DISPARITIES IN OUR COUNTRY ARE ALSO ALARMING. BOLD STEPS ARE THEREFORE NEEDED TO ARREST THE SITUATION, BECAUSE EXCESSIVE INEQUALITY IS A TIME BOMB FOR THE LONG-TERM STABILITY OF OUR COUNTRY. POOR PEOPLE IN URBAN AREAS LIVE IN UNSANITARY CONDITIONS, WITHOUT CLEAN WATER AND PROPER SANITATION. THEIR TRANSPORT COST TO WORK OR SENDING CHILDREN TO SCHOOL AND HEALTH FACILITIES TAKES A SEVERE TOLL ON THEIR MEAGER INCOMES. FURTHERMORE, ZAMBIA IS A COUNTRY OF VERY LOW WAGES, BUT VERY HIGH LIVING COSTS. ALL THE BASIC NEEDS AND SERVICES, INCLUDING FOOD AND TRANSPORT ARE EXPENSIVE. LOW EARNINGS MEAN LOW PURCHASING POWER. THIS ACCOUNTS FOR ZAMBIA’S FAILURE TO REDUCE POVERTY OVER THE LAST 10 YEARS. FAILURE TO REDUCE POVERTY IN A COUNTRY WITH VAST RESOURCES IS TOTALLY UNACCEPTABLE. GOVERNMENT’S FAILURE TO REDUCE POVERTY IS A CLEAR INDICATION THAT IT HAD ITS PRIORITIES WRONG. WE MUST THEREFORE GET OUR ACT TOGETHER TO GET OUR PEOPLE OUT OF GRINDING POVERTY.

 

 

THE PATRIOTIC FRONT BELIEVES THAT, THE ROLE OF LEADERSHIP IS TO PROVIDE GUIDANCE BY EXAMPLE. BUILDING A SUCCESSFUL AND PROSPEROUS NATION REQUIRES SACRIFICE BY ALL. THIS PLACES A BURDENSOME RESPONSIBILITY ON THOSE WHO HAVE A CLAIM TO LEADERSHIP TO SET A GOOD EXAMPLE. THERE CAN BE NO MORAL JUSTIFICATION TO ASK PEOPLE WHO ALREADY HAVE NOTHING TO INCUR MORE PAINFUL SACRIFICES, WHILE THOSE IN THE LEADERSHIP WHO AT LEAST HAVE SOMETHING WIDEN THE FRONTIERS OF PRIVILEGE. IT IS IN THIS CONTEXT THAT THE PATRIOTIC FRONT HAS COME OUT STRONGLY ON THE PROPOSED HUGE SALARY BENEFITS FOR MINISTERS.

WE BELIEVE THAT THE COUNTRY’S TAX STRUCTURE SHOULD REFLECT A STRONG COMMITMENT TO SOCIAL EQUITY. THERE MUST BE MEANINGFUL CONCESSIONS TO THOSE IN THE LOWER INCOME BRACKET SO THAT THE GROSS INCOME IMBALANCES ARE REDUCED, WHILE AT THE SAME TIME RAISING THE PURCHASING POWER OF MANY WORKERS. HIGH PERSONAL INCOMES ARE A SURE WAY OF GROWING THE ECONOMY. OUR GOVERNMENTS PAST AND PRESENT, APART FROM BEING THE WORST EMPLOYERS IN TERMS OF CONDITIONS OF SERVICE, HAVE ALSO BEEN INDIFFERENT TO THE PLIGHT OF WORKERS IN THE PRIVATE SECTOR. IN PARTICULAR, ALL OUR PREVIOUS GOVERNMENTS WITHOUT EXCEPTION HAVE ALLOWED EVEN THE RICHEST COMPANIES TO PAY ZAMBIANS SLAVE WAGES. IT IS NOT THE ROLE OF GOVERNMENT TO DETERMINE EARNINGS IN THE PRIVATE SECTOR, BUT THROUGH DIALOGUE GOVERNMENT CAN HELP WORKERS LEVERAGE MORE REASONABLE WORKING CONDITIONS. A PF LED GOVERNMENT WOULD THEREFORE REVIEW THE TAXATION POLICY AND ENSURE THAT, WHILE OPTIMISING REVENUE TO GOVERNMENT A DISENABLING ENVIRONMENT IS NOT CREATED IN THE PROCESS.

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Economic Growth is expected to decrease from 8% to 7%.

 

According to the International Business Writer, the financial crisis in the United states is damaging markets around the world, from Brazil to South Korea. Lehman Brothers  Holding Inc. Bankruptcy and the fall of American International Group Inc has brought the decrease in stocks around the world.   

Report states that, In Russia prices of shares fell to the lowest level in three years. Russia suspended trading in the day which has not been done since the financial crisis in 1998. 

The Shanghai, Hong kong and Tokyo markets also saw  trouble after closing Monday for holiday and upon returning saw   stocks drop after the massive blows to financial market. 

In a number of developing countries , banks stepped in to help provide liquidity for their banking system. Countries like Indonesia for example lowered the rate at which commercial banks borrowed from the central bank. Taiwan cut capitol- reserve ratios held by commercial banks in hopes of alleviating mounting problems. 

Investors of emerging markets around the world, are taking less risky moves to help sell assets to pay for losses elsewhere. The report points out that , Devan Kaloo of Aberdeen Asset Manager in London, the company who oversees 10 Billion dollars in emerging stocks says, “when times get particularly hairy, foreign money generally goes back to base. Everything is being sold. In the end, it’s a sea of red.”

As commodity prices fall emerging markets are taking a number of loses. 

With continuing concerns of a global market slow down Arjun Divecha of GMO LLc ” the logic explanation for why these markets have fallen so much is that there is a real growth scare.”

China cut interest rates due to growing worries of the stability of the wide markets with goals of boosting the economy. This is the first time in six years the Chines government has cut interest rates. Some investors believe that the market values of some emerging market stocks are good values. Although most believe it is a time of careful analysis and caution because high risky stocks do not expect to do very well. 

In London shares in HBSOS a United Kingdom mortgage lender fell 22% while Barclays fell 2.5% after Lehman Brothers report of bankruptcy. Lehman brothers was planing  on selling some of it s assets to Barclays bank in which some reports say an agreement was made.

Markets worldwide are taking a hit after a weakening trust in US banks following the bankruptcy of Lehman Brothers. 

A look at China:-

On the other note ,China who is one of the US top lenders still moving forward with the business innovation power.

International business writers at Seton Hall University, States that : “It is a tough call on what should be thought about China. With so much instability having been seen and the ever present question of their still communist government to deal with, one never knows what can happen in Chinese economy.” 

As of Sept 17 2008, the Chinese government has stepped in again to change the face of telecommunications industry in China. Before, the industry was set stone with China Mobile controlling the mobile market and China Telecoms controlling the fixed-line services. Each had its own competitors would combine forces creating three major players in the industry. 

As part of the deal, China Unicom will sell a substantial portion of its cell phone services to China Telecom to help Create Competition against the giant, China Mobile. Then the mobile and fixed- line capacities of China Unicom and China Netcom would merge to Create China Unicom ( Hong kong) Limited,” Leading fully integrated telecommunications service provider( Hong Kong Business Wire). 

The new company will serve as competition against the two giants China Telecom. How ever China still hovers above the rest. With talks of pending 3 G network going through China Mobile will just become stronger.

Source:

Economics news letter and International Business- Seton Hall University

 

Belliah K Theise

COO and Managing Editor – Zambian Chronicle 

copyrights © 2008 Zambian Chronicle. All rights reserved. Zambian Chronicle content may not be stored except for personal, non-commercial use. Republication and redissemination of Zambian Chronicle content is expressly prohibited without the prior written consent of Zambian Chronicle. Zambian Chronicle shall not be liable for any errors, omissions, interruptions or delays in connection with the Zambian Chronicle content or from any damages arising therefrom. 

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I have been inundated with a lot of questions about the global economy this week; a lot of these questions are to do with the impact of the US economical woes on our global franchise, the Zambian Enterprise included.

 

So, I decided to put on my financial consultant hat and delve into as many econometrical variables as possible to try and explain what a layman may not be told are actually the causes of the economic impasse in the United States.

 

We at the Zambian Chronicle saw this coming as early as last year and in January we published David Frazier’s Global Economic Briefing in US Recession Could Affect Our Global Enterprise, The Zambian Enterprise Included …. This was followed by the Bush Administration’s rebuttal in Bush Sees No Recession Yet the very next month.

 

The argument from the administration has always been that economic fundamental have been sound and therefore much of the attention has been on monetary policy as the Federal Reserve Board has been trying to work on efficacy by reducing Fed Funds Rates. By the way, the Federal Reserve Act of 1913 gave the Fed more power than even the President of the United States when it comes to fiscal policy …

 

The problem with the reduction(s) of the funds rates though was that it created an illusion that by lowering the rates, the cost of borrowing would be lower thereby encouraging market participation by increased credit derivatives (lending and borrowing) in the market.

 

So new buyers were introduced into the system; mortgagee(s) rushed in and started refinancing already existing loans at the new lower interest rates at times cashing in on existing equity and business was booming as finance companies managed to make tones of money from loan origination fees, increased their asset holdings at much higher appraised values while turning around to sell mortgaged backed securities on the secondary market.

 

This illusion missed one point though; liquidity, liquidity, liquidity … the US unemployment rate has steadily been increasing from a “One State Recession” in Michigan at about 12% to the national average of about 6%. This meant that more and more people were getting out of work and despite their new lower mortgage rates and cashed out equity, they had no “ability to pay”.

 

Meanwhile the Federal Reserve kept on lowering the funds rates which eventually became a stimulus that would only encourage further mischief as lenders abrogated their fiduciary duties extending credit to unworthy borrowers and cut corners to close on deals.

 

The Fed regime was an accomplice to that reckless behavior. A fed funds rate of around 3.5% was a detriment particularly with commodities prices soaring and incipient inflation coming to US shores from demand-pull pressures and rising labor costs.

 

A real palliative came in as home owners started defaulting due to their lack of liquidity, leading to foreclosures and short sells. As homes foreclosed and or are short sold, their values declined thereby creating negative equity.

 

But that’s not all, what added salt to the injury is what is called “securitization”. This particularly in the US market comes in the form of Mortgage Backed Securities – MBS. These are asset backed securities sold on the secondary market whose cash flow is backed by collateralized mortgages.

 

Any one with an understanding of basic finance knows that if you borrowed $100,000.00 for 30 years you would probably pay back $300,000.00 on that same mortgage, $200,000.00 of which would be interest income for the lender.

 

These MBSs are backed by that interest income, sold as bonds and or other financial derivatives on the secondary market with a guaranteed yield. Insurance companies, retirement funds and other ultra-virus thrifts like to invest into these marketable securities because of their guaranteed revenues.

 

Well, the problem is if people have no work and thereby are defaulting, then the MBSs are not in actuality guaranteed for the loan term(s) because of foreclosures and or short sells in a downturn economy or prepaids in a vibrant one.

 

These marketable securities (MBSs) are a prerogative of the Securities and Exchange Commission (SEC) and they are regulated by them but they were asleep at the switch. The Federal Reserve Board is in charge of monetary policy and just kept on lowering funds rates and was asleep at the switch.

 

The Department of Treasury has a stake in checking on the yields from MBSs because they affect yields on Treasury Bills but was asleep at the switch; the Bush Administration was busy chasing Bin Laden and was asleep at the switch while the US Congress are supposed to be the watchdog for the tax payers but were busy fighting partisan politics, sleeping at the swath.

 

As of the first quarter of 2006, the total market value of all outstanding MBSs was approximately USD 6.1 trillion, according to The Bond Market Association. These are paper assets in which tax payers’ retirement security has been vested and is likely to be lost if no one takes the right steps going forward.

 

There two schools of thought going on this weekend in Congress, one that says a Government bailout means socializing the markets. Another school of thought wants to lend money to Fannie Mae and Freddie Mac so they can pay back with interest using market forces.

 

We at the Zambian Chronicle see an opportunity for the Federal Government so good to be passed on. The best route would be an outright bailout that places Fannie Mae and Freddie Mac under receivership.

 

This route would not only make the American tax payers shareholders in the $700 billion bailout  enterprise but as these non-performing loans are turned around into performing assets all future interest income can be turned around to be invested into the Social Security and Medicaid/Medicare Trust Funds which are scheduled to go bankrupt by 2045.

 

… problem is I am not running for President of the United States of America; can’t run – not a US born citizen and so they probably would not listen …

 

In closing, this is a dire lesson for all emerging markets, the Zambian Enterprise included. What we have learnt is that greed is bad; using securitization, fund managers increased their income as they lowered their own risks.

 

By cutting corners, greedy loan officers and finance companies made a short term killing and by sleeping at the switch, the SEC, the Feds, the Bush Administration and the US Congress almost crushed the world’s beacon for capitalism.

 

Sometimes, it’s good to know that no one is actually looking out for you after all, you are on your own and you better watch your own back …

 

Live Long & Prosper; that’s this week’s memo from us at the Zambian Chronicle … thanks a trillion.

 

Brainwave R Mumba, Sr.

CEO  & President – Zambian Chronicle 

 

Copyrights © 2008 Zambian Chronicle. All rights reserved. Zambian Chronicle content may not be stored except for personal, non-commercial use. Republication and redissemination of Zambian Chronicle content is expressly prohibited without the prior written consent of Zambian Chronicle. Zambian Chronicle shall not be liable for any errors, omissions, interruptions or delays in connection with the Zambian Chronicle content or from any damages arising therefrom. 

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Copyrights © 2008 Microplus Holdings Int., Inc.

 

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