Many agree that there is a lot behind the scenes in Ethiopia and in Africa. Although the Europeans left Africa after years of looting and pl...
Many agree that there is a lot behind the scenes in Ethiopia and in Africa. Although the Europeans left Africa after years of looting and plundering the continent, their work still makes Africa a hotbed of conflict, displacement, and deep poverty.
Following the devastating effects of World War II on Europe, the International Monetary Fund (IMF), now known as the International Monetary Fund (IMF), was founded at a conference in Brightonwood in the United States in July 1936. Although the goal was to build a cooperative financial center to rebuild the war-torn continent, it is widely believed that it contained a conspiracy to assert the supremacy of a few countries. Studies show that the idea of a single currency being the common denominator of many countries dates back to the United States.
It is also well-known that countries used gold in the past. However, years later, when the dollar was used as a medium of exchange, countries began to buy gold dollars. This allowed the United States to gain more gold from its vast reserves of gold, but later, as gold became increasingly sought after, the United States cut ties with the dollar.
Then, in addition to international trade, even local businesses in one country traded in dollars. This is said to be causing the dollar shortage, forcing countries to buy and store dollars to prevent inflation. This allowed the US to profit by selling only dollars.
It is said that when the United States came out of Europe and began to be practiced all over the world, it would be a great blow to Africa in particular.
In an interview with Addis Ababa Morning, an economist and Unity University lecturer in economics, Dr. Demmelash Habte said the dollar has been gaining momentum in international markets since 1973. According to him, the dollar is used for international trade, not by force, but by trade agreements between countries. It has been agreed that the exchange rate will be assessed in dollars. But before that, he said, it was a gold-based transaction. He noted that since then, many countries have been under pressure to replace gold with dollars.
He noted that developing countries, such as Ethiopia, have been struggling to make ends meet as they struggle to make ends meet in the fight against climate change.
Foreign exchange trades are widely accepted in many countries, but this does not mean that there is no other trade. According to the expert, it is currently one of the largest exchange rates in Ethiopia. This is because of the high demand and the fact that many colonies came under British rule.
However, he acknowledged that their numbers were not enough to defeat Russia's foreign policy, and sought to justify military action, saying "for almost three years now we have been in Iraq. They show that three possible solutions can be used to reduce this effect.
The first is to use the dollar to buy the necessary inputs to build industrial infrastructure. He said that given the current economic situation, it is not possible to completely eliminate the dollar in the economic development of Ethiopia. However, they have shown that using the dollar only for important purchases and sales will reduce the impact.
The next solution is to trade with countries on their own, which will significantly reduce the impact. He said, for example, it was necessary to stop using the dollar for trade with China and reach an agreement to use the currency of the two countries. He also said that in addition to eliminating the foreign exchange deficit, more money could be used to buy dollars or pounds.
Another solution is to follow a bartering system. The former Soviet Union has been trading in this system for almost 50 years without any contact with the West. One country that produces agricultural products trades with another country that produces cars at a fixed price. This frees up their transactions with currency.
He said trade between African countries has not exceeded 20 percent so far, adding that the continent could grow if it uses the above-mentioned trading system options. He noted that Africa, which exports oil, agricultural products, machinery, machinery, minerals and livestock products to the world market, has not yet been able to grow out of its dollar-based trade. He said it was a Western market for the dollar. He pointed out that if Africans could trade in a single currency or trade in their own currency, they could create a larger market by supplying one product to another and growing faster under Western pressure.
It is said that after World War II, many countries that were free of colonial rule still enjoyed political, not economic, independence. As a result, more than 150 countries are still living in poverty, and scholars say that the post-war global economic order was designed to benefit capitalist countries. This would make poor capitalist countries more dependent and sell their raw materials cheaper, while richer capitalist countries would sell their products to poorer nations.
"It seems like the time has come for this system to change," he said. He said that although Europe was exerting its own influence on other developing countries, it had created its own continental trade and economic ties to liberate itself from the influence of the current US-led world economic system, to form the European Union and to increase its membership. He emphasized that this could be a good experience for Africans and that Africa should work to create its own economy.
He also said that BRICS, Brazil, Russia, India, China and South Africa have been working together to counter the capitalism that has plagued the world since 1989. In Africa, there are economic zones such as North, South, East and West, he said, adding that if this is taken into account, it is possible to get out of the crisis and embark on the path of growth.
It is said that since the collapse of socialism, the US-EU economic system has dominated capitalism, especially in underdeveloped countries. This has aggravated the problem of poor countries, and the United States has become a lawless country in other countries.
China and Russia are among the countries that have taken the lead in countering pressure from the West, particularly the United States. At one point, he said, there should be a common currency in the world, and at another time, they tried to make trade between the two countries their own currency. This not only eased sanctions on the United States, but also helped keep trade in dollar-denominated countries faster and faster than countries in foreign exchange.
According to scholars, Ethiopia should join hands with other countries to overcome this pressure and protect itself from the pressure of the dollar-based trade and economy. There are those who say that if you start this kind of activity now, it will probably be more stressful and stressful. However, experts say that if you try to change the economic pressures of the past, you will not be able to do so. However, since every country has the right to do whatever it wants and to follow the economic path of its choice, it depends on the means of struggle to get out of it.
According to the economist, in addition to the need to use the first-mentioned solution to emerge from the economic crisis in Africa, it is important to focus on the second and third possible solutions. Otherwise, he said, all African countries, including Ethiopia, would be in worse shape than they are now.
They strongly suggest that Africa, as part of the #NoMore campaign, under the influence of the dollar and other foreign currencies, create its own currency and strengthen the already free trade zone of the member states, grow economically and move away from the new colony. There are many bodies.
At the individual and corporate levels, there are those who say that efforts should be made to encourage the dollar-denominated and those who travel to China and Dubai to use foreign currencies as an alternative to the dollar. Scholars suggest that it may be difficult to make a one-time change, and that from now on, it is possible to gradually change the basic concepts and principles.
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