Maravi

Economic illiteracy worst form of ignorance - Fidel

Economic illiteracy worst form of ignorance - Fidel
Written by Larry Moonze in Havana, Cuba

FORMER Cuban president Fidel Castro has said economic illiteracy is the worst form of ignorance that needs to be overcome today. Castro on Monday stated that overcoming economic ignorance was the only way to understand what was occurring in the world.

"When the peoples leave behind illiteracy, know how to read and write and possess the minimum knowledge indispensable for living and producing in an honourable way, they will need to overcome the worst form of ignorance in our, economic ignorance," he stated.

Castro noted that despite the international financial meltdown started in America the value of the US dollar kept increasing due to the currency's dominant position imposed on the world economy. He stated that a large number of Third World countries who are exporters of goods and raw materials with little added value were importers of Chinese consumer goods which generally had reasonable prices compared to technical products from Japan and Germany which were constantly increasing in price.

"Even though China has tried to halt the overvaluation of the yuan, as the Yankees [US] are constantly demanding in order to protect their industries from Chinese competition, the value of the yuan is increasing and the purchasing power of our exports is decreasing," Castro observed.

He stated that the price of nickel, Cuba's main export item, whose value recently reached US $50,000-plus per tonne was currently barely fetching US $8,500 per tonne. Castro stated that the price of copper had dropped at least 50 per cent and the same was happening with iron, aluminum, tin, zinc, and all the minerals indispensable for sustained development.

He stated that in defying any rational or human sense, the price of consumer goods like coffee, cocoa, sugar and others have barely grown over more than 40 years.

"That is why, not long ago, I also warned that as a result of the impending crisis, markets would be lost and the purchasing power of our products would be considerably reduced," stated Castro.

"In that circumstance, the developed capitalist nations are well aware that their factories and services will be paralyzed and only the consumption capacity of a large part of humankind already living on the poverty line or below it will keep them operating. That is the great dilemma posed by the financial crisis and the danger that social and national self-interest will prevail over and above the desire of many politicians and statespersons agonizing over the phenomenon."

Labels: CUBA, ECONOMY, FIDEL CASTRO

posted by MrK @ 5:36 PM