Saturday, May 19, 2012

The Thoughts of Bono

Well, we had Bob the Gob's contribution to the build-up to the G-8, it was inevitable that Bono would  add his tuppenceworth, beginning full of praise for Obama and the latest African development promise.

BONO "But what's key about today's announcement is that the president of the United States is supporting African ideas on how to fix their problem.  There are country-owned, country-devised plans in 30 African countries.  And that's what it will take to get to that 50 million people taken out of -- out of hunger over the next decade. So it's -- that's what's different.  It's partnership, it's not the old paternalism. These are sort of horizontal relationships, not vertical ones."

Ahhh, so different from all the other promises and pledges you  received from previous nations'  leaders at earlier G-8s...but this time it will be different, won't it?

Decisions that will ultimately be made in company board-rooms by groups of unelected CEOs of where and when they will invest their capital is progress, is it? 

And what is different, pray tell, Oh Great Bono

BONO "So you've got this, there, will be more young people on the continent of Africa than there are Chinese in 2050.  I mean it is just stunning. They're rich... they're future consumers for the United States. The president is talking business. This is good.  It -- it's just -- it's a whole new kind of development paradigm"

Bono's recommendations? It is more business transparency.

BONO  "..which is to say, when private contracts are put out -- given to a -- to explore for oil or for gas, that the people know how much was paid for that contract. So in this, in this -- this Congress is a bill in the finance reform bill, the huge big Dodd-Frank bill, there's a Cardin-Lugar Amendment what -- which actually makes it law that any company published on the United States Stock Exchange, the New York Stock Exchange, has to publish what it pays for those mining rights. This is huge. This is bigger than anything you can imagine."

UH-HUH...we will suffer your hyperbole but please continue.

BONO  "So then they can ask -- they can hold their own governments to account. Now, the British are -- are looking at this.  There's some discussion about whether it should be project by project or country by country.  It has to be project by project, I think.  We're meeting with David Cameron later.  I -- I'm -- I am hopeful to -- to convince him and to do that. The French are there on this.  I spoke with the Germans, with Chancellor Merkel's people, not with her yet.  But I have before on this subject. And she is leaning in -- in this direction. That's huge. The German leadership will be great.  I've actually spoken to 12 of the G-20 heads of state on this matter.  So Brazil is -- is looking to lead in this.  And Australia is. And this is the way of the future.  Daylight is the way of the future.  The direction of information technology, guess what, it's information.  People want information about the big decisions that affect their lives. "

Nothing like a bit blind faith, is there?

But nice to have access to the power makers and shakers, and be able to name-drop.

MITCHELL:  Now, speaking of information technology, you have been so innovative.  You've been on the -- the cutting edge of this. Back in 2009, I think, you were first investing in Facebook.  It's gone public.  You are reportedly going to con -- you know, conceivably have this huge payout. Tell me about Facebook, what you see in it, what the business model is and what you think it's going to accrue to your own investment.

BONO:  Well, contrary to reports, in bus -- I am not a -- this boy is not a billionaire. [but most definitely a multi-millionaire, right? SOYMB] We -- you know, in Elevation, we invest other people's money -- endowments, pension funds.  We do get paid and -- and that is a -- a good thing.  We will get, you know, I'm blessed.

MITCHELL: What do you see in Facebook? What is it about Facebook that you think, to those who say, well, what is the business model here, what do you think is the future of Facebook?

BONO:  Well, they're -- they're an amazing team.  They're a brilliant team.  And they really care about this stuff.  And -- and, you know, it's -- it's a technology that brings people together, people who are traveling a lot, to keep in touch with their families, with their friends. And -- and you see it, the role it's played in -- in -- in North Africa, in the -- in the so-called Arab Spring. So it's a whole -- it's -- it's the village square.  But it was the leadership of it that got me excited to going back. And -- but there's other companies out there.  Yelp I invested in, Drop Box.  There's -- there's just a -- there's just -- there's a lot of excitement in America.  This is -- in this area.

MITCHELL:  What do you say to people, Wall Street and others, who say there is no real business model here, that people might go to Google and, you know, really look at the ads, but not on Facebook, that social networking is a different kind of -- of zeitgeist and that you don't really want advertising?

BONO:  That's an intelligent criticism.  I'm not even going to try to answer it. [but he already said he invests other peoples money in it so SOYMB wonders why he gambles in such a way and declines to answer for his own actions] . I'll let Facebook do that. You know, I'm, in a ways, the -- the thing that I bring to Elevation is I'm curious about people.  You know, I asked Warren Buffet what was the most important thing in investing. He said judgment of character."

Oh,  profit and loss projections are secondary, are they? ...And , of course, how silly of all us unconnected common proles to find ourselves excluded from the inner circles and social net-work and have to rely upon the likes of yourself to guage the talents and integrity of buiness leaders...or our political leaders.

MITCHELL:  "We'll be back in a moment with the president of Tanzania joining our conversation."..

BONO:
  "Yes, he's a very special man."

MITCHELL:  "And he is a very special leader..."

BONO"-- worth meeting."

Touching your forelock for him, Bono? Finished your grovelling and kow-towing?

BONO:  "Yes, I -- I'm particularly excited when I go to Tanzania.  If you could see what this -- what the president has...-- and his team has pulled off.  It's -- first of all, it's just the most stunning country, I mean just in every which way, you know, from, you know, looking up there at Kilimanjaro and then right down to the astonishing beaches to Dar-es-salaam and the industry there and Arusha.  And -- and this is a very fine and accomplished macroeconomist who is not just leading in this region, but I think the whole of the continent, and -- and people outside of the continent are looking to their successes.  And the Maputo commitment, which is 10 percent of your GDP to be spent on this agriculture thing, it's a hard thing, sometimes, to -- to -- to pull it off.  And -- and -- and the president has committed to this next year.  And that was, you know, it was a tough and brave decision.  And we harassed him.  You know, the One Campaigners were in -- making a petition.  We handed in 20,000.  These are African One Campaigners. And he was so gentle with them and respectful to them. So I can't really say too much about this man.  And he's kind of a hero of mine."

And what a hero. So after all this talk of increased government transparency Bono praises an African leader? Kikwete has been the President of Tanzania since December 2005, a presidency marked with a wide range of corruption, some financial such as bribery in purchasing a BAE radar system and some concerning human right abuses, police killing people on Tanzanian streets and getting away with it. Kikwete has been accused for choosing his friends to the cabinet. A 2006 US diplomatic cable, published by Wikileaks relates he received $1million in bribes from Dubai investor. Although in the past two years of Kikwete's presidency, a remarkable 1,500 new secondary schools have been built, the quality of these new schools are very poor i.e. no teachers and no desks!  Anti-retroviral treatment coverage for people with advanced HIV infection was 30% in 2011, 7% below the average for the continent. Between 2004-2008, it had a prevalence rate of 3.4%, latest figures places it at 5.6%.Life expectancy at birth is estimated to be 52. We could go on.

Should SOYMB remind Bono of the land grab in Tanzania? 21 investors from famous US firms were in Tanzania scouting for business opportunities have acquired, among other things, land for production of food crops. Mwanaidi Maajar, Tanzania’s Ambassador to the US accompanied them. "Presently we have made agreements to acquire 100,000 acres of land for cash crop production in Morogoro Region," Jes Tarp, President of Aslan Global. Management. Note his words, Bono - "cash" crops -  to sell on the world market not for local people to eat. 2009/10 tax exemptions to international companies in Tanzania amounted to $$425 million. That money could have financed 40 percent more resources for education or 72 percent more resources for health between 2009-2010. And then the minor issue of displacement of people for a Chinese promised but yet undelivered airport terminal extension in Dar es Salaam.

Bono, what is your definition of a hero? It certainly cannot be shared by SOYMB.

MITCHELL: Have the G8, the G20 - have they outlived their usefulness? [were they ever useful for the poor in the first place?SOYMB]

BONO: "That's a very interesting question. I mean, it is sort of absurd that eight -- seven men and one woman will get into a room and the decisions that they make in those rooms will affect hundreds of millions of lives outside of their own geographies. So that is -- It's a hell of a burden. And I think they know that. I hope they know that. The G20 sort of democratizes it further by bringing in China, and, you know, Brazil, and India, of course. But it gets a little harder to get things done because there's more of them. And I think people are sending a message to this G8.  Please don't let it just be a talking shop. We know Iran is important. We know the euro is important, critically important if you live in Europe as I do. But actually, the idea of taking 50 million people out of hunger and poverty over the next ten years, if that's possible, wow. After the stuff we've done on AIDS and malaria, you know, it gets you -- that's a reason to get out of bed, Mr. President."


"After the stuff we've done on AIDS and malaria" Is that a royal we, Bono, or are you and your co-horts claiming all the credit? And are you purposefully ignoring the failures and unfulfilled hopes. 68 percent of all people living with HIV residing in sub-Saharan Africa. In 2010 there were an estimated 22.9 million people living with HIV in Sub-Saharan Africa. This has increased since 2009, when an estimated 22.5 million people were living with HIV, including 2.3 million children. The increase in people living with HIV could be partly due to a decrease in AIDS-related deaths in the region. There were 1.2 million deaths due to AIDS  in 2010 compared to 1.3 million in 2009. Estimated malaria cases, 2010 Africa: 174 million. Estimated deaths from malaria, 2010 Africa: 596,000. 91% of global malarial deaths were in Africa. In the DR of Congo malaria cases have tripled since 2009. Malaria is the leading cause of death in DRC, killing nearly 300,000 children under five, every year

YAWNNN...Time to roll over and go back to sleep if benevolent capitalism is all Bono has to offer, and  that is the message SOYMB is sending to you, Bono!

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