Obama pledges $7 billion to upgrade power in Africa (Iran, interview, Reagan)
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we have crumbling bridges, especially in PA. How about some money for those????
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Originally Posted by KUchief25
Meanwhile he is following through on his promise to make our bills skyrocket in the old USofA. What a leader.
(CNN) -- U.S. President Barack Obama pledged $7 billion Sunday to help combat frequent power blackouts in sub-Saharan Africa.
Funds from the initiative, dubbed Power Africa, will be distributed over the next five years. Obama made the announcement during his trip to South Africa, the continent's biggest economy.
"Access to electricity is fundamental to opportunity in this age. It's the light that children study by, the energy that allows an idea to be transformed into a real business. It's the lifeline for families to meet their most basic needs, and it's the connection that's needed to plug Africa into the grid of the global economy," he said.
It's really funny to read 8 pages of blather from people complaining about Obama spend taxpayer money when they don't even bother to read the linked article that disproves their beliefs.
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Originally Posted by MTAtech
It's also important to read the linked article from an OP. The article said:
According to the U.S. Overseas Private Investment Corporation website, "Established as an agency of the U.S. Government in 1971, OPIC operates on a self-sustaining basis at no net cost to American taxpayers."
The Export-Import Bank of the United States:
So all those posters that are 8itching that Obama is 'spending tax-payer money,' are spewing mindless gibberish.
You should do some research before accusing other people of spewing mindless gibberish and claiming that there is no US taxpayer money involved.
OPIC and the Export-Import Bank are two different animals. OPIC is sinking $1.5 billion private corporate funds to get a foot in the door to future business in Africa (as it does in all foreign countries that it wants to have a presence) and Ex-Im Bank is sinking $5.5 billion taxpayer money as a payoff to establish a presence of US corporations in Africa (business as usual).
Let's start with you learning something about the Export-Import Bank. Go to the "Products" section:
The Ex-Im Bank of the US is an independent agency of the US government which is federally funded by the US government. Where do you think the money comes from to fund the "bank"?
In the event of any losses, as determined by the Board of Directors of the Bank, incurred on loans, guarantees, and insurance extended under this subchapter, the first $100,000,000 of such losses shall be borne by the Bank; the second $100,000,000 of such losses shall be borne by the Secretary of the Treasury; and any losses in excess thereof shall be borne by the Bank. Reimbursement of the Bank by the Secretary of the Treasury of the amount of losses which are to be borne by the Secretary of the Treasury as aforesaid shall be from funds made available pursuant to section 635l of this title. All guarantees and insurance issued by the Bank shall be considered contingent obligations backed by the full faith and credit of the Government of the United States of America
Who gets stuck with the bill for defaults - the American taxpayer.
The Export-Import Bank’s mission, established by federal law, is clear: “The Bank’s objective in authorizing loans, guarantees, insurance, and credits shall be to contribute to maintaining or increasing employment of United States workers.” [12 U.S.C. Section 635(a)(1)]
Some exporters want even more government support for the foreign goods and services in their products. Among other things, they suggest that Ex-Im promote a fiction that foreign content is domestic content. Many of their suggestions would give U.S. companies more incentive to ship U.S. jobs and technology to other countries and raise serious questions:
[Read article for questions raised]
Exporters translates into US corporations. The government provides money to small businesses as well as large corporations to lower their risk when doing business in foreign countries.
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Originally Posted by Finn_Jarber
If the money is coming from the Export-Import Bank, then it is in fact NOT tax payer money. It is private sector money. Thanks for sharing. Sometimes people do not realize that development aid projects also help US companies who are involved in those projects.
Although the "bank" functions independently, it is a federally funded government agency. Back in March 2013 there was a debate in Congress where Congress wanted to increased the fund's loan portfolio by $40 billion dollars, which was argued by US airlines (such as Delta and US Airways) that fly internationally as giving funds to foreign countries (in that matter it had to do with giving Ethiopia a low interest loan to purchase a Boeing airliner at a lower cost) to enhance their airline would hurt profits gained by the US airlines that fly internationally by increased competition.
Last edited by softblueyz; 07-01-2013 at 02:07 PM..
The Ex-Im Bank of the US is an independent agency of the US government which is federally funded by the US government. Where do you think the money comes from to fund the "bank"?
Exporters translates into US corporations. The government provides money to small businesses as well as large corporations to lower their risk when doing business in foreign countries.
From your link:
Quote:
nswer: No. Comparing the Bank to Freddie Mac and Fannie Mae is misleading to say the least. Ex-Im Bank's portfolio is spread across over 170 countries and dozens of industries. U.S. taxpayers "own" the Bank ---it has no shareholders, and the employees are not eligible for extravagant bonuses. As proof of Ex-Im's low risk operations, during its 78-year history the Bank's loan loss rate has remained below 2 percent.
In fact, for the first half of Fiscal Year 2012, the Bank has earned interest and fees totaling $548 million compared to $18 million paid in claims.
Ex-Im Bank currently has a loan loss reserve account of over $4 billion.
Furthermore, far from creating losses Ex-Im Bank has earned for taxpayers $4.9 billion since 1992. In that time, every claim has been paid using the fees collected from Ex-Im customers.
There was a guy I knew who was trying to bring African child soldiers back into society - He needed some funding. I spoke to this old banker type guy I knew.. His response was not surprising..."I am not interested in such things...but I have some friends who are interested in doing some mining in that region" Western power mongers are NOT interested in the people of Africa...most disrespect blacks - period! They are only interested in exploiting African resources...The only reason Obama is handing over this bribe is to get a foot hold - in order to exploit and turn a profit...Obama is not interested in American blacks - So why would he be interested African Africans?
The last white chairman of the power utility here Eskom, Dr Ian Marais already had extensive plans in place for a sub saharan grid uniting all regions and a way of upliftment of the poor. He was the same man that fostered the electrification for all in SA. They had approached the world bank for financing; didn't happen.
Then the ANC took over and implemented AA and BEE and the dream died c1994. It was also the year the New Works Division was closed down and we all had to seek other areas with in the organisation for employment or take a severance package.
In the 80s and 90s when we were building power stations, one unit cost between 1.2 and 1.6 billion US dollars, most of our stations are six packs. Today, 7Bn would not get two units built, then you have the added costs of distribution infrastructure (power lines) It is not like simply making a tee junction to an existing line. The lines run 100-300+ km to the central distribution centre in Johannesburg. From there all power is redistributed on secondary lines (lower voltages)
Well the electrification for all was great. All the blacks have free electricity as they never pay their bills, pre paid is optional here, and their black corrupt brothers in municipalities don't switch them off. Even if they did, they would merely run an extension to their neighbor's house who also is not paying their bills.
10 years ago we had to start bring mothballed inefficient stations back on line requiring huge upgrades in controls as the old stuff was old school and all those folk are now retired (instrumentation). About 5 years ago, our wonderful gubmint started supplying Zimbabwe with power at the expense of SA consumers that had to tolerate frequent black outs.
And guess what? Zimbabwe never paid their account either. The government was forced to stop supplying Zim and now Zims are the ones having to tolerate daily power outs.
And our wonderful AA and BEE jobs for mates programs have ensure diddly squat gets maintained; so that leaves many places in the cities w/o power for sometimes weeks. Simple things like supply/demand and capacity are not understood by "city planners" who are also part of the jobs for mates program and is akin to simply do this on a bigger scale
Transformers blow up and of course we all know this is a stock item somewhere - not! (they have to be built on order btw)
(Live) cables are regularly stolen by the other black enterprises to be sold for scrap, not part of the jobs for mates program but kissing cousins nonetheless.
And this is SA where there is some "semblance of law" ROTFLMAO. Just imagine how efficient it will be say in Mozambique, Angola Malawi et al.
The USA will not be supplying cable as we make our own here thanks to whities that still run that industry. The only thing to be imported is technology as the jobs for mates club have no frigging clue how to build a power station.
In my lil hick town, we have had street lights out for over three years. They cannot even replace the lamps as their cherry picker is always broken. When whites ruled, the artisans fixed the cherry picker themselves. Now it has to go out on tender as many of the "new artisans" were semi skilled helpers/assistants in the old days.
Yup, send them some 7bn, it will create a batch of new jobs for mates all with Beamers and Mercs and SUVs and Audis. Hell they won't even buy your American cars like a Chrysler LoL.
Two years ago, they were constructing a new toll road (±30km), well actually an upgrade, all roads upgraded now become toll roads, there are no brand new roads being constructed. Anyway, there is this previously disadvantaged road inspektah with an orange beacon on his roof, the car? A Mercedes S500
What a practical car for inspecting road construction where most of the route was gravel deviations. Low profile alloy wheels and all. But back in the bad old days, the poor white sod who was teh gubmint inspector had to make do with a diesel pick up and usually did not even have air con. Hell we call them bakkies which is a derivative of the word bucket. But then, this road they were building, would have been completed in a third of the time. Its been 6 years now and it is still not finished.
So to coin a phase, all the above "your "tax dollars" at work.
I will bet you dollars to doughnuts that if SA had oil reserves here, there would have been zero pressure to change our old ways. But then again, you might have invaded and occupied us too. Perhaps not as we did have some really fancy weaponry back then that we built ourselves.
We do have about 500 years of coal reserves and 90% of what is mined is being exported, you guessed it China and to a lesser extent Europe.
Lastly, b/c the US has disinvested post apartheid but still control a lot of the mineral wealth by proxy, 7Bn is a gesture (read:bribery) to appease the jobs for mates fellas "in charge" All you need to become a politician in Africa is a criminal record, if you do not have one, they will help you get one rather quickly.
I know if South Africa had nuclear arms you would have been left alone, and you guys do have large amount of oil, shale oil, and nature gas.
I thought it funny that they told Obama not to lecture them on gay marriage just because he is giving them foreign aid. I don't think African have forgotent Bush's push with aid help tho.
Meanwhile he is following through on his promise to make our bills skyrocket in the old USofA. What a leader.
(CNN) -- U.S. President Barack Obama pledged $7 billion Sunday to help combat frequent power blackouts in sub-Saharan Africa.
Funds from the initiative, dubbed Power Africa, will be distributed over the next five years. Obama made the announcement during his trip to South Africa, the continent's biggest economy.
"Access to electricity is fundamental to opportunity in this age. It's the light that children study by, the energy that allows an idea to be transformed into a real business. It's the lifeline for families to meet their most basic needs, and it's the connection that's needed to plug Africa into the grid of the global economy," he said.
"The program includes $1.5 billion from the U.S. Overseas Private Investment Corporation and $5 billion from the Export-Import Bank, the White House said." It will occur over a 5 year period.
This does not strike me as too different than the $20+ billion in loans and grants Bush issued for the Aids Relief effort in Africa. I am jaded enough to note the connection between this humanitarian initiative and U.S. big pharm.
Last edited by middle-aged mom; 07-01-2013 at 10:38 PM..
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