Munich Personal RePEc Archive

Why Countries Shouldn't Sell Their Natural Resources To Foreigners

Gorga, Carmine (2017): Why Countries Shouldn't Sell Their Natural Resources To Foreigners. Published in: TalkMarkets , Vol. NA, No. Internet newsletter (21 April 2017): NA.

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Abstract

Years ago, I recommended that my City, my Polis, Gloucester, MA, never sell its natural resources to any outsider. Last year, with the passing of Fidel Castro, I saw a possibility for Cuba to become finally free. Naturally, I urged Cubans not to repeat the errors made by Russia and China at the collapse of communism; I urged Cubans not to sell their natural resources to the oligarchs, whether local or foreign. This time around, I also urged Cubans not to repeat the political errors of the past, namely trying to correct horrors of the left with horrors of the right; this time around I urged Cubans and anyone else who might want to hear to achieve a revolution from the center of the political system. With the forthcoming elections in Kenya, in the hope of averting the bloodshed that followed the 2007 elections there, I recently felt impelled to enlarge my focus to appeal to every nation in Africa, and the rest of the world for that matter, not to sell their natural resources to foreigners. The financial resources to achieve this goal are the same the world over: One must organize local financial resources, through: 1. Any such instrument as a Local Interdependence Fund; and 2. A reform of central bank operations to issue a) loans only to create real wealth; b) loans at cost; c) loans to benefit as many people as possible, hence loans to individual entrepreneurs, cooperatives, corporations with ESOPs and/or CSOPs, and to public agencies with taxing power to fund public works projects.

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