Finance Minister Trevor Manuel says the world was warned about the current global financial crisis.
Writing in the Financial Times on Tuesday, Manuel said the historical record repeated itself: “confidence gives way to exuberance, panic is followed by decline, retrenchment precedes reconstruction.”
He said political economists since Thomas Hobbes and Adam Smith had understood that capitalism relied on state power to impose instrumental checks on greed and abuse of influence.
New Claims About Corrupt Relations with African Dictators
The possibility that French foreign minister Bernard Kouchner might have misused his public position in France to boost his profitable private business with prominent African dictators arises at a time when the local authorities are dealing with numerous corruption affairs.
The accusations against Kouchner are summarised in a new book ”Le Monde selon K.” (”The world according to K.”) by investigative journalist Pierre Péan.
In the book, Péan alleges that Kouchner, co-owner of IMEDIA and African Steps, obtained profitable contracts from the governments of Gabon and the Republic of Congo (Brazzaville) at a time when he was executive director of a public health cooperation agency in Paris. IMEDIA and African Steps are two political counselling companies.