Here’s Something Else They Could Have Done with the $700B Bailout: Saved Africa. Twice.

“Uh…we could use some help here…hello?”

Chances are this will never make the TV news: According to an estimate by Eric De Place of Sightline Daily, “every cent of Africa’s crushing debt” could be retired for $350 billion. (The sum was actually estimated at $320B by the U.N. in 2003, so De Place just adds another $30 billion to make a round number. It could be higher, or lower.)

Now, that would leave $350 billion. Working from this figure, De Place then states,

You could install solar panels on 20 million American homes for $300 billion. …

We could install ground source heat pumps for 5 million American homes for $50 billion.

So, for the $700 billion used to bailout Wall St and drive the Dow Jones down 800 points, De Place thought-experiments, he, first, freed up the African continent.

Then using conservative estimates, I provided an eternal supply of free electricity or heat to 25 million households — thereby drastically reducing US carbon emissions.

Alternatively, some credible analysts have suggested that paying the full cost of implementing the Kyoto Protocol for the entire world would run $716 billion. (I should mention that other credible estimates are much, much lower.) And this figure doesn’t count the tremendous savings from avoiding the potential costs of climate change impacts — estimated at trillions of dollars just for the U.S.

Needless to say, our priorities are complete crap.




#1 joseph on 10.07.08 at 1:47 pm

Who wants to save Africa? Noone has ever wanted to “save African”. The western part of the world crushes African with a debt, given to dictators, that will never be paid. Save Africa? Are you joking. I know you are joking.

You’r just making the point how insane it is to give all that money to institutions that causes African debt in the first place.



#2 mark j. tuggle on 11.11.08 at 2:33 pm

my initial thought was to respond to joseph’s comment cuz i was pissed about his implications of indifference. i feel a spiritual responsibility to do what i can to be of service to african-descended folk – meaning africa doesn’t need to be saved it needs to be affirmed in our actions with the continent & her people wherever they are throughout the diaspora. sometimes it begins with a blog post & continues with financial contributions.

#3 Anonymous on 05.04.09 at 3:16 pm

The amount of money sent to Nigeria by the west over the last 40 years? $400 BILLION.

The amount of money estimated to have been stolen from the Nigerian treasury over the last 40 years? $400 BILLION.

‘Save Africa’ my butt.

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