In addition to thousands of civilians killed by US and Israeli bombs, millions globally are being pushed into hunger and debt because of the iron grip of oil and gas on our economies. End the war, tax the huge windfall profits that oil and gas companies are making from the conflict, and dump fossil fuels for good in favour of secure and affordable renewable energy.
Africa is rich in natural resources. Yet for centuries those resources have been extracted by foreign companies that pay little tax and leave nothing behind. For centuries, Western nations have exploited them by extracting the raw materials without paying fair taxes, and often facilitated by corruption.
Every year around this time Forbes publishes its global billionaire rankings like a fantasy football league table for the ultra rich. The graphics sparkle, the fortunes climb, and commentators analyse the movements as if the global economy were a competition for who can stack the most cash.
The architecture of austerity: Zambia’s journey back into the arms of the IMF was precipitated by a combination of over-ambitious public investment, a devastating drought in 2019, and the COVID-19 pandemic. In 2020, the country became the first African nation to default on its Eurobonds during the pandemic era.