Lounsbury: A comment: Arab Investment

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May 20, 2005

A comment: Arab Investment

Wasting time in between meetings, and properly shagged out, I visited blogs and noted this:
http://www.liberalsagainstterrorism.com/drupal/?q=node/1191

A few quick comments.

First, the idiocy of USG speech on "BMENA" an ugly and idiotic acronym for USG's latest nonsensical "regional policy" (meaning ignorant ill-informed bumbling moronic half baked pie in the sky policy ideas) for "Broader Middle East and North Africa" or as one local USG official likes to call it "Bangladesh to Marrakech." Well, this is idiocy irritates me.

Then to the points:
� Increased legal and regulatory transparency, and greater government and business accountability;

Fine, good thing.

� Strengthening the rule of law, especially protection of property, enforcement of judgments, and bankruptcy procedures;

Desperately needed. Bloody fucking hard to pull off, however.

� Strengthening the financial sector through privatization, competition and better regulation;
Well, other than the better regulation... okay I'll go for better regulation, it's such a meaningless phrase.

� Revitalizing the strong pace of privatization of state-owned enterprises that has slowed in recent years; and
Super, absolutely agreed.

� Focusing on creating an attractive investment climate overall - not on providing special incentives to individual projects.
Now that is a good obs. Not original one has to confess, but needs to be hammered home insofar as the regional bumblers love the big special projects. Sexy, makes news.

This, however, is pure USG and Development Retards posturing:
With the dynamic culture of entrepreneurship that thrives in the BMENA region, there is no reason that reforms would not lead to much higher investment levels.

You have already read my sour comments on this mirage, this ... what is the word for it... gratitious self deception that USG and the Devalopment Retards practice on themselves in regards to a "dynamic culture of entrepreneurship" which most certainly DOESN'T MOTHERFUCKING THRIVE IN THIS BENIGHTED LAND OF CAPRICIOUS RENT SEEKING RISK AVOIDING TIJAARI SIT IN THEIR FUCKING SHOP AND WAIT FOR BUSINESS, LOOK AT THE NEAR TIME HORIZON RISK culture.

Oh and for the bloody commentators chez Pratike, lui compris, the governments here bloody well do need to be hollowed out. "Better government" is pie in the sky self deluded tripe given the entrenched habits and the like. Break the rentier enforcers allies backs I say. At the least we might see the utter waste of tax paying citizens payments be reduced a mite.

Otherwise, in regards to the comment re American based multinationals "swooping in" - what I often say to locals in the region "If only you had your fucking act together enough where this was remotely even a possibility or a real threat, then this khayali nonsense might make sense, and indeed would be a great problem to have." It's outlandishly stupid anti-Globo morons khayali idiocy to think internationals are going to scoop up anything all that important in the region, or even that they have any substantive effect on the economies. Bloody well the contrary actually. Given the risks, investment is minimal, as FDI flows clearly show. Stupid economic 19th century mercantilist illitarcy of the first order.

Of course there is a real problem of making liberalization work internally and not just for well-placed clans, but then the well-placed clans generally profit best from having regulatory capture - despite the wide idea Development Retards and Leftist Self Deluders bright eyed innocence in regards to somehow magically 'transforming' the way government is actually done.

Realism, my dears, realism will get you somewhere, not theoretical idealised scenario whanking.

May 20, 2005

A comment: Arab Investment

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