It has been a tough and challenging Quarter around the World. There has been welcome development in Cyprus as the European Union and Cyprus have agreed to a deal to avoid a financial meltdown. At least the small depositors won’t have to be faced with a levy and all depositors under 100,000 Euros will be protected under the European Insurance Scheme. This is also the latest in a series of “fires” that the European Union has had to deal with. The age of austerity is here to stay for a while longer. The United Kingdom continues to be dealing with the aftermath of the massive austerity imposed by David Cameron’s Government and has again been placed on negative watch as a result of the continued concerns about the long-term economic viability of the country.
Beyond Europe, there is Africa. The President of the Central African Republic has been overthrown by Rebels. France has had a long-standing presence there. The Central African Republic is one of those basket cases that does not seem to get its’ act together. It is rich in mineral resources–but it has not been endowed with leaders that would allow it to be developed into the powerhouse that it could possibly be. This is the situation with leaders throughout Africa. I view this as especially tragic as I see the same situation developing in South Africa. Zimbabwe adopted a new Constitution curbing Mugabe’s Powers. But it will not matter because Mugabe will continue onward with his thugs running around Zimbabwe with impunity as the Country suffers. I was hopeful when the leader of the MDC became Prime Minister. But I have been disappointed with the lack of progress despite the hope I had back in 2009 as I was witness to history and commented on it in Outsiders