Dollar Collapse

European Union to give $860 Million to Somalia


The European Union, which has been on the verge of bankruptcy for years now, has pledged to give $860 million as part of a $2.7 million fundraising effort to aid in a three-year plan, bent on building the country’s political system and improving security. There are two reasons that anyone in the EU should be upset right now. They don’t have that kind of money to give, and, if they did, then that money is coming from the taxpayer pocket to go to a country without even having a say about how their money is being spent.

We have some vested interest in this story as well, as Americans. The main reason being that the more foreign aid and other wasteful expenditures the EU makes, the closer they come to actual bankruptcy, which would devalue their currency and ruin their ability to purchase our goods.

Aside from my minimal government views, I can’t help but be soured on the idea of investing in Africa. It seems that a lot of money is spent trying to help countries catch up to the rest of the world, economically, but often the funds are never given, wasted, or embezzled by corrupt politicians.

I have always wanted to visit Europe, but with the wasteful spending of the overarching governmental body there, that is likely all I will be doing in Europe. I am not fixing to move out there and lose all of my money due to a bankrupt currency.


Image courtesy of ell brown on Flickr