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#African gold trade
dgtcreative2024 · 5 months
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The Ones Who Claimed Africa's Whole Gold Inventory
At any point might you at some point comprehend that Elon, musk, Jeff, Bezos or Bernard Arnold are only walking around the domain of the rich? In no way, shape or form these refined men have shot themselves to an unbelievable status, standing side by side with the titans of abundance all through the chronicles of history. Presently, how about we set out on a fascinating excursion to investigate and reveal the tales of the genuine heavyweights. Who've made a permanent imprint on the abundance scene across hundreds of years, John d Rockefeller. While diving into the records of history's most affluent people, we unavoidably experience faces that become the stuff of dreams for scheme, scholars around the world, john d Rockefeller is exactly one such figure.
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panafrocore · 7 months
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Asante Akrafokonmu Gold ‘Soul’ Badge: Symbol of Vitality and Protection
The Asante Akrafokonmu Gold ‘Soul’ Badge holds deep cultural and symbolic significance within Akan tradition. More than just a piece of jewelry, this emblem carries the weight of history and spiritual beliefs, representing vitality and protection in the Asante kingdom. In the intricate web of Akan thought, gold is revered as a terrestrial reflection of the sun and the corporeal embodiment of…
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faultfalha · 1 year
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The gold mines of Africa held a strange allure for the investors of AGACU. Deep below the surface, a mystery lay buried in the sands of time. The search for their fortune had only just begun but the winds of fate seemed to be shifting. Share prices had fallen, like a sandslide in the desert, covering up what had been unearthed. Now, all that remained was an aura of mystery, a tale of ambition that went on and on, never to reach its destination. Who knows what secrets, what gold is yet to be discovered?
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classyclips · 1 year
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alien-girl-21 · 1 year
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what's the coolest fact you know?
Did you know that the first supposed person to travel from america to oceania by boat was an incan emperor? It's theorized tupac yupanqui sailed all the way from the inca empire until he arrived in what is now the gambier islands. There's also rumors he ended up in china, but there's no theory to support this. Also, if he did it, this dude traveled a really long distance in one of these bad boys (they're barcos de totora and are made out of plants)
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Black history is not slavery
Slavery is not the only history of black Black history goes deeper than slave trade
This is a message for my black brothers and sisters
Today I will be talking about the people of benin
The historical kingdom of Benin was established in the forested region of West Africa in the 1200s C.E. According to history, the Edo people of southern Nigeria founded Benin. They no longer wanted to be ruled by their kings, known as the ogisos. They asked a prince from Ife, an important West African kingdom, to take control. The first oba, or king, in Benin was Eweka. He was the son of the prince from Ife.The kingdom reached its greatest power and size under Oba Ewuare the Great. He expanded the kingdom and improved the capital, present-day Benin City; the city was defined by massive walls. The height of power for Benin’s monarchs began during this period. To honor the powerful obas, the people of Benin participated in many rituals that expressed their devotion and loyalty, including human sacrifices.Artists of the Benin Kingdom were well known for working in many materials, particularly brass, wood, and ivory. They were famous for their bas-relief sculptures, particularly plaques, and life-size head sculptures. The plaques typically portrayed historical events, and the heads were often naturalistic and life size. Artisans also carved many different ivory objects, including masks and, for their European trade partners, salt cellars.The success of Benin was fueled by its lively trade. Tradesmen and artisans from Benin developed relationships with the Portuguese, who sought after the kingdom’s artwork, gold, ivory, and pepper. In the early modern era, Benin was also heavily involved in the West African slave trade. They would capture men, women, and children from rival peoples and sell them into slavery to European and American buyers. This trade provided a significant source of wealth for the kingdom.Benin began to lose power during the 1800s, as royal family members fought for power and control of the throne. Civil wars broke out, dealing a significant blow to both Benin’s administration as well as its economy. In its weakened state, Benin struggled to resist foreign interference in its trading network, particularly by the British. A desire for control over West African trade and territory ultimately led to a British invasion of Benin in 1897. Benin City was burned by the British, who then made the kingdom part of British Nigeria (which became Nigeria after the country gained independence in 1960). After that time, the kingdom no longer played a governing role in West Africa. However, even today, the oba still serves in Benin City as a government advisor.
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whencyclopedia · 2 months
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Ghana Empire
The Ghana Empire flourished in West Africa from at least the 6th to 13th century CE. Not connected geographically to the modern state of Ghana, the Ghana Empire was located in the western Sudan savannah region (modern southern Mauritania and Mali) sandwiched between the Sahara desert to the north and the rainforests to the south.
Trade in the Ghana Empire was facilitated by the abundance of iron, copper, gold, and ivory and easy access to the Niger and Senegal Rivers and their tributaries. The Ghana kings, residing in the capital at Koumbi Saleh, grew immensely rich, building up stockpiles of the gold nuggets only they were permitted to possess. Consequently, the reputation of Ghana spread to North Africa and Europe, where it was described as a fabulous land of gold. The Ghana Empire crumbled from the 12th century CE following drought, civil wars, the opening up of trade routes elsewhere, and the rise of the Sosso Kingdom (c. 1180-1235 CE) and then the Mali Empire (1240-1645 CE).
West Africa & the Sudan Region
The Sudan region of West Africa (not to be confused with the modern state of that name), where the Ghana Empire would develop, had been inhabited since the Neolithic period as is evidenced by Iron Age tumuli, megaliths and remains of abandoned villages. The Niger River regularly flooded parts of this dry grassland and savannah, which provided fertile land for agriculture beginning at least 3,500 years ago, an endeavour greatly helped by the region's adequate annual rainfall. Cereals such as red-skinned African rice and millet were grown with success, as were pulses, tuber and root crops, oil and fibre plants, and fruits. Fishing and the herding of cattle and goats were other important sources of food.
Local deposits of copper were exploited and used for trade, while metalworking in the region, as indicated by archaeological finds, dates back to at least the 6th century CE. There have been many finds, too, of fine pottery, some of which was traded across the region, as indicated by chemical analysis of the clay. Similarly, gold was probably locally mined or panned and then traded along the numerous waterways of the region, but concrete evidence from this early period is lacking. Indeed, the whole history of the region and the Ghana Empire before the 11th century CE remains vague due to a lack of written sources and the rather meagre results of archaeology. However, the latter has increased dramatically in the 21st century CE, and both the antiquity and extent of West African trade, in particular, are now considered to have been greater than previously thought.
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kemetic-dreams · 8 months
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Afro-Jamaicans are Jamaicans of predominant African descent. They represent the largest ethnic group in the country.
The ethnogenesis of the African Jamaican people stemmed from the Atlantic slave trade of the 16th century, when enslaved Africans were transported as slaves to Jamaica and other parts of the Americas. During the period of British rule, slaves brought into Jamaica were primarily Akan, some of whom ran away and joined with Maroons and even took over as leaders
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West Africans were enslaved in wars with other West African states and kidnapped by either African or European slavers. The most common means of enslaving an African was through abduction.
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Based on slave ship records, enslaved Africans mostly came from the Akan people (notably those of the Asante Kotoko alliance of the 1720's: Asante, Bono, Wassa, Nzema and Ahanta) followed by Kongo people, Fon people, Ewe people, and to a lesser degree: Yoruba, Ibibio people and Igbo people. Akan (then called Coromantee) culture was the dominant African culture in Jamaica.
Originally in earlier British colonization, the island before the 1750s was in fact mainly Akan imported. However, between 1663 and 1700, only six per cent of slave ships to Jamaica listed their origin as the Gold Coast, while between 1700 and 1720 that figure went up to 27 per cent. The number of Akan slaves arriving in Jamaica from Kormantin ports only increased in the early 18th century. But due to frequent rebellions from the then known "Coromantee" that often joined the slave rebellion group known as the Jamaican Maroons, other groups were sent to Jamaica. The Akan population was still maintained, since they were the preference of British planters in Jamaica because they were "better workers", according to these planters. According to the Slave Voyages Archives, though the Igbo had the highest importation numbers, they were only imported to Montego Bay and St. Ann's Bay ports, while the Akan (mainly Gold Coast) were more dispersed across the island and were a majority imported to seven of 14 of the island's ports (each parish has one port).
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Myal and Revival
Kumfu (from the word Akom the name of the Akan spiritual system) was documented as Myal and originally only found in books, while the term Kumfu is still used by Jamaican Maroons. The priest of Kumfu was called a Kumfu-man. In 18th-century Jamaica, only Akan gods were worshipped by Akan as well as by other enslaved Africans. The Akan god of creation, Nyankopong was given praise but not worshipped directly. They poured libation to Asase Ya, the goddess of the earth. But nowadays they are only observed by the Maroons who preserved a lot of the culture of 1700s Jamaica.
"Myal" or Kumfu evolved into Revival, a syncretic Christian sect. Kumfu followers gravitated to the American Revival of 1800 Seventh Day Adventist movement because it observed Saturday as god's day of rest. This was a shared aboriginal belief of the Akan people as this too was the day that the Akan god, Nyame, rested after creating the earth. Jamaicans that were aware of their Ashanti past while wanting to keep hidden, mixed their Kumfu spirituality with the American Adventists to create Jamaican Revival in 1860. Revival has two sects: 60 order (or Zion Revival, the order of the heavens) and 61 order (or Pocomania, the order of the earth). 60 order worships God and spirits of air or the heavens on a Saturday and considers itself to be the more "clean" sect. 61 order more deals with spirits of the earth. This division of Kumfu clearly shows the dichotomy of Nyame and Asase Yaa's relationship, Nyame representing air and has his 60 order'; Asase Yaa having her 61 order of the earth. Also the Ashanti funerary/war colours: red and black have the same meaning in Revival of vengeance. Other Ashanti elements include the use of swords and rings as means to guard the spirit from spiritual attack. The Asantehene, like the Mother Woman of Revival, has special two swords used to protect himself from witchcraft called an Akrafena or soul sword and a Bosomfena or spirit sword
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Jamaican Patois, known locally as Patwa, is an English creole language spoken primarily in Jamaica and the Jamaican diaspora. It is not to be confused with Jamaican English nor with the Rastafarian use of English. The language developed in the 17th century, when enslaved peoples from West and Central Africa blended their dialect and terms with the learned vernacular and dialectal forms of English spoken: British Englishes (including significant exposure to Scottish English) and Hiberno English. Jamaican Patwa is a post-creole speech continuum (a linguistic continuum) meaning that the variety of the language closest to the lexifier language (the acrolect) cannot be distinguished systematically from intermediate varieties (collectively referred to as the mesolect) nor even from the most divergent rural varieties (collectively referred to as the basilect). Jamaicans themselves usually refer to their use of English as patwa, a term without a precise linguistic definition.
Jamaican Patois contains many loanwords of African origin, a majority of those etymologically from Gold Coast region (particularly of the Asante-Twi dialect of the Akan language of Ghana).
Most Jamaican proverbs are of Asante people, while some included other African proverbs
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Jamaican mtDNA
A DNA test study submitted to BMC Medicine in 2012 states that "....despite the historical evidence that an overwhelming majority of slaves were sent from the Bight of Biafra and West-central Africa near the end of the British slave trade, the mtDNA haplogroup profile of modern Jamaicans show a greater affinity with groups found in the present-day Gold Coast region Ghana....this is because Africans arriving from the Gold Coast may have thus found the acclimatization and acculturation process less stressful because of cultural and linguistic commonalities, leading ultimately to a greater chance of survivorship and a greater number of progeny."
More detailed results stated: "Using haplogroup distributions to calculate parental population contribution, the largest admixture coefficient was associated with the Gold Coast(0.477 ± 0.12 or 59.7% of the Jamaican population with a 2.7 chance of Pygmy and Sahelian mixture), suggesting that the people from this region may have been consistently prolific throughout the slave era on Jamaica. The diminutive admixture coefficients associated with the Bight of Biafra and West-central Africa (0.064 ± 0.05 and 0.089 ± 0.05, respectively) is striking considering the massive influx of individuals from these areas in the waning years of the British Slave trade. When excluding the pygmy groups, the contribution from the Bight of Biafra and West-central rise to their highest levels (0.095 ± 0.08 and 0.109 ± 0.06, respectively), though still far from a major contribution. When admixture coefficients were calculated by assessing shared haplotypes, the Gold Coast also had the largest contribution, though much less striking at 0.196, with a 95% confidence interval of 0.189 to 0.203. When haplotypes are allowed to differ by one base pair, the Jamaican matriline shows the greatest affinity with the Bight of Benin, though both Bight of Biafra and West-central Africa remain underrepresented. The results of the admixture analysis suggest the mtDNA haplogroup profile distribution of Jamaica more closely resembles that of aggregated populations from the modern-day Gold Coast region despite an increasing influx of individuals from both the Bight of Biafra and West-central Africa during the final years of trading enslaved Africans.
The aforementioned results apply to subjects whom have been tested. Results also stated that African Jamaicans (that make up more than 90% of the population) on an average have 97.5% of African MtDNA and very little European or Asian ancestry could be found. Both ethnic and racial genetic results are based on a low sample of 390 Jamaican persons and limited regional representation within Jamaica. As Afro-Jamaicans are not genetically homogeneous, the results for other subjects may yield different results.
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ghanatrails · 25 days
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From Chains to Crown: Uncovering Your Roots in Ghana with Best Ghana Tours
As a member of the African diaspora, have you ever wondered about your ancestral heritage? Do you feel a deep connection to the continent of Africa, but aren't sure where to start exploring your roots? Look no further than Ghana, a country steeped in rich history, vibrant culture, and breathtaking natural beauty. And, with Best Ghana Tours, you'll have a trusted guide to help you navigate this transformative journey.
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Ghana, formerly known as the Gold Coast, was a major hub for the transatlantic slave trade. Millions of enslaved Africans were forcibly taken from their homeland, leaving behind a legacy of pain, trauma, and disconnection. However, Ghana has emerged as a symbol of resilience, hope, and reunification.
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The Call to Come Home
In 2019, Ghana launched the "Year of Return" initiative, inviting members of the diaspora to come home and reconnect with their heritage. This call to action marked the 400th anniversary of the first enslaved Africans arriving in Jamestown, Virginia. Since then, thousands have answered the call, making the journey to Ghana to discover their roots. Best Ghana Tours has been at the forefront of this movement, curating unforgettable experiences for those seeking to reconnect with their ancestral homeland.
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Uncover Your History with Best Ghana Tours
With Best Ghana Tours, you'll embark on a journey of self-discovery, exploring:
- Cape Coast Castle, a former slave fort turned museum
- The National Museum of Ghana, showcasing the country's rich history and culture
- The vibrant markets of Accra, where you can find traditional textiles, crafts, and cuisine
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Reconnect with Your Heritage
Best Ghana Tours offers immersive cultural experiences, allowing you to:
- Attend a traditional naming ceremony
- Learn traditional drumming or dance
- Indulge in delicious Ghanaian cuisine
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Join the Movement
The "From Chains to Crown" movement is about reclaiming your heritage, embracing your identity, and connecting with your ancestral homeland. Join the thousands who have already made the journey home with Best Ghana Tours and experience the transformative power of Ghana for yourself.
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Come Home to Ghana with Best Ghana Tours
So why wait? Book your tour with Best Ghana Tours today and get ready to uncover your roots in Ghana. Let the warmth of the Ghanaian people, the vibrancy of the culture, and the beauty of the land envelop you. You are not just a visitor – you are coming home.
Contact Best Ghana Tours:
[email protected] +233 503314400
Share Your Story
Have you already made the journey to Ghana with Best Ghana Tours or are you planning to? Share your story with us! Let's continue the conversation on social media using the hashtag.
#FromChainsToCrown #GhanaTravel #GhanaTours #Adventure #Nature #GhanaCulture #Tradition #Tourism #WestAfrica #Travel #Nature #Wildlife #safari #tourpackages #allinclusivepackages #travelwithus #traveltoghana #dettydecember #all #europe #ghanatourism #tour #tourpackages #travelwithus #landsccape #paradise #nature #adventure #explore #travel #travelling #inspiration #motivation #flowers #flowercore #photography #aesthetic #cottagecore #naturecore #mountains #cottage garden #cottage witch #farmcore #curators on tumblr #photographers on tumblr #dark academia aesthetic #goblincore #design #fashion #scenery #alternative
#fall aesthetic #artwork #landscape
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moneeb0930 · 4 months
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AFRICA, a continent rich in history and culture, was a diverse and vibrant place 100 years before the colonial era began. The period prior to European colonization of Africa was characterized by the existence of powerful and sophisticated civilizations, trade networks, and diverse societies. During this time, Africa was home to thriving kingdoms and empires, such as the Kingdom of Ghana, the Mali Empire, the Benin Empire,and the Great Zimbabwe Empire.
One of the remarkable aspects of Africa before colonialism was the economic prosperity and trade networks that existed across the continent. The Trans-Saharan trade routes connected the North African coast with the interior of the continent, facilitating the exchange of goods, ideas, and cultures. The trade in gold, salt, ivory, and other resources contributed to the wealth of African societies and enabled the development of urban centers and marketplaces.
In addition to trade, agriculture played a significant role in the pre-colonial African societies. Many regions practiced advanced farming techniques, growing crops such as grains, yams, and millet. Livestock farming was also a common practice, with cattle, sheep, and goats being raised for food, milk, and trade. The agricultural surplus generated by these practices supported the growth of populations and the development of complex societies.
Socially and culturally, pre-colonial Africa was characterized by a rich tapestry of traditions, languages, and belief systems. The continent was home to a diverse array of ethnic groups, each with its own customs, art forms, and social structures. Oral traditions, storytelling, and music played a vital role in communicating histories and values within African societies. Religious practices were also diverse, ranging from indigenous animist beliefs to Islam and Christianity, which were introduced through trade and migration.
The political landscape of Africa before colonialism was marked by the presence of powerful kingdoms and empires that governed vast territories. These political entities were often organized hierarchically, with rulers holding significant authority over their subjects. The Kingdom of Ghana, for example, controlled trade routes and amassed wealth through taxation and tribute. The Mali Empire under Mansa Musa was renowned for its wealth, power, and intellectual pursuits.
In conclusion, Africa 100 years before colonialism was a continent teeming with cultural diversity, economic prosperity, and political sophistication. The continent's vibrant civilizations and societies thrived through trade, agriculture, and social structures that sustained their way of life. The legacy of pre-colonial Africa continues to influence the continent's present-day cultures, identities, and aspirations, reminding us of the resilience and vitality of Africa's past.
📸 A lady from today Ghana 🇬🇭 adorned in gold jewelry #africa
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fatehbaz · 1 year
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“Dutch King apologizes for Netherlands’ role in slavery.”
The Dutch/Netherlands abducted slaves from West Africa; hosted the Dutch West India Company; operated an extensive profitable sugar plantation industry built on slave labor; and established colonies in the greater Caribbean region including sites at Aruba, Curaçao, Sint Maarten, Bonaire, and the adjacent “Wild Coast” (land between the Orinoco and Amazon rivers, including Guyana and Suriname). Many of these places remained official colonies until between the 1950s and 1990s.
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Scholarship on resistance to Dutch practices of slavery, colonialism, and imperialism in the Caribbean:
“Decolonization, Otherness, and the Neglect of the Dutch Caribbean in Caribbean Studies.” Margo Groenewoud. Small Axe. 2021.
“Women’s mobilizations in the Dutch Antilles (Curaçao and Aruba, 1946-1993).” Margo Groenewoud. Clio. Women, Gender, History No. 50. 2019.
“Black Power, Popular Revolt, and Decolonization in the Dutch Caribbean.” Gert Oostindie. In: Black Power in the Caribbean. Edited by Kate Quinn. 2014.
“History Brought Home: Postcolonial Migrations and the Dutch Rediscovery of Slavery.” Gert Oostindie. In: Post-Colonial Immigrants and Identity Formations in the Netherlands. Edited by Ulbe Bosma. 2012.
“Other Radicals: Anton de Kom and the Caribbean Intellectual Tradition.” Wayne Modest and Susan Legene. Small Axe. 2023.
Di ki manera? A Social History of Afro-Curaçaoans, 1863-1917. Rosemary Allen. 2007.
Creolization and Contraband: Curaçao in the Early Modern Atlantic World. Linda Rupert. 2012.
“The Empire Writes Back: David Nassy and Jewish Creole Historiography in Colonial Suriname.” Sina Rauschenbach. The Sephardic Atlantic: Colonial Histories and Postcolonial Perspectives. 2018.
“The Scholarly Atlantic: Circuits of Knowledge Between Britain, the Dutch Republic and the Americas in the Eighteenth Century.” Karel Davids. 2014. And: “Paramaribo as Dutch and Atlantic Nodal Point, 1640-1795.” Karwan Fatah-Black. 2014. And: Dutch Atlantic Connections, 1680-1800: Linking Empires, Bridging Borders. Edited by Gert Oostindie and Jessica V. Roitman. 2014.
Decolonising the Caribbean: Dutch Policies in a Comparative Perspective. Gert Oostindie and Inge Klinkers. 2003. And: “Head versus heart: The ambiguities of non-sovereignties in the Dutch Caribbean.” Wouter Veenendaal and Gert Oostindie. Regional & Federal Studies 28(4). August 2017.
Tambú: Curaçao’s African-Caribbean Ritual and the Politics of Memory. Nanette de Jong. 2012.
“More Relevant Than Ever: We Slaves of Suriname Today.” Mitchell Esajas. Small Axe. 2023.
“The Forgotten Colonies of Essequibo and Demerara, 1700-1814.” Eric Willem van der Oest. In: Riches from Atlantic Commerce: Dutch Transatlantic Trade and Shipping, 1585-1817. 2003.
“Conjuring Futures: Culture and Decolonization in the Dutch Caribbean, 1948-1975.” Chelsea Shields. Historical Reflections / Reflexions Historiques Vol. 45 No. 2. Summer 2019.
“’A Mass of Mestiezen, Castiezen, and Mulatten’: Fear, Freedom, and People of Color in the Dutch Antilles, 1750-1850.” Jessica Vance Roitman. Atlantic Studies 14, no. 3. 2017.
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This list only covers the Caribbean.
But outside of the region, there is also the legacy of the Dutch East India Company; over 250 years of Dutch slavers and merchants in Gold Coast and wider West Africa; about 200 years of Dutch control in Bengal (the same region which would later become an engine of the British Empire’s colonial wealth extraction); over a century of Dutch control in Sri Lanka/Ceylon; Dutch operation of the so-called “Cultivation System” (”Cultuurstelsei”) in the nineteenth century; Dutch enforcement of brutal forced labor regimes at sugar plantations in Java, which relied on de facto indentured laborers who were forced to sign contracts or obligated to pay off debt and were “shipped in” from other islands and elsewhere in Southeast Asia (a system existing into the twentieth century); the “Coolie Ordinance” (”Koelieordonnanties”) laws of 1880 which allowed plantation owners to administer punishments against disobedient workers, resulting in whippings, electrocutions, and other cruel tortures (and this penal code was in effect until 1931); and colonization of Indonesian islands including Sumatra and Borneo, which remained official colonies of the Netherlands until the 1940s.
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ptseti · 2 months
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AFRICAN COUNTRIES REPATRIATE THEIR GOLD FROM U.S.
In this video @RedactedNews anchor Clayton Morris explains why several African countries have begun withdrawing their gold reserves from the United States in recent months. The moves are a reflection of growing concerns over the stability of a waning hegemonic power and its economy. The trend also marks a real shift in global economics, as these and other countries grow increasingly skeptical of the traditional safe-haven status of US financial institutions and the dollar.
The decision to repatriate gold reserves is driven by a deeper unease among these nations about the trajectory of the US economy. Persistent inflation, mounting debt levels, and concerns about the Federal Reserve's ability to maintain stable monetary policies have eroded confidence in the US dollar. Additionally, geopolitical tensions and uncertainties surrounding trade relations have further fuelled apprehensions among foreign governments and investors.
Video credit: @RedactedNews
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sane-human · 3 months
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Ever heard of the east african bronze age, land of Punt
I did not! But now I do and I find it very very cool!!
(Punt 2500–980 BCE)
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"Land of Punt was an ancient kingdom known from Ancient Egyptian trade records. It produced and exported gold, aromatic resins, blackwood, ebony, ivory and wild animals." ------------------------------------------------------------------------------
(Cool Article about Punt)
Punt was likely located in present-day Puntland State of Somalia or, at least, North West Somalia!
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"...he country is best known from inscriptions regarding Queen Hatshepsut's famous expedition in 1493 BCE in the 18th Dynasty of Egypt. This exchange between the two countries brought back living trees to Egypt, marking the first known successful attempt at transplanting foreign fauna. "
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(The possible route taken : Wadi Tumilat)
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"Punt came to hold a deep fascination for the Egyptian people as a "land of plenty" and was known as Te Netjer, the land of the gods, from which important goods came to Egypt."
In the 12th Dynasty (1991-1802 BCE), Punt was immortalized in Egyptian literature in the Tale of the Shipwrecked Sailor!
videos: (Audio Book online I found , more story like) (More faithful video to the original story, also read in egyptian, very cool)
"Punt is purposefully chosen in this story as the mystical land on which the sailor washes up because it was already understood as a faraway realm of exotic goods and generous people."
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(A friendly game of Senet)
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faultfalha · 1 year
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The African Gold Acquisition corporation had become a strange sort of legend among traders, whispered of in backroom hushed tones. The whispers spoke of untold wealth, far-off fortune, and limitless potential. It was a wild dream that drew them in, and it seemed like it could become a reality when the share prices rose. But, as quickly as it was acquired, it was gone, evaporating into nothingness like a mirage in the desert. The losses are mounting as the price drops 14.8%, leaving the once promising African Gold Acquisition corporation a distant memory in the minds of traders. If only they knew that the true wealth of the world lies not in gold, but in the wild and mysterious dreams of humanity.
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workersolidarity · 1 year
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Three, four years ago I could have told you, and did tell people, that inflation would start steadily going up, and I said even then that it would likely be stubborn, meaning it wasn't going to be an easy fix.
I knew this back then because it was obvious, even years ago, that the BRICS countries, along with many African and South Asian countries and elsewhere were looking for ways to get around using the US Dollar for trade.
They were making moves to expand trade relations outside US dollar transactions and were for many years planning and building the infrastructure for a future Multipolar world.
And that process began rapidly picking up pace three or four years ago.
I began to say then, what I'm still saying now, as that process goes on and trade outside the US Dollar system grows exponentially year-on-year, that's going to begin to have an effect on inflation.
Why? Well, Imperialism really. Because the US for decades has depended on the steady demand for US Dollars to hold down inflation, allowing the US to use debt spending to finance wars, military bases and imperialistic ventures like Syria.
Remember, it was the US in its massively dominant position after WWII that built the Bretton Woods System that made the US Dollar the world reserve currency pegged to gold, and it was the US that unilaterally abandoned Bretton Woods 1 and took the dollar off Gold, allowing for the US to finance wars through debt spending, and created the Petro-Dollar with Saudi Arabia in the 1970's.
This debt spending is essentially the surplus value from the Global South and other poorer countries that must buy US Dollars to fund infrastructure projects, energy consumption, food and medicine imports, etc since it's the world reserve currency and if you wish to use the US Financial System at all, such as the World Bank, or SWIFT messaging system, well you have to use US Dollars.
Basically, it's the sucking of the wealth out of poorer countries to finance their own economic oppression.
But as these countries catch on and with new rising global powers like Russia, China and Iran building the infrastructure for an alternative system, the US Dollar is being abandoned faster than ever.
In 2000, more than 70% of Foreign Exchange Reserves were held in US Dollars. By 2020, that figure had dropped considerably to 59%. And the rate at which it's dropping is only increasing.
Knowing this, I said back in 2019 and 2020 that inflation was likely to become a problem. And if it did become a problem, then we knew exactly what the Fed would do as a result: dramatically increase benchmark Interest rates.
This didn't take any particularly specialized or secretive sources to figure out. It's been obvious for years to anyone seriously interested in economics and geopolitics.
And what happens when interest rates go up? The value of the bonds bought under lower interest rates suddenly go way down, while debts become more expensive. It's like gravity in economics.
So with all that being said, why then did all these banks (Signature Bank, First Republic Bank, and Silicon Valley Bank) continue buying troubled assets and Treasury bonds if they're so smart and educated and knew all this?
I mean, these guys are supposed to be the best of the best corporate bankers, right? On the cutting edge of investment banking, right? That's what everyone said even just months before Silicon Valley Bank failed. (CNBC host and moron of the year Jim Cramer literally praised Silicon Valley Bank less than a month before its failure)
So one of two things must be true here and neither one is good for YOU the average worker.
Either these bankers are idiots; complete morons who have little to no understanding of basic economics, geopolitics, and monetary policy, something that should be of concern to all of us.
I mean, I'm just a dude working for a small retailer in New Orleans and even I knew this inflation and higher interest rates were coming.
So why exactly are these people paid such exorbitant salaries? If I can understand the basics of their job better than they can, why am I a retailer, and he, a millionaire banker???
So that's one possibility, one I'm virtually certain is actually true, that our ruling Elite isn't particularly smart or well educated in reality, anymore than ordinary people I meet everyday, and any one of us could easily do their jobs just as well or better than they do given the opportunities afforded to them.
But even if in this case, that's not what happened. That these weren't idiots. Well then the alternative is something that should also be deeply disturbing to you: that these bankers knew they would be facing this situation, that they were well aware of the coming inflationary pressures and equally aware what the Feds response would be, interest rate hikes.
And instead of using the last couple of years to shed possibly dangerous assets and shore up the money the banks kept on hand, they continued to do what was personally making them so much profit, at the expense of tax payers, because they were absolutely certain that the government these bankers spend so much money on campaigns for, would swoop in regardless of the recklessness of their behavior, and bail them out no matter what.
These are not the signs of a healthy political, economic or banking system.
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covenawhite66 · 10 months
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Africa has great civilizations that flourished in Africa included Egypt, Kush, Axum, Mali and Great Zimbabwe.
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