CODESRIA Policy Brief No. 2, May 2018: Finance Capital and the NATO Intervention in Libya Opposition to the African Currency by Horace G. Campbell
The ruling in the High Court of Britain in Libyan Investment Authority (LIA) vs. Goldman Sachs, the financial behemoth of Wall Street revealed how firms in the financialization of the energy industry mobilize resources of oil rich states with Sovereign Wealth Funds to sustain private equity, hedge funds and structured derivatives markets of the global capitalist economy. The imposed government of the UN Security Council with authority over the Libyan Central Bank has been unsuccessful following factions among the permanent members of the Security Council in this prolonged battle for the control of Libyan resources. The destruction of Libya highlights the need for a more robust African Union stand on external military interventions and common currency in Africa. The military management of the international system needs contention so that the intervention in Libya does not have the same repercussions for humanity as the Italian Invasion of Abyssinia in 1935.
Horace G. Campbell
Nwame Nkrumah Chair, Institute of African Studies, University of Ghana.