CENTRAL BANKING AND MACROECONOMIC UNDERDEVELOPMENT.PART 10.

the motif for documentation is driven by the need if the procurement is meant for manufacturing or trade.With this information,government accordingly directs policy to take into consideration this motif for productive activities and not speculation to encourage that particular sectors of the economy.This is the only use of documentation in line with best practices and not used for speculative purposes nor to control its use. I think the problem started in early 1999 especially in 2001when the apex bank did the so called restructuring termed Project Eagles and shortly after that it returned to retail banking focusing on forex auction and ever since the value of naira plummeted.But if government frees the forex market and we have one rate differential vanishes. The fear of capital flight as nurtured by those who support forex control does not arise in this context given that we have witnessed a couple of investment over time since we return to democracy.The return in the financial system especially the stock exchange in the country inspite of COVID19 outbreak still the best worldwide.I do not think there should be incentive for Nigerians to move their money out if the country is politically stable especially when you provide security for such money to be invested overseas at 3percent? Certainly,when government frees the forex market from excessive control the investors confidence will increase to mean that they have freedom to move in and out their money

CENTRAL BANKING AND MACROECONOMIC UNDERDEVELOPMENT.PART.9

It is unfortunate we run our economy close to what other deregulated economies are doing still does it make sense for certain parts of it to be held hostage through bureaucratic controls?The problem started with this kind of distortion,where despite all arms f Government running expenditures in billions of dollars compared to millions of naira in early 1999,with fast blooming economic activities yet we still ration foreign exchange.It does not make sense for the apex bank to still regulate the forex market and weekly allocation.If we must run a deregulated economy,should open up the foreign exchange policy.We should be armed in our economy with the political courage to say,what we can control is our local currency and not the dollars.That is the gospel.Simple. To be precise the first and the only thing to do is to float the naira our local currency and stop the peril of defending the naira,that dissipated and ruined GEJ administration.Floating is a technical word and does not necessarily indicates another bout of ineffectual deregulation,driven with controversy,that we dread to hear.The challenge of documentation is really causing dislocation and market distortion.And people are scared of giving details in terms of documentation of what they really intend to do with forex they purchase .Hence they moved into the other market black market where they have excessive freedom to buy what they like at any point in time without resistance.Why the documentation?

CENTRAL BANKING AND MACROECONOMIC UNDERDEVELOPMENT.PART 8

We have more than 150 countries of the world that we can emulate effectively in term of forex management.Frankly speaking,if we don't know what to do,we can copy them hook,line and sinker what they are doing.It is unfortunate and surprises me it still remains major headache and crisis in this country given the fact forex market is the most important market in an economy.Speculative buying is certainly a contributive factor and we dont have to worry whether naira is overvalued or not and stuff like that and certainly mere symptom and not the cause or the problem.Nor should we be concerned people are taking position due to the fact that the rate is going up.In an environment tainted with macroeconomic price instability,there could be an element of that. The real challenge is the lack of deregulation of forex market.As it were over the last 30 years,there has a flurry of mismatch of policies by a politically indecisive government.There is no total liberalization of the economy and the government is torn to shreds between running a controlled economy or liberal one.And you don't open one side and close the other side and we seem to be committed to deregulated economy to no avail.When democracy came we opened up a lot of sectors,deregulation,liberalization and privatization and investors took positions.Unlike previous regimes,a lot of money flowed into the country like the famous telecommunications deregulation and recapitalization of banks and other financial

CENTRAL BANKING AND MACROECONOMIC UNDERDEVELOPMENT.PART6

Substitution and partial dollarisation in the economy"; a development which the MPC Communique decries and sadly recognizes to have also significantly fuelled the unusually high demand for forex. Consequently the committee,reaffirmed that"the naira remained the currency of transaction in the economy and therefore advised the CBN to take all possible measures to address the development" At this point in time in 2014 when naira was still far below 300naira to the dollar so to say 200naira,Henry Boyo belching his carthasis lamented the decision of the CBN's MPC a committee setting interest rates for their policy blunder fixing rate at 13percent also directly challenged dollarisation and tackling the symptoms rather than the actual problem of too much naira in circulation.Why should the committee having realized the problem decided to still embrace the punitive or deterrent rates of 13percent?Knowing the implications that banks would charge above 20percent,in addition to penal effect on critical sectors creating mass employment specifically the real sector,ironically suffocating with the attendant production cost and explosion in general prices worsened by higher cost of funds and deteriorating price stability.Yet would not stop its hypocritical sermons to banks to reduce the punitive interest rate it set periodically.Did the threat of Dollarisation not the headache of CBN governors decried ever since 1999? He proffered the solution effectively as it

THE PHILOSOPHY OF FREEDOM.PART12

and also applies to the self mastery of the individuals, of rational individuals moved by consciousness of his own control to the exclusion of external forces of diverse kind.Being able to interprete meaning into personal identity and not influenced by by freign influence as like a slave incapable of rational thinking, conceiving of his own policies and programs and achieving them. However, in this treatise Berlin proved his claim how the concept of positive freedom was abused and cited historical instances where they were abused.Nevertheless this individual prerogatives,Berlin was forced to discord the concept of positive freedom and heavily discredited its bad theories and fond of defence of the negative liberty being freedom from interference.He claims the latter more civilised and worthy of defense in contrast to concept of positive liberty though essential to decent existence, had been grossly abused over time and chrobically perverted. There isnt no doubt limitless liberty of capitalists destroy limited freedom of factory workers and menial labourers.That negative liberty drastically reduced for positive liberty to be meaningful at best they should reach an equilibrium. Berlin's observation based on the empirical basis of historical thesis rather than philosophical thesis.He witnessed the unruly terror of Russian revolution of 1917 as a boy and was skewed about the diligence of the truths he presented to the exclusion of Nazi atrocities . h

THE PHILOSOPHY OF FREEDOM PART 11

appeal likewise their imperialism threatened the safety of the social system upon which social capital can fully entrench social liberty.This theat depending on the ratio is felt in both climes that endorsesd either of the opposing ideologies. In the "Two concepts of Freedom"an essay by Isaiah Berlin (1909-97)philosopher and historicist unveiled his strategic thougts and analysis of these two basic types of freedom both positive and negative concepts of freedom,that were massively defended and opposed by philosophers,political theorists and critiques alike.We shall not be contented to go into Berlin's erudition of his famous essay,but a synopsis would do the justice to correlate with author's empirical observation where he also concluded that the theories of positive freedom "have often been used as instruments of oppression".In speaking about freedom, he says: "The freedom of which I speak is opportunity for action rather than action itself.If although I enjoy the right to walk through open doors, I prefer not to do so but to sit still and vegetate, I am not thereby rendered less free.Freedom is the opportunity to act not action itself."With this submission,he wisely contested the significance of positive freedom as a matter of achieving his or her potential without any obstacles whatsoever. It speaks extensively of the wishes on the part of the individual in an attempt to become his own master.To be dependent on himself and heavily detached

THE PHILOSOPHY OF FREEDOM.PART 9

being the only offense they had committed,hollow preeminence that followed them later could have been avoided.The same with fascist Italy.Citizenry are quite satisfied in a clime whose social order that is institutionalization of the law and order guarantees social liberty,their common heirloom and the sole conference of security upon their ways of life. It is also safe to vanguard that both opposing climes by disposition do not completely guarrantee liberty subject to this reiterated challenge of definitive incomprehensibility.In the nebulous words of Professor Laski the author of the book"Liberty,"made a gross misstatement,in favour of capitalistic society,"an effort on the part of the poor to alter in a radical way the property rights of the rich at once throws the whole scheme of liberty into jeopardy".This speech had we lived in an egalitarian democracy,embelished in an egalitarian capitalism,could be branded as heinous crime and such unguarded utterrances for the omnipotent prosperous society heavily censured in the gaol of public quarantine.Quite unfortunate Laski and his ilks were Marx disciples and apologists. The tolerant scheme of mass inequalities of wealth in capitalist society,is bound for rebuke someday similar to rebuke of totalitarian states in late 70s and 80s,and we cannot deny this empirical fact should nothing tangible take place.Take the case of British Labour party,in their effort",to alter in a radical way the property

THE PHILOSOPHY OF FREEDOM.PART 8

to that of mordern capitalists like Bill Gates and Jeff Bezos etc?what had kept the spirit of freedom awake during the period of the Stuarts in England and in France where the Bourbons once held sway down to the period of Garibaldi and king victor Emanuel in Italy or the nineteenth century statesmen Bismarckian Germany prior to and after its independence of 1870?Had the ideals of freedom and its reactionary movement not stamped out firmly rooted antiliberalism,the rest of positive impact that came later in reshaping western civilization could have been unthinkable.It is not because capitalism and capitalists offer massive institutional appeals to the transaction of minoritarian satisfaction,so that socialism and socialist reforming institutions,born out too quickly from the rest of the World to justify superiority ofthe opposing ideology,but that time and space afforded the former its mine of rising eminence for the emergence of social justice earnestly yearned for by the reactionary movement.Why was it that it was so heartfelt much more in some countries than in others?Infact in the face of subversion of freedom ideology,they managed to avert its demotion due largely to robust social order and advanced economic theories.Advanced social order nevertheless mustsubscribe to the ethical standards,objective norms and conventions that protects the sanctified sanctity of freedom at every interval of social crusade.Had the Soviet creed guaranteed them.

THE PHILOSOPHY OF FREEDOM.PART 7

so that the priceless principles of freedom if at all ever properly understood to the glorious advancement of the great charters of liberty was fraught with grievous abuses,to demean the betternoire mordern civilization. It is much pertinent to observe eminence of the conviction detached from the prejudices of philosopher s and historians that historical evolution entrenched on the notion of robust institutions must first and foremost entertain this mode of material prosperity treacled upon this rational basis of actions once concurred by Rudolf Steiner.As central intrigues and machinations on the part of the promoters,liberalization of liberalism and neoliberalism shouldn't be a detriment to egalitarian history. Mordern institutions and legal aparatus as evidenced of the twist and turns of triar and error process endorsed were built first by the freedom of the will and the freedom of the minority,minoritarian principles of oligarchy freedom as essential tenor of the Greek ideology as it were in the ancient Egypt.The minoritarian ideology as it were two thousand years hasn't been changed abit,mordern slaveholders as mordern capitalism were not ashamed to justify their social relevance in the mordern political literature. Could there be any difference from the slaveholders like George Washington and Thomas Jefferson modern slaveholders,Locke,Grotius,Fox,Althusius,Cromwell,the ideology of the founding fathers,of mordern institutions

THE PHILOSOPHY OF FREEDOM.PART 6

Belong to a sectarian class of imperial race that could nt define let alone afford to institutionalise the ethics, brands and philosophy of freedom.Does it not sound archaic to inform a mental suspect to that the ancient plagiaristic Greeks were the first to grasp with the meaning and importance of the word their highly educated race could barely define? When learning was invented with ancient Egypt the later ancient cities of Greek were yet to be conceived from the womb of mothernature.Without this understanding,the pristine instincts of the political, legislative and judicial institutions would not be armed with strategic breastplate to defend the polarity of human freedom against alien encroachment.Hence it became an arduous to abolish completely cannons of serfdom with the emergence of mordern capitalism, mordernising treachery of slavery a subcutaneous army of salaried earners of neoliberal age. Like in the words of a potaster, ......"he deemed himself master of slaves yet he himself a slave of his own prejudice that he a simpleton egregiously avarice,never satisfy his satiety." The strategic cause and historical evolution of liberty and the tiring struggle for the battle of liberty over the ages had been accompanied by the slaughter of institutional perception and smother of triar and error that supplanted it in the first instance.It goes with it perdition of manifold souls and the consciousness of ever explosive sectarian world,so that

THE PHILOSOPHY OF FREEDOM.PART 5

and academics to endorse the workability of such strategic warfare approach in a constipated horizon disempowered to define the strategic means of their defence.It does not go down well with the ages or mother nature with laborious evidence that imperialism of the mighty had only curtailed in the beleaguered face of sectarian appreciable development noticeable since the emergence of modern era. There is no disputation that the society barely functions without a virile social apparatus of compulsion and coercion to drive this passion for human and social transformation.The quest for knowledge speedily accelerates the means to an end when the philosophy of freedom can be properly defined and its legal aparatus fully entrenched in the architecture of social order.With this understanding, mankind would not be forced at periodic interval to battle and belabour to restrain the exponents of freedom abuse and homosapien conscious of the variegated conventions of the great charters of liberty. If this understanding of the philosophy of freedom and not necessarily the aim of the struggle and liberty that keep at bay and bounds both freedom abusers and defenders of peace to contribute their epochal yearnings to improve and reconstruct standard of material history over the period of struggle for human and societal survival. It is haphazard to lay claim to the fact that the west conceived the idea of liberty and childish to afirm that such golden prestige

MISCLELANEOUS ESSAYS.BOTTOM TO TOP

WHY VELOCITY OF MONEY FAILS TO GROW IN NIGERIAN EONOMY? Nigerian economy is a highly volatile one and highly disgushed from the experience of other climes in that it requires unique experiment to do the unusual and not it were but to be able to profess once and I had just read an essay from my archives'collection, Which treated"Why we need 5,000naira notes"written by Odilim Enwgbara (published in Punch edition of Friday, September 21,2012, pg.20 ).I had mooted the idea of 20,000naira notes to spike debtflation in the country as the best panacea to sustainably grow the velocity of money in the country.Infact,I propounded the quantity theory of debt money to create a lasting impression.This is inevitable tool because the velocity of money being the rate at which money changes hands has refused for decades to neither grow nor circulate and so there has to be panacea or formula for wealth to go round.Now for velocity of money to grow and grow sustainably,we have need to circulate debt notes legal tender as the world first consumer credit legal tender .The essence is to tie wealth to the debt currency beginning with 20,000 legal tender currency to soak mass poverty and drain poverty.Hence the velocity of debt money might take five years for its debtflation cycle to mature and by that time,normal velocity of money and its standard formula perfected. When I read through the essay I was convinced of the wisdom of my actions,even as a genuine sacrifice to go unorthodox. 3.ABRAHAM LAWS OF ASTROMAGNETISM. Into post gravitational universe still lacking shrewd defense. When in 1970,the disrobing of gravity was begun,Jacob Bekenstein of Hebrew University of Jerusalem and Stephen Hawkings of Cambridge University and a host of others unleashed bombshell of any mystic connection between the black holes and thermodynamics.Hawking's discovery in 1974 when I was born was the culmination to the clue that when quantum effects are taken into consideration black holes and the world glow and finally explode. Some scientists like Ted Jacobson a theorist from Mary University in 1975 thesis of provocative calculation concluded Einstein's equation are the indirect way of stating thermodynamic law given same holographic ideas.Lee Smolin a quantum gravity theorist at the perimeter Institute for theoretical physics commended Jacobson papers as the most important papers of the last two decades.Verlinde gave credit to this research and lamented the Windowpaned inability of scientists to get the message and changed their observation. Verlinde's research share similarities to Jacobson's in many ways and often critiqued it as mimicry of the former. We do not share assymetry to the computation of entrophic force either that made the difference between Jacobson's and Verlinde's.Or whether it was incomplete as Smolin concluded or that those who were supposed to criques the papers themselves clueless of its provocative nature.Dispution arose with the quality of the 2.ABRAHAMIC LAWS OF ASTROMAGNETISM.Nobody has provided matured dissertation about the cradle of space and existence,the way Abrahamic law or Abraham formula or Abraham algebra does.It uncovers the origin of space and time that gravity is a fable without the existence of its science. The world of science has not yet come to term with the quality of string theorist's intellectual input and Inherent thesis questionable to contravenes Newton's theory also found wanton.Nor the quality of thoughts provided by Einstein's theory of relativity when it overturned Newtonian a century ago,still any better though it was tested in Hiroshima and Nagasaki in Japan in 1945 as proof. Does it make sense according to Verlinde that over the last 3 decades,"gravity"was undressed as a fundamental force?Or was it rational to undress Einstein's without a comparative influence to the visible proof in a material plane and test by practical experiment?This axiom does not make an attempt to spare Newtonian criticism either badly needed to undress it the way Abraham Laws contend. It doesn't sound rational to posit that gravity or likened it as warps in the geometry of space time.The so called theory of everything,string theory to posit that the world is made of tiny wriggling strings.One seems to disbelief the logic of Erik Verlinde a professor of physics at the University of Amsterdam and the Verlinde algebra or formula as propounded.The contraption of a viewpoint that ought to usher us 13.ECCLECTIC ASTROMAGNETISM. transformed into golden liabilty tomorrow.Hence golden cycle is the alpha and omega of existence from the point of instinction to the point of extinction.It is also regarded as conjugation and alteration point to berth and die cause and effect.Golden cycle initiates cause and effect and also expires them. Golden necessity initiates a golden cause and when golden necessity has become golden liability given the depreciation of golden effect,capital resistance uses convertible resistance to freakingly create golden gravity to birth new generation of causes.The organic growth gap and distance between golden necessity harbinger of golden cause and golden liabilty harbinger of golden effect is the cultural cycle.It is also called eternity and its end and beginning is the golden cycle. Capital resistance uses convertible resistance otherwise also known as gravity to use golden necessity to Initiate golden cause and when the golden effect is applied,matured golden liabilty,then golden gravity under the influence of capital resistance uses organic gravity to propound new cause. 12.ECCLECTIC ASTROMAGNETISM. be no existence when we presume to nullify this empirical fact. There are two types of resistance namely capital resistance a steady state and immaterial or fluid resistance,or which can only be sometimes converted into gravity at the click of resistance.It can also be convertible resistance or magnetic resistance.The type easily converted into gravity still under control devices of the steady state resistance. It is imperative to note why cosmic chaos gallivant much too easily is as a result of the uncontrollable sphere of activity of magnetic resistance.When you alter the speed of a moving motion,you have in other words apply the brake of moving vehicle to alter it by convertible resistance. As politics of the two types endorse the sacred primacy of our existence,the alteration point at which they part,dovetails into the politics of law of cause& effect.That is to say the capital resistance uses convertible resistance at this conjugation point to berth a new cause and at the alteration point of the effect pole redeploys convertible resistance to create a new cause.The true cosmic clock at this interactive points of conjugation and alteration is the law of golden necessity and liabilities. The birth or rebirth of a cause is the golden necessity and a cause ordinarily expires at the effect pole,where convertible resistance transforms into a new generation of gravity initiates a new cause.It is a natural law that golden necessity today can be 11.ECCLECTIC ASTROMAGNETISM. shoots the size,volume and quantity and quality of gravity at a particular period.A moving force is gravity and a still motion is resistance and the former with the instability motif is controlled by the stable force.The politics of the universes is under the conrol of the law of capital resistance. Its strategic philosophy is strictly nothing abides forever and nothing defeats transience.The Universal laws of gravity and resistance operates her very orbit through the doctrine of utility or the law of responsibility otherwise also known as the laws of necessity and liability. The truth is gravity does not and cannot organise nature and on its own Infuses confusionism where the ratio of capital resistance is drastically low or zero.The organization of the universe's structural fabric is a device authored by capability of capital resistance.The true magnet that held heavenly bodies in their eliptical oval and orbit where gravity revolves on its palms. In the Abraham's system,capital resistance is supreme magnet,a stronger nuclear force compared to the weaker force that is gravity.It is the prime mystery behind evolution of nature,mothernature and organization of the meta universe. To unify the proposition of oxin,weak,strong, electromagnetism,you invoke the Abraham's system in the ecclectic astromagnetism.The true steady state mass is the stronger nuclear force that is capital resistance and the weak nuclear force is gravitational force.They can 10.ECCLECTIC ASTROMAGNETISM. have a finite life or matter could disintegrates or death was invented?It is the law of capital resistance that guides evolution from instinction to extinction.It is computerised by time that there is end to everything.A time to be born,a time to die,a time to sow a time to harvest.Dualism is embedded in nature compared to the Newton's doctrine of monism.The sea has a limit an end to its boundary or environment that it cannot pass and rain must fall in its season where the inalienable rights of days and nights are guaranteed like old age people and youths.The cosmic clock ordains the movement of change along the whim law of capital resistance.Were it to be gravity alone,the evolution of culture wouldn't have been possibly guaranteed and hence formlessness guatrantee only chaos and not existence.Their combination form existence.The true weght of every matter is capital resistance and it can be altered when the object is placed in motion. When someone suggested a mordern view"that the moon would fly off at a tangent right away from the earth if it was not kept in place by the pull of the earth's gravity upon it".There is nothing like the earth's gravity but simply the oxination process using resistance to exert pull on the matter using gravity to guide extent of the motion.All matters are living beings and there is no non living thing when we evaluate this submission in the context of oxinative and cosmic interactions. Capital resistance shoots 9.ECCLECTIC ASTROMAGNETISM. Describes the mysticism yet undeciphered in the space for which Galileo,Kepler,Newton and Einstein and the rest of them only provided elaboration for the malstructured sciences and sometimes hateful digression that left out the law of capital resistance. It wouldn't have been wiser for the gravitational pull, been a popular view held in the seventh century as a case of magnetic attractions,the greater mass attracting smaller objects,with a power which was thought to vary in some degree according to their distance.Like other view that entertains the opinion gravity did not operate the sun or earth but noted as a relationship betwixt existing particles of matters,when they exerted pull on one another.Does the apple have a predisposition to yearn towards the Centre of the earth or the earth exerts pull on the apple?Does the gravity varied inversely as the square of the distance?This rhetorics I beg to disagree and indeed both gravity and resistance operate the cosmos for there is limit to which gravity and that limit is resistance the true magnetism of the cosmos that kept matters and cosmos fixed in their orbit,and gravity like a child plays in its backyard.Then gravity varied inversely as the circumference of capital resistance or at a radius of capital resistance,a platform from which evolution matures.The astromagnetic forces of centripetal and centrifugal can be likened to the forces of gravity and resistance.Why do stars and galaxies too 8.ECLECTIC ASTROMAGNETISM. the bigbang theory to create a soft landing.The two laws are sequential compatibilities of the Abrahamic laws of eclectic astromagnetism. The point is why did Albert Einstein once considered the steady state theory of inflationary universe as shown in a 1931 manuscript,even prior to Bondi,Hoyle and Gold subsequently jettison the idea?Perhaps you could tell the intellectual indolence of even great researchers like that who was pleased to the huge relief of sinecure.Who knows he could have been the unifier of the opposing theory,two faces of a single coin.This also include new propositions by ecclectic astromagnetism.The truth is the big bang hardly describes how energy,time and space originated,nor is it in the clarity of their evolutionary courses The law of gravity and resistance If not for the law of capital resistance as critical ensemble of the laws of gravity and resistance,it will be difficult and absolutely impossible tokeep the heavenly bodies in that ocean of empty space,keeping them in motion and countermotion holding them to their appointed course.Gravity alone couldn't have explained it enough without its twin brother,the law of capital resistance that keeps them glued to evolutionary courses.When William Gilbert an English scientist introduced the idea of attraction to the space research, he concluded the earth was a species of magnet and that it was magnetism that held heavenly bodies together.The word "magnetism"a magical force best 7.ECLECTIC ASTROMAGNETISM. itself operate effectively on a subatomic proportion. In the same essay,Greshko concluded,"even now the universe is expanding and to astronomers'surprise the pace of expansion is accelerating.It's thought that this acceleration is driven by a force that repels gravity called dark energy". Here one makes an objection,the limitation of popular knowledge and estabilished theory.It cannot be dispirited nor disputed Newton's fraudulent claim a hole of 50% theoretical distortion,in utter negligence of the fact resistance is a major force than gravity and can be likened to social order of nature.We shall need to rewrite the Newton principia to capture the logic of the laws of gravity and resistance,which I discovered almost a decade ago.Given the fact that there is a limit to which gravity can go and that restraint or limit is ordained by forces of resistance. I make bold to say mothernature indirectly created and influenced the cradle of the universe and operates the invincible cultural theory of existence(CET)as the central theory of Abrahamic laws of Astromagnetism.Mortal existence and the laws that guide our universes are not directly opposite to the mystery of our existence.The same theory applies to universal existence. It is also interesting to affirm just as the Kepler's theory of planetary motion was combined with Galileo's law of terrestrial motion by Newton to form Newton's world machine,we might have to combine steady state theory and the 5. ECCLECTIC ASTROMAGNETISM. building block to accelerate the knowledge of space exploration. I make bold to say homosapiens can create man made stars too,given the fact they already master the technology of nuclear fusion of hydrogen to fuel helium deep,same mode used for the creation of stars. In the great book by Ernest Hackel'The Riddle Of The Universe',also the author of The Evolution of Man and five other books,a great promoter of the Darwin theory of evolution boldly defended the fact of organic evolution,considered its profound effects and far reaching ramifications for philosophy,science and even theology.The book being his last published book is highly comprehensive and succesful and he defended and advocted interplay of rational speculation and empirical evidence,with monistic and naturalistic worldview,supplants theistic credences,free wills and individual immortality of the human soul.It was only during the last quarter of 19th century that many American protestant leaders promulgated their own theistic version of biological evolution.And only after second world war christian fundamentalists in America voiced their criticism against the theory of evolution. The first German advocate of Darwinism was also the first to create genealogical tree of all varieties of the order of animals.Practically very few philosophers did come to grip with the origin and extent of the universe. We are increasingly stunned about the riddle of the universe as most profound puzzle. 4.THE ECCLECTIC ASTROMAGNETISM. more than conventional confidential confusion.Had they observed something new and expand the comprehensive understanding of the rest formed of 5percent normal earthly matter it could have ushered in a new mental but rational energy to comprehend the rest of the galaxies.Their understanding of the earthly plane is enough to comprehend other galaxies and planets but for the cosmos,it may take them an eternity to get there.The notion of dark energy and dark matter is fraud and the best option is to create a standard cosmic theory that can conquer space and make it livable and concrete shall have to legally accept neglected so called pseudoscience as integral part of material science.This possible ablution should accelerate scientific disoveries that could aid billions inhabit space and galaxies.Hence,all the calculation are fraud and barely count.Perhaps Newton and Einstein gave them better direction but this hackneyed guys too created lot of obfuscation and so according to one scientist,"the mystery continues". Einstein was right to observe empty space does not exist for nothing but was zero in the quantification of its amazing properties.The possibility of the existence of more space could not be disputed given the fact that as mothernature's desire based on the cultural theory of the cosmogony,perpetually expanding meta universe is bound to equally expands.I quite agree with scientists understanding of the stars is a bit mature and a better. 3.ECCLECTIC ASTROMAGNETISM. The school of thoughts in the science of space exploration is complex and fast changing.Gone are the days of the Aristotelian and geocentric principles of the universe eclipsed by Corpenican and heliocentric principles of the universe so that the later logic had changed too from the sun into the center of the galaxy. Our own galaxy the milky way comprises of billions of stars and equally composes ten times the mass of dark matter in same proportion with equivalent gas and stars bonded together by gravity.The milky has a spiral shape and possesses massive energy at the center and the center of the milky way is now known by astronomers as the supermassive black holes. We cannot dispute the fact prior to this eclectic theory of astromagnetism no one knew why the universe is expanding and at best the theorists speculated with several explanations.Einstein theory of gravity had nothing tangible to say about the meta universe or a paraphrasis of cosmological constant and cosmic acceleration is simply by cosmic radiation of mothernature's energy,that is Oxin.It was the incomprehensibility on the side of the bogus theorists that led to the proposition of the word'dark energy'to consumate their ignorant obsession. Does it not amount to foolhardy that to conclude that the universe through sheer astigmatism it is composed of 68percent dark energy?Can they define dark matter to equally conclude that it is made up of 27%?Methinks they create more than...... 2.ECCLECTIC ASTROMAGNETISM. did explain the inflation theory and origin of the universe with the ecclectics law of cause and effect,theory of of cosmogony culture,time theory,law of necessity and liabilty and law of gravity and resistance and the origin of mothernature(The interactions between probability,faith and fate.) Contrary to the general assumption,the universe consists of 73% dark energy which they hardly define nor unravel like black holes,23% dark matter,4.6 %regular matter and 1% neutrinos.This is I disagree but rather,it is 100% Oxin and its energy density is cultural density and we have to make it round or flat as we might desire. In the inflationary theory of the universe,the universe expands as cultural inflation expands.It is tied to the way market rational forces and law of causal effect are tied to the exponential expansion,that explains cosmic inflation and cradle of cosmogony. This theory describes how energy,time and space were caused unlike big bang theory,inspire emergence of face saving ultradeep,high temperature milky way.It is this theory,truly amazing how galaxies recede hubble distance faster than the speed of light. 1.ECCLECTIC ASTROMAGNETISM.This new form of science is being sought after and it includes merging the theory of quantum mechanics with the theory of general relativity and gravitational force. This creates quantum gravity specifically when it is correct at microscopic length scales. There had been massive difficulties in merging the two theories together and different assumptions agree that they compose the way the universe works.While general relativity models gravity as the curvature of space time a typical that tells the matter how to move, quantum field theory is formulated on the concepts of flat spacetime utilised in special relativity.Sciences definitely would break new frontier once a theory is proven successful to describe general situation in which dynamics of matter is defined or modeled with quantum mechanics to inspire the space time curvature. .......................................................................................... Till date,the big bang theory unfolded new mysteries, problems and some resolved others still outstanding.New mysteries unfolded from proposed solution and for instance,the horizon problem,the magnetic monopoule problem and flatness problem are most commonly unresolved problem especially the inflationary theory of the universe.Infact the details of the inflationary universe still left unresolved for ages.A list of mysteries in big bang still outstanding.The ecclectic astromagnetic laws of Abraham, did explain the origin of the 14z.2.CENTRAL BANKING to the fact we run a defective framework in determination of the naira currency. The monopolistic control of foreign exchange market, to the tune of 85percent of the exportabe dollar revenue.It also controls supply of naira to the market and the impact of this defective framework led to perpetual erosion of the naira. Certainly,Nigeria has not taken advantage of weaker currency to stimulate our productive capacity and domestic exports and weaker currency definitely had made life unbearable for Nigerians.Hence Nigeria has nothing to gain from a weaker currency.We cannot discountenance the fact that growth in domestic export and foreign reserves over the years hadn't done much to firm up the value of the currency.In this part of the World it appears that the bigger the export revenue and the bigger the foreign reserves translates into weaker currency.When we had reserves of below 5billion dollars,naira exchanged for 80naira to one dollars,in 2005,with 20billion dollars exchanged for 133naira and now with reserves at above $30b.exchanged for 480naira to one dollars,in 2020,2021. In the essay under review,he said "...it is clear.... Nigeria has nothing to gain from a weak national currency, since our major export commodity is denominated in dollars and the demand and supply of crude oil is not in any way influenced by the purchasing power value of the local currency the naira.In other words,if naira was to exchange for 1,000naira =$1, this would in no 14z.1.CENTRAL BANKING. in CBN vaults while paying interest of 260billion on treasury bills and bonds sold to the banks.The proposed payment system will end the the perennial deluge of naira chasing limited dollars and the table will be turned In favor of a naira with rapidly improving value".Only Les leba was clear enough to solve the naira depreciation challenge with proven short term measures. In the last essay (GHANA ) REDENOMINATION, SO FAR SO GOOD of 14/01/08,he traced the rapid depletion of naira stocks at the ATM machines especially at public holidays and weekends to the low value currency redenomination profile of naira. In another essay"Merits, demerits of weak naira despite increasing dollar reserves"(published in Vanguard,April 11,2005,pg.22)he noted the significance of purchasing power parity as relative measure of a country's exchange rate.This also includes ability to meet import payment obligations over a period of time.PPP equates the local representative basket of goods by its cost price in on country against the cost of similar basket in another country.The basket is weighted in favor of food,transportation and shelter as basic necessities of life.The balance of payment position in the two countries is also compared to enhance the equation.This gives us appropriate exchange rate when these universal barometers are adopted. Hence lack of clarity about their use was responsible for negative imbalances in forex market.There are evidences to the fact .... 14z.4.CENTRAL BANKING. since managed floatation of naira commenced, this strange economy has however defied this basic economic principle.Despite currency decline, the basic trend in foreign exchange market hsnt change too due to apex bank monopoly.It hasn't stopped the artificial defense of the naira and exchange rate management method in this part truly has been enabled to alter the ideal pattern of production and consumption.It has refused to retreat beggining from the front seat of IFEM till dawn of democracy and ever since to allow the currency to find its natural level and true value. It had depreciated by not less than 20percent per annum since then and while balance on non oil export inspite of sagging growth perpetually indeficit, the balance on merchandise account remained positive and maintained its historical trend.By the end of 1999, absolute import dollar bills was three times the recorded ratio in 1986 when renewed distortion was begun.Foreign trade sector imbalance has only aggravated and the real sector is only a relics of the import substitution strategy of the 1960s and 70s oriented to replace imports. The plant capacity under this strategy was relatively small and led to high average cost profiles for the manufacturers.The firms that survived were only sheltered by high tariffs,quotas and import prohibition. They also depend heavily on raw materials import with attendant high prices jerked up by devaluation mess.They find it difficult to survive 14z.6.CENTRAL BANKING. NATIONAL INTEREST (edition ( November 5,2001, pg.25, vol.2,No.317),entitled'Role of financial sector in Reducing Nigeria's Import Dependency'he lamented on the import dependent nature of the economy.He concluded on the way forward,"There is an urgent need for policy action to enhance productive growth to satisfy domestic needs and more for export" Now we know better and urgent action badly needed to implement Les leba exchange formula to first firm up naira and subsequently encourage the exponential sustainable growth in non oil exports and expansion of capacity utilization like Asian tigers. Apex Bank reforms.I think to cap it up on a more serious note,the best way to start again delivering its mandate,the central bank badly needed another reform to be able to achieve this goal. Although in the first decade of its establishment deviating abit from its traditional roles the central bank started incorporating development role into her traditional functions due to institutional gap in the economy created by the civil war.Moreover there was also institutional gap too to accomplish the role of development finance,during the period when the economy was opened up for reconstruction.According to Mrs O.O.Akanji,the deputy director of research at the apex bank in 2001 speaking about the reform or reeginering process codenamed Project Eeagles,in the piece"How The Central Bank is reinventing itself"( published in Daily Champion edition of October 2001.).He 14z.5.CENTRAL BANKING Given this competitive advantage,with their optimal plant size,allows them to produce cheaper products,keeping the average cost of production to align with globally competitive price level of a particular commodity. Hence,but not possible without trade policy to guide large scale production of tradable goods, supplemented with proactive use of exchange rate.They promoted garments and footwears,electrical toys,electrical/electronic goods,chemicals and petrochemical,exportable products like wood products and furniture.They adopted assembly line production in franchise with established brands and laid emphasis on quality products. Unfortunately constant depreciation has defeated this goal and why the notion of price control when you cannot satisfy local forex demand?While the federation account benefits greatly from weak exchange rate,the proposition that crude oil proceeds is monetised by the apex bank at the going rate,implies that it will engage in hoarding by sterilising all foreign exchange from crude oil sales in her coffers to grow foreign reserves is saline. As noted by media pundit,attendant confidence that high foreign reserve will appeal to outside world,woo foreign investors and grow the value of the currency,in the medium term,not only defeated requires the Les leba post neoliberal formula to firm up the naira. In the golden words of Joseph Sanusi,the Central Bank Governor (1999-2002),in the conference circuit series published in the defunct 14.ECCLECTIC ASTROMAGNETISM. 14z.CENTRL BANKING and compete unfavourably with lower priced imports from lower cost producers.Little wonder, between 1986 to 2000, capacity utilization stood at 30 percentile while actual sector performance declined by average of 1.1percent. Now are we wiser with the eroneous perception that trade liberalization meant abdication of industrial policy thinktank traditional responsibility? Given the experience offar eastern economies that it has to be rigorously guided for production philosophy to automatically transform a nation.Still economic agents are interested in windfall profits, speculation on the currency and paddling import unabated.In addition to the exchange rate action, far eastern economies embark on extensive trade promotion, deliberately slanting incentives in favor of export oriented locally endowed sector. There was no erroneous impression that local market had to be satisfief prior to encouragement and promotion of exports.The tendency of low purchasing power of their people did not discourage establishment of appropriately sized firms.Consequently relegated local average producers to low production,high average cost band and made them vulnerable to successive spiral of import surge.They did a lot of outward orientation othetwise also known as trade promotion. Remarkably too embellished with the notion in the international trade that every firm is atomistic, competitively selling at the prevailing or ruling price.This prevents monopolistic influence . 14z.3.CENTRAL BANKING. in no way affects the demand for crude oil but life would become unbearable as a result of inflation domestically. " Grossly undervalued naira has encouraged brain drain and capital flight over the years.It not only destroyed industrial capacity but that it has also turned Nigeria into a shameful economy and dubbed the poverty capital of the world,with the highest population of extremely poor people worldwide.Moreso,as the claim that we are not poor but that poverty index predicated on $1 a day made us poor.We have seen reflections from various economic writers over the years identifying the problem but none succeeded in the solution aspect.Why didnt they succeed to proffer cogent solution till the emergence of Henry Boyo? We cannot generally be wrong to share consensus that the standard prescription in economics and economic textbooks has totally failed to work in a unique experience and volatile environment like Nigeria.For instance, that an economy experiencing balanc of payment problem should devalue her to purposely reduce import and simultaneously expand domestic export.However with a caveat emptor that importand export should have price elasticity that is greater than one.The import reduction is manifested in price effect of devaluation to indicate nominal price of imports going up and export expansion manifested in increased competitiveness of exportable domestic outputs.This also other nontraditional export aspects but unfortunately since 18.CENTRAL BANKING. Nobody would buy those refineries the way they presently constituted,unless you put them right.The cost of putting them right is quite expensive and enough to nuild the new refineries. ? Hence it is cheaper to construct new refineries that the the cost preparing the refineries for privatization. Government knows unless they are working properly nobody would buy the refineries, due to cost and latest advancement in technology.To stop wasting money,on the white elephant project,the best option should be to auction them . Deregulation should come phases, first temporary importation of crude to alleviate problem of scarcity, two, licenses should be granted for construction of cottage refineries rather than than squander destiny of a nation in the hands of few oligarchs.The challenges of deregulation is also major problem affecting directly or indirectly the forex market due to our import dependent economy and cannot be excluded from the influence of macroeconomic policy.This inordinately affects naira exchange. 14y.CENTRAL BANKING it would be most expedient for the two policies to go together otherwise naira re denomination will do no more than to improve portability and the effectiveness and utility of ATM machines. " In the following paragraph,he says"it is the payment of dollar allocations for dollar derived revenue that holds the key to our economic turn around even with less export revenue."SHIKENA! He made references to himself specifically three essays published two years before the essay under review.In one of them REDENOMINATION OF GHANA'S CURRENCY published 15/01/07,he noted two decades before the essay that 20 naira was the highest denomination and could feed the a labourer's family of 2 to 3 persons for a a full week! It was followed with higher denomination of 50naira,100naira ,500naira and later 1,000naira.Still they buy less and less the more higher denominations were released.He drew lesson from the success f Ghana redenomination attempt.This indicates the bigger the denominations the weaker the purchasing power of the currency, a unique experience in this part of the world.In the second essay REDENOMINATION:WHY AND WHY NOT published in the same Vanguard (17/9/07) he wrote in dialogue form analysis in question and answer format. "Q.Are you saying that payment of dollar allocations will turn around all these negatives into positive? A.Yes,and much more!Excess cash in the system will disappear as the government does not have to borrow money that it ends up locking

THE PHILOSOPHY OF FREEDOM.PART 4

4.THE PHILOSOPHY OF FREEDOM. methinks it is a warped ethos and conclusion to infer that the idea of liberty is western.Isnt that foolhardy with concrete fact?Then it is not too much to also affirm that the idea of slavery is western?Those who had taken captivity captive having themselves been previously predated and yoked with serfdom should be afforded the privilege to properly define the liberty but surprisingly baffled beyond proportion that they could not properly define freedom for close to 400 years of black slave trade Including full century of black slavery in America.Not until black themselves produced the first black judge at the supreme court with the emergence of Thurgood Marshal,and the famous case Brown Vs Board of Education Topeka,no movement and strategic impact was made for a full century in the mitigation of racial discrimination in mainland America. Yet mankind including suffocated people have been engaged in ceaseless struggle for liberty countless times without number. No singular success strategy had been catalyst to this triumph of human survival in a weary attempt to revamp his material well being besides social cooperation operating with division of labour to improve human conditions.It was simply sheer determination in the quest to improve the conditions and when we refer to these conditions we refer to the state of freedom, mankind was trapped at every twist and turn of material history. It sounds asinine for scholars,reformers,philosophers

THE PHILOSOPHY OF FREEDOM.PART 3

3.PHILOSOPHY OF FREEDOM. sense,was catalyst for the contraption of equalitarian mordern civilization and the succesive atrophy of fundamental human freedom,acrued to lack lustre ages,though guaranteed by the national constitutions worldwide,in surfeit of its political and mass ignorance that supplanted its epochal miasma.The strategic benediction obtained from the fruits of mordern technology could have been at best usher oecumenical multiplier effect a catholic tentacle,that makes the world a better place,to live driving mass inequalities of wealth and extreme poverty into the precipice of history.Unfortunately,this catapult of ideological astigmatism,fraught with trenches of intellectual serfdom was responsible for this illfated frontiers of downward friction. We make amend not to be lulled or adrifted into the dustbin of history and enjoin strategic thinkers to redress and rescue drowning ships capsized over this canyon of mass ignorance.We shall scrutinize from the ancient into the mordern,the punditry and scholastic erudition of western academics in the cursory review of this philosophy of freedom as entertained over the ages.To unleash its armoury and flotilla,shall be tantamount to the most enterprising and tantalizing moment in the checkered antencedence of mordern scholarship. I quite aggree with Steiner that if one desires freedom there should be no strategic limit to knowledge and freedom involves unraveling and knowing the real basis of our actions.I doubt

THE PHILOSOPHY OF FREEDOM.PART 1

1.Philosophy Of freedom.The word freedom seemed to be the most misunderstood word in living history and we are bent on mass development given our prejudiced erudition of the preponderance of its etymology,and the unprecedented influence,it has on the primacy of human civilization. First and foremost we shall examine the word closely and what westerners say about it.In the New Encyclopedia in a treatise entitled"FREEDOM (PHILOSOOHY),it is defined or"traditionally understood as the independence of the arbitrary will of another. Such a state is contrasted with slavery.A slave is constantly subject to the will of another.By contrast a free person can do whatever he chooses as long as he does not break the law and infringe on the freedom of others.This has been described as external freedom or negative liberty." Inner freedom has been defined as the freedom of the free will mated with free action.An addict can free himself when he so chooses and mate free will with free action to give up his addiction.The dual form of freedom both internal and external promotes complete freedom. However, etymological sources and the transition of its use had taken thousands of years to evolve.Beginning from the Sumerian Cuneiform word'amagi'as the earliest known written symbols representing the idea of freedom,down to the latin word incorporated into anglo saxon via french.For instance libertas in french became liberty in English where liberty is often used as an alternative to

CENTRAL BANKING AND MACROECONOMIC UNDERDEVELOPMENT.PART 2

2.CENTRAL BANKING AND MACROECONOMIC UNDERDEVELOPMENT IN NIGERIA. At the save Nigeria group Forum Lagos noted"CBN owns $30b. out of the total reserve of $43b. "during the period. This is not our bone of contention ad itdoes not really matter whether it owns it 100%,80%but what it does with the money and how it handles monetary policy to the betterment of the economy at large is what really matters.Any attempt to do otherwise is tantamount to macroeconomic underdevelopment.It is obvious no President since democratic transition in May 1999 has contravened this CBN act of forex management . Other functions and uses of the foreign reserves include the settlement of both public and private foreign currency obligation of Nigeria,in the importation finance for vital goods like power.For instance,a ministry or agency of government needs foreign exchange for external expenditure such as payment of goods and services,settlement of external debt services and a host of other,it must provide naira equivalent to the CBN before the apex bank sells required foreign currency. It does not seem to hold waters to justify the persistent wanton nature of the apex bank verdict and hazy approach at forex method. In the same article entitled "Central Bank 's Lion Share Of Foreign Reserves"published on page 48, Monday, Mordi further explained and I quote Les Leba, who brokered reported truce separated from fallacy:....that since the CBN had paid constitutional beneficiaries naira