If you have premium broadband video you can view yet another example of history repeating itself in a special report that originally aired in November 2003. You might still be able to catch it on Newsworld International which is where I saw it last night.
This is where you can read the transcript and find the video link.
Lindsey Hilsum travels to Equatorial Guinea and investigates the current situation there mainly to assess what changes have occurred since its fairly recent discovery of vast offshore oil reserves, potential resources that American companies have been quick to invest in.
Despite an economy that’s described as ‘the world’s fastest growing” poverty permeates every aspect of daily living from basic necessities to a complete absence of reading materials. President Teodoro Nguema Obiang, “who has ruled since he overthrew and executed his uncle 24 years ago”, denies it exists. The people aren’t apt to complain since ovations for their president are compulsory.
His son has no reason to gripe.
Later, Teodorino decides not to buy a watch, because none are encrusted with enough diamonds. His father, the President, has recently spent $3.5m on two mansions near Washington, using mortgages from the same Washington bank where the oil revenue goes.
Hilsum uncovers much more in the report.