Hernando de Soto

CFO problem is primarily a housing and wealth problem for Owning a property without a CFO means owning a property that cannot be mortgaged, like you said.

There is something, okay, you live in America and you live in Nigeria, there's something called the Hernando de Soto concept

of

debt capital, which precisely is what's happening in Nigeria now.

Because land is what it is and it cannot be freed up.

It's regarded by this concept as a debt capital, Hernando de Soto.

For business and industrialists, a governance concept introduces delays, costs, and political risk at every stage of a transaction.

So the handbrake and the strings around it is incredible.

Talking about, you know, all these things that ...

And as you said, you know, Sam's comment and the economist Hernando de Soto, who's a South American economist, said, "The basis of the wealth of the United States is the free and secure alienation of real estate." And we're the secure part of the alienation of real estate.

It's like that's how we make money in this country.

I buy a house for a quarter million dollars, I sell it to you for 300,000, you sell it to somebody else for 350.

You know, many years ago I was reading a book by an economist on the mystery of capital.

And it was Hernando de Soto.

He was a Chilean and I think Bill Clinton describes him as the greatest mind, economic mind, all right, in the developing world.

And he says if you combine all the foreign investments that have ever, and he listed all of them, all that have come into Africa, he said if you go into the savings of the people that consider themselves poor in Africa and you gather together all their savings, you will find out that it exceeds every form of foreign investment that has come into the continent, that the wealth is actually with the people.

You don't know how many...

You...

Listen, if you, if you get to go and get the book, Mystery of Capital by Hernando de Soto, where he spoke about the fact that Africa is a wealthy continent.

A we- listen, peop- a wealthy continent that is sitting on wealth, but the f- problem is it is held in defective ways.

You know, many years ago, I was reading a book by an economist on the mystery of capital.

And it was Hernando de Soto.

He was a Chilean, and I think Bill Clinton describes him as the greatest mind, economic mind, all right, in the developing world.

And he says if you combine all the foreign investments that have ever enlisted all of them, all that have come into Africa.

That's why I said you look at it and say, what is this among so many? And you despise.

You don't know how many...

Listen, if you get the book, Mystery of Capital by Hernando de Soto, where he spoke about the fact that Africa is a wealthy continent.

Listen, a wealthy continent that is sitting on wealth.

But the people that say that, "I have," and they're conscious of that, to them more will be given.

You know, many years ago, I was reading a book by an economist on the mystery of capital, and it was Hernando de Soto.

He was a Chilean, and I think Bill Clinton describes him as the greatest mind, economic mind, all right, in the developing world.

And he says, if you combine all the foreign investments that have ever, and he listed all of them, all that have come into Africa, he said, if you go into the savings of the people that consider themselves poor in Africa, and you gather together all their savings, you will find out that it exceeds every form of foreign investment that has come into the continent, that the wealth is actually with the people.

Many and you despise.

You don't know how many...

You-- Listen, if you, if you get to go and get the book, Mystery of Capital by Hernando de Soto, where he spoke about the fact that Africa is a wealthy continent.

A we-- Listen, peop- a wealthy continent that is sitting on wealth, but the problem is, it is held in defective ways.

You know, many years ago I was reading a book by an economist on the mystery of capital.

And it was Hernando de Soto.

He was a Chilean and I think Bill Clinton describes him as the greatest mind, economic mind, all right, in the developing world.

And he says if you combine all the foreign investments that have ever, and he listed all of them, all that have come into Africa.

That's why I said you look at it and say, "What is this among so many?" And you despise.

You don't know how many...

You-- Listen, if you, if you get to go and get the book, Mystery of Capital by Hernando de Soto, where he spoke about the fact that Africa is a wealthy continent.

A we-- Listen, peop-- a wealthy continent that is sitting on wealth, but the problem is, it is held in defective ways.

Like, this is, um, not something to talk about lightly whatsoever.

Well, I know that, um, Prince has brought up Hernando de Soto and his book The Mystery of Capital, and the work that de Soto was able to do, I mean, w- notwithstanding his, um, not to mention his support for NAFTA, the creation of NAFTA, um, w- but the work he did in Peru helping them to basically institute a, a modern kind of economic system.

Um, I, I mean, he, I believe he thinks that he, th- that good can be done and that, you know, at least if we try to help.

That, you know, it's like when I look at Haiti, it's like we either...