Bono’s investment advice: short USA, buy Africa

Any remaining capital out there couldn’t find a better long-term bet than the African subcontinent, that’s my tip for the week.

That’s Bono blogging the Millennium Development Goals conference on FT.com.

It’s a wonderful sentiment. And I wish it were true. But power is spotty, roads are craterish, productivity is unproductive, and more nations than not could see a coup or a war in the coming decades. Goodbye business profits. Foreign investment: smell ya later.

Ironically, not one of the MDG goals that Bono is pushing will help solve any of these problems. They are laudable aims, but they would be more rightly called the Millennium Humanitarian Goals.

Unfortunately, the Millennium Industrialization Goals do not stir the soul (or the UN) so much as starving babies. But the difference between an Africa that saves its own babies and one where it continues to fall to others is simple: a tax-paying industrial sector. How about just one such goal?