Bono Advocates Capitalism Over Financial Aid (Video)

| by Michael Allen
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Bono, the lead singer of U2, has been a major supporter of foreign aid and debt cancellation to help countries in Africa fight AIDS and poverty.

However, few people may know that Bono is also co-founder of a venture capital firm, Elevation Partners.

Bono recently spoke to students at Georgetown University where he advocated capitalism over public aid, noted The Beacon (video below).

"So some of Africa is rising and some of Africa is stuck. The question is will the rising bit pull the rest of Africa up, or whether the other Africa will weigh the continent down. Which will it be?" asked Bono.

"...Rock star preaches capitalism, wow, sometimes I hear myself and just can't believe it, but commerce is real. That's what you're about here, it's real. Aid is just a stopgap. Commerce, entrepreneurial capitalism take more people out of poverty than aid. Of course, we know that. We need Africa to become an economic powerhouse,” said Bono.

Source: The Beacon