African Dictators, Live 8 and Swiss Bank Accounts

Here is an excerpt of what Walter Williams writes in the Jewish World Review. He has a point, I guess, but it is tiresome to have the term "swiss bank account" equal "ill gotten money", no?

"The worst thing that can be done is to give more foreign aid to African nations. Foreign aid goes from government to government. Foreign aid allows Africa's corrupt regimes to buy military equipment, pay off cronies and continue to oppress their people. It also provides resources for its leaders to set up "retirement" accounts in Swiss banks.

What Africa needs, foreign aid cannot deliver, and that's elimination of dictators and socialist regimes, establishment of political and economic freedom, rule of law and respect for individual rights. Until that happens, despite billions of dollars of foreign aid, Africa will remain a basket case. easy."