Battle for heart and soul of the SA economy March 18, 2016 0 <http://www.thenewage.co.za/battle-for-heart-and-soul-of-the-sa-economy/#respond> 2889 Share on Facebook <http://www.facebook.com/sharer.php?u=http%3A%2F%2Fwww.thenewage.co.za%2Fbattle-for-heart-and-soul-of-the-sa-economy%2F>
Tweet on Twitter <https://twitter.com/intent/tweet?text=Battle+for+heart+and+soul+of+the+SA+economy&url=http%3A%2F%2Fwww.thenewage.co.za%2Fbattle-for-heart-and-soul-of-the-sa-economy%2F&via=The+New+Age> <http://plus.google.com/share?url=http://www.thenewage.co.za/battle-for-heart-and-soul-of-the-sa-economy/> <http://pinterest.com/pin/create/button/?url=http://www.thenewage.co.za/battle-for-heart-and-soul-of-the-sa-economy/&media=http://www.thenewage.co.za/wp-content/uploads/2016/03/pinky.jpg> - - <http://www.thenewage.co.za/wp-content/uploads/2016/03/pinky.jpg> Connect the dots. A story that all South Africans should be worried about is the intervention of Johan Rupert, known as the don of the Stellenbosch mafia, in the reversal of the appointment of Des Van Rooyen as the minister of finance last year. Sources say on President Jacob Zuma’s announcement, Rupert flew to South Africa from London the next morning and summoned Deputy President Cyril Ramaphosa to a meeting. Accompanied by bankers including Absa’s Maria Ramos and her husband, Trevor Manuel, who is a director of Goldman Sachs, Ramaphosa was told in no uncertain terms that Zuma should reverse his appointment of Van Rooyen. The story may be apocryphal but subsequent events showed that it was true. Van Rooyen was removed from the post after serving only four days of his appointment and moved to the post of Minister of Corporate Governance and Traditional Affairs. The value of the currency fell by 12% to a record low of just below R18 to the US dollar and the rest, as they say, is history. Fast forward to last month when Zuma unexpectedly welcomed the newly established presidential press corps and addressed the issue of Van Rooyen. Zuma said he was the most qualified finance minister he had ever appointed in that portfolio. “That thing caused such havoc and people think that Zuma just woke up one day and took a decision. Some say he was told by some people (to appoint Van Rooyen),” Zuma was reported as saying. “You might not know why I take decisions. You might get a good reason, but you don’t know, you may speculate based on what you see,” he said. In the backdrop of the debate on state capture, the question to be asked is who exactly it is who runs the economy. In response to the fall in the rand, the ANC Youth League in January outlined the intricate market trading system existing in the world. It also outlined how financial institutions stood to gain with the fall of the currency and said they were a threat to the growth of developing countries. The league said currency had become a great source of income for financial institutions. “These institutions trade the rand by selling it among themselves which greatly impacts its price. In the name of a free market system, governments have limited control in how the markets buy or sell the currency in their countries.” It quoted Adam Smith’s book, The Wealth of Nations, in which he argues that in the new economic world order, the days of conquering countries through military means was no longer necessary as countries could simply conquer others by selling their products back to them and taking the wealth back to the nations from which they came. They accused Barclays, with the help of its American counterparts, Goldman Sachs, of “excessively and aggressively selling our currency”. The Guardian earlier reported that 15 authorities around the world were investigating collusion and price manipulation in the largely unregulated currency market. Last year, Forbes reported that four banks had pleaded guilty to antitrust violations relating to collusion and manipulation of prices in the foreign exchange market. The banks involved are Citigroup, JP Morgan Chase, Barclays and the Royal Bank of Scotland. We cannot forget that the depreciation of the rand in 2001, weakening by 42% from September 1 to December 31, led to the Rand Commission. The commission was prompted by a letter from the head of the SA Chamber of Business, Kevin Wakeford, to former president Thabo Mbeki, alleging that from “reliable sources”, he had come to hear that southern African countries were involved in currency trading. Although the final report on the inquiry found no evidence of illegal conduct, the report remains controversial. Christine Qunta, one of the commissioners, submitted a report independent of the other commissioners. Once the inquiry was commissioned however, the rand began to appreciate and remained at around R6 to R7 for the next seven years. Much has been made of the Guptas alleged appointment of ministers which if proven true, is of grave concern. They have, for their part, denied any involvement in influencing cabinet appointments. Calls for Zuma’s relationship with the Guptas to be probed are to be welcomed. However, the probe must be wide ranging to include all those who play a role in shaping the economy. From the meeting with Rupert, it is clear that he and other business leaders have a direct influence on who is in the Cabinet based on their ability to influence markets.*Pinky Khoabane is a columnist and social commentator* On Sat, Mar 19, 2016 at 6:14 PM, Sibusiso Mchunu <[email protected]> wrote: > yes, with the assistance of binoculars otherwise with your necked eyes you > won't be able to see that far. > > On Sat, Mar 19, 2016 at 5:36 PM, Thabo Mathiba <[email protected]> > wrote: > >> Hahaha VC you made my day so it's lamola who can only be seen from the >> hill ? >> On 19 Mar 2016 5:35 PM, "Dominic Tweedie" <[email protected]> >> wrote: >> >>> >>> Maybe you know that place. St George's Hotel is on top of a hill. The >>> gate is near the bottom. There is no other way in. Unless you are inside >>> the venue, there is no way you are likely talk to be able to delegates, >>> except by phone. >>> >>> Nobody is leaking. Discipline is tight. >>> >>> Journalists seem to be down by the road at the bottom of the hill, with >>> Ronald Lamola and a few of his supporters. >>> >>> >>> VC >>> >>> >>> >>> >>> *Communist University** Course Downloads**:* >>> >>> *[image: CU Course Archive] >>> <http://studycircle.wikispaces.com/Communist+University>* >>> >>> *E-mail forums (click)*: *Communist University >>> <https://groups.google.com/group/communist-university>*; >>> >>> *YCLSA <https://groups.google.com/group/yclsa-eom-forum>*; *CU-Africa >>> <https://groups.google.com/group/CUAfrica>*; *SADTU >>> <https://groups.google.com/group/sadtu-political-education-forum>* >>> >>> *Moderator*: *[email protected] <[email protected]>* >>> >>> >>> >>> >>> >>> >>> >>> >>> >>> >>> >>> >>> >>> >>> >>> >>> >>> >>> >>> >>> >>> >>> >>> >>> >>> >>> >>> On 19 March 2016 at 17:12, Thabo Mathiba <[email protected]> wrote: >>> >>>> Any word from Irene ? >>>> On 19 Mar 2016 2:15 PM, "VC" <[email protected]> wrote: >>>> >>>>> >>>>> >>>>> >>>>> >>>>> [image: YCLSA.png] >>>>> >>>>> >>>>> >>>>> *YCLSA Press Statement, 19 March 2016* >>>>> >>>>> >>>>> >>>>> >>>>> >>>>> *Constant Defence of the Guptas by the ANCYL* >>>>> >>>>> >>>>> >>>>> >>>>> >>>>> The Young Communist League of South Africa (uFasimba) is fully behind >>>>> the programme of the South African Communist Party (SACP) to confront the >>>>> harmful malady of corporate capture head-on. As the YCLSA we are calling >>>>> on >>>>> the leadership of the African National Congress Youth League (ANCYL) to >>>>> defend our country's constitutional democracy and democratic national >>>>> sovereignty. >>>>> >>>>> >>>>> >>>>> It is crucial for the ANCYL to review the automaticity with which some >>>>> of the members of its leadership spring to the defence of the Gupta family >>>>> that is allegedly "Guptabrokering" Cabinet and other strategic >>>>> appointments >>>>> such as appointments in state-owned enterprises for their own private >>>>> profit. >>>>> >>>>> >>>>> >>>>> According to the constitution of our country, it is the prerogative of >>>>> the President of the Republic to make offers and appointments of Cabinet >>>>> Ministers and Deputy Ministers. >>>>> >>>>> >>>>> >>>>> *Trauma* >>>>> >>>>> >>>>> >>>>> Instead of attacking ANC cadres who have come out openly to disclose >>>>> their trauma of being offered public or government positions by members of >>>>> the Gupta family, the ANCYL should call for investigations into the >>>>> alleged >>>>> behaviour of those Gupta family members and whoever they are collaborating >>>>> with. >>>>> >>>>> >>>>> >>>>> One of the key questions that must worry the ANCYL, as it does worry >>>>> all of us, is: How do members of the Gupta family gain prior knowledge of >>>>> Cabinet and other public appointments and from who do they obtain such >>>>> information that at times clearly appears to be reaching them without even >>>>> known to the tripartite alliance partners? >>>>> >>>>> >>>>> >>>>> The ANCYL is a youth organisation, the preparatory school of the ANC >>>>> in terms of its constitution. The ANCYL should, by virtue of its twin >>>>> tasks >>>>> to rally the youth behind the policies of the ANC and represent their >>>>> aspirations and interests, NOT be converted into a component part of the >>>>> Gupta Front or a front in automatic defence of any individual family that >>>>> is amassing billions of rands from a web of relationships with public >>>>> establishments or individuals in positions of authority or power, while >>>>> the >>>>> masses of the youth of our country live in inequality, poverty and >>>>> unemployment. The struggle to find inequality must be seen finding >>>>> profound >>>>> expression in the real life of the ANCYL in terms of the vision of the >>>>> Freedom Charter. >>>>> >>>>> >>>>> >>>>> *Strongest possible terms* >>>>> >>>>> >>>>> >>>>> The YCLSA condemns in strongest terms possible all forms of behaviour >>>>> that seek to defend kleptocratic oligarchy and all forms of private >>>>> monopoly. This is why, as the YCLSA, we congratulate ANC members of >>>>> leaders >>>>> who have come out in defence of the revolutionary values of our national >>>>> liberation movement and alliance who have refused offers of public >>>>> appointments made to them by members of the Gupta family and their >>>>> collaborators. We stand by them!! >>>>> >>>>> >>>>> >>>>> >>>>> >>>>> *Issued by YCLSA Media * >>>>> >>>>> >>>>> >>>>> *For more information contact**: * >>>>> >>>>> *Mluleki Dlelanga * >>>>> >>>>> *YCLSA National Secretary * >>>>> >>>>> *Cell: 079 642 9004* >>>>> >>>>> >>>>> >>>>> >>>>> >>>>> >>>>> >>>>> >>>>> >>>>> >>>>> >>>>> >>>>> >>>>> >>>>> >>>>> >>>>> >>>>> >>>>> >>>>> >>>>> >>>>> >>>>> >>>>> >>>>> >>>>> >>>>> >>>>> >>>>> >>>>> >>>>> >>>>> >>>>> >>>>> >>>>> >>>>> >>>>> >>>>> >>>>> >>>>> >>>>> >>>>> >>>>> >>>>> >>>>> >>>>> >>>>> >>>>> >>>>> >>>>> >>>>> __________ Information from ESET NOD32 Antivirus, version of virus >>>>> signature database 13203 (20160319) __________ >>>>> >>>>> The message was checked by ESET NOD32 Antivirus. >>>>> >>>>> http://www.eset.com >>>>> >>>>> -- >>>>> -- >>>>> You are subscribed. 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