Posts tagged with 'Reserve Bank'

 

ANC Using #Covid19SA to Justify Plans to “Discipline Private Sector”, Nationalise Pensions & Plunder Central Bank Reserves in “Radical Transformation”!

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THE STATE CAPTURE TO END ALL CAPTURES: True to their word, the ANC’s Ramaphosa and Nkosazana Dlamini Zuma (NDZ) are using the extended CCP-virus lockdown, as a cover to propose changes to the Pension law in order to grab pensions for massive redistribution of wealth, and tender fraud on a scale never seen before! Né Cyril? We should have known. The ANC is coming for your pensions with it’s promised radical transformation, turning the country into a fully communist, totalitarian and fascist black supremacist hellhole. In short they are throwing more wood under the pot in which they are slowly boiling the white minority frogs. Lots and lots of wood. 

A new concept document by the ANC’s head of economic transformation, Enoch Godongwana, states that the ANC wants to use pension money and the reserves of the Reserve Bank, to build a so called “open economy” post CCP-virus pandemic. Open for looting yes! The concept document was subm
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Constitutional Court says Public Protector is incompetent for her post

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The Legal Practice Board was requested by Accountability Now (AN), a non-profit organization, to remove the name of the Public Protector (PP), Busisiwe Mkhwebane, from the advocates.

It follows the Constitutional Court’s ruling that she had acted and lied under oath. Adv Paul Hoffman, a director at AN, said in a letter to the Legal Practice Council that the findings against the PP are serious and final and that her honesty, integrity and competency as PP is affected.

Dr Pieter Groenewald, leader of the FF Plus says that the ruling and findings of the Constitutional Court this morning against the Public Protector (PP), Adv. Busisiwe Mkhwebane, who has, among other things, exceeded her mandate, is damning and in fact she says she is incompetent for office as South Africa’s EM.

The Constitutional Court found this morning that the Public Prosecutor’s Office had issued a “large amount of untruths” in the case an
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Ace Magashule is playing Russian roulette with our future – doesn’t give a damn about you and your ability to feed your kids, educate them, or provide a better future for them

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If he did, he would not be in open warfare with the president and his economic cluster over the mandate of the Reserve Bank and its ownership.

Frankly, a guy with no grip on the concept of quantitative easing and its likely consequences for a suffering country should not be making pronouncements on policy, regardless of his interpretation of the resolutions of the ANC conference at Nasrec of 2017 or its election manifesto.

Those resolutions taken at Nasrec were full of the necessary caveats to protect the economy and the independence of the SA Reserve Bank. Critically on issues pertaining to the Reserve Bank, point 30 of the party resolution states:”Government must develop a proposal to ensure full public ownership in a manner that does not benefit private shareholder interests.”

The party handed the Reserve Bank project to government. It entrusted its deployed cadres to positions of power to sensibly apply its resolutions. They have been pr
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Markets give negative verdict, dark picture is being sketched despite the political euphoria surrounding Ramaphosa

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According to the latest economic figures recently released by Stats SA from the SA, a negative picture is being sketched despite the political euphoria surrounding president Cyril Ramaphosa and the steps he takes to curb corruption.

These figures show that in the first quarter of this year, the economic growth rate was lower than expected, while GDP shrunk by a shocking 3.2%.  This fall has been the biggest fall since 2009 when the economy contracted 6.1% during a global economic downturn.

The manufacturing sector has shrunk by almost 9%, but all sectors have declined, with the agricultural industry being the weakest with a negative growth rate of -13.2%. After the SSA announcement, the Rand fell by 1.4%, while banks dropped by 3.2% on the JSE.  Economists believe these growth rates can force the Reserve Bank to lower interest rates later this month.

With a significant 3.2% reduction in quarter-on-quarter GDP growth and 0% year-on-year growth
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SA economy in dire stress Mr Cyril! – No growth occurred and Gross Domestic Production shrunk by a shocking 3.2%

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Despite the great optimism surrounding Ramaphosa’s election as ANC president, there has been no growth in the domestic economy.

Rather, the decline can be notice after the latest figures where released. Gross Domestic Production weakened by a shocking 3.2% in the first quarter of 2019.

This is the biggest fall since the world wide financial crisis in 2009. The manufacturing sector fell by almost 9% but all sectors showed a downward growth. The Rand fell by 1.4% after the figures were announced, while banks dropped an average of 3.2% on the JSE.

All that has increased is the government’s 1.3% increase in expenses. Economists believe the figures could force the Reserve Bank to lower interest rates at their next meeting in June 2019.

The major reason for the “depression” in the economy is power outages and higher income taxes. A further worrying figure is the 26.4% drop in exports.

-Read the original article in
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ANC’s double talk – Ramaphose and Magashule’s statements on the independence of the Reserve Bank contradict each other and are damaging the confidence of investors – There is no doubt that the ANC-regime is leading SA to a downfall

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The ANC president, Cyril Ramaphosa and Magashule’s statements about the independence of the Reserve Bank, clearly contradict each other.

While Ramaphosa is trying to reassure voters as well as the outside world that the Reserve Bank will remain independent, his fellow companion is confusing investors.

He said in a statement that the Reserve Bank would be nationalized over the next five years.

Economists declare that the ANC’s election manifesto is a call for investors to secure their money. The manifesto does not outline a positive image for investors, banks and pension funds and insurers.

Read the original article in Afrikaans on Die Vryburger
This report does not necessarily reflects the opinion of SA-news.

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