5 things the ANC wants you to know about Zuma, the Guptas and Gordhan

[BusinessTech]

5 things the ANC wants you to know about Zuma, the Guptas and Gordhan

It's not president Jacob Zuma's fault the rand is jumping around, and the Gupta's decision to disinvest in South Africa is bad news for black business in the country, according to ANC deputy SG, Jesse Duarte.

 

[LazyLion]

Didn't read... don't care what the ANC thinks.

 

[Albert Broco]

Didn't read... don't care what the ANC thinks.

My thoughts exactly! I did not open the link, nor would I. Anything that comes from the mouths of any ANC official stinks just as much as their breaths do.

 

[koeksGHT]

She noted that the rand, as a currency, is privately owned,

lol

 

[battmann]

These guys must live in a cave together. Switched off from reality where things make sense and is reasonable and understandable.
The stuff they are smoking in that hole is strong, because it only makes sense to them and is easily seen by the rest of us as ridiculous lies and manifest stupidity.
Common garden bull****

 

[Albert Broco]

lol

F**k! That was mentioned in the article?!

 

[koeksGHT]

F**k! That was mentioned in the article?!

Read it, I read for the humor.

 

[Albert Broco]

Read it, I read for the humor.

Mkay, let me first pop 2mg of Ativan SL under the tongue before I do. The ANCs sh** is more often than not so depressing...

 

[Arthur]

She noted that the rand, as a currency, is privately owned,

lol

Technically, she's right.

It falls under the Reserve Bank, and the Reserve Bank is owned by private shareholders.

 

[koeksGHT]

Technically, she's right.

It falls under the Reserve Bank, and the Reserve Bank is owned by private shareholders.

Not very private

SARB has a board of directors consisting of a Governor, three Deputy Governors, and eleven Directors. The Governor, and Deputy governors are appointed for five-year terms by the President of the Republic of South Africa in consultation with the Minister of Finance. Four of the directors are also appointed by the President for terms of three years. The remaining seven directors are appointed by the Shareholders of the Bank, also for a three-year term.

 

[RyanPCMR]

Who still votes for this party? Stupid majority population group morons I guess.

 

[Arthur]

Not very private

Governor, Deputy Governor and state-appointed directors do not have to be (and seldom are) shareholders, ie owners. The SARB is privately owned.

The state gets a big hand on the board, and in return the privately-owned SA Reserve Bank gets a state-protected monopoly on the production and control of the currency.

As you know, shareholders own a company. And many companies have directors who are not necessarily shareholders/owners.

As I said, she is technically correct to say the Rand is in private hands.

Few South Africans realise that.

Of course this cozy relationship is one I abhor and execrate. The SARB should be abolished, along with the Fed and other "central banks".

The US operated just fine without the Federal Reserve, also privately owned, for many years. Several US Founding Fathers warned very vocally that the creation of a central bank would corrupt the state and destroy the American experiment. They were right.

But I digress. Sorry.

 

[ChocolateBadger]

Who still votes for this party? Stupid majority population group morons I guess.

At this rate, there may not be a party in 2019 with all this infighting

 

[j4ck455]

I don't trust anything this snake oil cadre says, even if she says the sky is blue one should question her motives.

“It’s about fighting the thieves – but also about respecting the institutions of the state,” she said.

Translation: Bloody thieving tax payers wanting to steal money away from the cadres for this "service delivery crap".