How Zuma’s allies found SA’s junk status ‘funny’

Solarion

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Evidence in the form of WhatsApp messages show how President Jacob Zuma’s allies laughed and found the economic downgrades faced by the country hilarious.

Messages sent in an exclusive WhatsApp group which includes two of Zuma’s children – Thuthukile and Edward, SAA chairperson Dudu Myeni and Minister of Water and Sanitation Nomvula Mokonyane display how these influential people, considered Zuma’s allies, reacted in a nonchalant manner to the country’s economic downgrades, with several of them ‘laughing’ it off.

According to the Sunday Times, a WhatsApp group called the ‘Black Economic Empowerment Foundation’ sent back and forth messages about the downgrade, with Black Business Council president Danisa Baloyi ignorantly telling the group that many South Africans don’t have ‘billions on the stock exchange’ and that most black people were born in junk status and wouldn’t be bothered.

Last week two ratings agencies, Standard and Poor’s and Fitch, downgraded the rate at which the government borrows debt, effectively ensuring that this would be done at a higher cost, which has a ripple effect on the rand-dollar exchange rate, investments and bank shares.
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FoXtroT

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I think what's more alarming is the use of WhatsApp as an appropriate means of communication by our ministers.

Surely from a security point of view they shouldn't touch it with a barge pole.
 

DA-LION-619

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I think what's more alarming is the use of WhatsApp as an appropriate means of communication by our ministers.

Surely from a security point of view they shouldn't touch it with a barge pole.
Not sure what you read but it's not a communication means for our ministers.

I don't see the issue with security?
 

Zoomzoom

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ok let's forget Whatsapp because like THAT is the issue here?

If you want proof of the utter failure of the education system this would be it - these people are leading the country and they lack the whatever's - education / intelligence / both - to understand that the junk status affects the entire economy and while the rich (which these days are mostly Black entrepreneurs despite all the noise to the contrary) might lose a few bucks off their portfolios it is the poor who really suffer!!
 

saturnz

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it is hilarious that we take the opinion of those seriously who got it so wrong ten years ago
 

Hamster

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Will see how most of the black people without billions on the stock exchange feel about inflation when that loaf of bread starts costing R30 and their home is repossessed because they can't afford the 15% interest rate.
 

Zoomzoom

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But wait there's more:

http://ewn.co.za/2017/04/09/south-africans-must-pull-together-to-overcome-economic-problems

‘SOUTH AFRICANS MUST PULL TOGETHER TO OVERCOME ECONOMIC PROBLEMS’
So they mess it up, but WE must fix it?

The chair of the ANC's economic transformation committee Enoch Godongwana says though it has no full understanding of the implications of the credit downgrade to junk status, South Africans must pull together.
but they have no real idea of what is actually going to happen - but hey 'pull together' and it will magic right.

“We will seek solutions to ensure a coordinated rehabilitation plan on the economic circumstance that led to the current situation.”
It wasn't an 'economic circumstance' it was Zuma!

He says a deterioration in the credit rating will have a major negative impact on the country's ability to raise debt funding for its development programs.
Well thank goodness SOMETHING penetrated.
 

Jings

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It bothers how poor people are being mocked. We should be rather be doing something to help uplift the less fortunate.
 

skeptic_SA

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If I also had m(b)illions stashed away in foreign currency abroad - I too would be enjoying the Rands decline.
 

Leftfoot

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Watch out for a new bank being created in upcoming weeks where treasury is its main client. "Project" funding will the be "separated" from government activity and accountability will be less transparent. No doubt many can guess funding partners for this venture...
 

Thor

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I think what's more alarming is the use of WhatsApp as an appropriate means of communication by our ministers.

Surely from a security point of view they shouldn't touch it with a barge pole.
The entire EFF organization is done on Whatsap as the ANC as wel it's incredibly powerful
 

ambroseg1

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Not sure how you can find something funny, you do not understand to begin with.
 
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