Nationalisation not fatal: Malema

[BBSA]

ANC Youth League president Julius Malema has admitted he was no economist and that his "low low" matric results reflected his highest qualification. But it did not stop him predicting that markets would accept the nationalisation of mining.

Mobilising support for nationalisation at the 16th national congress of the South African Students' Congress in Durban, Malema dismissed the "excuse" that the markets would reject a state-controlled mining industry.

"The markets are not easily scared. They will show signs of reluctance in the beginning, but in time they will come around.

"When Trevor Manuel took over finances, the markets were scared but then [after] a very short time, and I mean a short time, Trevor was the darling of the markets," he said yesterday.

Malema wants foreign investors to be taught politics. "They invest in countries with civil war. If [President Robert] Mugabe was not literally chasing them from Zimbabwe they would have been continuing to mine blood diamonds. So I can't understand why they would be afraid to invest in a country where there is a robust debate over nationalisation.

"You don't get killed in a democratic debate yet they will invest in every country where there is oil, but people are being killed in war every day," he explained.

Delegates applauded when he questioned why Anglo Platinum would be afraid to invest in a stable South Africa: "They were not scared to invest when there was apartheid. They were comfortable with apartheid, yet the country was volatile. They invested when our rights were being violated and we were being killed."

When Malema met representatives of the world's largest platinum miner last year, he told them the gap between rich and poor in South Africa was becoming too great.

"The rich keep getting richer and it is white males that continue to own the means of production in the country. Not even Tokyo [Sexwale], who is the minister of human settlements, is an owner. Tokyo is owing the white baas because he wants to borrow from the banks. Who owns the banks? Tokyo is a rich man, but he doesn't own," Malema said.

He said the "faces of colonialism" might have given up political power, but they refused to give the economy to the people.

"You can vote until you are purple in the face, but your vote will be useless unless the doors to the economy are opened for you," he said.

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He is correct about the fact that he is not an economist and basically stupid

EDIT: When is he going to get a honorary doctorate?

 

[JHatman]

More of his evil colonialist ranting. Mugabe No.2 here we come.

 

[ace_rizzle]

he's also correct that nationalisation of the mines wouldn't be a complete tragedy. HOWEVER, in the hands of the ANC, the nationalisation of mines WILL be a complete tragedy / abortion.

 

[Balstrome]

Anyone remeber the nationalsation of british coal mines? and what happened there..

 

[Morgoth]

Nationalsation of the mines and banks - good idea
Nationalisation of the mines and banks while the ANC is in the power - not such a good idea.

 

[Balstrome]

Am I wrong in thinking that a government is there to put in place rules and processes that the public request. And to police those policies. How would allowing a governement to manage a commercial enterprise fit into the above requirements ?