Arzy
Honorary Master
Just a blip, someone said we were going to R20 after going to junk status
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The ZAR Exchange Rate Thread
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genetic
Honorary Master
If that doomsdayer journalist Mike Schussler was in control, we'd have hit R20 to the dollar in 2016 all ready.
Lupus
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And be at R60 now.
Lupus
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Dollar is strengthening again, so there goes that run.
Lupus
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Yup lost almost 3% already today, it's heading back to 17 quickly.
d0b33
Honorary Master
I'm pivoting to being a business journalist. I predict R20 to ther dollar by tomorrow 4PM.
Lupus
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That's a 4% loss, which is normally quite high. Perhaps another 2% loss tomorrow so ending around 17.37 or so. Then again we did have an almost 4% loss over 24 hours.
You forget 1 important thing.
Friday. Weekend. They want to hold on to that cash a while until Monday morning.
60 hr of interest too...
Lupus
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Aaaah I see there is that.
Brenden_E
Executive Member
We were, then the government got a couple of billion bailout from NDB and others. But they aren't changing their ways. When the free loan money runs out and then they have no money and loans to pay back, it won't be pretty.
Edit: for those who haven't seen our rising debt and projected levels - the ANC has been keeping the country afloat by borrowing more and more and more while not addressing the looting. Eventually these loans will mature and the creditors will come knocking.
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Johnatan56
Honorary Master
Was going to comment that you should use a 0 based graph because it looks terrible, and then I saw it actually does start at 0...
EDIT: This was before Covid: https://tradingeconomics.com/south-africa/government-debt-to-gdp
Covid is probably going to be at least a 10% contraction, so we'll probably hit upper 80s. Then the Covid loans themselves need to be added, so wouldn't be shocked if we hit 90%.
The problem is a bit more than just a single party though.. if you naive enough to think it’s just magically gonna change with with party change you’re about as naive as the Americans who currently believe there is no big corruption happening. Right..
Reality is SA needs a bit of a shake up bottom up. Yes.. we need to decide what kind of country we want to live in.. do we want to be a country with a lot of taxes with high inequality or with more economic equality. Thus far SA has chosen the capitalist route which has yield the expected results.. of cause the ANC chose this way knowing full well that it creates a privileged class, business leaders happily agreed to it has it kept a lot of the past the same for them, and the poor continued on.
Personally I don’t see this as a “solution” regardless of who is elected to rule.. it’s all the same. What we need is that people are able to take care of themselves if they work.. if this need isn’t fulfilled don’t expect things to ever change.
PS. This isn’t exactly a new thing either. It was the “American Dream” of the 60s? which was quite successful. If you look at countries that have done well on QoL across the population they all social democracies for a reason.. ie they enable people to make this decision themselves. SA, US and a few others are birth lotteries.
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