South Africa to Expropriate Land from Whites and Nationalize Its Reserve Bank

Wiki
image_pdfimage_print
South Africa: The African National Congress, which is the ruling Communist Party of South Africa, announced its intention to expropriate land from white settlers without compensation.  It also declared that the nation’s ​privately-held Reserve Bank must be wholly owned by the state.  ​These announcements sent the rand, also known as the ZAR, plummeting on the currency exchange.​ -GEG

JOHANNESBURG (Reuters) – South Africa’s ruling African National Congress has adopted a resolution calling for the nationalization of the central bank and land expropriation without compensation, a senior party official said on Wednesday.

Any mention of nationalization in South Africa is enough to spook investors, since left-wing elements of the ANC have also called for mines and banks to be state-owned.

Similarly, land is an emotive issue two decades after the end of apartheid, and the ANC has been under pressure to redress racial disparities in land ownership.

Unlike most central banks in the world, the South African Reserve Bank has been privately owned since it was established in 1921. But its shareholders have no control over monetary policy, financial stability policy or banking regulation.

Following a meeting of party delegates, the head of the ANC’s economic transformation committee, Enoch Godongwana, told reporters changing the ownership of the South African Reserve Bank would not affect its independence.

He said the party had also agreed to initiate amendments to the constitution to achieve land expropriation without compensation, but gave no timeline. He said there would be no illegal occupation of land.

Following the proposal made in July by the ANC at a policy conference to nationalize the bank’s shareholding, South Africa’s Reserve Bank said that changing its shareholding would not affect its mandate, because that mandate is derived from the constitution.

Godongwana said no timeline had been laid down for the plan to acquire the central bank’s shares or for any directives to parliament to change the country’s laws to effect the change.

“No change in the constitution, no change in the Reserve Bank Act,” he said. “We’ve also said it’s not likely to have an impact at all because shareholders in the Reserve Bank do not affect monetary policy in any way.”

Godongwana said the changes would come after “more work” was done to prepare for the bank’s nationalization.

In July, when the party said it would like the central bank to be wholly state-owned, investors were initially worried and knocked the rand.

Read full article here…

Related Post

Visit our Classified ads.

Check out our Classified ads at the bottom of this page.

Recent stories & commentary

Other

Hordes of Teen Thugs Terrorize Las Vegas Neighborhood

May 20, 2018 Gateway Pundit 0

Las Vegas: A gang of 60 youngsters, reported to be about 12 years old, are beating up their neighbors, stopping traffic, attacking cars, throwing rocks and destroying property. The police are catching them, cuffing them, and setting them free, while officials at the children’s middle school refuse to get involved. Neighbors say they have spoken to the parents to no avail. Someone is going to get hurt. […]

Other

Texas School Shooting: Unanswered Questions and Oddities

May 20, 2018 JW Williams 0

A shooting last Friday at the Santa Fe High School in Texas left ten people dead, stirring up calls for gun control. There are some troubling aspects of this case: a doctor said that they are always “prepared for these drills”, the media is silent about the second suspect, and a student witness said, “It was real this time, it wasn’t real last time,” implying there was a prior incident. […]

Globalism

CA Republican Representative Fails to Explain Why He Prioritizes Dreamers over Homeless Citizens

May 20, 2018 Fox News 0

Tucker Carlson grills US Representative Jeff Dunham, a Republican from California, about why he is pushing a measure to force immigration votes in the House that would give amnesty to DACA Dreamers that goes against the wishes of voters. Tucker asks why Dunham is making amnesty a priority when there are 100,000 homeless US citizens living on the sidewalks of California. […]

Globalism

The Secret Empire of Mitch McConnell and His Wife, the Head of the Transportation Department

May 20, 2018 Breitbart 0

Senator Mitch McConnell’s wife, Elaine Chao, is the Secretary of the Department of Transportation, and another plum government job may be handed to their family as her sister’s husband, Gordon Hartogensis, has been nominated to be the new director of the Pension Benefit Guaranty Corporation at the Department of Labor. Peter Schweizer, author Secret Empires, revealed that Elaine Chao’s family owns a major shipping company in China that is reliant on the Chinese government contracts. […]

Kakistocracy

Was Gina Haspel, Trump’s New CIA Chief, Involved in Secretly Spying on the Trump Campaign?

May 18, 2018 Fox News 1

Rand Paul was concerned about her possible involvement in the spying of Donald Trump’s campaign in 2016, as she has a very close relationship with former CIA Director John Brennan. While Brennan was allegedly feeding Obama unverified information from the Steele dossier, his “acolyte” Gina Haspel ran the London CIA station – in very close proximity to nearly the entire cast of characters involved in the alleged setup. […]

Money

Rand Paul Forced a Senate Vote on the Budget to Expose RINOs

May 18, 2018 Townhall 0

Rand Paul’s ‘Penny Plan Budget’ bill would have cut one penny from every dollar over five years, delivering a balanced budget. He suggested that much of the cuts could have come from defense, education, and corporate welfare. 76 Senators, including RINOs (Republicans in name only), have now been put on record voting for uncontrolled spending. […]

Uncategorized

IMF Warning of Global Inflation: Money Losing Value. Expert Says ‘US Will Be Hit First’

May 18, 2018 Sputnik 0

The IMF issued a report about inflation that warned of devaluation and drastic price increases. Dimitri Speck, a financial analyst in Munich, says that the world has never had such a high debt as now that it cannot be paid off through payments, but through inflation or taking people’s private savings. He further stated that the US will be hit first, as it is the world’s leading currency. He said that inflation is used to wage wars, stimulate the economy in the short run, and to prevent banking crises. […]

Cartoon Commentary

Classifieds

For classified advertising rates and terms, click here. The appearance of ads on this site does not signify endorsement by the publisher. We do not attempt to verify the accuracy of statements made therein or vouch for the integrity of advertisers. However, we will investigate complaints from readers and remove any message we find to be misleading or that promotes anything fraudulent, illegal, or unethical.

Leave a Reply

1 Comment on "South Africa to Expropriate Land from Whites and Nationalize Its Reserve Bank"

avatar
  Subscribe  
newest oldest most voted
Notify of
Tom Ball
Guest
With regard to the article about South Africa nationalizing it’s banking system, I am interested to what that means to the Global Cartel that Mr Griffin speaks of. It seems to me that the globalist financiers would DISAPPROVE. What am I missing here? I’m aware that the abolition of apartheid has proved a bane to the white population of South Africa. So am I to assume that the banking institutions there have been in their hands and are to now be transferred to black control? Or has the IMF or World Bank not been a part of this system all… Read more »