Stupid. Vain. Arrogant.

Nationalising the Reserve Bank  for the princely sum of R12 billion will, as we know, be of benefit to no-one in this country. It will not even satisfy the arrogance, vanity and stupidity of the ANC panjandrums for very long, as arrogance, vanity and stupidity is never satisfied.

Monetary policy is not determined by the private shareholders of the bank, but perhaps it should be, as the government‘s interpretation of “fiscal prudence” is clearly “let’s piss money down the toilet”. Can the Treasury just say NO? Is this possible? Can the Planning Commission speak with the voice of reason?

Can’t some organisation start a “How to spend R12 billion and actually make a difference to people’s lives” campaign?

Instead of making a few people very rich (Who are the SARB shareholders? Are they mainly white men? Would that be very ironic?)…

Build schools, buy books. Give doctors a pay rise. Establish a centre for homeless people. Help bright kids who worked hard at school to go to university. Build a wind farm – invest in sustainable energy models. Something. Get the entire ANC NEC a brain transplant. I swear that will be of benefit to millions.

For fuck’s sake.


8 thoughts on “Stupid. Vain. Arrogant.

  1. Spear The Almighty 28 January 2010 / 09:54

    I agree.

    Still the people controlling our economy is better than those that has their eyes set on it withing the ANC itself. Hence their internal power struggle. Things can get a lot worse…

  2. boris 28 January 2010 / 10:34

    Hey there – I concur. What a load of bollocks. It’s like the ANC (Arseholes Non-Compusmentus) is on an ego-shopping trip. I think they are wanting to control ALL fiscal mechanisms. Power corrupts… (you know the rest)

  3. Norman 28 January 2010 / 17:05

    Well trading at about R10 a share with a dividend of about 10 cents it would hardly seem worth it. You get more interest on your current account after the deduction of ledger fees.

    • Betty Noire 29 January 2010 / 11:26

      Dear Norman. Thanks for your input! I have no idea what it means, but I suspect you are saying that no-one, white or otherwise, will be getting rich selling their shares in the SARB. (Do you know what that funny little hidden-away article on page voetsek of the Star was about this morning? I thought that a few casual, hidden lines about inviting discussion on the mandate of the SARB during the current debate seemed devious.)
      I also just want to check with you: if you say “hardly worth it” (and I have admitted that I know nothing about shares and such) what does that mean? I ask because if there are 630 shareholders and the price of nationalisation is R12 billion, then on average, each shareholder would be due about R19 million, by one calculation. In theory, I think, that would make them rich. Well, my theory anyway.
      Who are these people?

  4. norman 31 January 2010 / 14:34

    Since its establishment, the Reserve Bank has always been privately owned. Today the Bank has more than 630 shareholders and its shares are traded on an Over the counter share transfer facility market (OTCSTF market) co-ordinated within the Reserve Bank. Except for the provision of the SA Reserve Bank Act that no individual shareholder may hold more than 10 000 shares of the total number of 2 000 000 issued shares, there is no limitation on shareholding. After allowing for certain provisions, payment of company tax on profits, transfers to reserves and dividend payments of not more than 10 cents per share to shareholders, the surplus of the Bank’s earnings is paid to the Government. The Bank’s operations are therefore not driven by a profit motive, but by serving the best interests of all the people in South Africa.

  5. Betty Noire 1 February 2010 / 12:40

    Er… thanks Norman. But who gets the R12 billion if the bank is nationalised?

  6. norman 1 February 2010 / 18:29

    It won’t be the shareholders.

    • Betty Noire 1 February 2010 / 20:23

      Norman! That is really cruel. Who will it be?

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