Chowing the Money

Please dear government – instead of torturing and progressively bleeding the country dry of its assets, and mocking the country on the international platform. Why don’t you guys just clear its bank accounts and retire to Cuba or some socialistic state where your ideologies could be lived out.

Please dear government – instead of torturing and progressively bleeding the country dry of its assets, and mocking the country on the international platform. Why don’t you guys just clear its bank accounts and retire to Cuba or some socialistic state where your ideologies could be lived out.

Check to see how it works in reality than in theory. You see, the young are waiting for your entire generation to depart with its bitterness and anger, and love to see the pain revenged for what the Whites have done.

Love, unity and peace seems to be a foreign concept and that not of the culture in keeping of Baba Madiba. You lot are like ravenous wolves, you chow each other and you chow the rest of the country’s resources.

It’s clear that intelligence has a minority stakeholdership in your list of priorities for the love of money has consumed you. So expressing our issues wouldn’t matter for the poor has nothing to offer you except the vote… maybe they too would become smarter to see your game!

South Africa is an upper-middle-income country

South Africa is an upper-middle-income country. Despite this relative wealth, the experience of the majority of South African households is either one of outright poverty, or of continued vulnerability to becoming poor. The distribution of income and wealth in South Africa may be the most unequal in the world.

While various positions are advanced, there is broad agreement that poverty exists on a vast scale, that it is closely correlated with race and that, by many indicators, the situation has deteriorated since the transition to democracy.

South Africa is an upper-middle income country. Despite this relative wealth, the experience of the majority of South African households is either one of outright poverty,or of continued vulnerability to becoming poor. The distribution of income and wealth in South Africa may be the most unequal in the world.

According to the HSRC (2004) the proportion of people living in poverty in South Africa in 2001 was 57%, unchanged from 1996, but that the extent of poverty (i.e. how far people are below the poverty income line) grew over this period:

The poverty gap has grown faster than the economy indicating that poor households have not shared in the benefits of economic growth. In 1996 the total poverty gap [the required annual income transfer to bring all households out of poverty] was equivalent to 6.7% of gross domestic product (GDP); by 2001 it had risen to 8.3%.



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source:http://r4d.dfid.gov.uk/PDF/Outputs/ESRC_DFID/60332_Lahiff_Redistributive.pdf in the article REDISTRIBUTIVE LAND REFORM AND POVERTY REDUCTION IN SOUTH AFRICA-Edward Lahiff

Is my money safe in a South African Bank?

It feels so far-fetched to imagine working so very hard to put savings away in prudence – only to go to your Bank to find out that they have gone bust or that a minimum withdrawal is allowed. One should not imagine too long, for such scenarios have happened before and I believe will have again. I believe that most people will remember one of South African’s largest unsecured lender, African Bank which collapsed in 2014 or of recent when the people of Greece was only allowed to withdraw sixty Euros a day.

It feels so far-fetched to imagine working so very hard to put savings away in prudence – only to go to your Bank to find out that they have gone bust or that a minimum withdrawal is allowed. One should not imagine too long… for such scenarios have happened before and I believe will happen again. Most people can remember South African’s largest unsecured lender, African Bank which collapsed in 2014 or of recent events when the people of Greece was only allowed to withdraw sixty Euros per day.

Most people believe that their Bank will have some sort of insurance to payout client’s for their losses but sadly there is none and many have been waiting for a while. However the reality is that for some time now the International Monetary Fund (IMF) has been urged South Africa to implement a deposit insurance scheme to provide a safety-net in the event of a Bank collapse.

Deposit insurance is a safety net that bank regulatory authorities use to attempt to prevent and mitigate the costs of bank failures.  However it is true that Bank failures are rare, but they usually happen very sudden.

One would assume that the protection of clients money matters for Banks however the fact of the matter is that they don’t really care about their clients. One would assume that the Government would have the people’s interest at heart yet they are focusing on the element that having such a scheme will only hinder the growth of small up and coming Banks and that it may cause Banks to become reckless and take higher risks. However sadly the Clients of the banks are secondary for their profits are the primary customer service. The Government would not mind using Tax-payers money to bailout failing Banks but having to implement legislature so to compensate citizens for losses are also secondary.

 

SUMMARY OF SELECTED DEPOSIT INSURANCE SCHEMES

Country Maximum deposit compensation guarantee in local currency (sterling equivalent in brackets, as at 6 May 2014)
Kenya (Deposit Fund Protection Board) KS100,000 (£800)
Nigeria (Nigeria Deposit Insurance Corporation) NN500,000 (£1,870) for universal banks, NN200,000 (£740) for micro-finance banks and primary mortgage banks
South Africa None – currently under consideration
Ghana None – currently under consideration
Egypt None for private-sector banks, some implicit deposit insurance for public-sector banks
United Arab Emirates None – currently under review. Deposits were fully guaranteed after the global financial crisis of 2007/08, but have now lapsed.
Qatar None
Oman (Deposit Insurance Authority) RO20,000 (£31,800) or 75 per cent of net deposit, whichever is less
UK (Financial Services Compensation Scheme) £85,000. Foreign currency deposits included. Customers’ loans or debts to the failed bank will not be deducted from the compensation payment
Other European Union members (implemented through independent national deposit protection funds – sometimes more than one scheme per country) European Union rules prescribe coverage of €100,000 (£82,050). Foreign currency deposits included.
Isle of Man (Depositors’ Compensation Scheme) £50,000. Foreign currency deposits included.
Jersey (Jersey Banks Depositors’ Compensation Scheme) £50,000. Foreign currency deposits included.
Guernsey (Guernsey Banking Deposit Compensation Scheme) £50,000. Foreign currency deposits included.
Switzerland (esisuisse) CHF100,000 (£67,250). Foreign currency deposits included.
Singapore (Singapore Deposit Insurance Corporation) S$50,000 (£23,700).
Hong Kong (Deposit Protection Board) HK$500,000 (£38,700). Foreign currency deposits included.
USA (Banks: Federal Deposit Insurance Corporation, Credit Unions: National Credit Union Administration) US$250,000 (£152,950). Foreign currency deposits included. Limit applies per person per category of account, so accounts in different categories of ownership may be capped separately.

 

source: https://wealth.barclays.com/en_gb/home/international-banking/insight-research/manage-your-money/deposit-protection-how-safe-are-your-savings.htmlaccessed12/03/2016

What you will NOT hear at the “State of the Nation” Speech

We are thinking that foreigners will save our economy – not true! They will exploit our lands and take our bounty… When would our Bantu people learn that they are short changing the sons and daughters of this land… Wise up! For this is the “State of the Nation”, and Zuma with all his gang from all parties today will give you a good show and trade you shiny objects in exchange of your land and soul – just like the Dutch had done when Jan Van Riebeck and his Investors came.

 

In recent months there has been much talk about the economy, corruption and salary increases. However, I feel that we are only gazing at magicians at work. This has become a cheap Las Vegas show to which the “sleight of hand” of the illusionists, who gets the DA to protest about jobs and gets the EFF to protest about Zuma’s fall.

Whilst the policy makers who have a seat in Parliament are out campaigning they are also busy cutting deals behind close doors which are only good for themselves. Yet the people only see as the audience – mere spectators. The fact of why our currency has weakened, or why we are inviting more foreign investors to pursue on the quest to colonise us once more.

Our country is being sold right under our feet, piece by piece. South Africa – be careful and don’t be too eager to blame Zuma – for one man cannot run a country by himself. Where is the DA, EFF, or the others when these foreigners come to sign up for a “one stop shop deal”?  There are other parties in Parliament you know, representatives are allowed to speak up – so why are they not shouting at things which pertain to the long term strategies? … It’s because South Africans love to be entertained whilst foreigners are aligning to slave trade you!

We are thinking that foreigners will save our economy – not true! They will exploit our lands and take our bounty… When would our Bantu people learn that they are short changing the sons and daughters of this land… Wise up! For this is the “State of the Nation”, and Zuma with all his gang from all parties today will give you a good show and trade you shiny objects in exchange of your land and soul – just like the Dutch had done when Jan Van Riebeck and his Investors came.

Is President Zuma to blame?

President Zuma is a father, husband of many wives, grandfather and many other titles to his name. He is no doubt charismatic and a people’s person. Despite what I or others have said, he conducts himself in a respectful manner whilst abroad. In contrast to the other African leaders President Zuma has kept the peace of South Africa.

There has been much discussion about forcing  Jacob Zuma to resign from his post as President of South Africa. To those who have been following my blogs you would have sensed my frustrations of Zuma’s leadership. I must admit that on several blogs I have also sadly ridiculed Mr Zuma. However, I have been witnessing South Africa’s governmental processes – these findings I must add, are my opinions and are no way to incite hatred or animosity but to stimulate logical reasonings.

So here it goes:

President Zuma is a father, husband of many wives, sugar-daddy  and many other titles to his name. He is no doubt charismatic and a people’s person. Despite what I or others have said, he conducts himself in a respectful manner whilst abroad. In contrast to the other African leaders President Zuma has kept the peace of South Africa.

President Zuma has managed to make friends with all marginalised countries to which the Western countries have stigmatised.

He is resilient enough to do as he pleases yet acknowledges the power of law and the democratic process. So if President Zuma is destroying the country singlehandedly – I find that to be absurd as he definitely does not have the capabilities with a democracy to do as he pleases… Have we forgotten that this is not an autocracy government?

My blame lies with a hopeless opposition who is definitely no match to the ANC. I blame Mr Zuma’s cabinet, they place him in vulnerable circumstances which are not fair and results in his failure and embarrassment. The issue with the Finance Minister – where was the Chief of Staff?  Why does Mr Zuma’s PR Team or speech reader not make it easier to spell out the number so that the President does not fumble?

Secondly I blame us all. We have the same attitude when it comes to education. We chuck our kids at school expecting it to be the teacher’s role forgetting that they are our kids. Likewise blame the President when the country is failing because we pay taxes!

Ask not what your country can do for you but what you can do for your country!  President Zuma will continue to be President and there is nothing you or I can do! But we can see that those who can – do nothing!

What is your Minister of Parliament doing to bring about change? That’s who you should blame!

Don’t Trust your Bank!

What if all the money in your current account was frozen and the maximum withdrawal was limited to €60?

There was a time when your local bank manager was a respected member of the community and was trusted by everyone.  Has this reputation now been tarnished beyond repair and can you trust your bank manager (if you actually have one or actually know who they are) or even your bank anymore?

For years the banks have been charging people for going over the overdraft limits, even when in many situations it was these very charges that was making people go over their overdraft limits.  Then came the mis-selling of Payment Protection Insurance (PPI), which was mis-sold to millions of people and has meant the banks putting billions of pounds to one side to cover the refunds due to people.

Now the banks have been found to have been mis-selling loan insurance to businesses and have put even more money to one side to compensate the businesses that have been affected.  So what could be possibly be next?  What did come was even more amazing than anyone could have ever predicted, one of the major banks has been found to have been fixing interest rates on the amounts they borrow and lend to make their own profits higher.  It is highly expected that this bank was not alone in this action and it will probably be found that many, if not all, of the other banks were involved in fixing interest rates and making even more profit when they should not have been.

Take for example the plight of Greece. Share prices slumped across Europe on Monday as Greece shuttered its banks for a week following a fateful weekend that has shaken Europe’s single currency.

The Greek government decided on Sunday night it had no option but to close the nation’s banks the following day after the European Central Bank (ECB) raised the stakes by freezing the liquidity lifeline that has kept them afloat during a six-month run on deposits. The banks were closed for several days and frantic customers were left to withdraw the maximum daily balances from ATM machines in an attempt to salvage what they could.

Think it can’t happen here?  I wonder if the people of Iceland, Greece, Ireland, Hungary, Argentina, Spain, and Portugal thought that too.

Greece left in Ruins 

  Greece faces a debt default within 48 hours after the government made clear it will not repay a €1.5bn loan to the IMF that expires tomorow. After talks on a €12bn bail-out deal collapsed, Greece is holding a national referendum on Sunday on whether to accept the conditions for further bail-outs. However, the country is so cash-strapped that it doesn’t have enough money to organise the vote, according to German newspaper.
Panicking Greeks have already emptied many of the country’s ATMs, placing greater faith in the Bank Under The Bed. Trading on Greece’s stock market has been suspended, while cash machine withdrawals across Greece have been capped at €60 as banks began to run out of money, with capital controls now in place to keep money in the country’s financial system. Markets are now braced for the worst period of turmoil since the height of the eurozone crisis four years ago.