{UAH} Meet The 3 Brothers That Are Ruining South Africa
|
8:14 AM |
No comments |
Meet The 3 Brothers That Are Ruining South Africa
Summary
South Africa enjoyed a period of solid economic performance in the decade up to the financial crisis.
After that, things have deteriorated, and recent revelations have brought to light a disturbing level of government capture by three Indian brothers behind the President.
It will be difficult to turn things around before the elections scheduled for 2019. South Africa could turn populist before then.
Bonds and the currency will likely suffer more. Stocks could do considerably better.
What began as one of the most hopeful events of the late 20th century has slowly turned into a depressingly familiar turn of events.
After 28 years in prison Nelson Mandela walked out, negotiated a peaceful change to a post-apartheid South Africa that seemed to be build on reconciliation (indeed, there was a truth and reconciliation commission cataloging the atrocities committed under apartheid).
Mandela led by example, and while South Africa had many problems that were difficult to fix (rampant violence, unemployment, poverty, etc.), he did so on an acceptable time scale with a heritage of the country.
Mandela did something else that is fairly rare. He left power after one turn. His successor did not have the standing of Mandela (who has?) but apart from some curious (and very damaging) ideas about the causes of aids, one could say that he was fairly competent.
The South African economy hasn't gotten in a rut that might have been expected given the often far left ideas of much of the ANC and an understandable demand for a quick fix of the most damaging consequences of decades of apartheid (rampant inequality and unemployment).
That is, there has not been a South African Mugabe. Indeed, many people fled from Zimbabwe to South Africa as the former collapsed economically through mismanagement.
The current South African President, Jacob Zuma is certainly more flamboyant than his predecessor, but stories of corruption have plagued him almost from the start of his presidency. In fact, he came to power largely because the ANC recalled his predecessor who had improperly interfered with the operations of the National Prosecuting Authority in order to get Zuma convicted for corruption.
--
Disclaimer:Everyone posting to this Forum bears the sole responsibility for any legal consequences of his or her postings, and hence statements and facts must be presented responsibly. Your continued membership signifies that you agree to this disclaimer and pledge to abide by our Rules and Guidelines.To unsubscribe from this group, send email to: ugandans-at-heart+unsubscribe@googlegroups.com
0 comments:
Post a Comment