Move to Nationalize South Africa Reserve Bank

Julius Malema’s radical Economic Freedom Fighters may be a minority party for now, but it is driving the agenda, as the ruling African National Congress must keep pace with its radicalism or lose relevance. Already pressure from the EFF has helped to inspire a change in the constitution to explicitly permit the seizure of property from whites without compensation. Also likely to be seized is South Africa Reserve Bank:

Malema on Thursday made good on a five-year old ambition of his party, and more solid promises earlier this year, by introducing a law to nationalise the SA Reserve Bank (SARB).

The South African Reserve Bank Amendment Bill does exactly what Malema and his party said it would: it makes the Reserve Bank fully state owned, and transfers all powers currently held by its private shareholders to the Minister of Finance.

What about the shareholders?

[Malema’s bill] proposes no mechanism by which shares will be bought or taken away. Instead it simply repeals the major sections of the South African Reserve Bank Act dealing with private shareholders, or replaces mentions of “shareholders” with “the Minister”.

As with the white people who built South Africa, the existence of shareholders will no longer be acknowledged. Confiscate their property, ignore them, and maybe they will just disappear. If not…

Liberals celebrated the ascension to power of Nelson Mandela, a black nationalist with a communist and terrorist background. None should be surprised at the way this tragedy is unfolding.

At least socialism won’t result in total economic collapse in South Africa, as in Zimbabwe and Venezuela. The liberal elite in Europe and the USA have too much invested in the legacy of their idol Mandela not to keep socialist South Africa at least half-alive with massive taxpayer-financed subsidies.

On a tip from ABC of the ANC.

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