emerging markets FX Markets rand

Emerging Markets Suffer Fresh Blow As South Africa Falls Into First Recession Since 2009

Some were surprised, some weren't.

Some were surprised, some weren't.
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8 comments on “Emerging Markets Suffer Fresh Blow As South Africa Falls Into First Recession Since 2009

  1. Lance says:

    The other factor at play in South Africa is the persistent attack against private property, most recentently Rhamaposa’s announcement that they will seek to ammend the Constitution so that white farmers’ farms can be expropiated without compensastion. The ruling party (ANC) is increasingly capitulating to a radical leftist part (the EFF) which is overtly racist and pro expropiation and nationalization. Confidence in South Africa is waning.

  2. Congrats H! You have attracted the attention of the alt right propaganda machine!

    Lance is either an ignorant moron brainwashed by the White Nationalist alt right propaganda or a fake profile working on a social media farm somewhere.

    • Lance says:

      Nope, a South African who lives in South Africa and oves his country. Go read the local newspapers, or, better still, South African Parlimentary minutes. Don’t have to believe me re land expropiation without compensation. Let me give you one example of the EFF’s Malema (it’s President) and the sort of speech that goes unchecked. We have a city called Durban and it’s mayor is a “white” man. Malema, in a public speech issued the following threat, and I quote, “White man we are going to cut your throat”. You’ll find it on YouTube if you want to. Malema also loves publically singing the song whose main line is “Kill the Boer” ie Kill the Farmer. The murder of farmers in this country is substantially higher than the “normal” murder rate (which is amongst the highest in the World). The killing would be one thing but the torture that routinely happens is beyond imagination. For example, running a bath of boiling hot water and then drowning kids in it or taking an electic drill and drliing holes in 70 and 80 year old people or raping maothers and children in front of fathers or cutting off hands or feet. We have real problems here despite the increasing poverty of the majority of South Africans, that more than half the population is unemployed, our teachers cannot even pass the school exams that are set for the children they apparently teach. Our institutions are riddled with corruption – Steinhoff beinga great example. Billions of Rands are stolen from public coffers – all to the detriment of the poorest of the poor in this country. And it is not “whites” that suffer the most (as most of them are privaledged and safe in their gated communities) but “black” South Africans who bear the brunt of murder, rapes (again, amongst the highest rates in the World, not to mention HIV/Aid rates and the hundreds of thousands of orphans that have resulted because their parents are dead). If you want to comment, do some homework first. Apart from the horrendous social conditions in this country out formerly trusted and respected financial markets and institutions are fast loosing any credibility they had and the threat to private property has rattled investor confidence.

      • I did do my research including talking to my friends who live in SA. Your take on the conditions is not unfounded, but not fully representative of the totality of what is happening. You are falling prey to some alt right propaganda designed to make you fearful and controllable. The property rights issue is the key subject they use to fear monger white people. The truth of the property right issue us very different than you have presented. If you are actually someone who lives in SA, perhaps you need to check you sources and their agenda. They have led you to an uninformed opinion.

        • Lance says:

          Of course it is not representative of the totality – there are many wonderful people here doing many wonderful things. No one claimed it was. Many of the most outspoken politicians and leaders against what Rhamaphosa and the ANC are attempting re land issues (in an effort to placate the EFF and to appeal to populist sentiment) are not “white”. They understand that a fundamental right is being attacked and that is the start of a very slippery slope. There concern is not for “whites” but for the people of South Africa as a whole. It’s not a white-black thing (despite many politicians in this country constantly playing the race card). The point of my original post is that a contributor to the decline of the Rand is a growing unease and increasingly less positive (or even negative) sentiment regarding the future of this country and its economy due to the changes that are currently taking place politically within the country. Over and Out.

        • Lance says:

          I quote from Heisenberg’s most recent post re Rand “Bloomberg’s Benjamin Dow writes, adding that “traders have no incentive to ease their assault on the ZAR with two material catalysts on their side — a Moody’s credit-rating decision on October 12 and the ongoing land reform process.” As I originally pointed out, the land reform/Constitution ammendment/expropiation without compensation is making people worried and, as my post said, it is one of the contributors to the Rand’s decline. Bloomberg is stronger: one of two “material catalysts”.

      • Anonymous says:

        The least you could do is not confuse Nelson Mandela Bay with Durban.

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