printVia Zero Hedge comes the news that South Africa’s ruling African National Congress has just caused the Rand to plummet with the news that it will seek “constitutional changes for land expropriation (from whites) without compensation.” The ruling party, moreover, has decided that “the Reserve Bank must be wholly owned by the state.”
As my book, “Into the Cannibal’s Pot: Lessons for America From Post-Apartheid South Africa,” shows, the SA constitution already allows expropriation of private property, with only nominal compensation.
Facebook Friends were angry at me for raining on their parade, a few posts back, writing that the appointment of a new, South-African leader to head the dominant-party state was an insignificant game of musical chairs.
But already the news out of Cyril Ramaphosa’s South Africa is bad.
As for the alarm over the nationalization of the country’s Reserve Bank. Reserve Banks are private in name only. Who still pretends this is not the case? Central banks serve The State and are for The State and its cronies. Private shareholders are ensconced to put up a facade to the contrary.