home WMC Paid Media Max Du Preez’s False Allegations on President Zuma, Over SARB’s Nationalization and Corporate Funding

Max Du Preez’s False Allegations on President Zuma, Over SARB’s Nationalization and Corporate Funding

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In the opinion piece dated October 3, Jacob Zuma has been falsely criticized by Max Du Preez, the WMC sentinel for the nationalization of the South African Reserve Bank (SARB) and enforcing fiscal burdens on the banking system in South Africa. These cooked up allegations are akin to Don Quixote charging at the windmills! Here are two case studies that prove that Jacob Zuma’s policy to keep the banking sector under government control is a risk mitigation strategy for the South African economy.

  • The Wall Street Crash of 1929 that others refer to as the Great Depression was an outcome of the nexus between the power brokers of the BFSI (Banking, Financial Services and Insurance) vertical in Wall Street and government policy makers. Rampant privatization of the banking sector led to a crisis of epic proportions. John Maynard Keynes had remarked that the invisible hand of the market must be replaced with the visible hand of the government.
  • The Sub Prime Crisis of 2008 that saw Gulliver’s giants in Wall Street collapse like a pack of cards was again the doing of banking sector liberalization and sub prime credit given by investment banks. Economies like Brazil, Russia, China and India were the least affected, thanks to a strong public sector control over the banking system and the presence of large scale public sector undertaking banks. Prof. Raghuram Rajan from the Booth School of Business, Chicago University in his seminal research paper “Has Financial Development Made the World Riskier?” had warned intelligentsia of the fallout of excessive banking sector deregulation. His prophecy came good in 2009.

The people of South Africa need to see through the evil designs entrenched in the free market prescription of Du Preez. SARB and the banking system in South Africa need regulation, not the “sellout” medicine of Du Preez.

WMC and Max Du Preez’s Sheepish Silence on Corporate Funding of Cyril Ramaphosa

A prime example of the obnoxious weed of corporate funds fomenting corruption is the poster boy of Max Du Preez and the WMC, Cyril Ramaphosa. Here is a list of Ramaphosa’s equity investments and share holdings in various subsidiaries of MNCs and South African corporations:

  • McDonald’s SA 100%
  • Mondi Shanduka Newsprint 42%
  • MPACT 10%
  • Alexander Forbes 7.8%
  • BIDVest 0.6%
  • Coca-Cola Shanduka Beverages 70%
  • Diepkloof Retail Development 52%
  • Investment Solutions 7.8%
  • Kangra Coal 30%
  • Lace Diamond 13%
  • Liberty Life 1.5%
  • Lonmin 9.1%
  • MacSteel SA 7.5%
  • Matrix Marketing 28.2%
  • Standard Bank 1.2%
  • TBWA 25%
  • MTW 0.45%
  • Pan African Resources 26%
  • Scaw Metal 5%
  • SEACOM 12.5%
  • Shanduka Coal 50.01%

Max Du Preez loves slinging mud on Jacob Zuma. He asserts that the Gupta family finances the campaigns of Jacob Zuma. He though prefers to ignore the way in which Ramaphosa has colluded with corporations to buy votes, voters and the state machinery. Noted Russian economist Tatyana Zaslavskaya has coined the term “Nomenklatura” to denote the corporate-polity marriage of convenience of electoral funding and award of state contracts to corporations. She says that the Nomenklatura is at the heart of corruption in democracies. Corporations and venture capitalists are engaging in state capture by funding political leaders like Cyril Ramaphosa and their election campaigns.

Exposing the Lies of Max Du Preez and White Media & The Case in Favour of Jacob Zuma’s Statist Model

WMC bullies and Du Preez are deliberately diverting the attention of people. Falsely implicating Jacob Zuma for exerting state control on SARB and shedding crocodile tears on his hypothetical nexus with the Gupta family shall yield no results.

Jacob Zuma’s policies deserve to be commended because of the following reasons:

  • State capitalism is required in stages of infancy of an economy. The Statist Model of nationalization must be used to secure the banking and financial sectors. Rampant deregulation of the banking sector on the false pretext of fiscal profligacy as suggested by Max Du Preez and the white media, shall set the clock back in favour of the corrupt white monopoly capital. That would be naked state capture.
  • Economic development and resolution of social tensions are not corporate prerogatives. History stands witness to the fact that no corporation has ever addressed issues of poverty, racism, class struggle, income inequality, deprivation and entitlement failure. In the words of Milton Friedman: “The only business of a business is to do business.” Cyril Ramaphosa and his corporate allies are wolves in the garb of sheep, here to loot South Africa. His political campaign fundings must be scrutinized and closely monitored.

The lives of ethnic blacks, white Afrikaner and the coloured South Africans are not commodities to be traded by the WMC for profits. South Africa is not for sale to the WMC. Jacob Zuma’s Statist Model is pursuing a socialistic agenda for the economic development of South Africa.

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  • Tina D. Poland

    It is better for white media to watch their actions before fabricating charges on Jacob Zuma. Their own favorable stooge Cyril Ramaphosa has connections with all the WMC firms and stakes on them for his willingness to put the nation at ransom.

  • Mouton

    It is certainly not a co-incidence that Cyril Ramaphosa is having stakes in 21 WMC firms, mostly owned by Johann Rupert. And a shrewd person like Rupert can’t give that much without taking any favor, and the favor here is to take control of government machinery through placing Ramaphosa at the helm of the presidency.

  • Martiz

    Why Max Du Preez is showing this sudden furor against the Guptas and the state capture. Hold your breath brother, we know you have been in the gloom from some time and you are trying hard to gauge the attention of your white bosses by criticizing their fierce rivals.

  • Mouton

    Why this much of public outcry about the Guptas and the #statecapture, go file a case and prove something substantial in the court of law. Don’t try to blemish someone’s image in Public through propagandas.

  • Jonkar

    First look at the finest contribution of Jacob Zuma to remove poverty, racism, income inequality, and deprivation. Still, you are fabricating charges of #statecapture against him, such a disgrace.

    • Gordon Calmeyer

      He’s done nothing he has only made the Zuma Family and their friends rich the rest of us are worse off

  • Martiz

    I am afraid, I have to disagree with you. Zuma has contributed a lot to our economy, he has also taken many steps to improve the condition of our country. His plans to ameliorate the standard of the blacks is praiseworthy. Moreover, Guptas have never influenced Zuma in any way whatsoever. So, kindly correct your facts.