President Jacob Zuma has just sold his soul today....[UPDATE: Sentenced to 15 months behind bars]

[BelieveBeOK]

This post is a mess right now, so I will probably clean it up when I gather my thoughts but..

WTF

This dude just reshuffled the cabinet and kicked out Pravin Gordhan

JUST IN: Pravin Gordhan axed as finance minister

Listening to callers on 702, reading tweets on twitter, watching eNews right now and I'm feeling some type of way...

I just don't know....



I'm not one to react immediately to current news because you always initially react more emotionally than rationally but wtf....this nikka has just shown the entire country the middle finger. He hasn't even bothered to explain to us officially why he has done this.


What is this? What kind of banana state bullshyt is this? This dude has fired a finance minister at midnight....for the 2ND TIME


Miss me with that "White monopoly capital" talk too. This dude has just tanked the rand again and probably compromised the country's credit ratings just so that the Guptas can have their bank accounts reopened.


The country has been sold for a lousy R600 million



What do the Gupta's have over this nikkas head? He is literally their puppet right now


The ANC and government is being run like a mob right now. It's disgusting



fukk maybe I need to sleep and see how I feel in the morning because I just ddon'tknow right now. Wow....just wow



When other South Africans wake up to this news in the morning....


Thoughts?

 

[Yeet Infection]

It's over.

 

[BelieveBeOK]

It's over.

Zuma supporters are saying the "markets will bounce back" and I think they will but how long will it take?


I'm fukking scared to see how much damage he has just done and we'll only know when the markets reopen but the Rand was already falling before the news was made official



The ratings agencies specifically cited our political instability as a threat in December. They won't forget this when rating us again. We look dead set for a downgrade now.

Reserve bank has refused to lower rates despite inflation being under control. We're gonna get stuck in another rate hike cycle. fukk

 

[Yeet Infection]

Zuma supporters are saying the "markets will bounce back" and I think they will but how long will it take?


I'm fukking scared to see how much damage he has just done and we'll only know when the markets reopen but the Rand was already falling before the news was made official



The ratings agencies specifically cited our political instability as a threat in December. They won't forget this when rating us again. We look dead set for a downgrade now.

Reserve bank has refused to lower rates despite inflation being under control. We're gonna get stuck in another rate hike cycle. fukk

This means that the cost of borrowing is about to go through the roof. This will raise the price of everything and add to the cost of investment in the South African economy.

The currency is likely to be severely battered as the downgrade forces funds to sell South African bonds and assets.

Government debt will rise significantly, reducing government's ability to allocate funds to its programmes as more and more money has to go to servicing debt.

For government, the implications are enormous. The Treasury will lose its credibility as it becomes a clearing house for looting.

Gordhan will go and a new minister and 'advisors' will move in, leading to an exodus of the brains trust that has held the line for the past two decades.

Banks will come under severe pressure over the closure of the Gupta accounts and you can expect regulators to be taken over and turned into tools used by Zuma's cronies to settle scores and create enrichment opportunities.


A revolution is going to happen.

 

[BelieveBeOK]

This means that the cost of borrowing is about to go through the roof. This will raise the price of everything and add to the cost of investment in the South African economy.

The currency is likely to be severely battered as the downgrade forces funds to sell South African bonds and assets.

Government debt will rise significantly, reducing government's ability to allocate funds to its programmes as more and more money has to go to servicing debt.

For government, the implications are enormous. The Treasury will lose its credibility as it becomes a clearing house for looting.

Gordhan will go and a new minister and 'advisors' will move in, leading to an exodus of the brains trust that has held the line for the past two decades.

Banks will come under severe pressure over the closure of the Gupta accounts and you can expect regulators to be taken over and turned into tools used by Zuma's cronies to settle scores and create enrichment opportunities.


A revolution is going to happen.

You're scaring me man


Watch those Gupta accounts be reopened in at least one of the big banks by the end of April and it's probably gonna be ABSA .

They were the last ones to close the Oakbay accounts and the ONLY bank not named in this supposed "currency manipulation" report.


Edit: Turns out ABSA were named but they were involved extensively in the compiling of the report and were co-operating with the competition commission even before the report was made public, probably in return for a more lenient punishment. Supposedly, they're the ones who brought it to their attention

 

[Yeet Infection]

You're scaring me man


Watch those Gupta accounts be reopened in at least one of the big banks by the end of April and it's probably gonna be ABSA .

They were the last ones to close the Oakbay accounts and the ONLY bank not named in this supposed "currency manipulation" report.


Edit: Turns out ABSA were named but they were involved extensively in the compiling of the report and were co-operating with the competition commission even before the report was made public, probably in return for a more lenient punishment. Supposedly, they're the ones who brought it to their attention

I think the backlash will be enough to elect a populist candidate who can set things straight. South Africa has too much potential to was away under tumultuous leadership.

It'll be alright in a little eventually.

 

[TTT]

Zuma has and will always be a clown who was not ready for that position. I was surprised how some people were rejoicing when Mbeki got recalled. This dude was borrowing money from Mandela when he was still Deputy President because his finances were a mess. He had a relationship with Shabir Shaik that seemed to be based on him borrowing money from the dude. All the leftists from COSATU and the youth league like Malema and Vavi helped to prop him up and were left with egg on his face. A man who owed so many people and was in a position like him could be easily manipulated.

 

[BelieveBeOK]

4 years later, who would have guessed



Zuma going to court next month to face his corruption charges as a convincted felon

MY PRESIDENT