“Patriotism is the last refuge of the scoundrel.”
Commentary & Analysis
Get Whitie! It Worked So Well For Zimbabwe!
The implicit policy of murder and rape and land confiscation of white farmers led by Zimbabwe thug-in-chief Robert Mugabe seems to make a whole lot of sense to the African National Congress (ANC) Youth League thug-in-chief Julius Malema. Despite the fact that Zimbabwe can no longer grow enough food to feed itself, let alone export food to the rest of Africa as it did before the policy of white land confiscation, it sounds good to the ANC Youth League.
Malema, flanked by [South African] President Jacob Zuma, said past efforts to redistribute resources from the white minority to the black majority had failed dismally.
"The struggle for land reform and transfer of land is long overdue and should be speeded up to avoid the conflicts that characterize many post-independence African states," he said. "We refuse to continue living like we are in a colony. The only solution available to us now is expropriation without compensation,” said Malema.
Of course the country’s ANC controlled government did its best to distance itself from Malema’s “radical” views. But the scary part of this is 5,000 strong Youth League delegates love the ideas of its thug-in-chief Malema; they re-elected him to a second term to head the ANC Youth League.
"I'm humbled by the fact that the comrades have given me the mandate. I shall not disappoint,” he said.
Long considered kingmakers within the ANC, the youth league has been used by senior members of the party to drive policy change and launch leadership races.
Malema helped South African President Jacob Zuma in his 2007 rise to power, although there has been friction between the two since, particularly over the issue of nationalisation.
Zuma has dismissed the league's drives to nationalise mines in the world's biggest platinum producer and seize white-owned farms. Malema, the son of a maid, has drawn the ire of whites for his singing of apartheid-era songs that advocate the shooting of white farmers.
And the message seems well received among the throngs of poor in South Africa who have seen no improvement in their living conditions despite all the promises by the government. It is raw material for extremists such as Malema to exploit.
But Malema doesn’t want to stop at confiscation of white farmers’ land; he wants banks and mines too. Why stop when you are on a roll?
June 20 (Bloomberg) -- Julius Malema, the youth leader of South Africa’s ruling party, yesterday stepped up demands for the nationalization of mines and banks, triggering cheers from more than 5,000 delegates at a conference.
The government needs to take control of banks such as Standard Bank Group Ltd., Nedbank Ltd. and First National Bank to fund investment in other areas of the economy, Malema said at the end of a four-day meeting in Johannesburg that saw his election for a second term.
“We’re going to war comrades,” he said as the country’s Deputy President Kgalema Motlanthe looked on from the stage. “A war for radical policy shift.”
And what if global economic growth rolls over? What if China slows more than expected and reduces both its investment in Africa and demand for African resources, at least over the intermediate-term time frame?
Already South Africa’s current account deficit is increasing rapidly:
Not exactly going out on a limb here, but my guess is the dangerous nationalism espoused by Malema gains even more sway should global economic growth continue to sag.
Social unrest potential in the ozone, rising current account deficit, and potential demand for commodities taking a breather is likely not a good mix for the South African Rand (ZAR):