South Africa: Mboweni Must Look At How SA Dug Itself Out of the 1932 Debt Crisis With Techniques We Can Learn From


Finance Minister Tito Mboweni's revised Budget is the last nail in the coffin of a poor majority already doomed to hell.

Finance Minister Tito Mboweni did not surprise the South African Federation of Trade Unions (SAFTU) or anyone who has come to know what he represents. He began his speech by confirming to President Cyril Ramaphosa his "path for the direction you gave us on 21 April to not merely return our economy to where it was before the coronavirus, but to forge a new economy in a new global reality".

The path Treasury has chosen instead is to return South Africa to the worst features of the old economy: austerity (now with a "Zero-Based Budgeting" gimmick), deindustrialisation, unwarranted debt and financialisation.

Mboweni spoke about two gates: One apparently leading to prosperity and the other to hell. The ruling class and the ruling elites of which Mboweni is a member of both are living in heavens on Earth while the black working class and all others in the marginalised black majority have been in hell for the past 400 years of colonial, capitalist and apartheid rule.

The Devil has, however, been increasing the temperature during the so-called democratic dispensation. The...

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