The EFF can only imagine that banks should be nationalized without compensation because the state no longer has the money to pay for it because of the ANC’s mismanagement and corruption if it were to happen, said Corné Mulder, chief whip of the FF Plus.
Dr. Mulder spoke at the parliamentary debate on the EFF’s proposal that banks should be nationalized on this basis, saying the implementation of this proposal would destroy South Africa.
He said that history has shown that the idea of a free market and guaranteed property, create wealth and employment and socialism and communism bring poverty and hunger.
“We all know the renowned quote that states socialism’s major problem lies in the fact that you ultimately use other people’s money.”
“If the banks were to be nationalized, a large percentage of value and job opportunities would be destroyed overnight. The state may not interfere with business as they have shown that they simply cannot manage it.”
“The EFF is saying we have to do with banks as Eskom and SAA with people such as Dudu Myeni and Brian Molefe at the helm are doing. It is a recipe for disaster.”
“Examples of nationalization in Africa are Nigeria where banks were nationalized in the 1970s, while in 1994 they were bankrupt. Just like Ghana and in Tanzania.”
“There are, however, examples in Africa where the opposite happened. Countries like Botswana, Mauritius, Kenya and South Africa where you will find well-developed economic systems and progress.”
South Africa’s economy is currently in such a critical situation that we cannot afford to send the message to investors, graduators and the world that we want to nationalize our banks.
“Especially not the day that private banks had to save SAA with a bailout of another R3bn to save them from ruin. There is currently a current shortfall of R50 billion in our economy. What investor will invite us if we nationalize banks in these circumstances?” Asked Mulder.
Read the original article in Afrikaans on Die Vryburger
South Africa Today – South Africa News
