New Finance Minister...Rand gets battered

Third term a certainty. R20/$1 around the corner

toontony wrote: Third term a certainty. R20/$1 around the corner

Please don't say that... but very possible now.

toontony wrote: Third term a certainty. R20/$1 around the corner

If he does then we have to hope Trump wins the USA elections as he'll weaken the dollar with all his insane ideas(Best weapon of Mass destruction that ISIS could ever have)

mr hawaii wrote:

toontony wrote: Third term a certainty. R20/$1 around the corner

If he does then we have to hope Trump wins the USA elections as he'll weaken the dollar with all his insane ideas(Best weapon of Mass destruction that ISIS could ever have)

Doubt it if Trump will even be nominated. The Bush family are extremely powerful and will be wanting Jed Bush to become President. The good thing is that if Trump does not get the nomination then he will go as an Independent and with that hand the win to the Democratics as Trump will take at least 10-12% of the Republican voters with him. The US have had their first black president and they are now getting ready to have their first female president.

toontony wrote: Third term a certainty. R20/$1 around the corner

The presidency is limited to two consecutive terms.

Anyway,there are plenty others waiting in line to climb on the gravy train,so Zuma won't get a 3rd term.

Bruce Whitfield says the move to replace Finance Minister Nhlanhla Nene is grotesquely irresponsible.

South Africa is teetering on the brink of financial crisis and the decision on Wednesday by President Jacob Zuma to replace respected Finance Minister Nhlanhla Nene with an outsider with zero experience within the national treasury is grotesquely irresponsible.

There can be no other inference to draw just a week after the now former finance minister instructed Dudu Myeni, the chair of SAA and the Jacob Zuma Foundation, to reinstate a carefully negotiated contract with French airliner maker Airbus over a madcap scheme to introduce a middle-man ostensibly to absorb the currency risk of a big transaction, that the president is blatantly guarding the personal interests of a few over those of the country.

It has to stop.

Currency markets responded swiftly to the news. Already unsettled by speculation quoting unnamed sources on Monday that there would be Cabinet changes - the sixth on Zuma’s watch - the rand hit its worst levels ever against the euro, pound and US dollar within minutes of the news of Nene’s sacking.

The news of the move follows Friday’s expected announcement by ratings agency Fitch that it was cutting its rating for South Africa to align its view with those of Standard and Poor’s and Moody’s. Standard and Poor’s, however, cut its outlook from stable to negative, prompting former Reserve Bank governor Tito Mboweni to publicly chide policy makers and caution of the crippling consequences of a downgrade. Ratings agencies had been at pains to point out that Nene was fiscally prudent and having him at the treasury was positive.

The sacking of the finance minister can only hasten the downgrade process.

Rubbing salt into the wound, President Jacob Zuma in a statement released around 8pm on Wednesday paid tribute to Nene for a job well done under trying circumstances: “He has done well since his appointment in a difficult economic climate.”

So why replace a finance minister performing well in his duties? And if you were going to replace him, surely the market-calming protocol would be with his deputy.

That’s what Zuma did a little over a year ago when he moved the bolshie ex-pharmacist Pravin Gordhan to the poisoned chalice of local government. Then he handed control of the nation’s purse strings to the man who had been deputy to not only Gordhan but Trevor Manuel - he was known to markets and was regarded as a safe pair of hands.

In elevating David van Rooyen, an ANC whip on the standing committee on finance to arguably the most important job in the land, Zuma skipped Nene’s deputy, the pragmatic and respected Mcebisi Jonas as well as the next logical appointment, the chair of the standing committee on Finance Yunus Carrim - the former minister of communications - himself fired for doing too good a job in a dysfunctional ministry.

This is Zuma’s biggest gamble to date. It’s a warning to the national treasury, until now left to do the crucial work of balancing the country’s books, that their refusal to fund nuclear builds, buy presidential aircraft or support the chair of SAA will get you fired.

There can be no other interpretation.

Bruce Whitfield is the host of The Money Show on 702 and Cape Talk.

so depressing.

makes me wanna do all my money punting recklessly cos it no longer gonna be worth anything anyway :silly:!

They cashing in while they still can. Malema and Zuma aren't meeting all these hedgefund managers before they make 'rash' decisions for their health. They are coining it on the currencies and the banking stocks dropping, it's insider trading on a massive scale. They businessmen, don't mistake them for fools.

The missing link wrote: They cashing in while they still can. Malema and Zuma aren't meeting all these hedgefund managers before they make 'rash' decisions for their health. They are coining it on the currencies and the banking stocks dropping, it's insider trading on a massive scale. They businessmen, don't mistake them for fools.

politicians, all the same the world over, biggest skelms on the face of the earth

aluminium wrote: i am not sure if people understand the severity of what happened last night . The president has now once a for all proven that he has absolutely no idea and that he will do what he likes to create wealth for himself and his allies .
I have tried to always see the positive in this country and tried to see the damage apartheid had done to the majority of our citizens but what is now going on is absolutely shocking and would never be accepted in any true democracy . We are now a one man state and if nothing is done very soon we will find ourselves at the bottom of a hole that will be almost impossible to get out of .
I cannot be treated like a mushroom any longer and have this morning decided to leave , even if I have to sweep the streets in another country
I employ 75 South Africans who will in the next year be without jobs . I promise you many people feel the same way.
years ago I read a bumper sticker "will the last person to leave please put the lights off" , well there wont be any lights to put off .
It is a damn shame as this country had so much potential to show the world how to repair a broken nation

I am saddened to read what I have written

nothing wrong with sweeping the streets aluminium. What I learnt is that no matter what job you do, you have self respect and nobody looks down on you. Its only in SA that if you have a low paying job do people turn their noses up at you (well that's what it was like when I lived there)

I have had some real crap jobs getting low pay but I really enjoyed them and it taught me so much, like appreciate what you have and always remember that if you feel that you have nothing there is always somebody who unfortunately for them have less than you do. We are only visiting this planet for a short time.

Guys seriously now..what is going to happen here..I also have many employee responsibilities but I just cannot fathom what has happened to the country since respected Trevor left?

oscar wrote: Guys seriously now..what is going to happen here..I also have many employee responsibilities but I just cannot fathom what has happened to the country since respected Trevor left?

yeah. u mean trevor noah right. :pinch: - a jk.

also wish we still had trevor manuel or dream he'll come save the day.

man i dunno. but ive got a bad feeling. but we've all had a bad feeling since 1994. just hope the slide will be slow and give me enough time...