As a way of introduction to this region… The South African government introduced in 2007 the National Credit Act, which according to local experts protected the South African economy, the poor and the banks from the global economic crisis. Although it is widely known that South African industry since the crisis has lost a million or more jobs, many in the mining industry. This government came to power on the promise to uplift the lives of the poor. As you know this is a resources rich country with large global mining houses active for decades and a major contributor to the economy. With the manipulation of gold and silver markets, how would this impact on jobs and the economy in SA? I was interested in your reference to Goldman Sachs involvement in most Central Banks. It was recently revealed in the local SA press that most if not all of the South African Reserve Bank Governors were overseas training at Goldman Sachs. I watched with interest that the first thing the new ANC president did was visit America. Recently, The World Bank, Business Unity South Africa and the African National Congress (ANC) got their way with a major loan for Eskom, the national power authority, despite broad based opposition from local people, the poor, community organisations, the churches, unions, and environmental and social justice NGOs locally and globally. Why was business in bed with the ANC on this? It is because the likes of mining company BHP Billiton receive more then five per cent of South Africa’s electricity at below cost through apartheid-era special pricing agreements.

Max some food for thought as you get up to speed on Southern African economic affairs.

NZ will host the 2011 Rugby World Cup. Population 4 million.

It is expected to run at a loss…….the taxpayers loss.

2011 Rugby World Cup budget blows out $10m
By GREG FORD – Sunday Star Times

The revised budget for the New Zealand-hosted tournament, expected to be made public in the next two weeks, predicts a $40m loss.

and….

Not surprisingly, Treasury recommended the minister take a vigilant stance on costs.

“In our view it is absolutely critical that all RWC tournament costs are met by RNZ 2011. Any departure from this principle risks opening the floodgates to both further requests for funding and blowouts in the tournament budget as RNZ 2011 and the NZRU lose the incentive to control costs, exposing the Crown to significant financial risks.”

Asked if he was nervous the tournament could become a millstone around the taxpayer’s necks, McCully said: “No. I am careful, not nervous.

end of quote

I know, I know , it`s only 30-40 Million in losses, but, will it be the straw that breaks the camels back, ie Greece olympics ????

Cheers

The first time I saw Max debating on a financial network in Paris, I about fell off my chair. I’ve been listening to the monotone of lies from financial programs for a long time. All of it fuzzy crap. Max has a way of cutting right through. Just breath taking the first time you hear it.

Excellent explanation of financial terrorism. When will you appear on main stream media?

http://www.youtube.com/watch?v=r7C6W0M5ME0

Max, you’re flogging a dead horse asking for higher interest rates. If you’re a deflationist, you should know that long term low yields will be the norm for a long time to come, and that arbitrarily setting interest rates higher would automatically blow up the world economy.

Interest rates are set by the market, and policy rates follow. That’s the way it all works. Right now, almost all of the slush in the world economy is based on short term money. So as soon as there are problems, the short term discount rate or repo rate or treasuries are priced higher.

The EU will absolutely have to lower its lending rate, they’ve been incredibly stubborn. Though I agree with the ban on naked short selling, they absolutely have to lower their rates to match short term yields in order to avoid a banking system crash in the EU and a run on the banks.

http://www.youtube.com/watch?v=wVC0FcSRxL8

http://www.youtube.com/watch?v=ojmxYR_6GNk

* Stricter regulation of international markets, which she said must be the “benchmark” within Europe
* Levying a tax on financial institutions (Danny: Tobin tax???)
* EU governments to shows greater budget discipline. Nations who break rules on debt and deficit to face strict penalties including cuts in European funds and the withdrawal of voting rights
* A co-ordinated approach to removing stimulus measures put in place to support economies
* A new European credit rating agency. ( Danny: Getting rid of Moody’s/Fitch/S&P as quasi-governmental organisations?; they are corrput as hell anyway)

http://www.swissinfo.ch/eng/business/IMD_tells_Switzerland_to_keep_on_competing.html?cid=8911640

http://news.yahoo.com/s/ap/eu_france_museum_theft