Skip to comments.South Africa's Land Bank says land expropriation could trigger default
Posted on 08/21/2018 11:03:50 AM PDT by Eyes Unclouded
South Africa's state-owned Land Bank said on Monday a plan to allow the state to seize land without compensation could trigger defaults that could cost the government 41 billion rand ($2.8 billion) if the bank's rights as a creditor are not protected. Land Bank is a specialist bank providing financial services to the commercial farming sector and other agricultural businesses. President Cyril Ramaphosa announced on Aug. 1 that the ruling African National Congress (ANC) is forging ahead with plans to change the constitution to allow the expropriation of land without compensation, as whites still own most of South Africa's land more than two decades after the end of apartheid.
(Excerpt) Read more at reuters.com ...
South African default may well serve to trigger contagion in financial markets.
I have some bad news for the bank - if a thief steals your car he isn't going to take over the payments.
It would be fun to have been a white person that borrowed to buy a farm, and are still in a position of zero or close to zero equity, and then the government takes you farm.
They are not screwing you so much as they are screwing the bank.
The left never thinks this stuff through.
And in other news, the Law of Unintended Consequences has not been repealed...
I have some bad news for the bank - if a thief steals your car he isn’t going to take over the payments.
OPM - other peoples’ money
‘all property is theft’ - Marxist maxim
1) How could the bank's 'rights' possibly be protected in an expropriation scenario?
2) Are these sheetheads actually saying they're OK with communism and theft so long as they don't get any on them? If so, I hope they lose their azz.
“The left never thinks this stuff through.”
These people aren’t even the Left. They are just thieves.
Thieves only care about themselves.
No love for them from me.
They are getting more brazen all the time.
When south Africa becomes the next Somalia I hope everyone remembers what they did to get that way!!!
These people arent even the Left. They are just thieves.
Haha, I guess their abject anger and envy blinded them to reality.
> How could the bank’s ‘rights’ possibly be protected in an expropriation scenario? <
The government could bail them out by paying them (roughly) the value of the land. This would mean cranking up the printing presses, and more inflation. But hey, that’s just situation normal in a socialist paradise.
If they could pay the bank, they could have paid the owner.
My point being that people who respect property rights, respect them. Those who don’t, don’t. The bank is stupid to be wailing about THEIR property rights being respected and protected in an environment where those of others are not.
The ANC is a marxist party. The institutions, organizations, and businesses of society exist to serve their political and social engineering aims.
I can see why that would be slow.
If you are going to require "willing buyers" ,blacks would have trouble getting the money to buy the farms and how many blacks would have the experience to manage a farm?
It looks like the solution is going to be take whiteys property, and give it away to blacks.
Unless the blacks are interested in farming, and can show they can grow the crops and not fail, they could cause a nationwide food shortage. Tom
Time to divide the country along racial lines.
Give the Boers the Western and Northern Cape. Allow a 6 month period of movement. Prepare for bloodshed and chaos.
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