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South Africa's Land Bank says land expropriation could trigger default
Reuters ^ | Aug 21 2018

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 ...


TOPICS: Business/Economy; Foreign Affairs; News/Current Events
KEYWORDS: africa; anc; bank; banking; blackkk; blackmajorityrule; boer; boers; cyrilramaphosa; eff; genocide; juliusmalema; sa; southafrica; whitegenocide
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1 posted on 08/21/2018 11:03:50 AM PDT by Eyes Unclouded
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To: Eyes Unclouded

South African default may well serve to trigger contagion in financial markets.


2 posted on 08/21/2018 11:04:37 AM PDT by Eyes Unclouded (The beginning of wisdom is this: Get wisdom.)
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To: Eyes Unclouded

3 posted on 08/21/2018 11:06:58 AM PDT by Red Badger (July 2018 - the month the world learns the TRUTH......Q Anon.......Timelines change. Aug 16)
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To: 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.

I have some bad news for the bank - if a thief steals your car he isn't going to take over the payments.

4 posted on 08/21/2018 11:07:39 AM PDT by Billthedrill
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To: Eyes Unclouded

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.


5 posted on 08/21/2018 11:08:02 AM PDT by cuban leaf (The US will not survive the obama presidency. The world may not either.)
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To: Eyes Unclouded

And in other news, the Law of Unintended Consequences has not been repealed...


6 posted on 08/21/2018 11:08:07 AM PDT by ameribbean expat (Socialism is like a nude beach - - sounds great til you actually get there. -- David Burge.)
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To: Billthedrill

I have some bad news for the bank - if a thief steals your car he isn’t going to take over the payments.


Nor should you be liable when the thief is the government.


7 posted on 08/21/2018 11:09:08 AM PDT by cuban leaf (The US will not survive the obama presidency. The world may not either.)
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To: Eyes Unclouded

OPM - other peoples’ money

‘all property is theft’ - Marxist maxim


8 posted on 08/21/2018 11:10:19 AM PDT by a fool in paradise
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To: 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.

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.

9 posted on 08/21/2018 11:12:20 AM PDT by Still Thinking (Freedom is NOT a loophole!)
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To: cuban leaf

“The left never thinks this stuff through.”

These people aren’t even the Left. They are just thieves.


10 posted on 08/21/2018 11:12:57 AM PDT by Gen.Blather
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To: Gen.Blather

Thieves only care about themselves.

No love for them from me.

They are getting more brazen all the time.


11 posted on 08/21/2018 11:15:13 AM PDT by wally_bert (Terrific! Terrific? Harve Nyquist never ordered any radials.)
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To: Eyes Unclouded

When south Africa becomes the next Somalia I hope everyone remembers what they did to get that way!!!


12 posted on 08/21/2018 11:17:26 AM PDT by BobinIL
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To: Gen.Blather

These people aren’t even the Left. They are just thieves.


Yes. Thieves via leftist policies. In this case wealth redistribution, AKA theft.


13 posted on 08/21/2018 11:18:48 AM PDT by cuban leaf (The US will not survive the obama presidency. The world may not either.)
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To: Eyes Unclouded

Haha, I guess their abject anger and envy blinded them to reality.


14 posted on 08/21/2018 11:19:33 AM PDT by tiki
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To: Still Thinking

> 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.


15 posted on 08/21/2018 11:19:58 AM PDT by Leaning Right (I have already previewed or do not wish to preview this composition.)
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To: Leaning Right

If they could pay the bank, they could have paid the owner.


16 posted on 08/21/2018 11:22:54 AM PDT by Still Thinking (Freedom is NOT a loophole!)
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To: Leaning Right

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.


17 posted on 08/21/2018 11:25:24 AM PDT by Still Thinking (Freedom is NOT a loophole!)
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To: Eyes Unclouded

The ANC is a marxist party. The institutions, organizations, and businesses of society exist to serve their political and social engineering aims.


18 posted on 08/21/2018 11:28:01 AM PDT by PGR88
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To: Eyes Unclouded
Since the end of apartheid in 1994, the ANC has followed a “willing-seller, willing-buyer” model under which the government buys white-owned farms for redistribution to blacks. Progress has been slow.

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

19 posted on 08/21/2018 11:29:47 AM PDT by Capt. Tom
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To: Billthedrill

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.


20 posted on 08/21/2018 11:29:51 AM PDT by PGR88
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