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The Zuma effect: Corporate elites got whiter

President Jacob Zuma came into power on the back of anti-white sentiment, with calls for radical economic change and transformation, his was a victory driven by the likes of Julius Malema and Cosatu, surely he was a champion of the people.

According to City Press, their wealth index shows that over the past ten years, the corporate elite are now worth about the combined domestic product of Namibia and Mozambique, and while in 2008 there were “13 black people in the top 50 wealthiest executives and board members of JSE-listed companies. Now there are five.”

Interestingly, according to the report, just where these very rich executives are getting their money has shifted – over the past ten years they’ve moved from mining to finance.

My Take

Wow, it turns out that putting somebody in charge of your country who has credible allegations of corruption against him, and a history of less than honest dealing, doesn’t solve income inequality.

Who’da thunk?

The news media was pretty unified in saying that Zuma was not fit for office, and both the ANC and the public ignored the warnings. Julius Malema proclaimed the warnings to be the work of “Mr Rupert”.

It reminds me of American politics, where if Donald Trump ate a baby on national TV his support amongst conservatives would go up for how well he “triggered those liberal snowflakes”.

Needless to say I’m predicting a pretty bad economic crash in Trump’s second term, which he will get because the consequences of his first term won’t start to fully manifest until then.

But anyway back to South Africa, we’re seeing the same tactics used over and over again, where politicians like the EFF push racialised hatred with the implied promise of delivering something better, and you know if they win they won’t because we’ve heard this song and dance before.

And we’ve seen guys like Malema. Malema told the Zulu king his land was included in his plans in March, the king got miffed, and suddenly who defends the Zulu king?  Zuma also seemed to tell one crowd one thing and another the total opposite.

I am actually not anti radical economic transformation. My view is that we should raise taxes on the top tax bracket and on capital gains, we should shut down some loopholes, and use the money to fix up the problems within our land redistribution program.

Even if we maintain expropriation with compensation under that regime – well who is ultimately going to be paying those higher taxes to do this? There is no need to change the law here.

And with more money coming in, if we can stop electing known thieves on the basis of certain populations not liking them, we can then start talking about things like a national wage similar to Alaska’s.

We can start talking about policies that change things for the better for everyone.

 

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