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 ...
good phrasing.
It would be racist, of course, to call this a Black Swan.
Kinda sorta. The solution will be to take Whitey's property, give it to politically connected blacks for free. Hire gangsters and thugs to enforce the black peasants on it giving a cut of their meagre earnings to the new owner. Socialist-cum-African-Neo-feudualism.
The government thief thinks they can steal the property and be absolved of the debt owed to the bank secured by the property. Tough beans. The bank may be legally in a position to repossess the collateral property that secured the loan. The bank and the thieving government can fight it out. The land owner/mortgage holder is being dispossessed of equity in the property. That is criminal...not to mention being killed or starved in addition to the property loss.
These people aren’t even the Left. They are just thieves.
...
They are crooked politicians. Supposedly the rank and file ANC don’t support expropriation.
BobinIL wrote: “When south Africa becomes the next Somalia I hope everyone remembers what they did to get that way!!!”
They will and blame the Afrikaners!!!
“Expropriate the Expropriators!”
South Africa is going the way of Zimbabwe and the process will accelerate as the land expropriation process takes hold.
Suidlanders.org see their page. This is real deal— expropriation without compensation. the Zimbabwe model template by Marxist with chi-com help. Repeat history.
What? The bank doesn’t think that the rich crackers will keep paying their loan just because the government grabs most of their assets?
Did you miss the part about the bank being ‘state owned’. The Kleptocrats are too stupid to realize that they are boing to end up stealing from themselves.
uh . . . DUH!!!
The bank is state-owned. It all zeros out, the debt is cancelled when ownership of the asset is recognized.
And now the state owns the land...hey...what do you think the odds are that the state just keeps the land instead of doing land reform? “I’m sorry, we, uh, I mean the state, has to take ownership otherwise the land bank would default. The repercussions in the international lending arena would be catastrophic...hey! ignore that bigazz party palace shaped like Beyonce’s booty being built over there in the distance...”
Zimbabwe (Rhodesia) should have taught them that lesson cause that is exactly what they did there to white people.
Those that don’t learn from history are condemned to repeat it!
The prior sales were generally at amounts to at least cover the mortgage even if they didn’t give land owners much money left over.
The whole country will be in default soon enough, default and famine ridden.
Zimbabwe and Somalia will be all rolled up into one package in South Africa. When it flies apart I hope the white Africans are well armed and provisioned for the fight. If they manage to hold their own and especially if they are gaining expect the UN to intervene on the side of the thieves and Communists as in Katanga.
Indeed FRiend, indeed!
“Freeeee Nelson Mandela.
Freeeee Nelson Mandela.
So he can grow some crops.”
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