Deepstick-C

All this calls for nationalisation of key industries in the rest of Africa...foreigners have cash and will dictate situations to profit without caring about citizens.

Its good to see growth within our economy but at the same time it sucks that local people are not beneficiaries of their own economy, black south africa own less that 1% of shares listed in the JSE (share incentive schemes not included). its a problem, a serious one.

So africa must nationalise, nationalise and nationalise
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jnrb

@ Deepstick-C

You make idiotic comments (maybe just to stir) because “Blacks own at least 28% of available shares on JSE and not less than 1% (see http://www.politicsweb.co.za/politicsweb/view/politicsweb/en/page71619?oid=259431&sn=Detail&pid=71619)
Secondly why Nationalisation is such a stupid idea: Take Tanzania as one example but there are many others . In 1961, Pres Julius Nyerere issued the Arusha Declaration, which outlined his socialist vision of ujamaa that came to dominate his policies. The policies led to a collapsing economy, systematic corruption, and unavailability of goods. In the early 1970s Nyerere ordered his security forces to forcibly transfer much of the population to collective farms and, because of opposition from villagers, often burned villages down. The campaign pushed the nation to the brink of starvation and made it dependent on foreign food aid. Nationalizations transformed the government into the largest employer in the country. This created an environment ripe for corruption. The private sector suffered from multiplying cumbersome bureaucratic procedures and excessive tax rates. Enormous amounts of public funds were misappropriated and put to unproductive use. Purchasing power declined at an unprecedented rate and even essential commodities became unavailable. A system of permits (vibali) allowed officials to collect huge bribes in exchange for the vibali. Nyerere's policies laid out a foundation for systemic corruption for years to come. In 1985, after more than two decades in power, he relinquished power to his hand-picked successor. “Nyerere left Tanzania as one of the poorest, least developed, and most foreign aid-dependent countries in the world.” See Skinner, Annabel (2005). Tanzania & Zanzibar. New Holland Publishers. pp. 19. ISBN 1-86011-216-1. The lesson you need to learn is that that GOVERNMENT BUREAUCRATS NEVER CREATE WEALTH, they only know how to spend money.

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ukuvusa

@ Deepstick

I get extremely annoyed at comments like yours. There is absolutely nothing stopping black people from opening a stockbroking account and investing in shares on the JSE.

How much of your monthly savings do you invest in JSE shares?

Also, do you know that your pensions and that of all people (including black) in SA is mostly invested in JSE stocks and you are therefore a holder? So if you nationalise and our exchange tanks you will lose your pension. So please educate yourself before making such comments.
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Deepstick-C

Jnrb you base your argument on a stupid article, blacksown less than 1% of the whole JSE listed stocks (thats excluding share schemes)

@Ukuvusa, how do you open a stockbroking account when you are underpaid by whites although educated than your white peers who earn more than you?
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