Buddy Wells @BuddyWells1 Twitter profile | Pikagi

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Buddy Wells

@BuddyWells1

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Public Finance Advocate, Musician, Economic Thinking Blog #PublicMoney for #SAProductiveSector #PayGapModeration

Cape Town

https://t.co/Q31LJQmffc

Joined March 2012

Don't wanna be here? Send us removal request.

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@BuddyWells1

Buddy Wells

4 months

How it started: “Don’t finance infrastructure using low interest credit from SARB even though demand is too low & inflation cost push, and don’t fund it with more tax or with bond sales (yields are prohibitively high), as all of those will scare away investors”. How it’s going:

@DailyInvestorSA

Daily Investor

@DailyInvestorSA

4 months

Infrastructure collapse remains the top risk for South African companies due to power outages and failing critical infrastructure, posing major economic challenges.

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@BuddyWells1

Buddy Wells

4 months

SAs govt invests only R30 billion per year on basic education, while it spends R170 billion per year on interest payments to banks. Yet this bank CEO implies that the R18000 per year govt spends per learner on education is too much, but he’s silent on the interest rate govt pays.

@MmusiMaimane

Mmusi Maimane

4 months

Sim Tshabalala - CEO Standard Bank “SA spends among the highest on education relative to GDP in the world, yet the outcomes do not match up with that” Something is deeply wrong in our education system.

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@BuddyWells1

Buddy Wells

2 years

How is it not a conflict of interest when an ex finance minister works for Goldman Sachs (GS), resigns to retake his old ministerial post, during which GS is granted a banking licence in SA, and holds a pvt call for GS clients, and then he resigns to take a GS post again?

@tito_mboweni

Tito Mboweni

2 years

Tito Mboweni returns to Goldman Sachs

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@BuddyWells1

Buddy Wells

7 months

If Eskom lost R25 billion, who gained it?

@BDliveSA

Business Day

7 months

Eskom’s losses double to R24bn after horror load-shedding year

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@BuddyWells1

Buddy Wells

6 months

In Japan this would have been fixed by the next day. But then again they don’t outsource. A Govt department is ready to work immediately. No tender process. No opportunity for bribes. No issue with budget (the Japanese central bank finances govt deficit at near 0 interest cost).

@ewnupdates

Eyewitness News

6 months

Still no clarity on when repairs to Lilian Ngoyi Street will get underway

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@BuddyWells1

Buddy Wells

24 days

Norway nationalised it’s mineral resources to build forex savings to benefit all of its citizens (including future generations). SA mineral resources are privatised by foreign firms. The extraction of profit from SA is the driver of R weakening & increasing SAn debt.

@AdrianSaville

Adrian Saville

25 days

Norway now has a wealth fund worth $290k+ for every citizen of the country

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@BuddyWells1

Buddy Wells

4 years

8 years ago today, 34 mineworkers were killed during a strike for a living wage. The company they worked for averaged billions in profit per year & execs made 10s of millions (100s of times more than than rock drillers doing the real work). Pay gaps in SA continue to be extreme.

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@BuddyWells1

Buddy Wells

3 years

This man and reality were never on good terms.

@ECR_Newswatch

ECR_Newswatch

3 years

South Africa's economic recovery 'on track': Kganyago |

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@BuddyWells1

Buddy Wells

3 years

So it appears that 51% of SAA, a world class airline with an annual turnover of R30bn, which has been profitable most years and which the government recently bailed out and made fully liquid and solvent, has been sold for a meagre R3.5 billion? Is that the correct figure?

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@BuddyWells1

Buddy Wells

1 year

I keep saying @TreasuryRSA has gone rogue. By what authority do they pronounce these injuries against the public’s right to know where public money is spent?

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@BuddyWells1

Buddy Wells

3 months

The media plays an integral part in state capture… exaggerating the severity of the symptom (SOE losses) while ignoring the cause (unnecessary outsourcing at inflated prices) so that they can promote privatisation of public monopolies as the solution, when it is the problem.

@News24

News24 🇿🇦

3 months

News24 | State-owned companies rack up huge losses for 2024

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@BuddyWells1

Buddy Wells

6 months

Nationalise it.

@SpheDludla

Sphelele

6 months

ArcelorMittal shutting down its major long steel operations in SA, for whatever reason, is big news that should be shaking the head honchos at the Union Buildings in their boots. A country with no steel output at its core is doomed to collapse when depending on expensive imports

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@BuddyWells1

Buddy Wells

2 years

Ramaphosa and MTN's offshore stash - The Mail & Guardian

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Ramaphosa and MTN’s offshore stash – The Mail & Guardian

During Cyril Ramaphosa's tenure as chair of the board the company moved billions of rands earned in Africa to offshore tax havens.

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@BuddyWells1

Buddy Wells

5 years

When Maria Ramos was head of Transnet she sold V&A Waterfront to a foreign company at the height of the global economic boom for a fraction of what that company got for the waterfront when they sold it in desperation after the global economy collapsed & property prices tanked.

@chrisyelland

Chris Yelland

5 years

Tito Mboweni appoints Maria Ramos to head Eskom unbundling via @Dispatch_DD

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@BuddyWells1

Buddy Wells

8 months

So much backwards economics in this article by ⁦ @BusiMavuso2 ⁩ that I’ll have to write this thread. 🧵 1) Argentina, Greece & Zimbabwe debt is largely owed in non sovereign currency. SAs debt is near 90% R denominate. 2)...

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BLSA CEO Newsletter - 25 September 2023 – Business Leadership South Africa Hub

By Busisiwe Mavuso Investors are always forward looking. They want to understand the returns they will earn and the risks to those returns.

hub.blsa.org.za

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@BuddyWells1

Buddy Wells

4 years

After my engagements with several prominent white SAn “economists” on twitter this week I’m more convinced than ever that they actually want to see South Africa fail so that they can say “See, I told you so”.

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@BuddyWells1

Buddy Wells

5 months

As Gautrain is a PPP & not an SOE, very little fuss was made about the cost overrun, and the amount govt spends each year is called a “subsidy” not a bailout... Public money spent to keep a company profitable is ok... as long as the company doesn’t belong to all of us.

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@BuddyWells1

Buddy Wells

1 month

Since @KganyagoLesetja became Governor at @SAReserveBank in 2014 SA has had near 0 growth. But the financial sector has made record profit. This is no coincidence.

@DailyInvestorSA

Daily Investor

@DailyInvestorSA

1 month

FNB economists warned that high interest rates could tip South Africa into a technical recession despite signs of slowing inflation.

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@BuddyWells1

Buddy Wells

3 months

How it started: “Privatisation and outsourcing is more efficient.” How it’s going: Construction mafia are killing officials if they don’t get lucrative contracts to build infrastructure, no doubt at over-inflated costs. Solution proposed by captured parties? Privatisation

@SundayWorldZA

Sunday World News

3 months

Rand Water CEO shaken after escaping assassination by a whisker -

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@BuddyWells1

Buddy Wells

3 years

Is this not our presidents brother in law?

@News24

News24 🇿🇦

3 years

African Rainbow Energy and Power, founded by Patrice Motsepe, is part of an energy consortium that won the lion's share of bids in the government's latest green energy push. | @JanTamb @Fin24

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@BuddyWells1

Buddy Wells

4 years

My tweets attract a lot of comments from people who don’t understand enough to contribute constructively to a debate so they just call me stupid because what I’m saying goes against what they have been brainwashed into believing. Do they think I care what they call me? 😂😂😂

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@BuddyWells1

Buddy Wells

3 months

97% of ⁦ @SAReserveBank ⁩ assets are offshore. ⁦ @TreasuryRSA ⁩ sells bonds at high interest to foreign investors. SARB invests R1,1 trillion of that offshore, for low return, adding to the massive primary income deficit causing SAs current account deficit & R weakening.

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@BuddyWells1

Buddy Wells

2 years

SA now has record forex reserves worth around R1 trillion. SAn offshore investment is worth around R10 trillion (R2 trillion more than the value of foreign investment into SA). We run a trade surplus most years. Yet we keep pretending we are at the mercy of foreign capital.

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@BuddyWells1

Buddy Wells

2 years

He clearly can’t answer the question.

@SAReserveBank

SA Reserve Bank

2 years

Governor ⁦ @KganyagoLesetja ⁩ answering a question on why the SA Reserve bank continues to raise interest rates when South Africans are struggling to keep up with their home loans.

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@BuddyWells1

Buddy Wells

5 years

Privatization works like this: While citizens are paying private sector to build power stations they are called “state of the art”. Once we’ve paid for it and there is talk of selling them to private sector, they suddenly have “design flaws” etc. #StateCaptureAtBargainPrices

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@BuddyWells1

Buddy Wells

10 months

Imagine how rich SA would be if we nationalised our mineral wealth like the Norwegians do.

@george__mack

George Mack

10 months

16. Norway Is So Damn Rich In 2022, Norway's oil fund was larger than the combined wealth of the 10 richest people in the world. It makes $1 billion per week -- and holds 1.4% of the world's shares. (Nuance: Be skeptical of individual Forbes net-worth figures)

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@BuddyWells1

Buddy Wells

5 months

There was very little loadshedding when @koko_matshela was in charge. As all the charges against him seem to have been dropped, what’s stopping him from being put in charge again?

@koko_matshela

Engineer Matšhela Koko, MBL

5 months

The Master Class brought to you by @SizweMpofuWalsh

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@BuddyWells1

Buddy Wells

7 months

The SARB balance sheet shows that it chooses to keep almost all its assets as forex reserves (held in bank accounts offshore) instead of investing productively in SA, thus weakening the Rand in the interest of unbalanced and unsustainable economic stagnation. #Unconstitutional

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@BuddyWells1

Buddy Wells

5 years

@kaysexwale You sure that wasn’t due to the GDP growth figures showing over 3% decline over Q1 this year? ...far more of a risk.

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@BuddyWells1

Buddy Wells

4 years

Fuck Racism. Fuck racists. Fuck people that defend extreme economic inequality & pretend our pay gaps are not driven by extreme disparity in bargaining power (privilege in the form of education, wealth, power etc) gained or lost through continued systemic racism & injustice.

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@BuddyWells1

Buddy Wells

3 years

When your tweet makes national news. 🤭

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@BuddyWells1

Buddy Wells

6 months

If you can’t tell by now that the Ramaphosa administration is all about selling public monopolies to connected private companies for a song, then you’re not paying attention. In order to reduce the sale price & to have little resistance from the public, collapse them first.

@FinancialMail

FinancialMail

6 months

Ramaphosa and Gordhan — SA’s twins of torpor How is it that 'the fixers' have presided over the biggest economic mess South Africa has faced in the past 30 years — a collapsed national logistics framework and a collapsing national energy supplier?

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@BuddyWells1

Buddy Wells

26 days

What do you think the reaction from the press would be if Jacob Zuma had won the election through bribery and his backers had openly confessed that? Why is it that Hersov can make a statement like this and there is 0 outcry from the “anti state capture” crowd that was so vocal?

@LandNoli

Izwe Lethu

27 days

Rob Hersov: When Cyril got elected #CR17 , he lost the election. But at the very last minute with funding organised by Stephen Koseff, from a lot of good South Africans. Allowed Cyril Ramaphosa to bribe David Mabuza to cross the floor and win.

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@BuddyWells1

Buddy Wells

4 years

SA’s backward tax policy plays a major part in increasing our poverty, inequality & unemployment. SAns pay too much tax & for the wrong reasons. Optimising tax policy: Why SA can afford to reduce taxes on our poor, middle class & productive industries.

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Optimising tax policy: Why South Africa can afford to reduce all taxes on our poor, middle class...

Like oxygen powers our cells and our body, money powers our businesses and the economy. If your blood stops pumping oxygen to every cell, your body becomes less efficient, and without oxygen, our c…

buddywells.wordpress.com

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@BuddyWells1

Buddy Wells

6 months

“China’s state run high speed railways make a loss of 555 billion yuan per year. It’s electricity grid makes a loss of 178 billion per year.” Chinese people don’t call this “bailouts” and get hysterical. They celebrate investment into their people, businesses & their future.

@BantuAscendancy

Fabius Cunctator (Pan-Bantuism)

@BantuAscendancy

6 months

Crony capitalism aka 'tenderprenuership' is the reason South African SOEs and local government don't work, it's not due to the 'inherent inefficiency' of state institutions. The problem started with the corporatisation of Eskom and Transnet. Outsourcing is a cancer! @BuddyWells1

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@BuddyWells1

Buddy Wells

4 years

Total debt per capita SA = US$6500 Total debt per capita USA = US$227000 But SA is rated Junk. USA rated AAA Think about that! Our “economists” still believe we should not use our central bank to fund cheaper credit for our productive sector & gov, increasing employment etc 😂

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@BuddyWells1

Buddy Wells

8 months

It’s disappointing that @StephenGrootes & @SAfmRadio are platforming financial sector embedded economists who spread the fallacy that the Rand issuing state can run out of Rand. I’d be happy to come on the show anytime to explain where Rands come from Stephen.

@SAfmRadio

SAfmRadio 📻

8 months

[ON AIR] What will happen if government runs out of money? @BusiMavuso2 - @BLSA_Official chief executive on #SAfmSunrise with @StephenGrootes #sabcnews

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@BuddyWells1

Buddy Wells

3 years

SAs shocking unemployment is a direct result of SAns being brainwashed into believing the state should employ less so the private sector can employ more, and that the state depends on the private sector for Rands. Problem is that the state issues R & pvt sector depends on state.

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@BuddyWells1

Buddy Wells

6 months

If Steenhuizen meant to say public servants wages = 60% of govt’s tax revenue he is still badly wrong. The correct figure is 34%. Which is within his target, so he’d be firing essential workers for no reason at all but his own ignorance.

@Constitution_94

Constitution First 🇿🇦

@Constitution_94

6 months

JOHN STEENHUISEN My 2nd priority when we take over government it is to fire half of the public servants The expenditure on civil servants compared to the GDP revenue is currently around 60%. We want to have that one halved, to around 32- 35%. We need to get rid of all other

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@BuddyWells1

Buddy Wells

4 years

Excellent article by Prof Malikane. OPINION: The SA Reserve Bank can issue currency to finance fiscal deficits

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@BuddyWells1

Buddy Wells

3 months

SAns fretting about SOE losses of just R10bn per year, while China built the largest economy in the world while running SOE losses of R3 trillion per year. There is no benefit to SOE profit (net private sector loss) while inflation cost pushed. Goal should rather be efficiency.

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@VusiSambo

Vusi Sambo

3 months

• Eskom posted a R7.5 billion loss. • Transnet slumped to an annual loss of R5.7 billion, & a R1.6bn loss for the 6 months to end-September 2023. It is unable to repay R14 billion in maturing debt over the next 3 months. • SAA had projected a R92 million profit, but posted

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@BuddyWells1

Buddy Wells

4 years

Our central bank is so backwards we should call it the SA Reverse Bank.

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@BuddyWells1

Buddy Wells

7 months

Proud of the Springboks and SA today. But let’s not pretend we are united in any meaningful way while pay gaps in SAn companies ave 80x (300x amongst top JSE listed firms) & we as a nation are investing trillions overseas instead of locally, while real unemployment is over 40%.

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@BuddyWells1

Buddy Wells

3 years

@nickhedley Zuma became state president in 2008, while Kganyago became SARB governor in 2014. You be the judge as to Kganyago’s legacy. I am not a Zuma supporter but the record actually shows that the Zuma years had a lower average unemployment rate than Mbeki & Ramaphosa.

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@BuddyWells1

Buddy Wells

4 years

We are given many excuses for why government cannot borrow from the SARB at low interest rates. I challenge any economists out there to explain how a loan from foreign organizations like AfDB, IMF etc is more beneficial, or less inflationary than a low interest loan from SARB.

@tito_mboweni

Tito Mboweni

4 years

AfDB approves R5bn loan to SA to help fight Covid-19 pandemic

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@BuddyWells1

Buddy Wells

4 years

Aparantly SA doesn’t have the R20 million needed to buy out the SARB shareholders. The SARB Act is clear that that is all they are entitled to and that the reserves belong to the state.

@LandNoli

Izwe Lethu

4 years

SA’s ANC stalls plan to nationalize SARB Paul Mashatile (ANC TG) said SA doesn’t have resources to buy out SARB's private shareholders & spending the money would be unjustified in the current economic climate ANC 2017 Conference said State must own SARB.

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@BuddyWells1

Buddy Wells

3 years

For 100 marks, explain how the sale of SA express for R50 million is not an example of corruption....

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@BuddyWells1

Buddy Wells

26 days

Can anyone explain to me what the words “state capture” mean? And considering that since Cyril Ramaphosa came to power, our public monopolies have been run down with the stated goal of handing them to pvt companies owned by the super rich, how is it that SAns are allowing this?

@LandNoli

Izwe Lethu

27 days

Rob Hersov: When Cyril got elected #CR17 , he lost the election. But at the very last minute with funding organised by Stephen Koseff, from a lot of good South Africans. Allowed Cyril Ramaphosa to bribe David Mabuza to cross the floor and win.

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@BuddyWells1

Buddy Wells

7 months

I call bullshit when they say a currency issuing state with its own central bank can ever be penniless. What is the purpose of this misinformation? Privatisation of the public monopoly on money supply in order to privatise electricity & water supply, rail, ports & infrastructure.

@ewnupdates

Eyewitness News

7 months

SA will be penniless by April 24 if it doesn’t cut expenditure: Godongwana

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@BuddyWells1

Buddy Wells

2 months

The Chinese govt spares no expense to build what is necessary for its private sector to thrive. Meanwhile in SA we pretend the Rand issuing state has no money even to maintain 100 year old rail infrastructure, never mind build any new things. Poverty mentality.

@VuslatBayoglu

Vuslat Bayoglu

2 months

China carries on investing heavily on coal. China’s longest coal transporting line Menghua Railway is 1837 km. It will carry 200 million ton of coal per annum when it is at steady state. Coal is critical to generate cheap base load which would potentially unlock foreign direct

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@BuddyWells1

Buddy Wells

8 months

When the best performing companies on the JSE are not producers but rather finance sector, which has grown to 24% of our economy, we should be questioning whether monetary & fiscal policy benefit productive businesses & households, as it should, or financiers. But most won’t.

@ScamSniffers

ScamSnifferAlert

8 months

My Business Day article this morning.

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@BuddyWells1

Buddy Wells

9 months

If you bribe a politician in future, sign a deed of sale for a fictitious transaction, which never takes place. Then if you get caught, you can both just say you were going to buy something, but it was never delivered & you don’t care about getting the millions back

@ewnreporter

EWN Reporter

9 months

The South African Reserve Bank has released its finds on the #PhalaPhala farm saga - says it could not conclude that there was any contravention of the exchange control regulations.

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@BuddyWells1

Buddy Wells

4 years

Argentina is in trouble because it borrowed in foreign currency instead of borrowing in its own sovereign currency issued by its central bank. IMF loans in foreign currency. Zim & Argentina borrowed from IMF before their financial crisis.

@BDliveSA

Business Day

4 years

SA running out of time to avoid Argentina’s fate, Lesetja Kganyago says

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@BuddyWells1

Buddy Wells

2 years

@tito_mboweni How is it not a conflict of interest when an ex finance minister works for Goldman Sachs (GS), resigns to retake his old ministerial post, during which GS is granted a banking licence in SA, and holds a pvt call for GS clients, and then he resigns to take a GS post again?

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@BuddyWells1

Buddy Wells

3 months

Manufacture a crisis & then present privatisation as the solution. Hand potentially lucrative, essential public monopolies to connections with little fuss from a grateful public, brainwashed by “think tanks” & media paid to promote privatisation of public monopolies.

@News24

News24 🇿🇦

3 months

News24 | Stage 13 load shedding? Government kept enormity of Eskom crisis secret for months

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@BuddyWells1

Buddy Wells

4 years

The IMF loan only really makes sense if we use it to pay off the dollar denominated debt we already owe and are paying high interest on. If the IMF loan is at 0% with no conditions, we should take the loan but immediately use it to pay off higher interest dollar denominated debt.

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@BuddyWells1

Buddy Wells

6 months

My article explaining the real reasons the Rand is weakening was published in @BusinessLiveSA Enjoy!

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BUDDY WELLS: The real reason the rand is depreciating

What SA should aim for is a win-win situation where we export less in value than we import (a trade deficit) while earning more forex than we spend

www.businesslive.co.za

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@BuddyWells1

Buddy Wells

4 years

SARB profit is negligible. The real enrichment comes from the SARB monopoly on money creation which it currently licenses exclusively to commercial banks who profit from usury on all money they create. SARB currently does not let gov supply newly created Rands into the economy.

@tito_mboweni

Tito Mboweni

4 years

As of now, 90% of the SARB profits are handed over to the National Revenue Fund. So? What do we want to achieve? Tell the public. Lets debate. Dont say internal debates, this is a fundamental National debate.

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@BuddyWells1

Buddy Wells

1 month

The US just spent $25 billion bailing out its post office while the Rand issuing state is choosing unemployment & drop in citizens access to basic services.

@BDliveSA

Business Day

1 month

Post Office sends out 4,700 retrenchment letters

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@BuddyWells1

Buddy Wells

4 years

China’s SOEs make losses totaling $200bn (R3,4 trillion) per year. The Chinese economy flourishes. Why? Because public sector loss is private sector gain. Public sector deficit = private sector surplus as long as SOEs procure only from local companies.

China Is Only Nibbling at the Problem of "Zombie" State-Owned Enterprises

China’s economic growth in recent years has been hobbled by the many long-term money-losing firms, often state-owned, dubbed as “zombie companies” because they are effectively insolvent but kept...

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@BuddyWells1

Buddy Wells

4 years

@PatriciaDeLille Why does the government need to pay a private company to put up a fence? Unless we realize & admit that it’s cheaper for government itself to do what it can do, then we are a nation of suckers. Plain and simple. Outsourcing = corruption. Officials sell public money for bribes.

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@BuddyWells1

Buddy Wells

4 years

The SARBs vision of a successful SA seems to be one in which foreign investors make a lot of money from SA.

@SAReserveBank

SA Reserve Bank

4 years

The words of Governor @KganyagoLesetja

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@BuddyWells1

Buddy Wells

3 years

“Reserve Bank governor says inequality, poverty and unemployment are not reasons to gamble on stability”. I wonder what @KganyagoLesetja thinks causes instability if not inequality, poverty & unemployment? This man & @SAReserveBank cause instability.

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Lesetja Kganyago warns of high cost of risky, inflation-boosting economic policies

Reserve Bank governor says inequality, poverty and unemployment are not reasons to gamble on stability

www.businesslive.co.za

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@BuddyWells1

Buddy Wells

5 years

@your_money_blog Be interesting to work out how much SAns in total would save per year if all our cities had a kick ass public transport system and we didn’t need cars. I’m pretty sure the savings would be way more than cost of building it...& SA wouldn’t have to import so much fuel (inflation).

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@BuddyWells1

Buddy Wells

8 months

The problems in SA stem from the fact that govt is already “working with” powerful interest groups that influence policy to benefit the already rich at the expense of the majority who are mostly poor. Monetary & fiscal policy has long been captured.

@DailyInvestorSA

Daily Investor

@DailyInvestorSA

8 months

Remgro CFO Neville Williams said it is willing to work with the South African government to help solve the country’s problems.

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@BuddyWells1

Buddy Wells

4 years

Banks don’t lend out savings. The following statement by ⁦ @KganyagoLesetja ⁩ is false: “If they don’t put money in the bank, you and I who are borrowers, will have no one to borrow from. The money we borrow from the bank, is from depositors” #MoreLies

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Kganyago against lowering interest rate to near 0% - SABC News - Breaking news, special reports,...

South African Reserve Bank (SARB) governor, Lesetja Kganyago says he does not agree to the idea of lowering the interest rate to near zero percent.

www.sabcnews.com

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@BuddyWells1

Buddy Wells

4 years

Let’s all remember that this all began with a foreign company buying a successful SAn company.

@News24

News24 🇿🇦

4 years

End of Dion Wired: All stores to close today | @Fin24

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@BuddyWells1

Buddy Wells

1 year

Interesting that SARB monetary policy committee members who already earn millions, have access to home and vehicle loans at preferential rates direct from SARB...and so don’t personally have to suffer from the consequences of their rate hikes. But let’s talk about belt tightening

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@BuddyWells1

Buddy Wells

3 years

This is some dumb ass shit. The currency issuing state giving away a strategic public monopoly so pvt sector rent seekers can tax us on every import, under the excuse that we don’t have Rands. Transnet needs private partners for R100bn 'super terminal'

Transnet needs private partners for R100bn 'super terminal' at Durban port | Business

Public Enterprises Minister Pravin Gordhan says Transnet was looking to potentially work with private companies for the expansion of the Durban port to the tune of R100 billion by 2023.

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@BuddyWells1

Buddy Wells

1 year

There is a war being waged on the SAn public. Our monopoly assets are being sold, often to foreign companies. Once they own our electricity networks, our roads, our rail, our communication networks, our ports, and our water supply without which we can’t even live, they have us.

@BusinessTechSA

BusinessTech

@BusinessTechSA

1 year

'State-owned entities are the kiss of death' - Cape Town seeks to privatise its port

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Buddy Wells

3 years

So the an SOE (PIC) is funding the privatisation of another SOE (SAA) and the shareholders / directors of the private company buying the SOE have links to both the PIC & government? In what world is this not state capture on steroids?

@abednego82

Abednego

3 years

I told you Harith, Tshepo, Jabu, Pravin, etc are using government money to buy a government asset (SAA) from the government.

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Buddy Wells

6 months

And they say state owned enterprises can’t be efficient.

@matsila

Robert

6 months

All hail the Devil’s dock, of China.

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@BuddyWells1

Buddy Wells

1 month

Globeleq is owned 70% by British International Investment and 30% by Norfund. SA govt is borrowing money to pay it to foreign companies to build power plants using imported components instead of using locally issued Rand credit to pay SAns to design & build power plants locally.

@DailyInvestorSA

Daily Investor

@DailyInvestorSA

1 month

South Africa has picked a $300-million (R5.58 billion) standalone battery project that will be the biggest of its kind on the continent to boost its energy supply, according to Globeleq Inc.

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@BuddyWells1

Buddy Wells

4 years

The idea that government should outsource because gov officials are inept or corrupt is bizarre. Outsourcing just enables more corruption. What needs to happen is to close down loopholes for corruption & to prosecute any that are corrupt and ensure gov officials are competent.

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Buddy Wells

29 days

The banking oligopoly operate on exclusive state granted licences to create money when they issue loans and charge interest on that. The financial sector is now 24% of GDP while govt is only 8%. But bank embedded economists convince us govt is too big & public servants overpaid.

@Moneyweb

Moneyweb News

29 days

#Nedbank CEO Mike Brown, who will be leaving the position at the end of May, was paid a total of R92.5 million last year, a 176.4% increase on the year before. #Moneyweb

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@BuddyWells1

Buddy Wells

27 days

Why are SAn execs not grilled like this in @ParliamentofRSA ? Retail CEO’s in SA have some years earned 1000 times more than their lowest paid workers if you include bonuses. One CEO took a R650 million bonus a year after refusing striking workers an R80 per month increase.

@pmcafrica

Peché Africa 🇿🇦

28 days

Woolworths... Australia

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@BuddyWells1

Buddy Wells

4 years

The man who receives a salary of R2 million Rand & who consults for companies like Goldman Sachs complains about being poorly paid for selling SAn strategic assets cheaply & paying >10%/year for imported credit being issued at 0% by foreign central banks printing by the trillion.

@tito_mboweni

Tito Mboweni

4 years

I have often asked myself the question: What is the art of politics? The Path to Power and how to stay in Power! And lead your People correctly. Corruption free. Why do people want to be in Power, actually? Why? It’s a poorly paying, thankless and abusive job!!

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Buddy Wells

4 years

Let’s discard the excuse that we don’t have money to invest in education. SARB has the money. The question is, how will investing in education affect inflation? Education reduces inflation long term by increasing local skills & goods supply, reducing imports & increasing exports

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Buddy Wells

4 years

Says the man in charge of an economy with 0 growth, 30% unemployment & junk status.

@tito_mboweni

Tito Mboweni

4 years

In a democracy like ours, the PP should fall on her sword. Game over!!

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Buddy Wells

9 months

Interesting coincidence that both Mboweni & Manuel went on to become governor of SARB and Ministers of Finance...and afterwards were awarded lucrative positions in Goldman Sachs and Rothschild foundations.

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Buddy Wells

2 years

SAs near 50% unemployment is only allowed because the vast majority of unemployed are black. Any major non-black unemployment is met with interest rate cuts or govt deficit spending on productive employment & investment. But here, rate hikes & austerity is condoned & encouraged.

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@BuddyWells1

Buddy Wells

4 years

SAs trade and industry sectors are going to regret it if we let SAA and other airlines go bust. Trade and tourism add R2,5 trillion to SAs economy per year. Subsidizing SAA at an average of R2bn per year is a drop in the ocean compared to value added by SAA.

@business

Bloomberg

4 years

Governments are devoting more than $85 billion to propping up the airline industry. Here’s a guide to where that money is going

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@BuddyWells1

Buddy Wells

4 months

Is any other political party apart from the @EFFSouthAfrica promising to end outsourcing & privatisation? If not, I’m voting EFF next year. All these other opposition parties just can’t seem to make the connection between privatisation & corruption, inefficiency & inflation.

@wayneduv

Wayne Duvenage

4 months

SPECIAL REPORT Outa's investigations have confirmed a huge den of corruption in the Department of Higher Education. Student aid is merely another piggy bank for politically connected fat cats…

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Buddy Wells

3 years

People who push for privatisation & the state outsourcing to private companies are happy with a dysfunctional state...it proves them correct and provides both the perfect political climate for corruption and the alibi for it. “The state is corrupt & bankrupt, it must privatise.”

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Buddy Wells

4 years

I’ve noticed from threads that people who refuse to believe that the state (SARB is an organ of the state) is the source of all Rands in supply, and thus is not financially constrained, invariably tend to be libertarian (religiously believe in “free markets”) white supremacists.

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Buddy Wells

6 months

There is a concerted daily propaganda campaign on multiple platforms to prepare the SAn public for the sale of public monopolies to pvt companies. This will lead to a increased inequality & a weaker R, higher interest rates and increased debt due to increase in outflow of profit.

@DailyInvestorSA

Daily Investor

@DailyInvestorSA

6 months

Andre de Ruyter and Harvard University share their views on Eskom Former Eskom CEO Andre de Ruyter and The Growth Lab at Harvard University share their views on fixing Eskom – with striking similarities.

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Buddy Wells

5 years

The media have clearly been captured. The Rand is the worlds most volatile currency, fluctuating widely on any given day...it’s easy to point at a drop & use it as political capital by attributing it to the actions of someone you don’t like. Do SAns still believe our fake news?

@BDliveSA

Business Day

5 years

Rand weakens in response to Busisiwe Mkhwebane’s findings

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@BuddyWells1

Buddy Wells

4 years

The @IRR_SouthAfrica are part of the Flat Earth Society of the economics world. Amazing how much media space they get. I’m going to enjoy dismantling this dinosaur’s flawed logic piece by piece and making him eat his words. Stay tuned.

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Buddy Wells

4 years

This says SAA strikers demand increases totaling R60 million pa. Yet SAA just signed a R2bn loan with private banks to keep afloat. Assuming interest is 10% that’s R200mil per year! But SARB could loan at 0%. We are happy to fund banks but not workers.

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SAA to shed 944 jobs but pilots get pay rise totalling R100m – The Mail & Guardian

Three unions in the middle of negotiating wage increases say the airline had not told them of its decision to retrench staff

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Buddy Wells

3 years

Someone didn’t get my memo. Tell us Senzo, how in the hell does a currency issuing sovereign state “have no money” other than it simply choosing not to issue it? You can choose not to spend R into existence, but that is a policy choice....not because you can’t.

@Powerfm987

POWER 98.7

3 years

Senzo Mchunu: National Treasury has no money to foot public sector salaries hike .

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Buddy Wells

4 years

The SARB / neoliberal house of cards is about to tumble. More and more economists & academics are seeing the light and speaking up.

@BDliveSA

Business Day

4 years

LETTER: Reserve Bank and Treasury must break with old neoliberal dogma

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Buddy Wells

4 years

If you object to to Cuban doctors coming to SA is it simply about protecting SAn doctors jobs? If so, does this emergency measure put SAn doctors jobs at risk? Do we have enough doctors to meet the demands of covid at its peak? Did you protest imported chicken, clothes etc?

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Buddy Wells

3 years

Sanctions are being placed on the SAn economy by the @SAReserveBank & @TreasuryRSA in order to punish SA for its redistributive policies. Our economy, institutions, businesses & households are being starved of Rands in order to create political pressure for “structural reforms”.

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Buddy Wells

4 years

Everything that’s wrong with SA leadership: a CEO who takes a R250m bonus and then lays off workers.

@MagnusHeystek

Magnus Heystek

4 years

A massive blow to journalism in this country. Only last week the CEO of Naspers was given a bonus of R237m. It’s a cruel world out there.... Africa’s top publisher to close S.African publications, cut jobs via @SharenetSA

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Buddy Wells

3 years

Wow! My Economic Thinking Blog just got 40 000 hits.

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Buddy Wells

4 years

What is the reason for @Eskom_SA paying over 10% interest on its R450bn debt (R45bn per year) when @SAReserveBank can fund Eskom at 0% which would save Eskom R45bn per year, thus reduce our mostly cost pushed inflation which Eskom tariffs add to?

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Flawed Monetary Policy behind Eskom debt crisis

Eskom recently applied to NERSA to increase electricity tariffs by a whopping 15% per year over the next 3 years (59% compounded). Eskom’s major expense driving its need to increase tariffs …

buddywells.wordpress.com

@Eskom_SA

Eskom Hld SOC Ltd

4 years

André de Ruyter: Eskom faces a number of key challenges 👇 #EskomSOS2020 #Eskom

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@BuddyWells1

Buddy Wells

2 years

When Mr Mboweni was Min of Finance he never created a state bank, but he did grant a banking licence to Goldman Sachs, who he works for now & worked for before he was appointed Min of Finance. He kept our pvt sector dependent on banks for R supply & state dependent on pvt sector.

@tito_mboweni

Tito Mboweni

2 years

Economic transformation is not going to happen in South Africa without a State Bank. The current banking and finance system is not geared for transformation. We need a disruption. A State Bank!! Without access to Finance Kapital, we are in a breakfast picknic!

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Buddy Wells

5 months

State capture 101: 1) Defund SOEs by pretending the Rand issuing state doesn’t have Rands to build & maintain strategic public monopolies. 2) When they are incapacitated, either sell the monopolies or hand them over to private companies.

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@BDliveSA

Business Day

5 months

Cabinet approves plan to break Transnet’s monopoly

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@BuddyWells1

Buddy Wells

4 years

Where is the “but Zimbabwe” crowd when leading nations do this? Japan's Abe to give blanket cash handouts to all citizens in coronavirus stimulus

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@BuddyWells1

Buddy Wells

3 years

Especially true of South Africa wouldn’t you say...

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Buddy Wells

4 years

Japans central bank has bought more than 40% of Japanese government bonds totaling 90% of Japans GDP. Japanese government debt is 250% of GDP. Total Japanese debt is 380% of GDP. Meanwhile @SAReserveBank refuses to fund our gov cheaply or carry out any stimulus beyond rate drop

@WSJecon

Real Time Economics

4 years

Japan is giving every person in the country nearly $1,000 as part of a $240 billion coronavirus stimulus package

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