{"id":37172,"date":"2018-08-30T08:08:48","date_gmt":"2018-08-30T13:08:48","guid":{"rendered":"http:\/\/olduvai.ca\/?p=37172"},"modified":"2018-08-30T08:08:48","modified_gmt":"2018-08-30T13:08:48","slug":"rand-tumbles-as-government-warns-of-catastrophe-unless-land-reform-allowed","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=37172","title":{"rendered":"Rand Tumbles As Government Warns Of “Catastrophe” Unless ‘Land Reform’ Allowed"},"content":{"rendered":"
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Rand Tumbles As Government Warns Of “Catastrophe” Unless ‘Land Reform’ Allowed<\/span><\/a><\/h3>\n<\/div>\n
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In a barrage of headlines that sparked chaos in FX algo markets, The South African government proclaimed proudly that it is opposed to illegal land grabs (sparking a rally in the rand) before humans realized that this is mere statement of fact and that the entire reason for this process is to ‘legalize’ land grabs through reform.<\/p>\n

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As Deputy President David Mabuza said, the nation will \u201cslide into catastrophe\u201d if land reform doesn\u2019t take place.<\/strong><\/p>\n

\u201cThe majority of our people are poor and homeless,\u201d <\/strong>he told lawmakers in Cape Town Thursday.<\/p>\n

\u201cOur resources to carry out reform are limited.\u201d<\/strong><\/p><\/blockquote>\n

And the reaction is now getting real as the Rand nears two-week lows once again…<\/p>\n

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Notably, the rand is behaving more erratically this month than it did during the height of the power struggle between Jacob Zuma and Cyril Ramaphosa in December. <\/strong>The rand\u2019s one-month historical volatility is now at its highest level since December 2016 and the currency is headed for its worst August performance against the dollar on record, on track for a 9 percent drop.<\/p>\n

As Bloomberg notes, President Cyril Ramaphosa has embraced land expropriation without compensation as a means to achieve equality and racial justice, and in a bid to steal a march on populist opponents before elections in 2019. A planned amendment to the constitution is still a work in progress, with public hearings on the matter concluding next month.<\/p>\n

Yesterday saw UK PM Theresa May confirm her support of Ramaphosa’s “land reforms”<\/a> as long as they’re legal…<\/strong><\/p>\n

“The UK has for some time now supported land reform that is legal and transparent and generated through a democratic process.<\/strong> I discussed it with President Ramaphosa during his visit to Britain earlier this year and will discuss it with him again later today,” she said.<\/p><\/blockquote>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Rand Tumbles As Government Warns Of “Catastrophe” Unless ‘Land Reform’ Allowed In a barrage of headlines that sparked chaos in FX algo markets, The South African government proclaimed proudly that it is opposed to illegal land grabs (sparking a rally in the rand) before humans realized that this is mere statement of fact and that […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,6],"tags":[951,21451,21449,2022,21450,21448,11700,3701,20169,10479,4318],"class_list":["post-37172","post","type-post","status-publish","format-standard","hentry","category-economics","category-liberty","tag-currency","tag-cyril-ramaphosa","tag-david-mabuza","tag-fx","tag-jacob-zuma","tag-land-reform","tag-rand","tag-south-africa","tag-south-african-rand","tag-theresa-may","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/37172","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=37172"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/37172\/revisions"}],"predecessor-version":[{"id":37173,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/37172\/revisions\/37173"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=37172"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=37172"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=37172"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}