Former finance minister Trevor Manuel has reportedly thrown down the gauntlet at the Hawks: Arrest Pravin Gordhan or ruin SA’s economy.
Heed his words very closely. He reports to the Rothschild banking dynasty, his wife to Barclays and they have very rich and influential friends.
In the past week, UnCensored’s contributor, The Maytrix has asked serious questions about the reasons behind the devaluation of the rand, those who pull the strings in the background and beneficiaries of the volatility of the currency.
In response to the fall in the rand late last year, ANC Youth League in January, outlined the intricate market trading system existing in the world. It also outlined how financial institutions stood to gain with the fall of the currency and said they were a threat to the growth of developing countries. The league said currency had become a great source of income for financial institutions. “These institutions trade the rand by selling it among themselves which greatly impacts its price. In the name of a free market system, governments have limited control in how the markets buy or sell the currency in their countries.” It quoted Adam Smith’s book, The Wealth of Nations, in which he argues that in the new economic world order, the days of conquering countries through military means was no longer necessary as countries could simply conquer others by selling their products back to them and taking the wealth back to the nations from which they came.
They accused Barclays, with the help of its American counterparts, Goldman Sachs, of “excessively and aggressively selling our currency”.
The Guardian earlier reported that 15 authorities around the world were investigating collusion and price manipulation in the largely unregulated currency market. Last year, Forbes reported that four banks had pleaded guilty to antitrust violations relating to collusion and manipulation of prices in the foreign exchange market. The banks involved are Citigroup, JP Morgan Chase, Barclays and the Royal Bank of Scotland. We cannot forget that the depreciation of the rand in 2001, weakening by 42% from September 1 to December 31, led to the Rand Commission.
The commission was prompted by a letter from the head of the SA Chamber of Business, Kevin Wakeford, to former president Thabo Mbeki, alleging that from “reliable sources”, he had come to hear that southern African countries were involved in currency trading. Although the final report on the inquiry found no evidence of illegal conduct, the report remains controversial. Christine Qunta, one of the commissioners, submitted a report independent of the other commissioners.
Once the inquiry was commissioned however, the rand began to appreciate and remained at around R6 to R7 for the next seven years.
As Baron Mayer Rothschild, founder of the Rothschild said: “Give me control of a nations money supply and I care not who makes their laws”.