South African Capitalism’s Train-Smash | WHAT REALLY HAPPENED


South African Capitalism’s Train-Smash

The country’s surface-level political drama should not distract from deeper fissures.

The great sweeps of capital accumulation flowing above, through and from South Africa are leaving local businesses weaker than at any other time in memory. This may be just the medicine a mostly divided and yet often over-confident left opposition requires in 2016. Corporations are now at their most unpredictable and unpatriotic, with rapid expatriation of dwindling profits, the near death of several mega-mining firms that once ruled the roost, and a schizophrenic ruling class giddily backslapping some days, but inconsolably depressed most others.

The financial roller-coaster ride that nearly all the emerging markets barely survived in 2015 could become more exciting yet in 2016, here, especially if rising forces on the political left manage to derail the faultiest, most dangerous cars. For a change, these also appear to be the ones most ready to tip over in any case, carrying the chief executive officers most oriented to brutal labor exploitation, to mining and smelting, and to reaping profits from investments elsewhere in Africa. Those cars are also bearing the load of boorish, overweight politicians like President Jacob Zuma, whose punch-drunk behavior in the last month suggests he might well flip the whole train.

Webmaster's Commentary: 

The South African people have been betrayed, big-time, by the ANC and their promises to give people a better life.

Unfortunately, many South Africans are worse off today than they were during the Mandela Presidency, because the ANC has cast its lot with big, exploitative companies which make billions, and still pay their employees merely a pittance.

How this is ultimately going to resolve is anyone's guess; but let's hope and pray that whatever happens with a coming political transition in this country, happens peacefully and with justice, at the end of the day.

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