Watching the Brazilian Presidential election unfold is sobering for South Africans. Barring a massive turnaround in the second round of voting, on October 30 that country will re-elect Lula da Silva who presided during the Operation Car Wash corruption frenzy. A plunder which led to dozens of politicians and businessmen being jailed. Including Lula himself.
Brazilians seem to be telling the world even though they know former President Lula is openly corrupt; even though his Leftist Party fleeced the public purse for their own nefarious ends; even though Lula promises to tighten control over State-owned Petrobras, Operation Cash Wash’s Ground Zero – they still want him back. Because he shares the spoils.
In short, Lula’s supporters say he has “a good heart” and love that he showers them with unaffordable social benefits. These Brazilians, mostly poor, either lack the economic understanding of the dystopian future Lula’s approach will deliver. Or just don’t care that debt-fueled instant gratification is a mortgage their children are certain to inherit.
___STEADY_PAYWALL___Locally, opinion polls suggest the majority of South Africans may finally have tired of what Helen Zille describes “without hyperbole, as the criminal syndicate called the ANC.” But when 2024 arrives will citizens actually vote the ANC into oblivion? Or, like the Brazilians, favour a corrupt political party because it postpones an ever-worsening day of reckoning?
More for you to read today:
- U.K. Government Abandons Plan to Cut Rate of Income Tax for Top Earners. The plan had spooked markets and drawn intense political pressure.
- Prosus Drops $4.2 Billion Takeover of India’s BillDesk. Deal to buy digital payments platform is latest to collapse amid technology market selloff.
- On Mandela. RW Johnson says the late President’s great gift was naivete, something his admirers still share.
- Pew Research Centre: How Global Public Opinion of China Has Shifted in the Xi Era
In this question and answer session from BizNews Conference #4, Piet Viljoen discusses his investment portfolio method of tying a number of stocks together to create a stronger bundle. He gives his opinion on funds with performance fees and how his fund is faring in the local vs offshore investment competition with Magnus Heystek.
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