Premium: RW Johnson – The arrogance of ANC fiscal ignorance raises Venezuelan risk for SA
In today's contribution for BizNews former Oxford Don RW Johnson draws on Maggie Thatcher's oft-quoted quip: "The reason why socialism fails is that sooner or later you run out of spending other people's money." Alas, instead of her common sense being imprinted on young SA brains, Thatcher is often vilified here. Sad that.
RW's article contrasts the reality of South Africa's parlous financial situation with thought processes of undisciplined spendthrifts entrusted to take our nation's important decisions. It's the height of poor judgement by we, the voters. A bit like a trusting fool conned into lending their Platinum card to a cocaine addict.
Ahead of our interview later today, I've been reading Anthea Jeffery's new book "Countdown to Socialism". In it she helps us understand the root of ANC's fiscal approach. This is shaped by its "National Democratic Revolution" template, a 1950s plan devised by the Soviet Union for newly independent states intended to be the vanguard for global spread of communism.
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