Karel Combrinck: Too good to be true

Recently it was announced that very large sums of money emanating fom various sources have been ear-marked for aid to the South African government to help it address problems arising from the Covid-19 epidemic. An amount of 4,3 billion Dollars (US$ 4 300 000 000) was among others allocated by the International Monetary Fund. Even more amazingly, a loan was made to the South African government by (believe it it not ) by the African Development Bank. As is generally known in South Africa, a considerable portion of these funds have already been stolen or misappropriated (in South Africa “misappropriated” is a euphemism for stolen). How much, if any,  of these funds will ever go towards relieving the plight of ordinary South Africans remains to be seen. What we do know is that nothing will go to South African whites as has been decided by the racist ANC government.

Questions that arise are first of all, where do the immense sums of money come from which the IMF so lavishly throws around and whence the generosity towards the incompetent and corrupt South African government? The question is made more poignant by the fact that all three the most important credit-rating agencies have awarded South Africa the well-deserved distinction of junk status.

The IMF was established in 1944 at the UN Monetary and Financial Conference in Bretton Woods, USA. The original purpose was to place the world economy back on track after the devastation of the World War. Twenty-nine countries signed the treaty at the time and 189 countries subsequently joined. The activities of the IMF are therefore funded largely by contributions made by member states on a quota basis, that is to say each member contributes according to the size of its economy. The moneys in the final instance come from the pockets of ordinary tax payers as usual.

A further question concerns the generosity of the IMF towards South Africa. Voices have been heard expressing surprise, indeed dismay,  at the billions “lent” to a bankrupt state from which there is little chance that the moneys will ever be recovered. Over the explanation for this apparent idiocy we can only speculate. A purely economic initiative it is clearly not. One possible explanation is that the ” international community ” represented in the IMF which were largely responsible for the creation of a junk democracy in South Africa cannot stand by idly while their creature is failing. Under normal circumstances too many questions would have been asked, but now, of course, they have the Covid-19 smokescreen to hide behind.

In the unlikely event of the loan ever being repaid after having been plundered,  then it will be at the expense, once again, of the South African taxpayer. Paying taxes is the one right to which white South Africans are fully entitled. But, we suppose, this is what the international community regard as ” fair “.

There is also the possibility that in the case of non-repayment of their loan that the IMF could force the South African Government to sell national assets as happened in Greece where the Greek government had to sell their main sea port of Piraeus, a number of islands, historical monuments and art works as well as fourteen airports in order to repay their loan debts. It is dangerous to place oneself at the mercy of the great financial forces of this world. Such concerns are however immaterial in the eyes of the ANC fat cats interested only in the short-term gravy train. And at the moment, for them, the going is too good to be true.