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The Zuma disaster: What took you so long, Trevor?

Why EWC can cause further damage to your personal wealth.

It’s been a rather lonely and depressing journey to be one of the few financial commentators to be repeatedly pointing at the slowly-unfolding implosion of SA’s financial and economic fortunes, with dire consequences for all, but mostly for the poor and former middle class. Even the rich have felt the impact of SA’s waning fortunes if one looks at the numbers. More about that later.

My articles, which can be read here, served as regular commentary on what I saw in the economic tea leaves: a Zuma presidency – with the full support of the ANC – doing untold and ever-lasting damage to the economic and financial infrastructure of the SA economy.

Go ahead, dear reader, and spend some ten minutes of your time to read these articles. You will also find articles on other media websites where I tried to warn the average-investor about the unfolding erosion of personal wealth. Perhaps unravelling would be a better description.

One of the reasons I felt so strongly about raising these red flags was that, firstly, it was my honest and professional opinion but, more importantly, it seemed to me that there was almost a conspiracy of silence by the cheerleaders of the SA financial and investment world: the economists and fund managers.

I have written about this before, but being negative (even if it is your honest opinion), is career-limiting in SA, especially if you find yourself being employed as an economist for one of the large insurance companies, fund managers or commercial banks. Step out of line and you could get the chop.

It became clear to me very soon after the Zuma administration took over in 2009 that the financial metrics of the country were starting to unravel, clearly as a result of a president whose only interest in the economy was to see how much money he and his party could extract from it: not to build or invest for the longer term.

My article, The Death of the Rainbow Nation, published in November 2014 was a particular turning point. I expected the normal prodding from unanimous internet trolls, calling me all kinds of names, but what I didn’t expect was the flood of damnation from the normally somnambulant FW de Klerk Foundation and even Mmusi Maimane from the Democratic Alliance.

The barrage of commentary was along the lines of: if you don’t like it, get out. I was even, more surprisingly, described on Moneyweb as a “financial pornographer” by a fellow columnist . Trust me, while the facts that cross my desk are very revealing, they are not going to excite anyone.

It is therefore in this context that I consider the comments made by former finance minister Trevor Manuel, with a great deal of cynicism. Manuel, who was finance minister from 1996 to 2009 and also served briefly in the presidency of the Zuma administration until 2014, is now calling the Zuma presidency “a total disaster”. This was said last week during a speech he made at the Archbishop Thabo Makgoba Development Trust Public Lecture in Cape Town. 

My first thought was: “Why did it take you so long, Trevor?” If you felt so strongly about the Zuma presidency, why did you not have the courage of your convictions to resign, and publicly call the Zuma presidency a disaster. Why only now, several years after you’ve left politics and find yourself happy and well-paid, no doubt, ensconced as chairman of Old Mutual Emerging Markets and also director of Rothschild, the global money manager?

I wonder if Manuel would have made the same comments if Jacob Zuma was still in power? 

Launching the same attack on Zuma while he was still in power would have been career-limiting at Old Mutual.

And why don’t you go further and add: it’s not Zuma that was the disaster, it was the whole of the cabinet and the ruling ANC which was (and still is) the disaster.

Anyone can be brave after the bully has been toppled by someone else, calling him names and pulling faces as he walks away in a sulk….

Economic scorecard

If one runs through the economic and financial metrics during the Zuma administration, all one sees is a country slowly imploding on so many fronts.

Unemployment? At record highs at 27.7% of the work force. The true number is even higher at 35%.

Credit downgrades: When the Zuma administration took over, South Africa had an investment-grade rating from all three of the large credit ratings agencies. We are now junk in the eyes of two (S&P Global Ratings, Fitch) and marginal investment grade in the eyes of Moody’s.

Residential property market? A ten-year bear market with prices on average down 21% in real terms over ten years. Strip out the Western Cape (where growth is now at zero), and average prices in many areas are negative in nominal terms. In many parts of rural SA there is no formal property market.

Net SA FDI (as percentage of GDP): Economist Mike Schussler recently published a chart showing how net foreign Foreign Domestic Investment as a percentage of GDP dropped from +30% in 2010 to -30.1% at the end of 2017. That is money pouring out of the country by local corporations. They now have more money invested abroad than in their own country.

The JSE? Over 10, 7, 5 and even 3 years the JSE is stone last or second to last against the major investment markets. See charts and tables below. This is wealth destruction on an industrial scale. Choose your currency; dollars or rands. It makes no difference. It is particularly noteworthy that even over three years, when the rand strengthened from R16 to R11.50, the local currency’s returns were still last.

SA losing the investment race

Your pension? Another unfolding financial disaster. Investment returns – hamstrung by slow domestic growth and Regulation 28 – have been between 3-5% over the last three years, which is less than the inflation rate. Go and check the latest returns on your pension, provident-and retirement annuity funds if you don’t believe me.

Earlier this week someone who has a substantial amount of money in one of the country’s largest private pension funds showed me his statement; average growth of 2% per year over the last three years. That to me, dear reader, is currently where the financial crisis is unfolding. There is very little public scrutiny of our pension funds. Returns are never discussed in public but that is where the biggest quantum of money, which belongs to its members, resides.

The rand? When Zuma came to power in 2009 the rand was trading at around R7.40 against the US dollar. Today, in spite of the weakening dollar from R16/1 in January 2016, is at around R13/$ (still 72% weaker).

And so I can go on.

But do you ever see any such discussion by formal economists of the large banks and insurance companies? There seems to be an unwritten conspiracy of silence to keep this discussion out of the public domain. 

Where are our rich people going?

Even the so-called rich are feeling the pinch and becoming less in numbers.

Some two weeks ago New World Wealth published its so-called Wealth Report, which received widespread coverage in the media. “SA has 44 600 dollar millionaires”, were the headlines that I read.

But one had to dig a little deeper into the numbers to get to the actual numbers: SA had lost 5 000 dollars millionaires over the last three years – more than 10%.

This is an astonishing number in any country. While it has been countered by an inflow of approximately 1 800 millionaires from Africa, mostly from Nigeria, does it still leave SA with 3 200 less dollar millionaires in just 3 years.

Where have they gone? I have no idea but I would suggest Australia, New Zealand, Britain and more recently Mauritius. A British university—Middlesex—has recently opened a new campus in Mauritius in the Cascavelle-area and already I am bumping into SA parents who have sent their kids there for their university education. Expect this trend to continue as word starts spreading.

Not buying ‘Ramaphoria’

I have refrained from commenting on the so-called Ramaphoria-effect which, according to some in the popular press and certain business websites—will galvanize the SA economy, stimulate economic growth and result in a flood of money pouring into the country. I simply don’t buy that narrative. I would need significantly more information backed up by real and quantifiable data to come out and say : yes, things are changing for the better.

The damage done to the economic fiber of the country by the Zuma-disaster has been so deep and enduring that it will take many years for the wounds to heal.

State capture, we are told by Pravin Gordhan, has cost the country R100 billion and more. That is merely scratching the surface.

How much investment did we not get as a result of policy uncertainty, state capture, corruption – which has been facilitated by cadre-deployment – maladministration and downright theft.

Take a look at our mining industry, for example. South Africa often brags that it has the largest treasure trove of mining resources in the world. But government’s policy with regard to ownership of mining rights, BEE quotas and other restrictive policy issues, has driven most new foreign investment away. The Australian Stock Exchange (ASX) has 578 listed mining companies, well over 500 of them junior miners. Canada’s Toronto Stock Exchange (TSX) has over 200 junior miners. The JSE has only 43 listed mining companies of which 24 qualify as juniors.

Junior miners play a pivotal role in prospecting and developing new mine fields, before they either sell off to the large mining companies or get taken over. More than 70% of all gold discoveries made between 1950 and 2016 were by junior miners.

New president Cyril Ramaphosa is taking special care to try and convince investors, local and abroad, that expropriation without compensation will not damage the economy. The land issue is real and needs to be dealt with, but the current state of affairs is more a reflection of government’s failure over 24 years to deal with this issue in a forceful manner. It was only when its own research, as reported by the Sunday Times, indicated that the ANC would lose support on the left (EFF) and right (DA) to below a 50% majority, that it embarked on this radical approach.

There is enough land in the hands of government, municipalities, tribal chiefs and provinces that can be used to satisfy a great deal of the  hunger for land. There is also an enormous willingness from our country’s 35 000 odd commercial farmers to cooperate and assist aspiring black farmers to obtain land, capital and experience to truly become farmers.

But if government is going to start expropriating viable commercial land without any compensation, then the markets will show their displeasure. It cannot take place in a modern-day economy without damaging investor confidence.

Many valuable commercial farming enterprises across the country are owned by foreign investors. They invested real money into this country and any attempt to expropriate foreign owned land will be met with fierce resistance.

Take for instance Analjit Singh, the billionaire Indian investor, who has plowed a reported R1 billion into the country to build up the Leeeu Collection, which consists of various farms and guest houses in the Franschhoek area. Shall we start EWC with Singh?

I spent some time on the Landbou.com website this week and found more than 20 000 farms and plots for sale. While some are merely large plots and in some cases just homes in farming areas, does it show an avalanche of properties flooding the market, many marked with “reduced prices” as owners scramble to get out of this market?

People in the farming community tell me farm prices have collapsed and most farms and plots cannot be sold for love or money, considering the massive uncertainty created by the policy of EWC. Nobody is buying.

So my question, to end the article, is directed again at Trevor Manuel, as chairman of Old Mutual Emerging Markets, the custodian of the wealth of millions of South Africans: What are your views on EWC? And will this policy cause any damage to the wealth of your policyholders and investors? We don’t want to hear – years later and after much damage – that you too thought it was a disaster. Then it will be too late. They deserve to be told the truth now in order to protect their wealth.

*Magnus Heystek is the investment strategist at Brenthurst Wealth. He can be reached at magnus@heystek.co.za for ideas and suggestion.

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COMMENTS   58

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When I heard his comments I said that he was stating the obvious and that it was rich coming from a party member who put Zuma there. And Cyril was there too as Magnus’ points out.

We need an urgent review and changes to the constitution that will prevent another Zuma presidency. We don’t need a change to the constitution to allow Expropriation without Compensation.

Cyril’s presidency has in my view already failed its first test and seems intent on emulating the presidency of JZ because it comes from a fundementally flawed revolutionary movement that cannot govern.

The major problem with the ANC is its electoral system which allows thugs and criminals such as JZ, DD, Ace and Supra to be elected into its most senior posts.

Never let biased emotion interfere with a good debate. Debate is healthy and necessary. I learned this from a very likable and influential black friend of mine.

He once told me that those who criticize Thabo Mbeki are not on his intellectual level and do not understand the huge economical growth created under the era of Thabo Mbeki (irrespective of his convictions to not throw too much state money after aids because aids are as much a universal population control phenomenal as was the black flue, the effect of many wars and certain death to millions before penicillin were introduced). He told me that S.A. will come to regret not having Thabo at helm any longer.

This same friend said that Trevor Manuel (with the help of all those at treasury at the time) was the best minister of finance S.A. has ever seen – even during the whole Boertjie tenure – and that it would take a miracle to again build up the huge capital reserves with just about no government debt as was case at the end of the Mbeki / Manuel era. In hindsight I know this friend was right about both predictions.

So recently we had a chat about current affairs, specifically the land expropriation matter. His opinion is that the majority poor masses understandably hunger for a piece of land in their own country that they can call home, a residential stand that belongs to them, where they can raise their family. This is achievable if politicians and government get their act together.

He claims the rhetoric about farmland is more about rural, tribal ownership of some relative farmland for purposes of community farming and animal gracing and that the balance outcries about expropriation are just about political plundering and self enrichment. I think he is right again.

His concern presently is that the more than ten million and growing “illegal” but accommodated black immigrants in S.A. today are a huge drain on government resources from schools, universities, health clinics, hospitals, housing, public transport, employment opportunities, policing, other services, etc and are undeniably detrimental to the upliftment efforts of S.A. citizens. I have to also agree with this synopsis of my wise friend.

Great article. I wonder how will the CW supporters react.

The Hun: Who is CW? Please write the full name if you want us to read and enjoy your contribution.

Magnus, you underestimate how vindictive the ANC is as a party! This is why it took Trevor so long.

Vindictive certainly. Incompetent and incapable of governing. For sure. So take your money out of the country. Do not rely on pension funds etc. Consider Mauritius…! People with money already have..

Speak out at the time and your knees will get broken.

I do not think it is vindictiveness. For the ANC leadership the party is much more important than the country, so they rather ruin the country than show disunity.

It’s called “Democratic Centralism”, the ethos of most Leninist political parties. It’s been destructive in the case of the ANC, because it allowed the Zupta predatory elite to capture the government, and before that Mbeki and his crazy AIDS denialism.

This article should be published far wider than Moneyweb.

This is not the first time that Trevor Manual has spoken out against JZ.
Anyway ,CR ,Trevor Manual etc do not answer to the likes of afriforum so they have to strike a balance in getting a pragmatic outcome to a lot of pressing issues the country faces. The alternative is a future worse than JZ.
Magnus, on the other hand, is drumming up business with the afriforum type constituency so he is pushing the right marketing buttons there.
I’ll not disagree in being sceptical about the ZAR now but most people would do well to use a reg 28 fund as a significant building block in their total financial picture. A reg 28 fund can be very well rand hedged.

And so speaks a Reg 28 fund manager! Get your money out of Reg 28 and achieve financial freedom!
I cashed out my own preservation fund 6 years ago, paid the taxes and moved the lot offshore. No I have double the amount of money I would have had, had I stayed where I was.

Hm…..your analogy on the article is perhaps that of the the well off on the Titanic, “….foolish to think the ship will sink…so have another glass of fizz and enjoy the band”

Ultimately, the inability of the ANC to govern rested on Mbeki who destroyed the civil service. After that, despite the cash flowing in, there was no ability to govern and the stage was set for Zuma and his cronies.

The same goes for Gordhan. He happily played along until he was booted out. Only then he became critical. The bulk of the happy crowd on the Zuma bandwagon is still there. CR has a herculean task ahead of him. I hope for the best and fear the worst!

Cyril’s heart is in the right place, but he has the Zuma/Gupta rump to contend with, the Malema-ist left flank, and the rise of the DA in the metros.

I’d like to think he can pull it off, but I’m not optimistic.

Cyril and Zuma are the same group

Like every other ANC flunky, he only has the courage of his convictions when there is no change of him losing his job. Self-enrichment is every cadre’s priority. Nothing else matters

When you belong to the ANC; you cannot criticise the president without going through the proper channels. Its cold outside the ANC umbrella (protection). So yes, there is a factor of self enrichment ; but more loyalty to the party.

With the uneducated masses, nothing is or will change. Thats how this country rolls with egotistical politicians serving their own interests at the pleasure of the uneducated / poor. Rather turn the news off and go to the beach / park and listen to music or if you can afford it, LEAVE.

The following quote from Bastiat (The Law) describes politics in South Africa. It is always good to be objective, and to get some context before we are engulfed by negativity and despondency.

“Men naturally rebel against the injustice of which they are victims. Thus, when plunder is organized by law for the profit of those who make the law, all the plundered classes try somehow to enter — by peaceful or revolutionary means — into the making of laws. According to their degree of enlightenment, these plundered classes may propose one of two entirely different purposes when they attempt to attain political power: Either they may wish to stop lawful plunder, or they may wish to share in it.

Woe to the nation when this latter purpose prevails among the mass victims of lawful plunder when they, in turn, seize the power to make laws! Until that happens, the few practice lawful plunder upon the many, a common practice where the right to participate in the making of law is limited to a few persons. But then, participation in the making of law becomes universal. And then, men seek to balance their conflicting interests by universal plunder. Instead of rooting out the injustices found in society, they make these injustices general. As soon as the plundered classes gain political power, they establish a system of reprisals against other classes. They do not abolish legal plunder. (This objective would demand more enlightenment than they possess.) Instead, they emulate their evil predecessors by participating in this legal plunder, even though it is against their own interests.

It is as if it were necessary, before a reign of justice appears, for everyone to suffer a cruel retribution — some for their evilness, and some for their lack of understanding.”

Frederic Bastiat (1801-1850) was a French economist, statesman, and author.

Magnus you have at last been vindicated with this article.
Whilst previously you have been critised for being negative and anti – SA, I have always agreed with your warnings and sentiment.
However… we are now in a very different scenario
– we have now also been let down by the very people that should have been upholding strong and moral economic principles as well – the scions of SA business …the banks who reclessly loaned money to them, the auditors who should have done the proper due diligence on aquisions, the Investment advisors and institutions who took peoples hard earned money and used it to prop up some of the biggest scams this country has known.
Everyone is calpable and needs to take responsibility for what has happened. Trevor Manual is just one In the queue.

The only chance of removing JZ was to fight behind the scenes from within the ANC. Too vocal and you were left in the cold. Anyway – the big crook is out and we’re in a much better place although it will take time to repair the damage.

Zuma may be out but he is very much about, stirring behind the scenes with a vast following of corrupt politicians and civil servants. This guy should be wearing a yellow uniform in C-Max.

agree he is causing trouble quietly behind the scenes. The goal? To get his ex in as Pres, he then is off the hook re 785 charges.

Thank you Magnus I agree with the points you are making. If an ANC cadre is accused then he is innocent until proven guilty. Nick and Naas have already been found guilty based on an unprofessional outburst.

What is adding to the destruction of property values is the legal system which creates an environment making it impossible/costly to go after levy defaulters in sectional title schemes. Court processes are dragged out for years and nobody can stop the rot. I am aware of more than a dozen such cases and would certainly like someone with teeth to investigate this system.

Ashwin made such a fool of himself on Saturday night that any “credibility” he thinks he had has vanished…..imho.

Wonder if SS will have the guts to do the right thing? Doubt it.

I know we go way off-topic here. I think SS should instead of possibly suspending the contract for any one of the trio, but rather convince all 3 parties to resume.

For a channel like SS it’s all about viewership numbers & advertising revenue. Instead of defusing things, rather add petrol and some sparks (incl. to allow presenters carte blanche to say what they want, irrespective on which side one is on)

In mean, if the viewing public knows that Nick, Naas & Ashwin will be back at their posts the coming weekend, the WHOLE COUNTRY WILL BE WATCHING SS, expecting something. SS will experience a viewership explosion! (…albeit not for the right reasons 😉

The anc are morally bankrupt and I include Manuel in that statement – their aim in life is geared solely to garnering votes for their mindless and racist power base and to blazes with the electioneering BS of “a better life for all”.

I have been an avid reader of MH’s writings for over 2 decades, ever since his warnings on the huge pyramid schemes of the nineties. Other financial advisors were urging clients to invest with Porrit and the like. Heystek and the late Financial editor of the Fin Mail were the exceptions.This guy has proved his integrity, insight and professionalism over and over again.

“What took you so long, Trevor?”

My thoughts exactly!

With few exceptions the rat politicians only started to jump ship when it started listing. Trevor can pretend that he is concerned with what is best for the country but judged by his silence during the Zuma era exposes that myth. It’s all about me, myself and Maria and I.

Trevor also vigorously batted for the corrupt ANC in the enquiry into the Arms scandal. Ask Terry Crawford Brown if Trevor is an admirable person.

Thank you Magnus-you always tell it like it is.

Greatly appreciated.

Great article Magnus.Re the pension issue i have cashed in my provident fund because i do’nt trust the industry and especially the outcome of the government’s intention of taking control of private pension funds and medical aids. African politicians simply cannot help themselves with their thieving and incompetence.
i have been taking money out the country for years and will continue to do so.as a young man when i went ”worlding”in 1977 i paid 90cents for a U$.
Cyril must stop talking and start producing.

Tricky – I think the majority of SA’ns are poor and probably quite happy with the ANC- especially CR. So assuming we carry on as we have, with a slow erosion in everything, what should your investment philosophy be?

On a side note, if you look at the tables above, you see that emerging markets in general were 2nd-last. So there is a big EM story happening here too, we are impacted a lot by what the rich think of emerging markets and fund flows, and they’ve all been chasing China, with other EM lagging. Those flows are so huge, that you might be right that SA is a problem, but ultimately someone else will decide your investment performance for you.

Shockingly weak analysis

@Mythbuster……Really…?…

Reality is,the only thing shockingly weak is your cognitive abilities

Or, you are trolling on the behalf of the ANC

Bravo Magnus!

Please continue in this vein – you may have been seen as a voice in the wilderness but there are many experienced longterm (and I mean many decades) investors here who appreciate your savvy comments and style!

Mentioning Zuma is a go to for anyone who is either empty,has nothing to offer or is singing for their supper.

Trevor should let it go. We’ve let it go. JZ is no longer the President. You are doing nothing and you are offering nothing.

That being said, why does he think he is different to JZ? or rather what if what we see in JZ we see in him as well?

Clearly the ANC /majority black people don’t appear willing to listen to “reason”. Moreover your frustration is the fact that they don’t want to do things “our way”. In all fairness what did we, the white people, do when we were in charge? Three things did unmentionable harm to race relations in this country: (1) the homelands, (2) the pass book system and (3) influx control. The NP government treated balck people like lepers and shoved them into the distant corners of this country (and they aren’t going to forget about that quickly). How can you say to a man “he is not allowed to be in this Nandos restaurant unless he is here to serve me”. How can we the Johnny-come-latelies tell the Africans “you are not allowed to be on this beach” when they here before us for 1000’s of years. Sometimes I think that today they do the exact opposite of what we want just to show us, that they can. We only reap what our forefathers sowed with all their self-righteous cr@p.

The current destruction that follows any public protest originated in the apartheid era; it was the only way that the black majority could get results. Unfortunately this is so ingrained in their psyche that they still do it.

Without destruction there is no response from government … so sad!

Vote with your feet and your dollars.While you can.

I agree with Magnus’ analysis of the “Zuma disaster” but not with his attack on Trevor Manuel. This is definitely not the first time that Manual has publically criticised Zuma and he was probably instrumental in creating an anti-Zuma camp from the inside of the ANC.

At one stage Manuel was even described as “the mastermind behind the anti-Zuma pro-imperialist coup attempts that saw two marches in the last two weeks and a call for a motion of no confidenceagainst President Jacob Zuma. Manuel is the go to man for money and ideas. He is linked directly to imperialism and dirty money …” by Zuma supporters.

I think Manuel is being unfairly targeted and does not deserve to be painted as indirectly corrupt and immoral by association. This is an unfair attack on Manuel who has always worked for the good of SA, in my opinion.

Not quite as the arms procurement scandal has proved, but he was definitely the best Finance Minister that we have ever had. Every year he adjusted for bracket creep and gave taxpayers back something. Once He was out and the rape of the fiscus started, no more bracket creep adjustment.

It is a massive indictment on the ANC that it took so long for someone like Manuel to speak out. Maybe it was ‘not safe’ to do so previously. The ANC is a dictatorial organisation that is imposing on South Africa what it has done to its members for decades i.e. if you don’t think like us you are an enemy. So much for the ‘freedoms’ their members claim.

your head is very far down your backside Magnus…you were the only one?

Shaokhan: Name a few of the ones you have in mind who wrote, in understandable language, what Magnus is referring to above.

WHERE’S BOB ???

Smartie: Who is Bob? Why don’t you try something smart and write in a manner that we can all understand. Otherwise you are wasting your and our time.

Dear Magnus – or any other Moneyweb reader.

In the aftermath of the Ashwin Willemse debacle on Supersport I was made aware via a comment on another forum that he was the beneficiary of BEE shares in Goldfields to the tune of R61.4m via Gayton Mackenzie who became an empowerment partner at R330m. https://mg.co.za/article/2014-01-17-gunslinger-in-r61m-gold-fields-bee-bonanza

Now I would like some clarity on some issues as to how this works. Did he have to pay anything for these shares? If he did through a banking finance scheme, what interest if any is there? If he wants to sell them is he restricted by a time constraint? If the shares plummet in price to say 50% of the ruling price when they were issued to him and he sells the shares does he owe anyone anything?

I think the investing public should be made aware of funds in public companies are allocated and this is a point in case.

Great article!

However, there is one thing I’d love to know:

Where the hell is RobertInSydney?

Suppose I forgot / not able to pay his subscription to Moneyweb?

Good day

An honest appraisal of our past, present and, most importantly, future. You express what most of us feel and think, as far as we’re capable of either, but never see reflected in print. Doomsday prophets, certainly, but are there any other realistic outcomes? Thank you very much.

Just one mistake, but it’s a grave one. It isn’t Jacob Zuma who broke South Africa, it is the voting public. As long as we don’t understand our democratic rights and obligations, we’re forever going to be an overutilized cash cow to greedy and power-hungry politicians. This was but a wake-up call, much worse is to follow. SA went Humpty-Dumpty and we allowed it to happen.

Lest be very fair and civil towards Trevor Manuel and more good South Africans like him that helped Mr. Zuma leave office.

It was not easy to “convince” Mr. Zuma to leave office.

At times it seemed that it would never happen in our lifetime and that South Africa was doomed.

Eish, the monopolistic capitalists left without any political power are very critical and outspoken about uncle Jacob and the only comrade party stronger than heavenly powers (or so they assume). Smile.

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