Reseve Bank to blame for job loses - Cosatu

2009-09-21 11:49

The country has shed more than 475 000 jobs this year, he said, and is projected to lose a million jobs in total.

Addressing the Cosatu conference in Midrand today, Dlamini said the global economic crisis was not the sole cause of the job losses, adding that the government “ had a dose of irresponsible policy”.

He said the tightening of monetary policy by the bank, under outgoing governor Tito Mboweni, had brought the economy to its knees.

“The outgoing governor said people must give up their 4X4s, oblivious to what he was doing to growth, fixated with one thinginflation.

“He forgot that looking at one gauge is not a good way to manage a car, you must look at everything when you manage the economy, especially that which is very important to ordinary people jobs,” he said.

Dlamini said the congress, which was also attended by President Jacob Zuma and some of his ministers,  should have a debate on which government department should oversee the bank.

The Cosatu president also threw the federation’s weight behind Zuma and his ANC co-leaders in the emerging debate around succession in the ruling party.

  ”the right time” , he said, but intimated that Cosatu would take a clear stand on the issue.

“If the time comes for that discussion on leadership, we declare now for all to hear that we will not be neutral, but we will side with the principles that have guided our movement up to this day.

“We are aware that the ANC ...is itself a trench of struggle, a dynamic organism that veers where the wind blows, depending on which class is at the helm,” he said.

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