State must own SA Reserve Bank: EFF

2013-07-20 22:58

Johannesburg - The SA Reserve Bank must be owned by the state in order to serve the interest of South Africans, the EFF said on Saturday.

“The general practice in the world is that governments own their reserve bank. South Africa is one of the two if not three that do not own their own reserve bank," said Economic Freedom Fighters leader Julius Malema.

“It [Reserve Bank] regulates the interest rates and once that is in the state ownership it will be regulated to the benefit of the people, so that our people can afford to buy houses and cars without having to pay high interest."

Malema spoke to Sapa on the sidelines of an EFF consultative forum held in Johannesburg.

The members discussed principles on which the party's policies would be based.

One of the priorities discussed during the plenary sessions was land ownership.

Manifesto priorities

Malema said the party was clear on what would be the final policy of the organisation.

"The land issue is a national crisis. Our people have waited for the transfer of land for the past 20 years. The ANC has promised that it will deliver 30% of the land by 2014, but it has only delivered 8%," he said.

"The majority of our people don’t have the land, to own the means of production for the development of this country."

He said the position of the EFF on land ownership would be part of the party's priorities in its manifesto.

"The position is that we are expropriating without compensation. We want that to be an act [of law], and before it becomes an act, our people should begin the process of occupying the land,” he said.

Malema said the state would have to resolve the dispute with the owners of the private land which will be occupied.

Consultative process

“But our people don’t have to be evicted. They [government] must stop evicting people who occupy the land.”

EFF also wanted a full audit of who owned the land and for what purpose it was being used.

“We need to know who owns the land and what are they using it for. There is a lot of abundant land which has been fenced and is not being used for anything. We want to use that land for production and creation of jobs in South Africa,” Malema said.

Mbuyiseni Ndlozi national spokesperson of the EFF said the consultative process was the beginning of policy discussion for the party.

"This was a national consultative forum which started policy conversations for the national assembly which is taking place next week,” he said.

The national assembly would be made up of representatives from all the regions and provinces, and it would conclude its EFF policy discussions next weekend.

Other policy issues discussed at the consultative forum held on Saturday were education, health, corruption and economic transformation.

  • Muhammed Bhyat - 2013-07-20 23:18

    News24 is GUILTY of giving this idiot news coverage.

      Jakkie Seven - 2013-07-21 07:27

      Thomas, have you ever heard the idiom about glass houses?

      Andrew Selous - 2013-07-21 08:26

      And hopefully..hopefully he is found GUILTY the state can own him for at least 15 years.

      Mkulu Mkulu - 2013-07-21 10:11


      KevanFoxcroft - 2013-07-21 10:15

      “The general practice in the world is that governments own their reserve bank. South Africa is one of the two if not three that do not own their own reserve bank." All the Reserve banks are NOT controoled by their governments. You want to impress a person , tell them you want to bring back the gold standard. Reserve banks and just a monopoly , monetary dictatorship. the truth is very simple THE RESERVE BANK IS A PRIVATE COMPANY. All they do is print money , that has little value , because it looses its value the more there is of it. Look at Zimbabawe the ONLY currency EVER with an expiry date, how much was their inflation rate again? All bob did was just print more money and give it a higher value. The money needs to be backed up by something, hence the gold standard. The government does NOT print the money , the reserve bank does. When was the last time any reserve bank was audited?

      Bongani Nsele - 2013-07-21 11:07

      Muhammed Bhyat is not an IDIOT he just follows mainstream thinking...he doesnot question and that makes him clever indeed........

      Philosopher - 2013-07-21 11:11

      Just imagine you work 20 years in building ASSETS (land, business) for your family to ensure they live a nice life, especially when one becomes elderly. Then Malema comes along and tells you its not your land anymore, all that hard and honest work just for it to be taken away from you.

      Hector1331 - 2013-07-21 13:21

      Bottom line, this criminal needs to be locked up now, enough with this revolution nonsense.

      Melusi Nkosi - 2013-07-21 15:21

      i am not surprise if that is coming from an intellect.

      Monsta Ronis - 2013-07-21 17:11

      I'd love to be locked in a room with Malema and a baseball bat !!! He's an embarrassment to South Africa, he is a corrupt wannabe politician who is ONLY interested in his own financial gains and has an IQ of a 6 year old! How can anyone in their right mind ever take him seriously!

      JD Weilbach - 2013-07-21 19:33

      "...State must own SA Reserve Bank..." Mmmmm, so in the fairy tale world that is the primitive imagination of a goon that took 21 years to fail Woodwork, the Reserve Bank must belong to Julius MAL-ema... GO FIGURE..! This fat freak could not make a chair at school - now he wants to run one of the most complex financial entities there is. The greatest depths of stupidity are those who do not know that they do not know - enter EFF...

      Mike Olwagen - 2013-07-22 16:11

      I had a boss once that said there is nobody as dangerous as one who thinks he/she knows something about something, because he/she cannot realise it is making a mistake!

      Thabo Tman - 2013-07-22 17:11

      EEEIIISHHHH JUJU!!!! This guy has a tendency of shooting from the hip hehehehe rather an emotional lad. Most if not all reserve banks are privately owned. @KevanFoxcroft, although the link you provided is specific to the US it is very factual. In my view, the state owning the Reserve bank would actually work out .... if it is in turn managed well. This could be the first step in moving towards the gold standard. The occupation of land illegally is also a problem, Juju needs to get better advisers or speech writers. But I think everyone needs to note that the policies are being DISCUSSED, so nothing is final. Another thing to note is that Juju mentioned the taking of vacant land that is not being used. Again, I will say.. when white people were allowed to own land and GIVEN land.. was it ok? The land issue will be discussed extensively but I can tell you this... very few people believe in just taking land with no plan for it. I shall await the torrent of insults now.

      Joseph Moletsane - 2013-07-23 10:37

      Its very funny when an idiot calls a wiseman an idiot!HAAHAAAHAAAA

  • Kwajo Musa - 2013-07-20 23:28


  • Helen Shevchuk - 2013-07-20 23:32

    Julius, neither me nor my SA family have any land either!!! I hope you will remember us when dishing out land... Or are we not part of "majority of OUR people"?

      Shirley Bisschoff - 2013-07-21 00:33

      I don't own land either and neither do a lot of other white folk. Can't honestly believe he'll be dishing it out to us as well though. I'd be dreaming if I did.

      Thabo Tman - 2013-07-22 17:32

      @Helen Shevchuk I doubt that YOU fall in the "OUR" which Julius is referring to, how come you or your elders didn't use the opportunity to own land during apatheid. Is your surname of South African decent? @Tebogo wena you seem to overlook a simple thing, black people never had anything since apartheid, so we are actually the ones who REALLY have to start from scratch. We had Inferior education, no assets and a terrible standard of living. We are where we are because of apartheid so you cannot say that we should not "live in yesterday". Your yesterday is TODAY to a lot of blacks in this country.

  • Travis Vermaak - 2013-07-21 02:06

    SA goverment cant be trusted with a piggy bank, let,alone the reserve bank.

      yaya188 - 2013-07-21 19:24

      Too true, and this idiots knowledge of the reserve bank?? one has to laugh.....that or cry. I mean?? eh?? he wants to governmentize a private entity?? Ah well, he into his election year ne??

  • Levis Molefi - 2013-07-21 03:35

    anc 4 life...stp dis cheap malema talk shw n carry ur suspention cheif...ANC AM WIT U ALNG D ROAD

      Stussy Ngoepe - 2013-07-21 08:09

      @levis molefi.Ja you should be right because zuma is taking care of you,you should be,you don't care about the lives of other people.people dying at hospital with the lack of operational equipments and medicines,lack of experienced nurses and dr's,youth dies at initiations,corrupt police,raping of old gogo's,teenages,2 or 1yr baby,failing of bringing a quality education in rural schools,failing of providing good services to our poor people,unemployment in our country etc,all under the ruling party ANC,please think twice.

      Rob Martin - 2013-07-21 14:22

      Is this a reply a new sort of Morse code dot dot dash

  • Nan Sajini - 2013-07-21 03:48

    Oh plz stop fooling people SA will be like Zim soon porvety and everything is on the way whats the difference between Jz n Juju ,God Bless South Africa before its too late

      Monwa Mahlaba Wushe - 2013-07-21 04:54

      The difference is that in the history of more than 50yrs as a politician JZ was never expelled from any political party because of ill discipline

  • Nan Sajini - 2013-07-21 03:48

    Oh plz stop fooling people SA will be like Zim soon porvety and everything is on the way whats the difference between Jz n Juju ,God Bless South Africa before its too late

  • Jonathan William King - 2013-07-21 03:58

    I see you got the ANC education package.

      Tersia Louw - 2013-07-21 10:15

      Jonathan, if you used the "Reply to..." button, we'd know to whom you were addressing your comment. It's difficult to figure out... So many possibles...

  • Ta-Ace Mzwakali - 2013-07-21 04:56

    Jah, says the man who's very good at fooling the uneducated and ignorant citizens

  • Dagga Movement - 2013-07-21 05:00

    The reserve bank is a foreclosed corporation. Http://

  • Funwithgoats - 2013-07-21 05:39

    EFF. Everything For Free.

      Kortbroek Du Plessis - 2013-07-21 13:26

      F for woodwork too!

      Sehlako Raymond - 2013-07-22 08:41

      Fun with goat , what a joke!!

  • Jack Phakathi - 2013-07-21 05:43

    Owning a piece of land does not create wealth.Wealth is in one's brain.

      Gumede Lucky - 2013-07-21 06:58

      Well-said Phakathi, the problem is thÍs guy make it seem like he will help some troubled people,, comon, how many milions he owned already? Did he help one street-kid, no way he even stolen from the most poorer!

  • Gerald du Rand - 2013-07-21 05:48

    This common criminal should have been arrested and incarcerated long ago. The A.N.C. fat cats are too busy counting their loot to govern properly.

      Gumede Lucky - 2013-07-21 06:55

      I dn't think we shud be insultÍng ANC for this idiot called Malima,, we just need to make sure that most of us are sobber enough not to position these Drunks in a position that will compromise our beloved country,, if we shift the blame, to other political parties,, we may loose focus on this crasy man (Malema)

      Makaveli Amaru Shakur - 2013-07-21 07:42

      Malema is here to stay fool.The courts have nothing on him & he'll be your president next,you can count on it.

      Jason Hepple - 2013-07-21 08:02

      Shakur... You know that the courts have nothing on him?? He's a thief man... Wake up!

      Buzz Bar - 2013-07-21 12:57

      Two pack shakur, is that you? Another reason why certain individuals should be made to wear 2 condoms.

  • Ann Tyrrell - 2013-07-21 06:12

    So fat boy wants land to plant his cabbages' again.

  • Annemarie White - 2013-07-21 06:44


  • Dale Fourie - 2013-07-21 06:59

    They want do what??????they can't farm,think I have to go the UK asap

      Esau Banyane - 2013-07-21 08:06

      tembo, Dale is right look at SA now, Free State people were given land and visit it now!!!???

      Tshembo Papa-hluke Mathonsi - 2013-07-21 08:20

      It's their land.... It's like being a king, it's a birth right. Go to Venda and see what black people are doing with the land which was given back

      Bongani Nsele - 2013-07-21 11:15

      they can't farm, who are they? Africans have been taking care of their lives for millions of years....they don't need a european to throw a seed on the ground for them.....europeans where never invited to come here they came here because of their own hunger back in the old country

      Freda Coetzee - 2013-07-21 11:17

      Dale not a bad plan. The people need education... There is enough land, but no they want the farms that are making money already. And NO we did not get the land from the apartheid government...We paid back the bank loans end of every month.

      Shisa Lungu - 2013-07-24 20:58

      @Dale, you should have gone yesterday to your Uk, all the more land for those who need to get some.

  • Blackhole_Sun - 2013-07-21 07:03

    This giant tomato is a MAMPARA.

  • Gumede Lucky - 2013-07-21 07:08

    Malema is really crasy,, to my surprise when I read these comments some people seem to think that this guy has something to offer,, well if it's not only sh*t it's bull-sh#t,,,. I just hope we dn't have enough idiots in this coutry to make him even close to Parliament with these Dellusions!

      Hunter Tseke - 2013-07-22 15:42

      Some of us know south african history of 1913 land act. And we will put EFF into parliament to address this issue. Whether you steal in 1913 or in 2013 you still a thief!!

  • Richard Scully - 2013-07-21 07:10

    Mugabe has been teaching him because the Rhodesian reserve bank is mugabe's private account

      Stussy Ngoepe - 2013-07-21 07:56

      That is the problem i have against malema because he's a big friend of mugabe and look what is he(mugabe) doing.

  • Hamelton Ethin - 2013-07-21 07:14


  • Tshepang Matsila - 2013-07-21 07:14

    Well nw! Dis wud b the country of "sushi n champagne" oh n Malema u fail capentry moes so y go complicate yoslf further with Bank dude its all abt numbers der dnt even think abt it.

  • Victor van der Walt - 2013-07-21 07:17

    This malema must EEF off.

  • Jacques Shreky Stander - 2013-07-21 07:22

    This fool is a danger to society, he will lie threw his teeth to get back into power, were his able to steal and enrich himself. Tell the uneducated people what they wanna hear,no matter the consequences !!!

      Sabelo Sebenguni - 2013-07-21 08:07

      So if I may ask - Would you blv in the policy propositions made by the EFF if Malema, Sushi etc were not part of it?

      JamesMWood - 2013-07-21 08:31

      Lindiwe, small correction, he doesn't want to earn a salary, he just wants to be paid

  • Kalahari Kgalagadi Safaris - 2013-07-21 07:25

    Back '94 mandela promised the people 'fridges, cars and homes if you vote for us' Now mandela's family is stinking rich and the voters are poorer than ever. Now the idiots fall for malema's illogical promises again .

  • Jack Phakathi - 2013-07-21 07:26

    Will the SARB have the ability to survive indepentently? Or will it be another SABC and SAA endless bail outs.

      Tersia Louw - 2013-07-21 10:18


  • Zoenain Davids - 2013-07-21 07:28

    And yet we got ppl that wna follow the moron

  • Makaveli Amaru Shakur - 2013-07-21 07:28

    Viva my president Viva..2014 here we come

      Tersia Louw - 2013-07-21 10:18

      And 2015, there you go.

  • Tuelo Pharasi - 2013-07-21 07:29

    is waar(the gloves are off)..

  • Sekgobela Thaithai - 2013-07-21 07:30

    Malema must go stay in zim zim for 27yrs... We dont want to see another zimbabwe in SA.

      Richie Sbedula - 2013-07-21 07:35

      It is true something must be done about Reserve bank

  • Mordikaai Speak - 2013-07-21 07:33

    Ignorance is bliss

  • Geoff Mosweu - 2013-07-21 07:34

    It really makes sense for the government to own and regulate the reserve bank, it'll take time to do this but it will be for the benefit of the public at large, EFF might be having a good policy on all the related issues but it need people who are the to serve the interest of the voters

      Jakkie Seven - 2013-07-21 08:23

      Geoff, it is a bad idea on so many levels. Especially for his purpose. What do you think will happen when he keeps interest rates artificially low? What incentive will the international community have to invest in us (Whom we are so dependent on)? What will happen to inflation? What will happen to the banking system (Oh yes, they too will be nationalised.) This guy is telling the poor what they want to hear knowing that he will never be able to give them what he promises, he is a corrupt liar an egotist and a dictator in the making...

  • Lourens M Hendricks - 2013-07-21 07:42

    Juju I love your ideals,BUT a country can't sustain itself,Nationalisation,redistribution of land yes sounds good,but please you nor Jacob Zuma or currently any1 in the ANC are capable of making that a reality without the country goin under,please be more realistic in your goals,engage the private sector, as they are the income 4 Government,there are other ways of fighting poverty,we say we are a rainbow,so let's engage all the colours of the rainbow so we can all enjoy the pot of gold @ the end of it!VIVA ANC/EFF VIVA!!!P.S do a course in economics or ask Thabo 2 teach you the basics.

  • Bongeka - 2013-07-21 07:43

    Eish!!! Same tricks, different cast. And you expect us to believe you? Those who don't know you Malema or who can't see through you might fall for your tricks. But I hope people will open their eyes before making a mark on that ballot paper. Distabilizing the current corrupt officials is very good, but we know that you're also looking for a ticket back to gravy train.

  • Gilbert Nkhethe Mokgerere - 2013-07-21 07:44

    Malema brothers & Co have pushed Limpopo province into bankrupcy now they wants to do the same with the Country

  • Grant Wykerd - 2013-07-21 07:45

    Paying for the sins of the Father? Malema, get serious... let's assume you achieve your political mandate to take land by force, will you not be as guilty as those before you and that one day, the same retribution will be yours to bare? Look around you, there is available land everywhere that is not being used but you will believe that you have the right to take developed land from white people. You are a joke and anyone that agrees with your policies are as sourly mistaken as Robert Mogabe was and is... For those whites who just want to flea, please do so as you are compounding the problem by letting others think that if they say something you don't agree with, you run away... Try standing together and maybe we can all make a difference... We are all Africans and we all deserve a fair shake but you must work for what you have and the fact that the ANC is failing in its responsibility to set the record straight can in no way be held against the whites. I'll bet that if the DA was given a chance, the wrongs of the past will be set right!

  • Andrea Elizabeth Van Schalkwyk - 2013-07-21 07:48

    Ok so he wants to take land from whites??? Errrr 3million will provide land for 51million???? Mathematically thats not logical! And of those 3million, how many own land? Remembering that the 3million includes children and the elderly! And what wld happen to the land a person currently squats on for free?? If he isn't farming that in the last 19years or afforded to build a house, how will he suddenly develop a new,piece of land? Ppl must realise nationalition will not make it worse for whites and miraculously good for blacks, it will ultimately benefit only a few, like malema, the ppl will starve as the country is slowly sucked and squandered out of its hard earned money and resources! Zimbabwe, what have the ppl gained in the last 20years? Nothing they are starving!

      Sithembile Refuge Zikalala - 2013-07-21 10:03

      Wow only 3 million? It should be easy to jet and ship u

      Tersia Louw - 2013-07-21 10:22

      Mpho - the land is accessible to every South African; all you have to do is buy some. With money. That you've earned. See? Easy.

  • Philemon Khantsi - 2013-07-21 07:48

    So idiotic!

  • Bernd Kankowski - 2013-07-21 07:52

    Malema has absolutely no clue of what should happen in a country and how it should be run. Trying to advocate radical means of land occupation, take control of reserve bank, take back mines etc is a recipe for disaster. It is a game of populist politics to try and get back in the limelight. He should try and educate his cronies first on how not to abuse and ransack the state coffers for their own means. Using the excuse of the poor get nothing is true but he and his mates have a history of self enrichment. The circus comes to town once again and the number of clowns just seem to increase.

      Luynda Dlikilili - 2013-07-21 08:14

      People are hungry and not working,what is good with the state of our country currently,white have access to resources,land,farming and use black workers to advance their life, no white person earning R65 at the farms.that what we to change

  • Llewellyn Arendse - 2013-07-21 07:55

    zuma please man, i know u don't debate , but please for the 2014 elections have a debate with malema. Just the two of u. I would like to see u two clowns go at it on tv. I love comedy.

      Michael Nelson - 2013-07-21 14:14

      Llewellyn - all they would be able to debate about is what type to put on dehook for defish...

  • Morwen - 2013-07-21 08:01

    NEWSFLASH: SA Reserve Bank is owned by the Bilderbergers. Try and wrestle them rather, and GoodLuck!

  • Freddy Bester - 2013-07-21 08:04

    Malema we will not flee! We do not fear you! I serve one much greater than you. If you succeed in your bid to hoodwink the poor you will surely fall. We do not fear you.

  • Colin Ashby - 2013-07-21 08:05

    Tshembo... I am white and was born in Africa. I too am an African

      Wish Masilela - 2013-07-21 10:27

      your grandfathers were not born here

      Bongani Nsele - 2013-07-21 11:20

      no you are not....

      Tersia Louw - 2013-07-21 11:50

      South African belongs to all who live in her. - Nelson Mandela And MY ancestors WERE born here, 8 generations ago. Your ancestors were WHERE 8 generations ago, Wish and Bongani?

      Richard Scully - 2013-07-21 12:39

      And Wish, yours neither...the only people here were the Khoi

      Richard Scully - 2013-07-21 12:41

      Truth is that the ANC are the biggest racists, and they will end up back on Robben Island. History always repeats itself

  • Duze Wami - 2013-07-21 08:06

    i absolutely agree with u on that 1

  • Andrea Elizabeth Van Schalkwyk - 2013-07-21 08:06

    I didn't come from Europe???

      Bongani Nsele - 2013-07-21 11:24

      you can't run away from who you are Andrea we are different people sir.....

  • Andrea Elizabeth Van Schalkwyk - 2013-07-21 08:07

    So wld rather starve???? Thats foolish!!!

  • Rudi Hooligan Basson - 2013-07-21 08:08

    Yessss...another orchestrated public display of stupidity from the man without a house or a farm bwuhahahahaha.

  • Jacob Mashabela - 2013-07-21 08:08

    It seems Malema want te pocket of te state,joooh our Economy in trouble.

  • Andrea Elizabeth Van Schalkwyk - 2013-07-21 08:08

    I was born here!!!!

      Bongani Nsele - 2013-07-21 11:25

      i was born in Iceland

      Tersia Louw - 2013-07-21 11:51

      Does the word "birthright" mean anything to you, Bongani, or does the word only apply to black people?

      Bongani Nsele - 2013-07-21 12:10

      good point Tersia birthright sure counts for something but unfortunately there are many on what i can call the settler community who still need to educated about Africa...i pause

  • Colin Ashby - 2013-07-21 08:13

    Tshembo, let's talk again when the black govt takes good out of your mouth and you and your family are starving because of the bad decisions made by your leaders.

      Mohoi Ratsaka - 2013-07-21 08:28

      Black government huh! Your white government took food out of our mouths for 4 centuries, stealing everything from us, took advantage of our kindness. But with all resources that we have, SA's economy was always average, even under those demons you called leaders. Why do I call them demons, go to the library and read their speeches, starting with Hitler's Rubicon speech, by Hitler I'm refering to yout hero PW Botha.

  • Esau Banyane - 2013-07-21 08:17

    Why should he worry about reserve bank bcos he dos not pay tax. this eff is against financial affairs and intitutions of the country. he started evading tax and now is at SARB, ngwano o jwang maar, kowa mang?

      Azania Khathutshelo Smody - 2013-07-21 08:53

      EFF is not Malema weeeee vhathu,EFF is an organisation like DA,FF+ and is a policy of EFF to nationalse not of Malema.STOP BEING A SMALL MIND and tackle the issue,y shouldn't the reserve bank owned by the state Essau? Do u want our inflation rates to be decided by individual business people?who will be their priority,u or their business intersests?.let's not talk malema pks,son of soil

      Mariner - 2013-07-21 18:34

      azania EFF is all of three people.

      Azania Khathutshelo Smody - 2013-07-21 18:46

      That's acording to u mariner