Loading ...South Africa’s ruling African National Congress gushed a double whammy of capital-flight-creating rulings this afternoon. The Rand is tumbling on Bloomberg headlines that the ANC is said to seek constitutional changes for land expropriation (from whites) without compensation, but perhaps even more worrisome, the ruling party has decided that the Reserve Bank must be wholly owned by the state:
◦SOUTH AFRICA’S ANC ECONOMIC COMMITTEE CHAIR GODONGWANA SPEAKS
◦S.AFRICA ANC SEEKS CONSTITUTION CHANGES FOR LAND EXPROPRIATION
◦S. AFRICA’S ANC SAYS LAND EXPROPRIATION MUSTN’T HURT ECONOMY
◦S. AFRICA’S ANC SAID TO DECIDE CENTRAL BANK MUST BE STATE-OWNED