I’ve expressed my worries about banks such as Africa Bank getting rich too quick by dishing out loans to those who should not qualify for loans. It’s the reason why i never joined the rush to Capitec. Even major banks such as FNB have introduced short term loans with interest rates akin to loan sharks. The banking industry is flailing the public.
Not only does unnecessary debt make slaves of the poor forever, it pushes South Africa towards the edge of a cliff. Our country didn’t learn the lesson from the great, international stock crash of 2008. Instead, our bankers lied to us and said we were safe. Some of us called them liars but the general public chose to ignore bad news in the hope that it would go away. Unfortunately, that isn’t the nature of bad things. They grow into monsters that hurt us much more.
Here in Knysna, we know that no matter how many times Knysna Tourism and Knysna Municipality preach good news, the real fact is that we’re in trouble. Knysna Tourism went bankrupt yet, at it’s next AGM, will ask for it’s powers to be extended. Knysna Municipality cannot afford to fix roads and pipes yet has raised the salaries budget by 50% the past 3 years. Later today, i will show that our supposed ‘clean audit’ was nonsense.
Some of the seemingly successful businesses in Knysna are battling to pay their rent. Almost everyone i know is poorer (the little business i get has dropped by half since last year). Crime is way up, the clearest indication of tougher times.
Knysna, you need to buckle down! You need to make your lives as small as possible. Not “small” as in less but as in more manageable, safer, better!
Put your kids in cheaper schools and make up for it by getting more involved in the education of their lives. Reduce yourself to one car. Spend more time on the beach, in the forest and having braais at home than wherever you have to pay for entertainment. Treat yourself to a restaurant meal but become an expert at the many specials on offer in our town. Drink less. Stop smoking. Get rid of distractions and become more in touch with your community. And if you’re in a position to do so, help others.
This email was prompted by ABIL, the holding company of Africa Bank and Ellerines, being placed under curatorship. Not enough South Africans are taking it’s collapse seriously. Although SARB (the South African Reserve Bank) shouldn’t be taken at its word, this press release by Gill Marcus gives insight into the billions lost and the rescue plan.
For your sake, get educated. I highly recommend that you read ‘Where Does Your Debt Come From?’