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Thread: 2.1 'Nationalisation will save rich'

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    2.1 'Nationalisation will save rich'

    1. South Africa
    2.1 'Nationalisation will save rich'
    James Brent-Styan, Fin24, 7 December 2009

    Johannesburg - Those behind the debate on the nationalisation of mines are simply seeking deliverance from their own financial predicaments in the wake of the economic crisis.

    This is according to Jeremy Cronin, deputy minister of transport.

    Cronin, who is also the deputy secretary-general of the South African Communist Party, says the economic crisis was particularly hard on the mining industry.

    People who acquired black economic empowerment stakes in mines lost a great deal of money in the downturn. If government were to nationalise the mines this would effectively present them with financial rescue packages, much like the bail-out packages given to banks overseas.

    Cronin says that instead of giving financial hand-outs, government decided rather to invest in infrastructural projects. Government and the SACP, he explains, are not against nationalisation - and this debate is important - but one has to ask whether nationalisation of the mines is really a priority.

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    This story is about a month old
    The trouble with opportunity is it normally comes dressed up as work.

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    It was sent to me by COSATU yesterday.

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    I left the article as it was sent to me.

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    Dated or not, Jeremy's suspicions that the nationalisation call by Julius Malema might be motivated by a desire to bail out faltering BEE deals more than anything else might not be without merit.

    I wonder at times if JZ's chase for President was motivated by a sense of calling to serve South Africa - or was it to duck those corruption charges...
    The trouble with opportunity is it normally comes dressed up as work.

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