SUBJECT FOR DISCUSSION: NATIONALISATION OF BANKS WITHOUT COMPENSATION

  • November 07, 2017 | Deputy President Willie Madisha

SUBJECT FOR DISCUSSION: NATIONALISATION OF BANKS WITHOUT COMPENSATION

 

Speaker, the Congress of the People’s values and ideology are underpinned by its commitment to Social Democracy, Constitutionalism and Good, Clean and Responsible Governance.  As such, Speaker, COPE is committed to healing the divisions of our past, the achievement of equality and the establishment of a society based on social justice, fundamental human rights and democratic values.

COPE envisages a united and democratic South Africa and the achievement of better life for all.

As such COPE supports social and economic interventions that promote equality and social justice within the framework of an inclusive capitalist economy and the development of a capable welfare state.

Speaker, South Africa faces unprecedented constitutional, social, economic and governmental crises, all of which are rooted in a political crisis of corrupted leadership, bad governance and poor policy choices. Under Zuma and the ANC, our prospects have progressively weakened. 

Economic growth needed to power transformation and a reduction in poverty, inequality and unemployment, has regressed to recessionary levels.  

The sustainability of our developmental project and the financing of government operations and programmes is in jeopardy. We desperately need economic growth – and for that we need to foster an environment conducive for growth. Talk of radical economic transformation, the expropriation of land without compensation by the ANC amongst others, and now this debate on the nationalization of banks without compensation damage the creation of these conditions.

Speaker, COPE is concerned at the rise of fascist and destructive populist tendencies and this includes a shift by Zuma and the ANC and others towards racially based-based right-wing populism.

COPE considers the call for the nationalization of banks without compensation as counter-revolutionary to the developmental challenges we face.