Image credit: Picture: Jacoline Prinsloo
By Andile Mngxitama
I just saw a Twitter thread with trolls attacking and ridiculing President Jacob Zuma for opening an account at Capitec. I don’t care whether the account was for his own personal use or for one of his foundations. The people ridiculing Zuma don’t know that actually, the entire banking system in South Africa (SA) is controlled by white monopoly capital (WMC). This is because they don’t know that the 6 or so banks that we have are all more or less owned by the same corporations that effectively constitute a monopoly.
These loud ignorant trolls don’t know just how interlocking the ownership and operations of these banks are. How do they manipulate the currency if they are not operating as a criminal cartel?
When we say WMC, we are talking about the owners of the economy of South Africa (SA) – from toothpaste to sunlight soap. In fact, people don’t know that even VBS Mutual Bank (VBS) had no license. It was underwritten by ABSA. I know this because I opened a VBS account before Julius Malema and Floyd Shivambu looted the bank to the ground. I now have a black card from Capitec.
So those who say that Zuma must not open a Capitec account because it’s a WMC bank, do so because they don’t know that the bread and eggs they eat every morning is produced by WMC. You can try and buy from black farmers where possible, but the chicken feed they use is WMC produced because we are in a monopolistic economy. If you want to be technically accurate, you can say that we are in a oligopoly – but I believe that monopoly is as correct a description, given the concentration of ownership.
People who don’t know why we are for Radical Economic Transformation (RET) are those who are ignorant about the structure of the SA economy. They don’t understand why we want to end WMC. Zuma was removed because he wanted a black bank and he wanted to end the monopoly of white capital in the mineral and energy sectors. The Mosebenzi Zwane Mining Charter, which the media said was a Gupta charter, gave blacks control over the value chain in the mining sector. It would have changed the monopoly of white capital over our minerals.
And oh, some of you don’t know that the African Bank is also owned by the same WMC. WMC is essentially a tyrannical matrix within which all of us are trapped. When Zuma wanted to destroy this evil matrix, its agents were sent to attack him.
So please, before you troll Zuma for opening a Capitec account, know what WMC is. And remember how some of your leaders removed him from office for fighting to end the evil WMC stranglehold around our necks.
My forthcoming YouTube channel will focus on explaining what WMC is and how it operates.
2020, Year of Awakening & Organizing!
Andile Mngxitama is the President of Black First Land First (BLF), a radical black consciousness organization.