Zimbabwe

With every passing day the formerly booming nation of South Africa is getting ever closer to the formerly banana republic of Zimbabwe.

On Wednesday, South Africa's ruling African National Congress proposed at its 5th annual national policy conference that in addition to potentially nationalizing the country's central bank, that land expropriation without compensation should be allowed where it is "necessary and unavoidable," President Jacob Zuma said.

By Chris at www.CapitalistExploits.at

Earlier this week I discussed Zimbabwe - the country that took and continues to take ineptitude to a whole new level.

Authored by Jeff Thomas via InternationalMan.com,

For many years, I’ve described black markets not as the evil danger to economies that governments profess them to be, but as predictable and sensible reactions to the overregulation of official markets.

After South Africa's embattled president Jacob Zuma pledged, in a surprising address to parliament one month ago, to break up white ownership of business and land to reduce inequality (in a State of the Nation address which was disrupted by a fistfight), it now appears that Zuma's intentions to convert what was until recently Africa's most prosperous economy into a new Zimbabwe were all too real, and as the Telegraph reports, the South African president officially called on parliament to change South Africa’s constitution to allow the expropriation of white owned land without compensation.

In a stark flashback to the events that led to Zimbabwe's terminal collapse into banana republic status, as well as unleashing hyperinflation and economic devastation, on Thursday South African President Jacob Zuma pledged to break up white ownership of business and land to reduce inequality, in a State of the Nation address which as the WSJ reports was disrupted by a fistfight, walkouts and a release of pepper spray in the parliamentary chamber. It appears South Africa is not fond of implementing "Rule 19."