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The Third World Is Giving Up On Europe

Tyler Durden's picture





 

First it was Nigeria cutting back its European exposure, now it is South Africa's turn:

  • S. AFRICA'S MARCUS: SCALE OF GLOBAL CRISIS IS `HUGE'
  • MARCUS: WORLD IN WORST POSITION NOW THAN BEFORE CRISIS
  • MARCUS: CENBANK MONITORING POSSIBILITY OF CONTAGION 

Who is next? Kalahari Bushmen pulling their coke bottles on deposit in Murcia cajas? Mail tribesmen wiring their funds from Zurich to Singapore? Somalian pirates watching the VaR models of their Spanish bond portfolios #Ref! out and give up in sheer disgust?

Who???

 


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Wed, 05/30/2012 - 12:49 | Link to Comment GeneMarchbanks
GeneMarchbanks's picture

RSA ain't third world. Not even close.

 

Wed, 05/30/2012 - 12:51 | Link to Comment AlaricBalth
AlaricBalth's picture

But Southern Europe is!

Wed, 05/30/2012 - 13:02 | Link to Comment Oh regional Indian
Oh regional Indian's picture

Right you are Gene.

But given what the Euro Core (UK, Portugal, France, Italy, Spain, Belgium, Netherlands) have done to the rest of the world (third my ass)...

More power to the giver-uppers. Give up on Europe. Europe is where it is because of the rape, especially in the last 400 years of Africa, South America, India, China, Japan, Phillipines, Jamaica.... on and friggin on.

Perhaps just detach. Let all the "blocs" figure out their own situations.

Fuck corporate globalism

Fuck Cultural homogenaity.

Fuck big Oil.

....

ori

the-great-machinery-death-cult-wake-up

 

Wed, 05/30/2012 - 13:04 | Link to Comment bigdumbnugly
bigdumbnugly's picture

so the third world is throwing in the breachcloth too, eh?

Wed, 05/30/2012 - 13:11 | Link to Comment MsCreant
MsCreant's picture

They do not want fiat spiderman towels.

Wed, 05/30/2012 - 13:15 | Link to Comment Comay Mierda
Comay Mierda's picture

I hear Draghi called Zimbabwe for some pointers

Wed, 05/30/2012 - 13:21 | Link to Comment NotApplicable
NotApplicable's picture

Niger, please!

Wed, 05/30/2012 - 13:37 | Link to Comment Uncle Remus
Uncle Remus's picture

[rim shot]

Wed, 05/30/2012 - 13:39 | Link to Comment derek_vineyard
derek_vineyard's picture

the USA has given up on europe?

Wed, 05/30/2012 - 13:19 | Link to Comment Byte Me
Byte Me's picture

Not even if made from good Indian cotton?

I'm surprised...

Wed, 05/30/2012 - 14:13 | Link to Comment brooklynlou
brooklynlou's picture

In a couple of weeks the Spider Man towel will be worth more than the Euro that bought it ...

Wed, 05/30/2012 - 23:14 | Link to Comment StychoKiller
StychoKiller's picture

"Everyone should KNOW where their towel is..." -- Douglas Adams

Wed, 05/30/2012 - 13:18 | Link to Comment Sam Clemons
Sam Clemons's picture

They are smart enough to throw in the towel, but not smart enough to realize that saying: 

MARCUS: WORLD IN WORST POSITION NOW THAN BEFORE CRISIS

is not profound at all.  In other news, water is wet.  And anything bad in the economy is "unexpected."

Wed, 05/30/2012 - 14:54 | Link to Comment Greater Fool
Greater Fool's picture

Actually, I'd say it looks remarkably similar. For example, Iceland is getting in position to go "boom" again....

http://www.bloomberg.com/news/2012-05-29/iceland-property-bubble-grows-with-currency-controls-mortgages.html

 

Wed, 05/30/2012 - 15:18 | Link to Comment walküre
walküre's picture

Fuck Air India. Indefinite strike?

Seriously, what the fuck is going on in India?

Wed, 05/30/2012 - 19:01 | Link to Comment smb12321
smb12321's picture

Regional - But 3rd world nations got to skip the startup steps for most technologies that they took fully developed.  Then again, what good did it do?  WHen Belgium left the Congo (the biggest nation in Africa) there were 35,000 miles of paved roads.  Today there is less than 1,000 so progress or even sustainability is not automatic as many assume. 

Europe is up the proverbial creek not because of its colonial past but due to a failed social system (social welfare) that relies on debt and more workers than retirees.  THe debt is now monstrous and Europeans are rapidly declining in population.  That's why they;re in trouble.

Wed, 05/30/2012 - 13:26 | Link to Comment tiger7905
tiger7905's picture

Apparently Bank of Spain governor would love to tell his story...

http://goldandsilverlinings.com/?p=2014

Wed, 05/30/2012 - 12:51 | Link to Comment Temporalist
Temporalist's picture

Gene you take these jokes way too seriously. 

Wed, 05/30/2012 - 12:55 | Link to Comment kito
kito's picture

s.africa ranks in the 120s in the human development index, out of 170 countries or so. id say that is just about third world..................

Wed, 05/30/2012 - 12:58 | Link to Comment GeneMarchbanks
GeneMarchbanks's picture

Very scientific. Amazing to see how frightened the so called first worlders are in their gulags.

Wed, 05/30/2012 - 13:28 | Link to Comment kito
kito's picture

using, lets say, the nordic countries as the standard for first world, perhaps you can enlighten us as to how south africa is on par with these countries, as opposed to, say, india, which is about 10 spots below?

 

http://en.wikipedia.org/wiki/List_of_countries_by_Human_Development_Index

 

 

Wed, 05/30/2012 - 12:59 | Link to Comment derek_vineyard
derek_vineyard's picture

cramer was so bearish this morning ....... he capitualtes after the crash.....what gives?

Wed, 05/30/2012 - 13:03 | Link to Comment Temporalist
Temporalist's picture

What gives?  Cramer is a complete asshole propagandist tool.  Does that help you understand?

Wed, 05/30/2012 - 13:10 | Link to Comment derek_vineyard
derek_vineyard's picture

and liesman is now on my screen..............haven't seen him in weeks was praying he was fired

how can i explain his title "senior economic analyst" on cnbc to my son?

Wed, 05/30/2012 - 13:13 | Link to Comment Temporalist
Temporalist's picture

When he's on air slap your son and say "Never be like him!" and the world will be a better place.

Wed, 05/30/2012 - 13:23 | Link to Comment NotApplicable
NotApplicable's picture

Curly Howard.

Wed, 05/30/2012 - 13:34 | Link to Comment derek_vineyard
derek_vineyard's picture

the kid just pointed and said 'daddy, that man has special needs'  (but he used the word retarded)--please do not let cps (child protective services) see this post...i like having the kid around

Wed, 05/30/2012 - 14:23 | Link to Comment Bastiat
Bastiat's picture

Always get a kick out of it when a friend, who's a Phd child psych, calls someone a "retard."

Wed, 05/30/2012 - 14:35 | Link to Comment Chump
Chump's picture

This is precisely why I don't think I'll be up for public schooling my son.  I'm pretty sure I'll lose him after I choke some half-wit teacher/counselor/administrator/vice principal.  No thanks, he is my sanity.

Wed, 05/30/2012 - 15:20 | Link to Comment walküre
walküre's picture

120 out of 170 is not the bottom third.

Isn't that how they define what "third" world is?

First 56 are FIRST world, 57 to 113 are SECOND world and 113 to 170 are THIRD world.

Wed, 05/30/2012 - 12:57 | Link to Comment Winston Churchill
Winston Churchill's picture

Soon to be on a par with Zimbabwe.

See the 'benfaction law' being passed in RSA

Wed, 05/30/2012 - 12:59 | Link to Comment rete
rete's picture

It's third world. I've been there numerous times since the 1980's, and RSA is third world. More so now than the 1980's (although I suppose it was hidden from view back then). RSA == Africa.

Wed, 05/30/2012 - 13:03 | Link to Comment GeneMarchbanks
GeneMarchbanks's picture

What is the 'S' in BRICS?

 

Wed, 05/30/2012 - 13:07 | Link to Comment rete
rete's picture

News flash. The "S" is there because of, shall we say, political correctness. Cannot have a BRIC without Africa, can we. And unfortunately Turkey is not in the right continent. So South Africa it is.

And in that grouping, Brazil is third world. Russia is somewhere inbetween. India is more third world. China is third world, despite the MSM.  Add in South Africa's true unemployment rate of 38% and you have...Third World.

Wed, 05/30/2012 - 13:23 | Link to Comment magpie
magpie's picture

Never have been comfortable with that nomenclature; it's Cold War stuff, for the Third World "neutrals". Might as well be honest about it and just call them backward or poor.

That being said once everything falls apart, we'll probably go back to the "GDP" measures of the 19th Century, as in steel produced, tonnes of wheat grown or gold mined per capita.

Wed, 05/30/2012 - 13:08 | Link to Comment BeetleBailey
BeetleBailey's picture

It's not South Africa, genius.

It's BRIC (Brazzie, Ruskie, Indi and Chiknee)

The "s" is for plural - NOT for South Afrikaner

What...are you Obama...making shit up as you go?

Wed, 05/30/2012 - 13:11 | Link to Comment GeneMarchbanks
Wed, 05/30/2012 - 13:18 | Link to Comment rete
rete's picture

http://www.trademarksa.org/news/south-africas-presence-drags-down-brics

 

South Africa's presence 'drags down Brics'

Johannesburg: A year later and South Africa has still not convinced the world or the creator of Brics why it belongs in the exclusive emerging-giant grouping that includes Brazil, Russia, India and China. "It's just wrong. South Africa doesn't belong in Brics," said Jim O'Neill, global chairman of Goldman Sachs Asset Management, who coined the term "Bric" 10 years ago.

In an interview with the Mail & Guardian in London this week, O'Neill was highly critical of South Africa's position in this political bloc.

"South Africa has too small an economy. There are not many similarities with the other four countries in terms of the numbers. In fact, South Africa's inclusion has somewhat weakened the group's power."

He is also bearish about South Africa's growth prospects over the next five years. Gross domestic product (GDP) growth has been revised down from 3.2% to about 2.7% for this year, 3.6% in 2013 and 4.2% in 2014. Comparatively, the rest of Africa is expected to grow on average by about 7% over the short to medium term, according to the International Monetary Fund (IMF). China and India, on the other hand, are expected to power ahead with between 7% and 10% growth.

"South Africa has to stop feeling sorry for itself and be doers instead of talkers," O'Neill said. "When your country first introduced inflation targeting about 15 years ago and I sat with some of the policymakers, I was big on South Africa. I'm not now.  Over the past few years South Africa has lost its focus."

Factionalism in the ruling party and government ministries was also dragging down the country's ability to fix its problems, O'Neill said. 
"The country can't spend the whole time saying 'the world owes us'. There's a sense of entitlement and there's too much focus on the history of the country. Now, factionalism within the ANC and government is destabilising for growth and undermining Brics."

Flawed argument

If the argument is that South Africa's inclusion in Brics is because of its influence on the rest of the continent, it is a flawed one.

"South Africa is already losing out on investment to other rising economic stars on the continent. Countries such as Nigeria carry more power now," he said. "Just look at what is happening in the African Union. South Africa can't claim any more, apart from its sound fiscal and financial systems, to be the superpower on the continent."

Although South African authorities and Brics converts will disagree and vigorously defend South Africa's position in the grouping, the statistics substantiate the investment banker's argument.

Two of the Brics nations are now among the six largest economies in the world. Last year China usurped Japan to become the second-largest economy in the world -- five years earlier than O'Neill had predicted. The Chinese economy now stands  at about $5.9-trillion.

Similarly, three weeks ago Brazil overtook the United Kingdom as the sixth-largest economy -- about 10 years faster than projected. The IMF's figures put Brazil's economy at about $2.52-trillion and the UK's at $2.48-trillion.

India and Russia are just outside the top 10, but O'Neill believes they will probably climb the ladder soon. "As we creep through the decade, their share of the global GDP is set to rise," he said.

Over the past decade the combined value of the Bric countries, excluding South Africa, grew by about $8­-trillion, taking their aggregate GDP to about $11-trillion. The four countries are now more than three-quarters the size of the United States in current dollar terms. O'Neill believes that they could collectively become bigger than the US by 2018. His forecast is that they could eclipse the combined economies of the G7 richest countries by 2050.

Why SA does not cut it

South Africa, on the other hand, is nowhere close to being among the top 20 biggest economies. With a population of just more than 50-million and GDP of $364-billion, it is just too small to be on Goldman Sachs's radar of growth markets. "In fact, South Africa is a drag on the dynamics of the Bric grouping," O'Neill said.

If any country deserved to be in the Brics group, he reckons it should be South Korea, Indonesia, Mexico or Turkey. Of the next 11 most populated emerging economies, these four countries already account for more than 1% of global GDP.

According to O'Neill, at the end of 2011 these four countries, combined with Brazil, Russia, India and China, accounted for about 23% of global GDP. "This is nearly twice the total amount of all other so-called emerging economies, whose share is about 12%. In the decade ahead, it is likely that the combined dollar value of nominal GDP growth in these eight growth markets will rise by close to $16-trillion."

It is more than double that of the US and the eurozone combined. "This is why South Africa shouldn't belong in this grouping. It just doesn't make sense, because it doesn't have any economic clout other than being an access point for the Bric countries," said O'Neill.

He believes South Africa is part of Brics because it suits the Chinese agenda. He might be on to something. President Jacob Zuma admitted last year that, in addition to intense lobbying from the government, the Chinese and Indians had invited South Africa to become part of this bloc.

Political talkshop

"The Chinese, for example, are highly focused on the continent and South Africa is an easy way into the rest of Africa for them," said O'Neill.

In fact, he does not regard the four Bric countries as emerging giants any more, but rather as growth markets because of the size of their economies.  Brics is not a formal economic or trading bloc like the European Union. It is more a political talkshop or club that is trying to build greater clout on the global negotiating stage.

"South Africa's case for legitimacy in this grouping is predicated on its geographic location and advantage on the continent. But, in fact, it has slightly diminished what was a strong political club with the four original countries," he said. "It is not even a member of the N11 [the 'Next 11' emerging economies identified by Goldman Sachs as having promising outlooks]."

This grouping includes Nigeria, which O'Neill believes is the country with the right scale and population size to represent Africa.

Investors still wary of Africa

That said, Nigeria has its own set of problems, such as the recent violent uprisings sparked by a cut in the fuel subsidy. Youth unemployment, political instability, inadequate education and corruption are part of the growing list of concerns. 

Although Africa is a hot topic now, O'Neill is not yet convinced that investors -- or Goldman Sachs funds, for that matter -- should shower the continent with big money just yet. There is no liquidity in the African markets, for one, and investors cannot look at Africa as a single zone until the countries start trading among themselves.

"There is plenty of capital waiting to flow in, but investors are scared and nervous because they associate Africa with disappointment. They are intrigued but scared," he said.  "They want to see political stability, leadership, governance and investment in education. I think it's coming but is still some way off. In Nigeria, for example, there are suggestions that the country might not stay as one, that it could be split into the north and south like Sudan was."

O'Neill has some personal investments in Africa (property in Ghana, for example), but said he would not expose Goldman Sachs clients -- even though former employee Greg Smith claims the investment bank thinks clients are "muppets".

The African consumer

"The story of the African consumer is very big. The rising wealth is very impressive. We manage $800-billion and can raise a lot of money very quickly to pump into Africa, but as a firm we have a fiduciary duty to our clients and have to be careful not to expose them to potentially dangerous situations in Africa."

When O'Neill started at Goldman Sachs about 10 years ago, he wanted to start an African fund. "I have a positive inclination towards Africa. But to have an African fund we need general economic progress independent of the commodities booms and Chinese development.

Commodities can be a mixed curse -- some call it the Dutch disease. The time to invest was three years ago. But there's still time and we're always thinking about it."

But first, he said, policymakers need to concentrate on four things if they want capital to pour in: stability of government, weeding out corruption, the rule of law and education. "That applies to South Africa too."

Wed, 05/30/2012 - 13:28 | Link to Comment Byte Me
Byte Me's picture

So the BRIC nations are applying for towels from SA?

(Check...)

Wed, 05/30/2012 - 14:40 | Link to Comment LFMayor
LFMayor's picture

It's a BRIC
(cow shit) HAAAWWWWzS

check out that topless Ik chick
She's letting it all hang out

Shake it down shake it down now
shake it down shake it down now

Wed, 05/30/2012 - 13:34 | Link to Comment GeneMarchbanks
GeneMarchbanks's picture

I guess you can find any old GS garbage and pretend it's gold, huh?

Between the GS agenda and the Chinese agenda, I'll go with the savers.

Cute article though.

Wed, 05/30/2012 - 14:47 | Link to Comment rete
rete's picture

Similarly, just because some guy on the internet says the RSA is not one doesn't mean it is not a lower middle-income developing country which is developmentally on par with Botswana and Namibia. Which South Africa is...

Wed, 05/30/2012 - 14:02 | Link to Comment Uncle Remus
Uncle Remus's picture

 

if they want capital to pour in: stability of government, weeding out corruption, the rule of law and education.

The US is about to fall of THAT list.

Wed, 05/30/2012 - 18:58 | Link to Comment BeetleBailey
BeetleBailey's picture

I stand corrected. I apologize.

I do find it odd that SA was included however.

Wed, 05/30/2012 - 14:57 | Link to Comment Incubus
Incubus's picture

Hey guyz, I'm in yer globalism, shitting BRICS

Wed, 05/30/2012 - 13:36 | Link to Comment Uncle Remus
Uncle Remus's picture

The catch-all Shithole

Wed, 05/30/2012 - 12:59 | Link to Comment PeterLemonJello
PeterLemonJello's picture

Even the South African's I work with say it's 3rd world...except they have great food and agriculture.

Wed, 05/30/2012 - 20:14 | Link to Comment hedgeless_horseman
hedgeless_horseman's picture

 

 

Had great agriculture.  Like Rhodesia, 'twas Africa's breadbasket, and now just basket case.

SA ag production in quantitiy (not nominal value) is down, and has been since the blacks took over.

Wed, 05/30/2012 - 12:53 | Link to Comment l1b3rty
l1b3rty's picture

World in worse situation than before crisis? Hmm, thus world in worse situation ever, right up there with the heat of World War 1, with the rumbling of Europe of World War II and the worst nightmares of a Cold War Kid.

 

And we are watching from our rooms inside our rooms. Hope everything is okay out there!

Real Money Vigilance

http://silvervigilante.com

Wed, 05/30/2012 - 12:51 | Link to Comment MARGINKARLANDTH...
MARGINKARLANDTHEBROKEBITCHEZ's picture

STICK A FORK IN HER

Wed, 05/30/2012 - 13:05 | Link to Comment MsCreant
MsCreant's picture

Why even bother forking with it at all?

Wed, 05/30/2012 - 12:51 | Link to Comment Dr. Engali
Dr. Engali's picture

Where are those damned aliens to save us when we need them?

Wed, 05/30/2012 - 12:53 | Link to Comment Temporalist
Temporalist's picture

Krugman is hiding them in his basement.

Wed, 05/30/2012 - 12:55 | Link to Comment magpie
magpie's picture

yes, shouldn't they be dropping Spacebucks from their UFOs ?

Wed, 05/30/2012 - 13:07 | Link to Comment MsCreant
MsCreant's picture

Spacebucks? Can we sue them if the coffee is too hot? 

Wed, 05/30/2012 - 12:53 | Link to Comment Tsar Pointless
Tsar Pointless's picture

Should I panic now?

Wed, 05/30/2012 - 12:55 | Link to Comment brooklynlou
brooklynlou's picture

When the Columbian drug cartels start frowning on the Euro, then you'll know ...

Wed, 05/30/2012 - 13:25 | Link to Comment kridkrid
kridkrid's picture

I wonder what the Kardashians are doing?  Long or short European debt?

Wed, 05/30/2012 - 13:36 | Link to Comment NotApplicable
NotApplicable's picture

I dunno. It's been days since I've seen Kim's ass(ets).

Wed, 05/30/2012 - 14:25 | Link to Comment Bastiat
Bastiat's picture

Lardassians?

Wed, 05/30/2012 - 12:53 | Link to Comment ruttrow
ruttrow's picture

[redacted]

Wed, 05/30/2012 - 13:09 | Link to Comment fuu
Wed, 05/30/2012 - 12:55 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

"MARCUS: CENBANK MONITORING POSSIBILITY OF CONTAGION"

This is just the latest deliberatly planned infection of (financial) AIDS. The third world is beginning to smarten up a bit. We are the enemy bearing "gifts" that should be quarantined at the border.

Beware global central banks bearing fiat vaccine injections.

Wed, 05/30/2012 - 12:56 | Link to Comment slaughterer
slaughterer's picture

What continent is going to get vaporized during the next big EuroRumor (TM) short squeeze?

 

Wed, 05/30/2012 - 13:33 | Link to Comment NotApplicable
NotApplicable's picture

Where "smarten up" equals less western cronies keeping the population in a stranglehold.

Wed, 05/30/2012 - 12:56 | Link to Comment Dr. Engali
Dr. Engali's picture

Damn Tyler. You aren't wasting any time with the Robo spammers. Now if you could just get those three or four annoying trolls whose only creative input is to junk every post.

Wed, 05/30/2012 - 12:57 | Link to Comment Temporalist
Temporalist's picture

And I just replied to her...I was looking forward to a reply.

Wed, 05/30/2012 - 13:00 | Link to Comment B-rock
B-rock's picture

Trolls don't matter.

-3 is the new 0

Wed, 05/30/2012 - 13:02 | Link to Comment Dr. Engali
Dr. Engali's picture

I'll give you a +3 to counter the -2 you've collected already.

Wed, 05/30/2012 - 12:57 | Link to Comment strangeglove
strangeglove's picture

IK Bushkids!

Wed, 05/30/2012 - 14:18 | Link to Comment ParkAveFlasher
ParkAveFlasher's picture

All the Ik's showed up for a bank run, it blew their fn minds.

Wed, 05/30/2012 - 12:57 | Link to Comment Conman
Conman's picture

South Africa smiles smugly and stacks thier Kruggerands while watching europe blow up.

Wed, 05/30/2012 - 16:10 | Link to Comment walküre
walküre's picture

SA is selling their Krugerrands to everyone else in order to buy oil, fuels and other supplies to keep their country going.

Wed, 05/30/2012 - 12:58 | Link to Comment midgetrannyporn
midgetrannyporn's picture

Good, I am waiting for a big check from Nigeria.

Wed, 05/30/2012 - 12:59 | Link to Comment slaughterer
slaughterer's picture

FB hitting new LOD.  Now everything is complete. 

Wed, 05/30/2012 - 15:29 | Link to Comment PivotalTrades
PivotalTrades's picture

Thanks I needed the laugh...shorted UST 2 hours ago.

Wed, 05/30/2012 - 13:00 | Link to Comment Ima anal sphincter
Ima anal sphincter's picture

I gave up on the whole system. It's all a Ponzi scheme.  Unfortunately, it is I (us, the normal folk) who are getting robbed blind.

Until "The People" stand up to these assholes, the raping WILL continue.

Wed, 05/30/2012 - 13:01 | Link to Comment casaananda
casaananda's picture

Sick of the whole fucking mess. EVEN IF gold goes to Hell in dollar terms, I still feel like a saint owning some. It's the only goddamn thing that does not stink or rot and corruption.

 

Wed, 05/30/2012 - 13:02 | Link to Comment mberry8870
mberry8870's picture

As to who is next I have no idea. As to who will be last, that would be Krugman!

 

Wed, 05/30/2012 - 13:04 | Link to Comment pissing_excellence
pissing_excellence's picture

Thats the way its gonna be.

http://youtu.be/irKgzuAZA6M

Wed, 05/30/2012 - 13:10 | Link to Comment junkyardjack
junkyardjack's picture

Different day, same shit...

http://www.youtube.com/watch?v=oSAQ3eMqX-U

Wed, 05/30/2012 - 13:08 | Link to Comment YesWeKahn
YesWeKahn's picture

LTRO worked! that idiot Goldman puppet is going to resign right?

Wed, 05/30/2012 - 13:08 | Link to Comment Joe A
Joe A's picture

Does that mean no more 914 scams?

Wed, 05/30/2012 - 13:10 | Link to Comment Libertarian777
Libertarian777's picture

I'm an expat from SA and trust me, its a 3rd world as defined. In spite of the cool cities of cape town, joburg, durbs and pretoria (Tshwane) the bulk of south africans live in the townships (slums) on the outskirts of the major cities.

We got rid of the white elites by ending apartheid....only to replace them with a black elite. The average SAffer living in the slum is no better off than before... But hey at least he doesn't have to work for the 'baas' anymore. Now he just doesn't work. Period.

Mandela was our only hope, like Ron Paul. Instead, since mandela was too old he retired after 1 term and we ended up with Mbeki (black elite) and then Zuma (populist socialist).

Wed, 05/30/2012 - 13:17 | Link to Comment GeneMarchbanks
GeneMarchbanks's picture

Uhm, Detroit, Sao Paulo are similar. The infrastructure is still relatively good while you are talking about 'management' of the many resources it has which is secondary issue.

In terms of 'natural' wealth RSA is top of the world.

Wed, 05/30/2012 - 14:32 | Link to Comment SoNH80
SoNH80's picture

SA under apartheid was a chain of (white) Faux First World islands in a sea of (black) abject poverty.  Now, there's even more poverty, and the Faux First World bits are looking a bit raggedy... I'd rather live in a grass hut in Liberia than in that cesspool Johannesburg...

http://www.boston.com/news/world/blog/2009/08/_by_olesia_plok.html

http://deathofjohannesburg.blogspot.com/2006/07/tour-through-hillbrow-part-6.html 

Wed, 05/30/2012 - 14:40 | Link to Comment tmosley
tmosley's picture

Zimbabwe numba wun richist in da wurld!

HEEERP, management dun matter, DUUUUUURRP!

Wed, 05/30/2012 - 13:11 | Link to Comment greenrain
greenrain's picture

The God's must be Crazy...  Haven't thought about that one in a long time.

Wed, 05/30/2012 - 14:15 | Link to Comment Crack-up Boom
Crack-up Boom's picture

Great flick - definitely worth a re-viewing after all these years. 

Wed, 05/30/2012 - 13:14 | Link to Comment azzhatter
azzhatter's picture

Too many spinning plates at the magic show right now, something bound to crash

Wed, 05/30/2012 - 13:16 | Link to Comment youngman
youngman's picture

This is the next wave as the smaller countries shy away from the big fiats....and when enough of them are out of the first world fiat game...watch China.....remember they have been investing in these third worlders....China will introduce a new world currency...theirs and Russias I think....some combo of the two....backed by...you guessed it..gold...

Wed, 05/30/2012 - 13:23 | Link to Comment TonyCoitus
TonyCoitus's picture

The world will belong to Barbarians.  I'm ready Bitchez!

Wed, 05/30/2012 - 13:23 | Link to Comment Taint Boil
Taint Boil's picture

 

 

Kalahari Bushmen - The way it should be.

Wed, 05/30/2012 - 13:34 | Link to Comment williambanzai7
williambanzai7's picture

JOIN US

Wed, 05/30/2012 - 13:35 | Link to Comment AnAnonymous
AnAnonymous's picture

The malian tribesmen have lost half of their nation, courtesy of US citizen invasion of Libya.

They have probably other concerns than reading US citizen economics tea leaves.

Wed, 05/30/2012 - 14:18 | Link to Comment TheFourthStooge-ing
TheFourthStooge-ing's picture

AnAnonymous said:

The malian tribesmen have lost half of their nation, courtesy of US citizen invasion of Libya.

They have probably other concerns than reading US citizen economics tea leaves.

Yes, this is correction of statements.

They are having now concernings of read Chinese citizenism economics chicken entrails.

Situation of alarmingness, very.

 

Wed, 05/30/2012 - 14:41 | Link to Comment tmosley
tmosley's picture

They are probably focusing more on the French Citizens.

But hey, all dem wites luk alik dun't dey?

Wed, 05/30/2012 - 18:59 | Link to Comment Eally Ucked
Eally Ucked's picture

Thats stupid! and you know that


Wed, 05/30/2012 - 14:44 | Link to Comment LFMayor
LFMayor's picture

aNAn, you are in a position to bring the truth to your people.  you have the technical skills to see past the firewall.  Go out there and look up the truth, fight for you freedom!  Your worthless bosses that steal from your future generations by taking what they haven't worked for are weaker than what they appear.  Organize!  Spread the Truth!  Fight for you sons and their sons!

Wed, 05/30/2012 - 14:46 | Link to Comment LFMayor
LFMayor's picture

Sometimes I wonder how many of them they've shot since I started leaving those replies. 

Wed, 05/30/2012 - 19:00 | Link to Comment Eally Ucked
Eally Ucked's picture

And you deliver goods to ypur bosses?

Wed, 05/30/2012 - 15:03 | Link to Comment WTFx10
WTFx10's picture

STFU

Wed, 05/30/2012 - 13:42 | Link to Comment jmc8888
jmc8888's picture

click click click click click click click "I have come to the edge of the world to throw this bottle back to you, will you finally pass Glass-Steagall? What you've given us has brought my tribe nothing but pain, envy, and hate"

Wed, 05/30/2012 - 13:56 | Link to Comment Sutton
Sutton's picture

Even the Iks have given up on Europe.

Wed, 05/30/2012 - 14:15 | Link to Comment misnomer
misnomer's picture

You know you're a loser when the other losers don't even wanna hang with you...

 

Wed, 05/30/2012 - 16:17 | Link to Comment TheTwoJohns
TheTwoJohns's picture

Somalian pirates wathicn VaR models. priceless!!!

Wed, 05/30/2012 - 22:02 | Link to Comment Flying Tiger Comics
Flying Tiger Comics's picture

South Africa has dined out on white liberal guilt and cognitive dissonance for a long time now, but I'm not sure if even Goldman Sachs would list "white guilt" on the NYSE. If anyone would, they would, but I doubt if even they can get away with it.

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