In his latest column for Counterpunch, Patrick Bond, author of Politics of Climate Justice: Paralysis Above, Movement Below, expresses his concern over the volatility of the South African rand, which he believes will only get worse once the BRICS countries (Brazil, Russia, India, China and South Africa) pay $100 billion to the International Monetary Fund, supposedly to “stabilise world finance”:
Just before last weekend’s meetings of the World Bank and International Monetary Fund (IMF) board in Washington, South Africa’s Finance Minister dropped us an obscure news item: “Gordhan concerned about rand volatility”(Reuters, April 16).
Hidden away in the business pages, it was nevertheless an important confession. Pretoria can no longer remain in denial about South Africa’s glaring economic HIV+ status, what with our regular breakouts of full-blown financial AIDS, in a world featuring the collapse of so many sickly economies. Indeed, the rampaging plague will infect many more countries now that the IMF has an additional $430 billion to jet around the world with, thanks to careless finance ministers like our Pravin Gordhan.
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