NEWS ANALYSIS: Busisiwe Mkhwebane’s curious ideas on banking
The Public Protector's notes on the Ciex/Bankorp saga reveal alarming ideas on state banking
Public Protector Busisiwe Mkhwebane’s notes of interviews conducted during her investigation of the Ciex/Bankorp saga are nothing short of alarming for the ideas they raise around the formation of a state bank. The notes — which her spokesman has since denied are hers — surfaced in court on Monday after the Reserve Bank pushed for the veil of confidentiality over them to be pierced. They include a revealing conversation with former Bank independent nonexecutive director Stephen Mitford Goodson. While Goodson is known for his crackpot banking theories and for being a Holocaust denialist, Mkhwebane thought him a good source to tap for her investigation. In their undated interview, Mkhwebane and Goodson discussed the benefits of a state bank — a hobby horse of Goodson’s, who has written that "private" central banks have condemned various nations to lifetimes of debt. Mkhwebane said the benefits of a state bank — one assumes they meant the nationalisation of the Reserve Bank — would res...
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