SECTOR UNDER FIRE
ONKGOPOTSE JJ TABANE: Bank collusion claims have boosted attack on Treasury
The most radical thing the president could have done in the state of the nation address was to quit. That alone would have jolted the markets into an upward spin last seen when Nelson Mandela was released from prison 27 years ago. With the alleged collusion in the markets coming to light, it would have placed the economy on a different path. The opposite trajectory is about to occur, with constant rumours of a play for the Treasury by President Jacob Zuma, the Guptas and related rogue elements in the body politic going into higher gear on the back of this crisis. If it is true that Finance Minister Pravin Gordhan will be fired, turbulence in the market can be expected. For things to get better, they will have to get worse. This is applicable to the ANC’s political and economic fortunes. The markets will have to deal with a frontal attack on the Treasury that has now been bolstered by the allegation of collusion by the banks; an attack on the Reserve Bank led by the lunatic fringe; a...
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