LETTER: Aced by the mysteries of economics
In his appalling ignorance, Ace Magashule couldn’t even get the terminology correct. But, worse still, he didn’t understand its purpose
One can only hope that Ace Magashule reads Claire Bisseker’s article, "How to Mug the Reserve Bank (https://www.businesslive.co.za/fm/features/2019-06-13-how-to-mug-the-reserve-bank/)" (Features, June 13-19), to understand the damage he did to the rand with his misstatement about "quantity easing". In his appalling ignorance, Magashule couldn’t even get the terminology correct. But, worse still, he didn’t understand its purpose.
The situation reminded me of the story of a bank manager demanding that a client settle his overdraft: the client draws a cheque from the delinquent account in favour of the bank, believing the payment will settle the matter...
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