ANC was completely in the dark about impending economic crisis
25 August 2015
The ANC and its minister of finance, Nhlanhla Nene, were totally unaware of the impending international economic carnage that hit the world like a tsunami this week.
This is apparent from a reply to a parliamentary question that the FF Plus’ parliamentary spokesperson on the economy, Adv. Anton Alberts, had asked already two weeks earlier on 14 August 2015 of the minister regarding the possibility of a global economic crisis similar or worse than the one in 2008.
The shocking reply which the FF Plus received from Nene yesterday – on the exact day that is generally viewed as ‘Black Monday’ and on which the Rand had fallen to its lowest levels ever, was that government had no information that pointed to a crisis. The full question and reply follow below:
1. Whether he has any (a) research or (b) information at his disposal pointing towards the probability or inevitability in the near future of a global economic recession equivalent to or worse than the one in 2008, and more specifically in the period from August to November 2015 or early in 2016; if so, what (i) are the relevant details and (ii) prognosis is prescribed in order to buffer the country against this event;