South Africa needs a non-usurious system that relies on the creation of money by the state, and not by private institutions

by Redge Nkosi http://firstsourcemoney.org/  

“We seek to influence the reform of the current monetary policies so as to create an inclusive, sustainable and equitable economic system that is consistent with the objectives of the RDP (Reconstruction and Development Programme) that call for a “better life for all”.    In certain instances, Firstsource Money supports the call for radical policy regime change. We believe that there can never be a “better life for all” if we continue to pursue the current policies. As is now very clear, 21 years into our democratic dispensation, South Africa remains mired in all manner of challenges.

“The outcomes of our current policies are unambiguous : inequality (the worst in the world); unemployment (one of the highest in the world); and poverty (one of the worst). The current economic system is inherently anti-RDP and should thus give way to a debt free,.” http://firstsourcemoney.org/  

 

SOUTH AFRICA’s RESERVE BANK CONSTITUTION

Central Bank Establishment 
223. The South African Reserve Bank is the central bank of the Republic and is regulated in terms of an Act of Parliament. 

Primary object 
224. (1) The primary object of the South African Reserve Bank is to protect the value of the currency in the interest of balanced and sustainable economic growth in the Republic. 

 (2) The South African Reserve Bank, in pursuit of its primary object, must perform its functions independently and without fear, favour or prejudice, but there must be regular consultation between the Bank and the Cabinet member responsible for national financial matters. 

 Powers and functions 
225. The powers and functions of the South African Reserve Bank are those customarily exercised and performed by central banks, which powers and functions must be determined by an Act of Parliament and must be exercised or performed subject to the conditions prescribed in terms of that Act.

photo credit: <a href=”http://www.flickr.com/photos/144551102@N07/28915010471″>Index Funds</a> via <a href=”http://photopin.com”>photopin</a> <a href=”https://creativecommons.org/licenses/by/2.0/”>(license)</a>

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