Zimbabwe to Open a ‘Blacks Only’ Stock Exchange

Peta Thornycroft, Telegraph (London), August 6, 2013

Zimbabwe’s regime has promised to open a new and racially exclusive stock exchange, allowing blacks alone to trade shares seized from foreign companies.

The plan to grab mining companies, most of which are South African-owned, follows President Robert Mugabe’s landslide re-election last week.

Saviour Kasukawere, the ‘indigenisation’ minister, said on Tuesday that the government or black Zimbabweans would take 51 per cent of the shares in all major foreign-owned companies, valued at about £4.8 billion. No compensation will be paid.

The regime wants to control mining companies and in particular Zimplats, a major platinum producer which is largely owned by South Africa’s Impala Platinum Holdings.

Mr Kasukawere said that mining companies which do not “cede” 51 per cent of their shares to black Zimbabweans or the state would risk losing their operating licenses.

He said the value of the natural resources or underground metals extracted by the companies were sufficient to pay for majority shareholdings.

“When it comes to natural resources, Zimbabwe will not pay for her resources,” said Mr Kasukuwere in an interview with Bloomberg, a news agency.

Psychology Maziwisa, spokesman for the ruling Zanu-PF party, confirmed that Mr Kasukawere’s remarks were official policy. “All of this is correct. Its what we told voters we will do,” he said.

John Robertson, an independent economist in Harare, said: “There is no logic in that plan. He is in danger of introducing economic apartheid which is absurd.”

Mr Robertson added: “I think this is only politicking and there is no substance to this.”

Metals and minerals, including platinum and gold, accounted for 71 per cent, or £480 million, of Zimbabwe’s total exports last year.

South Africa has a bilateral trade and protection agreement with Zimbabwe. If the regime presses ahead and seizes a controlling stake in South African mining companies, they could use these agreements to secure compensation or the return of assets via international courts.

Whether Mr Mugabe’s regime would respect any such rulings is another question.

Mr Mugabe seized almost all of Zimbabwe’s white-owned farms, often in defiance of court orders, and without compensation.

Zimbabwe stock exchange.

Zimbabwe stock exchange.

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  • Perfect! Behind the scenes, the white mastermind who planned all of this will get even richer.
    How long before the black stock exchange is asking for whitey’s help?

  • MekongDelta69

    This should last… oh, about a day or two.

  • Puggg

    The stock trading prices on the display boards will need lots and lots of numerical places. You know, with the way the Zimbabwe dollar is worth something.

    • What we call “penny stocks,” on the blacks-only Zimbabwean stock exchange, they will call “quadrillion dollar stocks.”

    • 1.00 USD = 361.900 ZWD
      US Dollar ↔ Zimbabwean Dollar
      1 USD = 361.900 ZWD 1 ZWD = 0.00276319 USD

  • So CAL Snowman

    “John Robertson, an independent economist in Harare, said: “There is no
    logic in that plan. He is in danger of introducing economic apartheid
    which is absurd.”

    Au contraire Mr. Robertson, there is plenty of logic in that plan if you are a third world kleptomaniac dictator intent on enriching himself at the expense of his country.

    • sbuffalonative

      The logic of the black mind flourishes on the absurd.

  • Spartacus

    “Psychology Maziwisa, spokesman for the ruling Zanu-PF party…”

    ———————————————————————————————————————

    Really ? Someone named their kid “Psychology” ? Oh wait – they’re dark-skins…

    • Luca

      “Psychotic” would be more appropriate.

    • JDInSanDiego

      They probably pronounce the P.

      • Spartacus

        And they probably drink it too.

      • BonusGift

        What kind of name would it be without a Z or two thrown in for flourish? Let me fix that for them: psychology becomes sikologezz. How do you like that you crazy azz cracker mofos?

        • benvad

          That one is a keeper!

    • Ed_NY

      Some have named their kids Malaria, Diarreha, Latrina and a whole bunch of other wonderful names.

  • Spartacus

    “John Robertson, an independent economist in Harare, said: “There is no logic in that

    plan.”

    ———————————————————————————————————————

    Nothing that dark-skins do has any logic… Where’ve you been ?

  • italian guy

    These kind of photos are hilarious, thanks to Hollywood propaganda, people around the world are used to see blacks wearing white people clothes, but i can only see some kind of hominids imitating us and using our culture and technology, it’s just too funny.
    About the “black only” stock exchange, we all know that it’s bound to fail, but it’s annoying how no one say anything about it, if it was a white nation, the UN would be ready to deal with the “problem”, anti-white hypocrisy at work.

    • Sick of it

      If they seize the mines, I have a sneaking suspicion that western powers may all of a sudden declare Mugabe a tyrant who needs to be replaced for the sake of “democracy.” Or they’ll buy off his successor after he inevitably dies in office.

    • Luca

      Go Youtube: Chatter’s World

  • Luca

    Steal and extort from the White man and call it their own.

    They’ve been taking notes from Sharpton.

  • This is a recipe for disaster.
    Take majority control of all foreign owned companies.
    Seat black boards.
    Build a “blacks only” stock exchange to trade the shares.
    Goldman Sachs is drooling, they are finally going to resources of an entire country.

    I predict Zambabwe may be the quickest implosion ever as £4.8 billion isn’t that much.

  • RHG

    Gee, promising to steal from foreigners and hand over to Zimbabweans, no wonder he won by a landslide. Sounds like the Democrat Party here.

    • Sick of it

      True except that the native white Rhodesians are not foreigners. They’ve lived there for generations now.

  • Nick Gherz

    Maybe Crissy Mathews & Wise Tim can roll over their portfolios into
    the Zimbabwe Stock Exchange in order to prove their not rayciss.

  • Johnny Squire

    The government taking over all wealth and means of production? Hey, it worked for the white peoples of the Soviet Union, it should work even better for the black peoples of Zimbabwe!

  • APaige

    So people who cannot farm, an already successful farm operation, are going to sell and trade future commodities? Any options to buy on failure-I’m all in. Blacks that fail blame whites…blacks that fail with economics tend to blame Jews.

  • NorthernWind

    Somehow they will manage to blame Whites when it all goes bust. They always find a way.

  • JackKrak

    Cue the circus clown music

  • David Ashton

    My stock is mine and yours is exchangeable.

  • Chris Granzow XI

    Maybe we should make them write down “blacks-only” in stone so that when it goes bust there will be no confusion as to who is to blame.

  • T_Losan

    The concept of “property” is conditional on your personal whim, you’ve kicked out the only people who can extract the minerals from under Zimbabwe’s soil, and you have once more undermined the only thing underpinning fiat currency, faith.

    On the other hand, your buddies get to parade around in suits and play make-believe big shot businessmen.

  • BarnyL

    Open a White only stock exchange and that would be deemed waycist and who would be telling us that? The blacks, who else?

  • evilsandmich

    I wonder if they’ll allow shorts in their market? Not that I’d expect the no doubt naked contracts to be respected.

  • bubo

    When they say “blacks only” what it really means is friends and colleagues of Mugabe and his political party. It doesn’t matter anyway as the bush is reclaiming Zimbabwe. It won’t exist in a few years.

  • Irishgirl

    Reminds me of cargo cults. Dress up in suits, put some numbers up on screens, and money will magically fall from the sky. That’s how Wall Street works, right?

  • Whirlwinder

    Zimbabwe can take over 51% ownership of all corporations but when the white folks that manage those corporations leave the country, what are the blacks to do? Zimbabwe used to export foodstuffs but after they seized all white farms they now need massive food assistance. And so it will be with all other economic enterprises. The blacks will be in charge though!