Fin24

Marcus warns of vicious cycle of strikes

2012-10-11 07:47

Johannesburg - SA Reserve Bank governor Gill Marcus has warned of job losses if current labour trends continue, the Dispatch Online reported on Thursday.

“If we want to nurture a stable democracy, we need to behave in ways that will create trust in our political, social and economic institutions, and between social groups,” she said at Rhodes University, in Grahamstown, on Wednesday.

"Such trust cannot be demanded, it needs to be earned through appropriate actions and behaviour," Marcus was quoted as saying.

“During the current difficult times that we are experiencing in our country, the building up of trust takes on even greater importance.”

Marcus said until a few weeks ago, large amounts of investment still poured into the country. But wildcat strikes countrywide and waning investor confidence led to R10bn equity leaving South Africa recently, including R5.6bn on Monday alone.

The "volatile situation" created by strikes was contributing to a “vicious cycle” of currency depreciation, slower growth and likely increased unemployment, she said.


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Comments
  • EricksonTL - 2012-10-11 08:00

    You don't say... the ANC made their bed. Now they should snuggle up in it and enjoy the results.

      jacob.zooma.9 - 2012-10-11 08:07

      So let me get this straight, Malema has been quiet for two weeks, He then goes to another mine to speak his mind and the next day Thuli Madonsela has completed her investigation... COME ON SOUTH AFRICA WE MIGHT HAVE BEEN BORN YESTERDAY, BUT NOT TODAY! I firmly believe she's in the ANC pocket after this. Only outing Malema's transgressions? What about all my sins? Anyways what do I know, I'm just a president.

      benjamin.doyle.351 - 2012-10-11 10:33

      Hey Marcus, they're your ANC buddies, you should have thought about this when you were shouting Viva & Amandla. Take that you bleeding heart liberals, just a taste of things to come...you wanted it, you got it!!

      edwin.butler.7 - 2012-10-11 11:15

      100% Correct. The ANC atrocities is now faster than ever devouring the economy. You are also to blame Gill Marcus and will be remembered as a contributor to the "falling apart" African style of mismanagement. You and your ANC buddies could not learn from all the dreadful African examples north of our borders?

  • odupreez - 2012-10-11 08:01

    Amazing it took you 3 months to catch on?, the dog is biting its tail and devouring it's self. The Regime should have been more proactive but they are more interested in self enrichment.

      keegan.adonis - 2012-10-11 08:20

      rather late than never lol

      nicholas.graan - 2012-10-11 08:50

      The government remains silent, terrified of upsetting the unions. They are more concerned about losing their cushy jobs in December should they rock the boat. They would rather watch our economy being destroyed around them. Zuma ventured a hard hitting comment earlier that should have strikers and unions quaking in their boots... he "condemned the violence" Well done Zuma for taking the bull by the horns.

  • eddie.botha.3 - 2012-10-11 08:02

    Hopefully the governor alse sent her speech to the Union Buildings. So far what she has said is way beyond the comprehension of the president and all the president's men. I suspect the status quo will prevail despite her warnings.

  • clinton.bowden1 - 2012-10-11 08:06

    Thanks ms Marcus. Not like we already knew that. Why not try teach that to the unions but that would just be bringing logic to a gunfight. Bottom line is you warn us of vicious cycle, truth is we the cycle has be running for years now and each year they are just getting more and more vicious. It's time the unions learn to deal things in a much more constructive way rather destroying everything.

  • hendrikvs - 2012-10-11 08:12

    WOW!!! The ANC actually understands how this work? Amazing progress!

  • billyandrew.croucamp.5 - 2012-10-11 08:15

    Well that is a brilliant statement, this is Africa, what do you expect Gill. Another ANC bright spark.

  • kevin.jacobs.1044 - 2012-10-11 08:25

    Perhaps Gill Marcus you should teach them the definition of "Economic Empowerment", cause that's what they say they want.

  • dinesh.chetty.77 - 2012-10-11 08:27

    The Reserver Bank is part of the problem. Gill Marcus again planting seeds of FEAR in peoples minds so they stop striking. I say nationalize the Reserver Bank. No private persons should have power to print money lile they do.

  • mholthuysen - 2012-10-11 08:29

    Mrs. Marcus I suggest you create a few drawings like in a childrens cartoon and send that to Union Buildings so that the President and his henchmen also can understand that...

      renny.meere - 2012-10-11 08:34

      I agree, we all know the effects of the strike but to convey this message to these selfless employees would require additional help. eStrike = eNo job

  • mzuvumile.g.mnqanqeni - 2012-10-11 08:30

    Madam do not put blame on us poor workers blame imperialist who r here to take all we have to Europe,capitalism z at center of all this situation we find ourselves in ,perhaps justice will prevail under this circumstance. Workers should not be apologetic about their demand until the government intervene if she so wish.

      mholthuysen - 2012-10-11 08:42

      Eish.... simple rule not understood in Africa: Work, PRODUCTIVITY, Money - No Work, NO PRODUCTIVITY, no money.... and no productivity bad white overseas company goes somewhere else.... simple see.... soon no overseas company in SA, and no work, no money and more poverty... but all we see is - demand, demand, demand.... I waaant I waaant and I waaant more... I give you an example, I was in a restaurant in Europe the other day - 20 tables on waitress who also did the bar, how many staff do you need for that in SA? Checking out at a till in a supermarket - 3 tills open for 40 - 50 people in the queue, it took 2 minutes to get out, when last were you at Checkers standing and waiting and waiting and waiting some more... but we waaaaant and waaaaant and waaaant...

      mholthuysen - 2012-10-11 08:44

      on = one of course... sorry for the typo

      paul.mulder.355 - 2012-10-11 11:48

      Firstly it is not the imperialists that are striking....Who should she blame. Secondly the same imperialists are the ones that pay the poor workers Thirdly poor workers are getting poorer by not working Lastly, soon poor workers will be jobless workers

  • sthembiso.jali.50 - 2012-10-11 08:34

    Well said but in our days its very difficult to trust a politician bcoz they all have one goal in mind - 2 enrich themselves.

  • sisie.indola - 2012-10-11 08:42

    Oh wow - so tell me you have only woken up to that fact because a) it's coming closer to Christmas and ALL the public servants want their "Krismes" and b) increases are probably coming up for review and they want their double digit increases (hey i never said anything about work actually being done) and c) both - and without the mines producing no taxes are being paid so the kitty is obviously a little short right about now - shame my heart bleeds custard. You should of thought about this before you got the wekkers to strike. And what is Zumaville also a little short of the moola. Feel nothing!

  • kobus.hattingh.5 - 2012-10-11 08:50

    Please explain this to Zuma and the ANC in general and draw little pictures that might help them grasp just how they are destroying this country.

      kobus.swart.75 - 2012-10-11 11:24

      They are too freakin' dumb to realize it, even when you draw pictures.

  • eric.f.moloi - 2012-10-11 08:58

    The economic n commercial language u speak madam will never ever convince the strikers to abandon their strike,put mney first,thn everything will go to normal

      jayjay.mlungu - 2012-10-11 09:11

      And of course she is white that's why you wont listen eric

      mholthuysen - 2012-10-11 09:16

      I am sure when they starve to death they will understand that....

      paul.mulder.355 - 2012-10-11 11:30

      Its got nothing to do with convincing them. It has more to do with them not understanding what they are busy doing. I hear you, put money first....Now read the article again. R10BN HAS LEFT SA !!!!!! What are we going to give them? Maybe their best bud Malema will share some of his wealth??

      teresa.villarini - 2012-10-11 13:26

      Eric, read carefully there is not going to be any money to give them now do you understand ?

  • ludlowdj - 2012-10-11 09:19

    a “vicious cycle” of currency depreciation, slower growth and likely increased unemployment. Actually Marcus what you are describing has very little to do with the current strikes and is in fact the trend since the ANC came into power. as for trust, it exists and very strongly amongst neighbors and in mixed communities, its the government and its employees that are justifiably viewed with suspicion and mistrust by all.

  • thefat.canarie - 2012-10-11 09:22

    But Miss Marcus - isn't it you that participated in the old days in resistance campaigns against capitalism? Didn't you want to make SA a communist country? You're a communist aren't you? And the strikes can only be blamed on one thing - the empty promises, greed and power struggles of your vile poplulist and racist government who is so scared of tackling the unions and addressing the laboour challenges with courage! But then the ANC is plagued by cowards!

  • daniel.machet - 2012-10-11 09:29

    At least someone gets it and puts the correct message across i.e. that its a two way street, wildcat strikes reduce trust from investors and unsavoury labour regimes in business reduce trust from workers (labour unions and politicians are in the middle making money by sowing more distrust)

  • danny.holando - 2012-10-11 10:13

    Many of the subscribers on this forum see fit to describe the problems facing SA in no uncertain terms without once putting down a constructive message about how to solve the problems in SA. Sometimes abuse is hurled from subscriber at another because the perceptions of that participant do not match those of their own. In this way you are no different from the very government officials you seem to hate. Come on guys who or what is going to bring South Africa together - is there a great leader out there? When or how are we going to solve the problems that need solving? Where should South Africa be headed - of the many paths that we could follow which one should we take? The problems are serious guys, SA is teetering on the edge of perhaps another Arab Spring with disenfranchised youth and disgruntled workers ready to put everything on the line. There is every chance that SA could be the next Syria (don't say that's not possible) It takes decades to build a country and a day to destroy it. Yes the ANC have mismanaged the politics because they were intent on themselves as individuals and not the country as a whole - but which would you rather have a Party that is labour union aligned with Malema as President ready to strip the country of land and mining rights. Have you ever seen a car accident in slow motion on TV or film - in no time at all SA could hit a brick wall folks - it isnt nice!

  • brionyl.french - 2012-10-11 10:57

    WELL DONE ANC THERE GOES THE MONEY YOU WANT NOW WHAT? IDIOTS!!!!!!

  • paul.mulder.355 - 2012-10-11 11:22

    I agree, but who is going to listen to this. Telling this to those who understand is futile. Telling it to those who are actually striking is more important, but I am not sure they care/understand.

  • bullardx - 2012-10-11 13:22

    With all these strikes goin on_ I finally see why most professional feilds would prefer hiring foreign black Africans

  • bullardx - 2012-10-11 13:28

    With all these strikes going on. As a black south african, im embarassed an ashamed with da ppls arrogance...and stupidity. This time theres no apartheid to blame but ourselves.

  • DVR.333 - 2012-10-12 15:05

    I think if the profits of companies were shared more fairly with the workforce it would be easier to explain to the guys why they need to "behave" in a different way. Until then, the words of Gill Marcus will carry very little weight.

      revivle - 2012-10-12 19:58

      DVR - a lot of people here seem to discard this simple and powerful truth you expressed. too bad.

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