A peek inside the SA Reserve Bank

[Dave A]

Why the insistence that we go electronic/ eft.

Reduced transaction processing costs and it's safer (from a hazardous theft point of view)?

Theoretical money enables the banks to create more fresh air money, plus bank/admin charges.

This one used to trouble me too once upon a time - the notion of being able to create theoretical electronic money out of fresh air. There are a few problems to overcome, though.

First there's the audit. If you're fiddling value like this, it's going to be tough to explain how you gave all those interest bearing loans when you didn't have the money to cover them. Anomalies should show up in the balance sheet. (OK - I concede there is already more than enough evidence that audits haven't always managed to catch the rotten eggs, but it's a hurdle).

Next, there is interbank transactions. Dialing up an extra nought on your bank balance is no problem on your own systems - not possible when you've got to spirit your expanded balance onto someone else's system.

But I've saved the best for last.

Try as you might, you can't hide the consequences of money oversupply. Look at Zimbabwe, a classic case of a government printing its own money (read conning its citizens) without an underpinning value derived, at the very least, from supply and demand. And then there was the Barterchek case I mentioned in another thread.

When banks (even central banks) start massaging the numbers it'll show. Perhaps not instantly, but soon enough.

[Frankincense]

Personally I'm not concerned about whether or not the government has enough power or not......we speaking of the Reserve bank....

@Dave: "Be careful what you wish for. Government isn't always benign. There needs to be checks and balances.".....the Reserve Bank has an agreement with Parliament to hand over a certain amount of it's profits in return for the sole mandate to be the independant money supplier/monopolist....this must be the checks and balances you are speaking of...lol

'First there's the audit. If you're fiddling value like this, it's going to be tough to explain how you gave all those interest bearing loans when you didn't have the money to cover them."

In SA you don't have to worry about the audit.... as long as I comply with Basil I & II and maintain my 10 % capital ratios... it's business as usuall creating money outta thin air..it's perfectly legal and auditable √ (I may be an Auditor)

Clip from : http://www.theforumsa.co.za/forums/s...ead.php?t=5891
Post #9 - it's hot!!!!

Here goes...all aboard???........I recieve R100 as deposit...I must keep 10% = R10 then I may now borrow to someone else R90...who in turn pops that R90 into their savings account with my bank again...now I have R100 + the R90 I borrowed as I fullfiled my BASIL requirement to keep 10% reserve.....so what was R100 has already become R1o0 initial deposit + R10 reserve + R90 redeposited which I am allowed to create outta nothing...

That is inflation 101 explained in simplistic terms...I make money outta nothin...and no one except God Himself will destroy this.....all becuase it's designed like this...oh...the R90 you reinvested with me...I'm gonna keep R9 and borrow the other...R81...and so on, and so on...

...now work out if a couple of people invest a couple of million in the bank???


@Sgafc:"Why the insistence that we go electronic/ eft. Theoretical money enables the banks to create more fresh air money, plus bank/admin charges." .....yes, to make easy money , but there's a greater purpose why you will be forced to resort to electronic buying and selling / transactioning....

[irneb]

Personally I'm not concerned about whether or not the government has enough power or not......we speaking of the Reserve bank....

@Dave: "Be careful what you wish for. Government isn't always benign. There needs to be checks and balances.".....the Reserve Bank has an agreement with Parliament to hand over a certain amount of it's profits in return for the sole mandate to be the independant money supplier/monopolist....this must be the checks and balances you are speaking of...lol

'First there's the audit. If you're fiddling value like this, it's going to be tough to explain how you gave all those interest bearing loans when you didn't have the money to cover them."

In SA you don't have to worry about the audit.... as long as I comply with Basil I & II and maintain my 10 % capital ratios... it's business as usuall creating money outta thin air..it's perfectly legal and auditable √ (I may be an Auditor)

Clip from : http://www.theforumsa.co.za/forums/s...ead.php?t=5891
Post #9 - it's hot!!!!

Here goes...all aboard???........I recieve R100 as deposit...I must keep 10% = R10 then I may now borrow to someone else R90...who in turn pops that R90 into their savings account with my bank again...now I have R100 + the R90 I borrowed as I fullfiled my BASIL requirement to keep 10% reserve.....so what was R100 has already become R1o0 initial deposit + R10 reserve + R90 redeposited which I am allowed to create outta nothing...

That is inflation 101 explained in simplistic terms...I make money outta nothin...and no one except God Himself will destroy this.....all becuase it's designed like this...oh...the R90 you reinvested with me...I'm gonna keep R9 and borrow the other...R81...and so on, and so on...

...now work out if a couple of people invest a couple of million in the bank???


@Sgafc:"Why the insistence that we go electronic/ eft. Theoretical money enables the banks to create more fresh air money, plus bank/admin charges." .....yes, to make easy money , but there's a greater purpose why you will be forced to resort to electronic buying and selling / transactioning....

Yep, if you want some inication of just how prevalent this "thin-air" money is ... check the versions of money supply here: http://en.wikipedia.org/wiki/Money_supply. E.g. the M0 (actual notes & coins) US$ was at $759bil in Dec 2007, while the M2 (includes deposits, check accounts, savings deposits, etc.) was at $7447bil at the same time. Note that US stopped publishing M3 (long term deposits, money market accounts, etc.). That's 10x more used money in "circulation" than actual notes & coins.

BTW, interest rates also "create money". Say you've borrowed R1000 @ 10% interest. Apart from all the other "magic" going on (read the above link) after a year there's "somehow" another R100 (or a little more due to compounding) in "circulation". No-one created it ... it simply came into being because of interest, well you could say the bank created it through charging interest.

As for electronic money ... I personally "think" the true reason behind it is: "It's a lot simpler hitting a few keys than inking up the press."

[irneb]

I think I'm going to change my signature to this:

[sgafc]

Personally I'm not concerned about whether or not the government has enough power or not......we speaking of the Reserve bank....



Anyone who cares to study the "invention" of money with an open mind will realise that money is not "our" creation. It was foisted upon us with the sole purpose of manipulation and control....by the banksters...

In as much as money has benefits, apart from its obvious value, ie measuring economic activity and recording business transactions. Another purpose was to supplant the value of genuine goods and services to the benefit of one party. The Banks and the Ruling Global Elite..

Reports emanating from banking(Reserve Bank), sources itself, reveal that banks lend substantially more money than their deposits in reserve. Where does the additional funds come from? If I have R1000 , I can only lend R1000, finish and klaar. But banks lend far more, and charge interest on it.

@Francois. You right. The goal is to eliminate money as we know it and replace it with the "Mark of the Beast". Is this a joke?? Ever heard of microchips? On cards yes, on humans... look it up, dont take my word for it. In another year or two this will be the norm...unless people wake up

[Frankincense]

@Sgafc:

I don't expect many people to agree with me at this "early stage" of the roll out...although as we can see, it's not that early , but the power the media has on sheeple is remarkable. Lord have mercy! Alot of people in this forum realise already they are bound to the very same financial institutions that will insist on marking them and thier families soon. As mentioned it will be shrouded in claims of "better transactional security"...and "ease of transacting vs. old methods"....

Yes, it is very naive to argue that Banks are just a normal business and that money comes in and money goes out...and claim we are not taking into account the outflows of the bank Irrespective of the outflows, this is the Global scam of all time.

We also need to be cautious as some members of the forum will show they support this behaviour by providing floored contra-arguments and off topic remarks.

I thank my God for enabling me to recognise the transactional sentiment in His Word about "buying and selling".....and being knowledgable in business, have very little option but to recognize, but let people make up their minds for themselves....many of them are old and are not ready to accept their entire understanding of their existence, patriotism, brand loyalty is not what it appears, and will look for ways to carry on as normal blabbering about "what if's"...and "when we..."...and ..."originally this and thats..."

Banks are the tool to roll out "no buying or selling without this and that"...whether people accept it or not.

As usual...when I start saying something about the future...few agree...and slowly as events transpire, the following of that school of thought grows...eventually what was yesterdays conspiracy theory becomes todays text book facts on how not to do things....lol

Do not stop....watchmen will be placed on the wall to warn the poeple, and some will say "why you making a loud noise in the middle of the night, we want to sleep, "....and other's hearken and prepare and teach understanding.

Great Forum!

[sgafc]

Francois Preach on Brother

[msmoorad]

reserve bank

Not sure about the SA Reserve Bank's origins (and thus it's shareholding). This does seem to be very secretive. However, if you look at the origins of the US Fed (http://news.goldseek.com/GoldSeek/1095269452.php) - why would the SA version be that much different?

A "private" corporation owned by shareholders (not published ) having total control over a country's currency - without the need for consensus from government on policy changes: "We'll raise / lower interest rates at this date."; "We'll print X amount more Rands at such a time"; etc. Has anyone ever heard these phrases in parliament? Proof that they don't even have to notify parliament of their policies ... now who's actually running the country?

the people who really control the SA reserve bank are really not even south africans- its all done in the City of London -which is a part of greater London & is the real financial centre of the world- even Wall Str is controlled by them- the Rothschilds.
seems far fetched?
then read- wake up= search the net.
maybe people are afraid of being called anti-semitist if they speak the truth.

[sgafc]

the people who really control the SA reserve bank are really not even south africans- its all done in the City of London -which is a part of greater London & is the real financial centre of the world- even Wall Str is controlled by them- the Rothschilds.
seems far fetched?
then read- wake up= search the net.
maybe people are afraid of being called anti-semitist if they speak the truth.

History books all point to THIS family's involvement in shady banking/finance deals. Cecil John Rhodes was financed by the Rothchilds in his African expansion endeavours.(1800's). Absa is partly owned by the Rothchilds, so are most of the American and European Banks today(2000's). ..Just a COINCIDENCE of course

[Frankincense]

"maybe people are afraid of being called anti-semitist if they speak the truth."

These Guys don't give a damn what religion you are....Semitic/anti-Semitic/Muslim/Jew/Zionist/Rasta.....these guys believe in degeneration..which is not a core value of any earthy religion...besides Satanism of course....(others)

So if you represent the truth of a matter in any topic, from any religious point of view...if it ain't what they have planned...be carefull to whom you speak up!

[msmoorad]

reserve bank

why i say anti semitism is that 99% of the intl banker/financiers/industrialists are Jewsish- actually those at the top are Satanists.
they use the anti-semitism card whever they are exposed. and their financial clout even ensures that those in govt positions in most countries or in any decision making position are under their control.
the rest of the Jewish people are trained to think that it is them that is being threatened somehow.
so they hide behind the righteous indignation of their brethren.

[Dave A]

If ever you needed proof you can't believe everything you read on the internet...

[sgafc]

Satanic Ritual Killings at Rothchilds Home

Allegations of rituals killings at Rothchilds villas are all over the internet. Hard to believe, yes. But surely the Rotchilds with all their money can take the web owners spreading these "lies" to court? One blog owner challenged them to do exactly that, and undertook to produce the evidence...nothing happened.

[Frankincense]

...in light of the way in which they have openly handled global affairs within their family's ambit (The Rothschilds), witnessing these alledged killings wouldn't add much terribleness to the hundreds of thousands they kill in the wars they sponsor over the many years....

[I Robot]

Government Communications on Cabinet decision on South African Reserve Bank Amendment

Cabinet approves the South African Reserve Bank Amendment Bill

3 May 2010

The South African Reserve Bank (SARB) is a crucial national institution which is required by the Constitution to serve the economic interests of all South Africans. The Constitution mandates the SARB to perform its functions independently and government will continue to ensure that this independence is not compromised.

Section 224(2) of the Constitution requires that the SARB "in pursuit of its primary object, must perform its functions independently and without fear, favour or prejudice"

The bank was established in 1921, and is still governed by an Act of Parliament (1989) that precedes the Constitution. The bank also has private shareholders. This requires government to regulate the activities of the private shareholders to ensure that their interests do not undermine public interest and that the SARB's independence is not interfered with.

It has come to the attention of government that a number of shareholders are involved in activities which could undermine the bank's independence.

The governor of the Reserve Bank had conveyed these concerns to shareholders in March this year, stating that "profit making should never be a motive for holding shares in the bank.

The bank is neither desired nor expected to maximise profits. The fixed dividend paid and the limited voting rights available to private shareholders underline the fact that the bank, like its counterparts in other countries is; a public entity that acts in the public interest, self-interested profit motive of a very small minority of shareholders, does not appear to care about the national interests of the Republic of South Africa".

Cabinet considers this to be unacceptable and has agreed that urgent legislative steps must be taken to protect the bank's independence.

At its last meeting on 21 April 2010, Cabinet decided to:

* Further secure the independence of the bank and ensure that it continues to serve the national interest
* Approve the South African Reserve Bank Amendment Bill for tabling to Parliament. The bill proposes amendments to the principal South African
Reserve Bank Act of 1989, and introduces measures to prevent negative interference in the operations of the SARB
* Initiate a total review of the legislative framework of the SARB with a view to entrench the independence of the SARB and its role in enhancing South Africa's national economic interests.

The bill proposes the following:

* Reinforcing the requirements on the limitation on shareholding to prevent abuse by shareholders
* Amending certain definitions in the principal SARB Act
* Clarifying the powers and functions of the SARB Board
* Providing for the establishment of a panel for the election of directors to the SARB board
* Providing for the nomination of directors by a broader base of the South African public
* Broadening representation on the SARB Board
* Defining clear criteria to disqualify persons from serving on the Board and
* Providing for the possible re-appointment of the governor and deputy governor to serve terms of office of less than five years.

Details of amendments:

* Limit the scope of circumventing shareholder rules

The act currently limits shareholding to a maximum of 10 000 shares per shareholder. The amendments to the act seek to curb circumvention of this limit by introducing the concept of "associate" and "close relative" and extend the restriction to such associates and close relatives.

The purpose is to ensure that no shareholder can create a "bloc" of voting interests; thereby exerting influence that was clearly intended to be limited by setting a maximum number of shares that could be owned and voted on by any individual or institution.

* Broaden the base for nomination of directors on the board

The act currently provides for the election of seven independent directors by the shareholders. The amendments broaden the base from which to draw independent directors by enabling nominations to be made by the general public. The act also requires four directors with expertise in commerce and finance.

The amendments reduce the number of directors with expertise in commerce or finance to two and substitute the same with expertise in labour and mining. The number of government appointed directors will be increased from three to four, taking the size of the board to 15.

* Defining clear criteria for disqualification as director

The grounds for disqualification of serving directors provided for in the act are insufficient for corporate governance purposes. The amendments seek to extend the grounds to include un-rehabilitated insolvents, persons dismissed from positions of trust for misconduct, persons with criminal records and persons with mental and other incapacities.

The amendments provide for termination of directorship as a result of unexcused absenteeism, failure to disclose conflicts of interests, unlawful disclosure of confidential information and breach of duty.

* Introduction of fit and proper requirements for directors

The lack of criteria for the appointment to the board could lead to the appointment of unsuitable directors adversely affecting the governance of the Bank and impairing independence. The amendments introduce fit and proper requirements based on an objective assessment commensurate with skills and experience.

The amendments further make it clear that directors owe their fiduciary duties and duties of care and skill to the bank. The amendments also introduce a screening process for the appointment of directors.

* Clarification of the role of the board

The amendments reinforce the corporate governance role of the board and firmly vest the bank's other powers and duties in the governor and deputy governors.

* Term of office of the governor and deputy governors

The act currently prescribes tenure of five years for the appointment of the governor and deputy governors. The amendments introduce flexibility when a second or subsequent terms are considered, enabling reappointment to be for an agreed period of not more than five years per term.

Legislative process

These amendments will be submitted to the Speaker of Parliament and will be gazetted for public comment during the course of the week starting on 3 May 2010. Public hearings are envisaged to be held from mid May 2010.

Interested persons and institutions are invited to submit written representations on the bill to the secretary to Parliament by no later than 17 May 2010. Further documents will be available electronically on the National Treasury website: http://www.treasury.gov.za.

Public submissions must be addressed to:
The Secretary to Parliament
Care of (c/o): Mr Bradley Viljoen
Committee Section
Parliament of the Republic of South Africa
P.O. Box 15
Cape Town
8000

Mr B Viljoen can be contacted at:
Tel: 021 403 3759
Fax: 021 403 8204
E-mail: bviljoen@parliament.gov.za

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