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ECON Wakanda Forever ! - S. Africa's “First Black Bank” Collapses after Being Looted by Owners
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  1. #1

    15 Wakanda Forever ! - S. Africa's “First Black Bank” Collapses after Being Looted by Owners

    [ Much less than 50% ]

    VBS Mutual Bank—lauded as the first bank in South Africa to be totally owned and managed
    by Africans—has collapsed after its owners stole all the cash and bribed government and local
    government officials into depositing money in the operation, an official inquiry set up by the
    South African Reserve Bank (SARB) has found.

    According to the official report issued by the SARB, titled “The Great Bank Heist: Investigator’s
    Report to the Prudential Society,” the African owners at the VBS Mutual Bank “made away with
    almost R2 billion” in what it described as “a single criminal enterprise.”

    [...]

    “It is corrupt and rotten to the core. Indeed, there is hardly a person in its employ in any position
    of authority who is not, in some way or the other, complicit” in the “widescale looting and pillaging
    of the monies placed on deposit at VBS.”


    http://newobserveronline.com/south-a...ted-by-owners/

  2. #2
    S. Africa's “First Black Bank” Collapses after Being Looted by Owners
    I hear the black watermelon farms are having similar problems.

  3. #3
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    Fortunately R2 billion is only worth about $2000
    "...Cry 'Havoc' and let slip the cats of war..."
    Razor sharpening while you wait - Occam
    If it works, it doesn't have enough features. - Windows 10 design philosophy.
    Forget the beer, I'm just here for the doom!
    Humans, just a tool for amino acids to make Swiss watches.

  4. #4
    communists gotta commune
    There are two types of people in this world.
    1) Those that can extrapolate from incomplete data

  5. #5
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    Boy!!!! Am I surprised!!!
    Strange times are causing stranger measures...

    1Cor 13:13 And now abideth faith, hope, charity, these three; but the greatest of these [is] charity.
    I Believe in a Just God.

  6. #6
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    Quote Originally Posted by Intestinal Fortitude View Post
    communists gotta commune
    yea and nigs jus gotta nig
    “So then because thou art lukewarm, and neither cold nor hot, I will spue thee out of my mouth.” REV 3:16

    Raging Deplorable - we do NOT forget; we do NOT forgive; we are LEGION

  7. #7
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    OP:
    “It is corrupt and rotten to the core. Indeed, there is hardly a person in its employ in any position
    of authority who is not, in some way or the other, complicit” in the “widescale looting and pillaging
    of the monies placed on deposit at VBS.”


    Quote Originally Posted by Normallguy View Post
    Boy!!!! Am I surprised!!!
    ahhhh yup . . . . . . . NOT

    Quote Originally Posted by vestige View Post
    I hear the black watermelon farms are having similar problems.
    “So then because thou art lukewarm, and neither cold nor hot, I will spue thee out of my mouth.” REV 3:16

    Raging Deplorable - we do NOT forget; we do NOT forgive; we are LEGION

  8. #8
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    Shocked......shocked, I tell you.
    The greatest trick the devil ever pulled was to convince the world he didn't exist

    If you have not been to the range in a month, you are under performing.-BB

  9. #9
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    Some might refer to it as a genetic predisposition to the jungle-tribal culture.
    Proud Infidel...............and Cracker

    Member: Nowski Brigade

    Deplorable


  10. #10
    Quote Originally Posted by Groucho View Post
    Shocked......shocked, I tell you.
    You speak for us all. {{{group hug}}}
    Better to be a warrior in a garden than a gardener in a war.

  11. #11
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    It's long been known that the best way to rob a bank is to own it.

    Usually it takes a little longer to kill the bank however.
    The wonder of our time isn’t how angry we are at politics and politicians; it’s how little we’ve done about it. - Fran Porretto
    -http://bastionofliberty.blogspot.com/2016/10/a-wholly-rational-hatred.html

  12. #12
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    too bad they could pull off their version of quantitative easing

  13. #13
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    TNB is TNB. Doesn't matter if its in Atlanta, Paris, Monrovia, Sydney, or Cape Town.

    Nig is gonna nig.

    That's why we can't have nice things. That's why we have so much crime, theft, and such heavy taxes and we support so many of them who are clearly incapable of supporting themselves.

    Importing them here was the worst mistake in the history of the USA bar none. Failing to repatriate them, as Lincoln wisely intended was the second biggest.

    Who really wanted Lincoln dead? And what impact did his death have on the repatriation program called Liberia?

    I would exile all black felons to Liberia and offer any black "US citizens(LMAO)" a cash stipend and a free one way ride there.

    Diversity sucks. It ruins quality of life for everyone and destroys social trust.

    Diversity + Proximity = war.

    This is known by our 'leaders' and this is why our border was thrown open to the brown hordes in '65, all the while they lied and said it would not change our country.

    How did that work out?
    "If it were announced to you that the enemy had invaded your cities, your castles, your lands; had ravished your wives and your daughters, and profaned your temples—which among you would not fly to arms?" - Saint Bernard of Clairvaux
    Amalric from the sack of Béziers in 1209 during the Albigensian crusade: "Caedite eos. Novit enim Dominus qui sunt eius."

  14. #14
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    Quote Originally Posted by Profit of Doom View Post
    Fortunately R2 billion is only worth about $2000
    You're probably thinking about Zimbabwe. According to (https://www.x-rates.com/calculator/?...o=ZAR&amount=1) 14.293321 S. African Rands equal one US Dollar. Using your R2 billion number, that's about US$139,925,494.

  15. #15
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    Quote Originally Posted by Murt View Post
    too bad they could pull off their version of quantitative easing
    Thats next week - and only for White owned currency.

    Dobbin
    I hinnire propter hoc ecce ego

  16. Quote Originally Posted by Foothiller View Post
    TNB is TNB. Doesn't matter if its in Atlanta, Paris, Monrovia, Sydney, or Cape Town.

    Nig is gonna nig.

    That's why we can't have nice things. That's why we have so much crime, theft, and such heavy taxes and we support so many of them who are clearly incapable of supporting themselves.

    Importing them here was the worst mistake in the history of the USA bar none. Failing to repatriate them, as Lincoln wisely intended was the second biggest.

    Who really wanted Lincoln dead? And what impact did his death have on the repatriation program called Liberia?

    I would exile all black felons to Liberia and offer any black "US citizens(LMAO)" a cash stipend and a free one way ride there.

    Diversity sucks. It ruins quality of life for everyone and destroys social trust.

    Diversity + Proximity = war.

    This is known by our 'leaders' and this is why our border was thrown open to the brown hordes in '65, all the while they lied and said it would not change our country.

    How did that work out?
    Dare to Dream, sadly these low IQ animals aren't going anywhere, there's not enough white's peoples to rip off in Africa, despise the worthless bastards.

  17. #17
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    Africa wins again

  18. #18
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    The vast majority of blacks, all over the world, are criminals, incapable of acting in the best interests of their own people. Lying, cheating and stealing are bred into their DNA. There is not a single black-run nation in the world that is a success.

  19. #19
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    Willie Sutton quote comes to mind...

    https://quoteinvestigator.com/2013/0...here-money-is/

    I almost mis-wrote "Willie Horton" - which may have been more apropos.

    https://en.wikipedia.org/wiki/Willie_Horton

    Dobbin
    I hinnire propter hoc ecce ego

  20. #20
    When I lived in South Africa, the Rand was worth a little more than the US Dollar and the banks had spotless reputations. It does my heart good to see the progress made under black majority rule...

    Best regards
    Doc

  21. #21
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    I've been watching documentaries on YouTube about life and history in the former Belgian Congo. It is amazing to watch. From what I gather is Black African culture reverts to it's lowest common denominator. The don't rebuild or repair anything left behind from the colonial days. Now having said this they do "fix" things until they are no longer usable.

    From a political stand point, I am a segregationist (separate but equal), that being the best mutual relationship in countries where our racial groups live together; expulsion won't work in a functioning society. Now, if we are to interact with Sub-Saharan Africans we must go back to Colonialism. We trade controled infrastructure: water, plumbing, roads, law, education, healthcare in return for natural resources. They were given all that after Colonial rule and they have basically destroyed everything. They can't rule themselves by any Western or Eastern measures.

    Before anyone says 'well you haven't been to africa' I might remind you I've taken a wrong turn in Baltimore.
    Hwćt! Wé Gárdena in géardagum ţéodcyninga ţrym gefrúnon· hú đá ćţelingas ellen fremedon. - Listen! We of the Spear-Danes in the days of yore, of those clan-kings heard of their glory. How the worthy princes performed courageous deeds!

  22. #22
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    Quote Originally Posted by tanstaafl View Post
    You're probably thinking about Zimbabwe. According to (https://www.x-rates.com/calculator/?...o=ZAR&amount=1) 14.293321 S. African Rands equal one US Dollar. Using your R2 billion number, that's about US$139,925,494.
    I did run the numbers, thought this was cuter. Don’t they have massive inflation as well?
    "...Cry 'Havoc' and let slip the cats of war..."
    Razor sharpening while you wait - Occam
    If it works, it doesn't have enough features. - Windows 10 design philosophy.
    Forget the beer, I'm just here for the doom!
    Humans, just a tool for amino acids to make Swiss watches.

  23. #23
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    Quote Originally Posted by Dozdoats View Post
    It's long been known that the best way to rob a bank is to own it.

    Usually it takes a little longer to kill the bank however.
    Gotta have that instant gratification.
    "...Cry 'Havoc' and let slip the cats of war..."
    Razor sharpening while you wait - Occam
    If it works, it doesn't have enough features. - Windows 10 design philosophy.
    Forget the beer, I'm just here for the doom!
    Humans, just a tool for amino acids to make Swiss watches.

  24. #24
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    South African Rand value on the currency exchange to a U.S. dollar is .07 so multiply that .07 by 2 billion and you get what it worth in U.S. dollar$

  25. #25
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    $140 million

  26. #26
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    Quote Originally Posted by Foothiller View Post
    TNB is TNB. Doesn't matter if its in Atlanta, Paris, Monrovia, Sydney, or Cape Town.

    Nig is gonna nig.

    That's why we can't have nice things. That's why we have so much crime, theft, and such heavy taxes and we support so many of them who are clearly incapable of supporting themselves.

    Importing them here was the worst mistake in the history of the USA bar none. Failing to repatriate them, as Lincoln wisely intended was the second biggest.

    Who really wanted Lincoln dead? And what impact did his death have on the repatriation program called Liberia?

    I would exile all black felons to Liberia and offer any black "US citizens(LMAO)" a cash stipend and a free one way ride there.

    Diversity sucks. It ruins quality of life for everyone and destroys social trust.

    Diversity + Proximity = war.

    This is known by our 'leaders' and this is why our border was thrown open to the brown hordes in '65, all the while they lied and said it would not change our country.

    How did that work out?
    That is spot on and is a most uncomfortable truth for White liberals and egalitarian kumbayee's in general.

  27. #27
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    Quote Originally Posted by tanstaafl View Post
    You're probably thinking about Zimbabwe. According to (https://www.x-rates.com/calculator/?...o=ZAR&amount=1) 14.293321 S. African Rands equal one US Dollar. Using your R2 billion number, that's about US$139,925,494.
    What? You mean that email I got offering me 10% of the $139million was true?

  28. #28
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    Quote Originally Posted by LightEcho View Post
    What? You mean that email I got offering me 10% of the $139million was true?
    You only got 10%?
    I was offered 25% and his two virginal daughters!
    "...Cry 'Havoc' and let slip the cats of war..."
    Razor sharpening while you wait - Occam
    If it works, it doesn't have enough features. - Windows 10 design philosophy.
    Forget the beer, I'm just here for the doom!
    Humans, just a tool for amino acids to make Swiss watches.

  29. #29
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    F/////g the niggers who cares about them, I know I don't care about them.
    JUST A FEW OF MY SIMPLE THOUGHTS
    LAY LOW WAIT LIKE A WOLF IN THE WILD UNTIL THE TIME IS RIGHT
    Never Pick A Fight With An Old Man He Will Just Shoot You He Can't Afford To Get Hurt

  30. #30
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    What SANE person would have expected any other outcome of an all black run bank, in Africa no less! The corruption there is legendary!!
    You do not get a reputation you have not earned. Character and reputation MATTER. It is so bad that the entire race is dirtied by their "brothers".
    They should have made sure the entire bank was run and administered by real, not pretend, Black Christians whose walk matched their professed faith.
    AMP 2 Cor 6:2
    For He says, “At the acceptable time (the time of grace) I listened to you, And I helped you on the day of salvation.” Behold, now is “the acceptable time,” behold, now is “the day of salvation”—

  31. #31
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    Quote Originally Posted by Profit of Doom View Post
    I did run the numbers, thought this was cuter. Don't they have massive inflation as well?
    Not as high as some on this thread might think, considering blacks have had a big say in running the country since about 1994:

    "The annual inflation rate in South Africa was at 4.9 percent in September of 2018, unchanged from the previous month and in line with market expectations. Cost of food and non-alcoholic beverages rose faster while transport prices slowed. Inflation Rate in South Africa averaged 9.06 percent from 1968 until 2018, reaching an all time high of 20.70 percent in January of 1986 and a record low of 0.20 percent in January of 2004." (https://tradingeconomics.com/south-africa/inflation-cpi)

  32. #32
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    Quote Originally Posted by Doc1 View Post
    When I lived in South Africa, the Rand was worth a little more than the US Dollar and the banks had spotless reputations. It does my heart good to see the progress made under black majority rule...
    This morning I scanned through my currency collection and saw in my notes that in 1980 (when Rhodesia formerly became Zimbabwe) Zimbabwe's currency was 1:1.47 (that is, Zim$1 = US$1.47). In 1983 it was Zim$1 = US$1. In 1997 it was Zim$10 = US$1. Zimbabwe's hyperinflation didn't really kick off until the late 1990s (it hit its height in 2008-2009). My point being that even in Zimbabwe the currency didn't devalue automatically after the blacks took power from the whites. So while today South Africa isn't remotely in hyperinflation mode, that doesn't mean it won't get there in the coming years.

    Of course, there's a school of thought that says the US will go into hyperinflation mode before too many more years pass. Not to mention that you can't blame blacks for all the hyperinflations in Europe over the last century or so. So is it really genetic within blacks to ruin an economy, or is it just TPTB everywhere are so often just a bunch of inbred morons thinking their delusions are in fact reality?

  33. #33
    Quote Originally Posted by tanstaafl View Post
    This morning I scanned through my currency collection and saw in my notes that in 1980 (when Rhodesia formerly became Zimbabwe) Zimbabwe's currency was 1:1.47 (that is, Zim$1 = US$1.47). In 1983 it was Zim$1 = US$1. In 1997 it was Zim$10 = US$1. Zimbabwe's hyperinflation didn't really kick off until the late 1990s (it hit its height in 2008-2009). My point being that even in Zimbabwe the currency didn't devalue automatically after the blacks took power from the whites. So while today South Africa isn't remotely in hyperinflation mode, that doesn't mean it won't get there in the coming years.

    Of course, there's a school of thought that says the US will go into hyperinflation mode before too many more years pass. Not to mention that you can't blame blacks for all the hyperinflations in Europe over the last century or so. So is it really genetic within blacks to ruin an economy, or is it just TPTB everywhere are so often just a bunch of inbred morons thinking their delusions are in fact reality?

    I have a very different - and real world - take on that situation. I was in Zimbas twice, in 1982 and 1984. The liberal, western governments had a great deal of prestige invested in Zimbabwe and they actively had worked to undermine the white-dominated government and cause it to fail. Western government policy and western banks proactively supported the ill-fated Zim Dollar. Read up on the Carter administration's Rhodesian policies and the British policies, as administered by Lord Carrington. During both of my trips to Zimbabwe, the Zim Dollar was officially worth more than both the US Dollar and the South African Rand. Now then, there's "officially" and there's the real world. Anyone stupid enough to exchange their hard(er) currency for Zim Dollars at the official exchanges (to include the hotel exchange counters) would take a bath and be given the official exchange rate. As soon as one stepped out into the streets, you would find - or be approached by - black market currency dealers who would gladly offer you two (or more) Zim Dollars for a South African Rand or a US Dollar. As with so many other things in life and politics, anyone reading reading the exchange rates in New York or London wouldn't have a clue as to what was happening on the ground in Harare.

    Best regards
    Doc

  34. #34
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    Quote Originally Posted by Doc1 View Post
    I have a very different - and real world - take on that situation.
    Your comments point out the sometimes vast differences between man-on-the-street (black market currency exchange rates) and government-blessed (official currency exchange rates) numbers. The same thing is going on in Venezuela right now, with the black market exchange rate reportedly being much higher than the international foreign exchange rate. The problem is that governments have a lot of incentive to lie about their economies, especially when times are bad. But more times than not it's the government numbers that survive to be referenced.

    I don't know now where I got the numbers in my currency collection notes, and I tossed them out there only to support my comments that even in Zimbabwe's basket case example their currency didn't collapse all at once just as soon as the blacks took power. Call it about 20 years from the beginning of black rule to hyperinflation in Zimbabwe, and it's been about 24 years since the beginning of black rule in South Africa. I guess it depends on just how closely South Africa will mirror Zimbabwe, especially given that Zimbabwe is right next door and presumably that much more of a cautionary tale. Not to mention that it simply takes longer to loot wealthy countries (like Rhodesia and South Africa) than it does poor countries (like Uganda).

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