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News - 4 May 2017

Zuma is Seemingly Running out of Options


The attached article (view here) in Business Day, 2 May 2017 of Stuart Theobald who is also a hedge fund manager, seems like President Zuma is running out of options.  Chris Malikane, a Professor in Finance and adviser to the newly appointed Finance Minister, Malusi Gigaba, said during an interview on SAFM with seemingly great academic authority that it is proven that radical socialism has worked in other countries and that South Africa should plunge into crises like Venezuela and Zimbabwe to achieve transformation with widespread nationalisation and expropriation of land without compensation.  Unfortunately for President Zuma and his Professor there are academics who have read the Professor’s latest peer-reviewed article.  Ironically his academic article examining statistics from various markets, found that foreign direct investment has a direct positive effect on economic growth and that democratic institutions, including respect for property rights, rule of law and sound monetary policy, also have a direct positive effect on economic growth.  “So, his published work, with the evidence he cites, is really an act of intellectual dishonesty calculated to achieve academic advancement.” 


According to Stuart Theobald, the right question is whether the Professor has good evidence and reasoning for his claims.  And, until he publishes them in a way that involves assessment by his peers, we must assume he does not.


Zuma thinks that he can fool the majority of South Africans where his professor contradicting himself.  It seems to me not to be the case when one looks at the public booing Zuma during the recent Cosatu meeting in Bloemfontein.


One wonders how much the Guptas paid the Professor to do such crazy things.


Friendly greetings


Andre Delport

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