A tale as old as time. Cause in-fighting to distract the masses while you profit. Racism was designed to sell,we buy up every box and divide us ourselves.
That’s what the Government, Banks, Billionaires want , it’s called Divide and conquer, they create issues for Both sides(blacks/white , liberals & conservatives)to argue , while they change laws , store up gold , increase interest rates ,
So, when ABSA calls me about my R2500 credit card debt, I'll tell them where to go find it. It has always puzzled me why everyone struggles in tough financial times, except the banks. Now we see a part of why that is. Bunch of skelms!!!
As a person who hates reading current affairs for herself, this channel has changed my life. Everything is so much easier to understand 🤣. I love your content Dan, thank you!
@@Siriuan Haibo how can you be scared about my life? My comment is to Dan, not you sir. So don’t be bothered. It’s a Friday, go have a drink with friends and laugh a little ;)
If someone is caught counterfeiting currency its jail time. Not only should the guilty parties (CEO, Fund Managers) be criminally prosecuted there should be charges of financial terrorism brought forth.
It is not just the bank doing this every other business in SA are doing this. Start with the petrol,groceries ,the property markets are also doing this.
It's due to lack of competition. Supply and Demand. Nothing will come of this unless whistleblowers give more information and help prove collusion has taken place.
@@werner240These giant banks have so much lawyers it's prob impossible to get them. These lawyers will make sure the cases drag out for years costing a fortune or they will pay the most minimum of fines.
All these business depend on banks to move their monies, so it's possible that them raising their prices is a response to banks' high charges which ultimately hits us the consumers.
All banks fuck around with currencies to create liquidity. The Rand is just probably so much easier to manipulate. Anyway ANC has been using South Africa as a bank ATM for years maybe these banks got confused.
Exactly! Who is the fine paid to? All of us pay and get screwed over daily and GOVERNMENT takes the money.....Dont think you are not being manipulated daily by the likes of Pick n Pay, Checkers, all the other big retailers, Insurance Companies, Medical Aids, "Financial Investors/Advisors with their" special deals", "low costs" , etc, etc, etc........ Even your salary is likely to fit into an" Industry Norm"........ you're a hamster running in a wheel and don't forget it!! 😂
@@davycrockett8886 They control the electricity and internet. If it was really a threat to them they would end it quick. Plus it's a permanent record of every transaction. A tax man's wet dream. There is a zero % chance world governments allow crypto to become more than a speculative asset or perhaps inflation hedge like gold.
Was just watching a doccie on HSBC, the British bank and how it has been involved in money laundering in Mexico to Tax Invasion/Avoidance in Switzerland. This is not a case of these banks trying to undermine us a country but banks being all round greedy and immune to an accountability of any nature.
@@sivuyilemtsi9840Bingo!! Ever heard of "too big to fail"... They can do as they please or else the whole thing collapses... So yeah, they got us by the balls, From Scotland:)
@@theissuewithdancorderI am new on the channel. Why do you have three hats on you? Why do you keep switching them on your had? Is this some kind of inside joke?
@@user-hs3zl2rh2i He's only getting a hair cut after we have 7 days without load shedding. The hats are there to hide his overgrown hair. He just switches them around and adds extra ones for laughs.
@@theissuewithdancorder the Treasury has come out after the investigation was concluded and said that the banks didn't harm the economy, it was government corruption... They said this 4 days ago. It was only forex trading, it didn't cause the economic downturn.
Imagine stealing a couple trillion rands and you only pay 45 million, if i were them I'd do it again because I'm clearly not gonna lose much if i get caught.
You are already my favourite ZA based CZcamsr. I like the logical flow and non contradictory information on topics affecting the country I love. Thanks Dan and the Team ❤
This could be the case with even retail stores. You never find the same product on sale at all supermarkets. If a 2L Coke is on sale for R15 at Shoprite, you won't find it on sale and Pick n Pay. Next month the sale rotates.
This has been happening for a while, and there are more players at hand we don't know about. Its not just banks that profit from the Rand being manipulated, but international companies based in south africa also benefit, ESPECIALLY mining companies that are not South African
What are the consequences for manipulating the markets? I can't imagine even one of these institutions getting reprimanded by the hawks. It all feels like a collective "Oh Well..."
Sourg Africa seems to have a problem of cepacity when it comes to do a thorough job on commercial crimes investigations and law enforcement agencies. The Steinhof case is an example. We have lowly skilled investigators whose are firced in many instances to wirhdraw the charges or their cases thrown iut of court because of shoddy investigations. If I was running the country I would ask governments from developed countries like the US, UK etc to help with their highly skilled and experienced investigative professionals like the FBI to come and help to upskill the local investigators and build capacity.
@@thulanimakhaye8458It is a question of racial privilege, not politics. Ace Magashule, Matshela Koko were charged and paraded as corrupt (the Media also involved in the deception) but when it came to White business viz, 'collusion' [corruption] in 2010 Word Cup stadium construction by Aveng, Stefanutti, Group 5, M&R the Media and the system protected them while minor Black business is paraded as innately corrupt, tenderpreneurs and incompetent. The same happened with bread price fixing involving Premeir Foods, Tiger Brands, Pinnacle etc. They got off scot free. Evidence against Glencore was placed under carpet at the State Capture commission. Germany prosecuted Steinhoff bur not South Africa. See what they did to VBS Bank for lending money to Zuma? Which comes down to this Bank manipulation of the Rand (including role of Ratings Agencies). It was all to bring down the Zuma government, falsely accusing him of corruption and mismanagement of the economy. While the Banks and their Media houses were profiteering.
The banks found guilty of manipulating the economy were severely penalized. Though, possibly not as much as what they cost the economy and the impact to businesses and individuals.
Agreed.... I'd like to know how this doesn't qualify as Treason. The (South African) Banks acted against the Republic and her greater interest. A R43mill penalty is nothing to them, and how is that even on the table when the US laid a $40mill fine.
Hahaha Barclays is the cyber security company that works with the Hawks cia dia fbi mi5 we are of the Same calibre in work and jurisdiction training and rank except Barclays in South Africa works hand in hand with the red falcons
Good luck with your BRIGGS if you somehow in your small world think its going to be a different system. The Chinese and India and the Russians and who ever else is going to give S.A. some sort of special treatment dream on. Whats wrong with you.
@@George246-zg1zwi think it far better than what the west has been doing to SA...the GDP of SA is projected to increase by next year,i think they are more reliable especially China
This is easy, pull your money from these banks and go to a bank not on this list....bread too expensive at Checkers? Go buy it at the local bakery that a church tannie runs...Talk with your money. Stop buying at woolies, go buy at the farmers market. WE allow this to happen because we preffer comfort and ease, over whats prudent and right.
This is so long overdue. SAn CZcamsrs not just posting about celebrities and music but giving a fresh perspective on the current affairs affecting our country.
@@aimhigh3701 But we are still lacking that coverage on CZcams. Many SAns are on social media than on newspapers, and he gives a perspective on that news he reads as well. That's where my complement is coming from. He's not unearthing a deep covered theory here, he's reporting on the news.
Thank you for using retail bread producers as an example because this is what they do. Assess retail shops goods prices and the conclusion is that the entire South African economy is screwed. This government is scared to capitalist corporation Thanks for apartheid monopolies and corrupt ANC for putting South Africans in misery
They've been doing this since 2014. Especially standard bank. If you missed 4 payments in your bond when it comes to the settlement period they would force you to pay and send letters. While doing that they would increase the interest rate.
You have citizens that allow it. A population dedicated to change is unstoppable. That's why they keep us fighting each other. They know we would route them in a day if everyone had enough finally.
We are also to blame for allowing the fighting to go on. We need to sober up and take charge for everything that's happening. If a few of us lead most people are followers and clueless also, they will follow. We need leaders who won't only talk but do. If a water pipe is busted we need part of the community people to go look and find out why, how, when and what's the solution.
I feel like they did a good job by putting that R1 trillion because it really brought awareness to citizens of South Africa. If they didn't nobody would really care or would start making jokes about this serious matter
Please people of Azania, let’s take our country back, especially economically, born n grow up in Soweto, 2015 i was exploring lipompo Venda land birth of my ancestors from the head, fathers side, this year February i went to western cape, i hv never saw unequality in my life, now i more why😢
I actually think the opposite. I think this value is deliberately spread because it is so obviously unachievable that it MUST be wrong. Then, when a story is found to have some faulty parts its easier to dismiss as probably all faulty. Its a kind of propaganda
@@nickrandall2692I think that's just in nominal terms the trading/transaction volume per day hence the forex market trades as of 2023 around 7 trillion dollars a day. So I think 1 trillion a day trading volume is reasonable amongst 28 banks
You using the bread as an example was your subtle way of saying, this did not start here. It goes a long way back. 😂😂😂 Very good video though and i like how tou stressed how much of a big deal this is for ALL SAns, because it is. Govt needs to step up with regulating these guys or else we will be kak going forward.
I love your channel man, this is exactly what I needed. Someone to explain south african news in a super easy way to understand bc I literally don't keep up with the news
I don’t watch or read news and I’ve been hearing about this rand manipulation thing. So glad there’s a channel that talks about current affairs for those who don’t read news
Dan I watch lots of different channels to see how different sides of the political spectrum process things that happen in SA but you’re the only one who actually discusses properly 😂❤
I remember when they colluded with the bread a couple of years ago and they paid a fine in the millions (can't remember how much), but the bread price stayed the same and continued rising. The public benefited nothing from those fines. The fines went into the competition commissions coffers and that was the end of that
Whilst watching this, I thought about the bread issue too. You are so right! The bread price never decreased even though they were found guilty. Once again, the consumer will get screwed over.
The fines issued by the Competition Tribunal all go to the treasury, in turn go to the budget of the country, just like our taxes. This in turn, de-incentivises the govt to come up with ways that will make those fines be brought back directly to us consumers. Because they help to balance their annual budget of the country. That 42M will be spread of over a couple of years and in turn will contribute towards our Social Welfare grants each year. Depending on your political view, it could be a good thing or a bad thing.
Thanks for breaking it down. Truly shocking news, and the fact that it was so blatantly done in a chat room means we're not the only country being manipulated.
This "practice" is pretty common in south Africa, especially in the construction industry. Sub contractors collude in their prices where all of them would inflate the price of the tender equally ( putting a million on their final price for example). whoever gets the job has to split that extra million with the other subcontractors so in the end it doesn't matter if they got the job or not, they're all making free money regardless
Thank you Dan for covering this. I knew you'd come through to clear the confusion. I feel like these banks should be heavily punished though because what they did to our economy has led to a financial catastrophe, felt strongly by us the citizens as well as small businesses. I fell like this case should be treated as treason. Destabilizing our country like this shouldn't go unpunished.
There's a lot of things we should treat as treason that we don't, for instance, the malfeasance at eskom is being treated like eskom is a poorly performing company when in actuality there are people looting, manipulating and actively sabotaging our generation capacity.
A nation of drunkards. Look out for a doccie from Ken Burns... Strong parallels with the rampant alcohol abuse in this country..,. We celebrated the opening of bottle stores. . 2021...
I thoroughly enjoyed this. Your ability to simply complex concepts is an indication of how well you understand the topic. I will be paying more attention to this case and also wonder what could a just outcome look like…
Just a note: The banks didn't necessarily JUST make it more expensive to do business with south africa & south africans. Similarly they didnt JUST drive the price up (as you state). They probably manipulated the price up one day, then down the next. On any forex trade you can make money on the upswing & downswing, the trick is to know when either will happen. If they only drove the price UP, it would have been super obvious & by constantly manipulating the market up and down it looked more "normal"
The forex market is the biggest financial market in the world. Currency values are determined by supply and demand. ZAR remains popular because of demand for commodities, government bonds and the high interest rate paid on ZAR versus other currencies. To suggest that these banks are solely responsible for the value of the ZAR is simplistic and inaccurate. Colluding as regards spreads and fees yes, but if you want to know the real reason why the ZAR is where it is, look no further than the incompetent government in South Africa.
It's not only that, that caused the rand to be weak, the main reason why the rand is weak is because the South African GDP has been stagnant since 2011 and foreign investment in SA is low because of government corruption, political instability and loadshedding.
The rand used to move more when Zuma gave a national address then when Ramaphosa speaks, do you want to guess who was swinging the Rand? When Rupert said they will tank the Rand, was he a politician?
Very painful for people to loose their jobs, while they are making a kill by manipulating the Rand , resulting in a huge impact on ordinary citizens of Mzansi
Every single South African needs to become self reliant and make big corporations irrelevant! Who is the person/s that made those decisions on behalf of those banks... By making a person responsible for their actions, I would wonder if they would've thought twice. As a corporation, nobody is responsible & funds are kept aside for days when they are found to be corrupt!
The SA banks are also complicit in govt corruption. When the companies pay their corrupt govt officials it's in cash. Large amounts of cash. The banks know full well what's going on. But they keep quiet or they will lose the governments business.
This. This is the level and type of reporting and exposure South Africa needs more of, with wider visibility. This story isn't getting nearly the amount of exposure it deserves in terms of the impact it has on every non-elite South African, every day. With things being so darn hard, the very idea that these elitist douchebags actively fostered and profited from the circumstances we are living through, is chilling and blood-boiling at the same time. Elections can't come soon enough, but at the same time, the fear that "voting won't change anything" is palpable in every other young person I discuss current-day South Africa with. Really boggles the mind and drags the soul, but more reporting like this is at least a first step in the right direction!
YES!!!!! I was so surprised when a friend shared an article with me and I found it was published 5 days before she shared it. Why is this not bigger news?
Ideal but will never happen. The banks will pay a fine (probably 10% of total earnings) then life goes on. No one will ever think of giving the money back.
the moment free money gets given the value of the South African rand drops to basically zero. our money would be so useless that the zim dollar would out perform ours for IONS to comes.
Thanks. I find it annoying that main stream media regards this as not that important. They are not giving this issue adequate airtime at all given its consequences.
Don’t think the Brics will help much. However, we need a bank that doesn’t follow the SARB. We need lower interest rates (1-3%) to get families in homes and business funding. Our economy cannot grow with the current monetary policies
I heard the voice this morning on the radio as if been for a while and by the CZcams algorithm came up with this video. Love your contribution to the airways and in these informative videos.
Glad you clarified the Trillion Rand misinformation, It has been getting confused with the notional daily volume, which is something else. The fines are relative to the SA branch of the banks annual Revenue and are substantial. Regarding the manipulation, the traders were sharing their orders over their Bloomberg terminal chat, and thus interfering with the open market characteristics of our currency. Personally I think it's importance has been overplayed in the media
I like this “cut the BS and get straight to the point while being factual” format. Due to things like corruption and incompetence in the Leadership structures, this country will forever be taken advantage of… there simply seems to be no accountability for anything. Justice system has long been compromised to the point where you can be found guilty of a crime and 3 months later you are posting a TikTok celebrating life with your loved ones!
What most folks in SA don't know is this: according to law, all banks only have to hold 2.5% of all deposits as cash...this means that for every R1000 you think you have in your personal bank account, in actuality, you only have access to 2.5% of it in cash...ie R25....the rest is used by the banks to, among other things, borrow money from the SA Reserve Bank which they can then use to lend out to clients at very profitable interest....or to buy SA or other currency Bonds...long story short, banks the world over use depositorsand account holder's money to make huge profits and only give minimal interest in return
Hi Dan, enjoyed the episode, but I think the term 'Rand manipulation' is leading people seriously astray. Rand manipulation would be commonly understood as manipulating the level of the Rand (see for instance the recent conviction of South African hedge fund manager Neil Phillips in a US court for FX fraud for exactly this offence). What the banks were doing here rather was colluding to maintain the bid-offer spread at artificial levels, hence extracting monopoly rents from the rest of the economy. It's obviously a serious offence, but the ramifications for the broader economy are much lower, since it's a zero-sum game of moving money from one pocket to another rather than causing a systemic mispricing of the exchange rate, which would have much broader ramifications. Unfortunately, the two issues have become hopelessly conflated in the public discourse, and I felt making this distinction clearer could have helped move the ball forward in what's become a very muddy debate.
This is the most misunderstood story of all time with our politicians milking every bit of this to their benefit and cause huge distractions either deliberately or out of ignorance. Please can this be explained SLOWLY so that this over exaggeration can stop!!!
Bank manipulation is not only South African issue it African issue for a very long period of time. Most African countries are suffering from this manipulation.
Great work Dan! The R1 Trillion amount actually comes from the gross daily foreign exchange volumes for the South African market... the articles you showed state it correctly, but it is easy to misinterprete it :)
This issue had me soo disgusted and depressed. Honestly, after I heard about this, I really just though God is our only hope. To think these banks repossessed peoples cars and houses, and had people deep in debt. Seriously, this country needs alot of prayer. Thanks for this Dan, really explained it well to us. Looking forward to the development of this story. As for Standard Bank, what the hell is R42 mill after the gains they picked, totally disgusting? I remember the big construction companies also did this over the 2010 world cup. The happens too often.
Good job mate. Your narrative is not bullying anyone but informative enough for ordinary men and women to understand. Keep updating us about this matter of great importance.
Hey Dan, love the content - with all the news being constantly thrown at us, to have someone break it down into understandable 'bite-sized' chucks, it makes it that much easier to stay up to date and away from any misinformation and BS that gets spread, keep up the great work.
I've seen one of your video's before but now I've just subscribed because of the "Orlando Pirates T-shirt" in the background😅 and you've got very interesting content especially for some of us who didn't do economics in school
No excuses for those banks but it just show what can happen if the people (ANC GOVERNMENT) at the steering wheel is asleep. This is f@$&!#g serious guy's.
I was waiting for this explanation of the figures and the actions of the banking cartel, Dan... My students needed these dynamics to be explained simply and easy. Can you possibly explain why it took a decade for the CC to investigate and reveal this manipulation, and why the fine is so comparatively small?
Meanwhile we're fighting over race while we're ALL being screwed over...pathetic 😒
That's always the issues. We will always fight over our small differences instead of finding solutions that can help everyone succeed. 😔
A tale as old as time. Cause in-fighting to distract the masses while you profit. Racism was designed to sell,we buy up every box and divide us ourselves.
That’s what the Government, Banks, Billionaires want , it’s called Divide and conquer, they create issues for Both sides(blacks/white , liberals & conservatives)to argue , while they change laws , store up gold , increase interest rates ,
They need a divided society to LOOT. Simple as that. Sickening.
Racism is for broke people... Sorry for all the people that's broke
So, when ABSA calls me about my R2500 credit card debt, I'll tell them where to go find it. It has always puzzled me why everyone struggles in tough financial times, except the banks. Now we see a part of why that is. Bunch of skelms!!!
Buy shares in the banks you can’t go wrong, simple really
@@ungarrand be part of the problem ja, right.
As a person who hates reading current affairs for herself, this channel has changed my life. Everything is so much easier to understand 🤣. I love your content Dan, thank you!
POV like this scares the crap out of me. Surely a CZcams channel cannot change your life. Rather say, you are intrigued...and go about your business;)
@@Siriuan Haibo how can you be scared about my life? My comment is to Dan, not you sir. So don’t be bothered.
It’s a Friday, go have a drink with friends and laugh a little ;)
Yeah, I'll 2nd that..greatly appreciated, Dan, thanks mate 🇿🇦👍🏾
@@Siriuanu know nothing. CZcams channels just like Facebook and Instagram can change lives
@@Siriuanit can change your life🤦🏿♂️🤦🏿♂️🤦🏿♂️
If someone is caught counterfeiting currency its jail time. Not only should the guilty parties (CEO, Fund Managers) be criminally prosecuted there should be charges of financial terrorism brought forth.
Exactly
I absolutely agree.
It is not just the bank doing this every other business in SA are doing this. Start with the petrol,groceries
,the property markets are also doing this.
True, a big one is the groceries. The prices literally tripled over the last 3 years
It's due to lack of competition. Supply and Demand. Nothing will come of this unless whistleblowers give more information and help prove collusion has taken place.
@@werner240These giant banks have so much lawyers it's prob impossible to get them. These lawyers will make sure the cases drag out for years costing a fortune or they will pay the most minimum of fines.
Exactly! But that's how the world works right? They end up pocket change fines in comparison to the profits they made and then life goes on
All these business depend on banks to move their monies, so it's possible that them raising their prices is a response to banks' high charges which ultimately hits us the consumers.
Finally, someone who explains this issue in the simplest form. Thanks Dan
Homeboy, love your clear simple explanations.
All banks fuck around with currencies to create liquidity. The Rand is just probably so much easier to manipulate. Anyway ANC has been using South Africa as a bank ATM for years maybe these banks got confused.
Pointing out the obvious... We are all ATMs , Remember the social grants ;) Sponsored yours truly.
Who are these fines paid to? Why is the money not returned to everyday South Africans?
That’s what I want to know too..
Worldbank & Rothschild
I want to know that too!
Treasury
Exactly! Who is the fine paid to? All of us pay and get screwed over daily and GOVERNMENT takes the money.....Dont think you are not being manipulated daily by the likes of Pick n Pay, Checkers, all the other big retailers, Insurance Companies, Medical Aids, "Financial Investors/Advisors with their" special deals", "low costs" , etc, etc, etc........ Even your salary is likely to fit into an" Industry Norm"........ you're a hamster running in a wheel and don't forget it!! 😂
Its not only SA, its worldwide. The banks rule the world.
Support crypto. It's our only hope.
Bingo!!!
@@davycrockett8886 They control the electricity and internet. If it was really a threat to them they would end it quick. Plus it's a permanent record of every transaction. A tax man's wet dream. There is a zero % chance world governments allow crypto to become more than a speculative asset or perhaps inflation hedge like gold.
Was just watching a doccie on HSBC, the British bank and how it has been involved in money laundering in Mexico to Tax Invasion/Avoidance in Switzerland. This is not a case of these banks trying to undermine us a country but banks being all round greedy and immune to an accountability of any nature.
@@sivuyilemtsi9840Bingo!! Ever heard of "too big to fail"... They can do as they please or else the whole thing collapses... So yeah, they got us by the balls, From Scotland:)
This channel is really starting to blow up, well deserved
Thank you! People are talking about it yeah!
@@theissuewithdancorderI am new on the channel.
Why do you have three hats on you? Why do you keep switching them on your had?
Is this some kind of inside joke?
@@user-hs3zl2rh2iyeah, it’s a lil thing most people wouldn’t notice unless they’re really paying attention
@@user-hs3zl2rh2i He's only getting a hair cut after we have 7 days without load shedding. The hats are there to hide his overgrown hair. He just switches them around and adds extra ones for laughs.
@@theissuewithdancorder the Treasury has come out after the investigation was concluded and said that the banks didn't harm the economy, it was government corruption... They said this 4 days ago. It was only forex trading, it didn't cause the economic downturn.
Imagine stealing a couple trillion rands and you only pay 45 million, if i were them I'd do it again because I'm clearly not gonna lose much if i get caught.
You are already my favourite ZA based CZcamsr. I like the logical flow and non contradictory information on topics affecting the country I love. Thanks Dan and the Team ❤
I feel so silly for being so concerned about the beanies when there are clearly bigger matters at hand.
Oh my goodness, I was this person 😂
Lol 😂 this is me too
😂
😂
This could be the case with even retail stores. You never find the same product on sale at all supermarkets. If a 2L Coke is on sale for R15 at Shoprite, you won't find it on sale and Pick n Pay. Next month the sale rotates.
This has been happening for a while, and there are more players at hand we don't know about. Its not just banks that profit from the Rand being manipulated, but international companies based in south africa also benefit, ESPECIALLY mining companies that are not South African
What are the consequences for manipulating the markets? I can't imagine even one of these institutions getting reprimanded by the hawks. It all feels like a collective "Oh Well..."
Sourg Africa seems to have a problem of cepacity when it comes to do a thorough job on commercial crimes investigations and law enforcement agencies. The Steinhof case is an example. We have lowly skilled investigators whose are firced in many instances to wirhdraw the charges or their cases thrown iut of court because of shoddy investigations. If I was running the country I would ask governments from developed countries like the US, UK etc to help with their highly skilled and experienced investigative professionals like the FBI to come and help to upskill the local investigators and build capacity.
@@thulanimakhaye8458It is a question of racial privilege, not politics. Ace Magashule, Matshela Koko were charged and paraded as corrupt (the Media also involved in the deception) but when it came to White business viz, 'collusion' [corruption] in 2010 Word Cup stadium construction by Aveng, Stefanutti, Group 5, M&R the Media and the system protected them while minor Black business is paraded as innately corrupt, tenderpreneurs and incompetent. The same happened with bread price fixing involving Premeir Foods, Tiger Brands, Pinnacle etc. They got off scot free. Evidence against Glencore was placed under carpet at the State Capture commission. Germany prosecuted Steinhoff bur not South Africa. See what they did to VBS Bank for lending money to Zuma? Which comes down to this Bank manipulation of the Rand (including role of Ratings Agencies). It was all to bring down the Zuma government, falsely accusing him of corruption and mismanagement of the economy. While the Banks and their Media houses were profiteering.
The banks found guilty of manipulating the economy were severely penalized. Though, possibly not as much as what they cost the economy and the impact to businesses and individuals.
Agreed.... I'd like to know how this doesn't qualify as Treason. The (South African) Banks acted against the Republic and her greater interest. A R43mill penalty is nothing to them, and how is that even on the table when the US laid a $40mill fine.
Hahaha Barclays is the cyber security company that works with the Hawks cia dia fbi mi5 we are of the Same calibre in work and jurisdiction training and rank except Barclays in South Africa works hand in hand with the red falcons
The BRICS system should come quickly we are already tired of these American banks playing this disgusting game.
Well of course, their whole deal is to remain on top by any means.
South African banks were also involved though
You trust India and China?
Good luck with your BRIGGS if you somehow in your small world think its going to be a different system. The Chinese and India and the Russians and who ever else is going to give S.A. some sort of special treatment dream on. Whats wrong with you.
@@George246-zg1zwi think it far better than what the west has been doing to SA...the GDP of SA is projected to increase by next year,i think they are more reliable especially China
This is easy, pull your money from these banks and go to a bank not on this list....bread too expensive at Checkers? Go buy it at the local bakery that a church tannie runs...Talk with your money. Stop buying at woolies, go buy at the farmers market. WE allow this to happen because we preffer comfort and ease, over whats prudent and right.
Eish😣
The economy system know that 99,9% live a comfortzone lifestyle
Congratulations for the great content boet, so refreshing to see a number of South Africans starting YoutTube channels which produces quality content.
This is so long overdue. SAn CZcamsrs not just posting about celebrities and music but giving a fresh perspective on the current affairs affecting our country.
@@sivuyilemtsi9840he’s just reporting what he reads in the newspapers 😂
@@aimhigh3701 But we are still lacking that coverage on CZcams. Many SAns are on social media than on newspapers, and he gives a perspective on that news he reads as well. That's where my complement is coming from. He's not unearthing a deep covered theory here, he's reporting on the news.
You have not disappointed me Bhuti, Ndyayithanda iContent yakho. Keep up the good work.
Thank you for using retail bread producers as an example because this is what they do. Assess retail shops goods prices and the conclusion is that the entire South African economy is screwed. This government is scared to capitalist corporation
Thanks for apartheid monopolies and corrupt ANC for putting South Africans in misery
They've been doing this since 2014. Especially standard bank. If you missed 4 payments in your bond when it comes to the settlement period they would force you to pay and send letters. While doing that they would increase the interest rate.
No, since 2007
You borrow money you pay it back its that easy.
@@George246-zg1zwwho paid you to type this dumb stuff
Dan, you really broke this down for me like i was a 5 year old. Thank you.
Nothing is in our control in SA, who knows what else is being manipulated .we have clueless lesders
Eskom 😢
Governing party
You have citizens that allow it. A population dedicated to change is unstoppable. That's why they keep us fighting each other. They know we would route them in a day if everyone had enough finally.
We are also to blame for allowing the fighting to go on. We need to sober up and take charge for everything that's happening. If a few of us lead most people are followers and clueless also, they will follow. We need leaders who won't only talk but do. If a water pipe is busted we need part of the community people to go look and find out why, how, when and what's the solution.
@@MYLORDFX im black and always thought they were clueless as well, until i realised your not clueless if your told take it or leave it.
I feel like they did a good job by putting that R1 trillion because it really brought awareness to citizens of South Africa. If they didn't nobody would really care or would start making jokes about this serious matter
Please people of Azania, let’s take our country back, especially economically, born n grow up in Soweto, 2015 i was exploring lipompo Venda land birth of my ancestors from the head, fathers side, this year February i went to western cape, i hv never saw unequality in my life, now i more why😢
South Africa’s economic output averages R8 trillion a year - it seems highly, highly unlikely we could lose R1 trillion a day…
I actually think the opposite. I think this value is deliberately spread because it is so obviously unachievable that it MUST be wrong. Then, when a story is found to have some faulty parts its easier to dismiss as probably all faulty. Its a kind of propaganda
@@nickrandall2692I think that's just in nominal terms the trading/transaction volume per day hence the forex market trades as of 2023 around 7 trillion dollars a day. So I think 1 trillion a day trading volume is reasonable amongst 28 banks
@@seanmartens8740it is 99% faulty
What a blessing it is to have a Competition Commission!!!
They settle for R24 million 💀
Competition Commission literally did nothing
bread price fixing was big news in 2008...Competition Commission.... nothing changed. Nothing.
ANC's time is UP!!! The lawlessness in this country of ours is beyond ridiculous... we are being screwed left right and centre 😅
You using the bread as an example was your subtle way of saying, this did not start here. It goes a long way back. 😂😂😂
Very good video though and i like how tou stressed how much of a big deal this is for ALL SAns, because it is. Govt needs to step up with regulating these guys or else we will be kak going forward.
I love your channel man, this is exactly what I needed. Someone to explain south african news in a super easy way to understand bc I literally don't keep up with the news
I love how you simplify your analysis, n explain so easy to ingest
This concept is complex for some of us; thank you for explaining it so effortlessly.
Its chai 🙌
Overseas people will think you’re talking about tea😂😂
@@oleratomokoka7955 🤣🤣🤣🤣🤣
It would be interesting to know how they plan to compensate consumers who have been impacted by repossession
They won’t pay a fine and get away with it
I don’t watch or read news and I’ve been hearing about this rand manipulation thing. So glad there’s a channel that talks about current affairs for those who don’t read news
Young man... you have earned my subscription. Great analysis, simple and straightforward .
Very informative and you made it easy for an average person to understand. i must say i like the switching of the beanies 🤣🤣
Very informative. Thank you! Has anyone noticed Dan's beanies and how they keep changing?😂 Love it! Keeping it Fresh!😂🤙
Dan I watch lots of different channels to see how different sides of the political spectrum process things that happen in SA but you’re the only one who actually discusses properly 😂❤
Just found your channel and subscribed. Being local, this is very interesting. Thank you. 🤙🏼
I remember when they colluded with the bread a couple of years ago and they paid a fine in the millions (can't remember how much), but the bread price stayed the same and continued rising. The public benefited nothing from those fines. The fines went into the competition commissions coffers and that was the end of that
Whilst watching this, I thought about the bread issue too. You are so right! The bread price never decreased even though they were found guilty. Once again, the consumer will get screwed over.
Its a Racket for money for elections
The fines issued by the Competition Tribunal all go to the treasury, in turn go to the budget of the country, just like our taxes. This in turn, de-incentivises the govt to come up with ways that will make those fines be brought back directly to us consumers. Because they help to balance their annual budget of the country. That 42M will be spread of over a couple of years and in turn will contribute towards our Social Welfare grants each year.
Depending on your political view, it could be a good thing or a bad thing.
@@sivuyilemtsi9840 Yeah noted, in an ideal world that would prob be the case. But knowing south africa and how quickly stuff go missing here
Thanks for breaking it down. Truly shocking news, and the fact that it was so blatantly done in a chat room means we're not the only country being manipulated.
The way you're explaining is very understandable and this channel is gonna be my fav when it's comes to current affairs.
This "practice" is pretty common in south Africa, especially in the construction industry. Sub contractors collude in their prices where all of them would inflate the price of the tender equally ( putting a million on their final price for example). whoever gets the job has to split that extra million with the other subcontractors so in the end it doesn't matter if they got the job or not, they're all making free money regardless
Once again. Thank You Dan. I needed this to be explained to me in layman's terms
Thank you Dan for covering this. I knew you'd come through to clear the confusion. I feel like these banks should be heavily punished though because what they did to our economy has led to a financial catastrophe, felt strongly by us the citizens as well as small businesses. I fell like this case should be treated as treason. Destabilizing our country like this shouldn't go unpunished.
There's a lot of things we should treat as treason that we don't, for instance, the malfeasance at eskom is being treated like eskom is a poorly performing company when in actuality there are people looting, manipulating and actively sabotaging our generation capacity.
@@metalcake2288this 💯
A nation of drunkards. Look out for a doccie from Ken Burns... Strong parallels with the rampant alcohol abuse in this country..,. We celebrated the opening of bottle stores. . 2021...
@@Siriuan What does that have anything to do with the issue at hand?
@@metalcake2288 I completely agree with you there. Our justice system is too lenient towards perpetrators of such and that is why they wont stop.
I thoroughly enjoyed this. Your ability to simply complex concepts is an indication of how well you understand the topic. I will be paying more attention to this case and also wonder what could a just outcome look like…
This whole issue of rand manipulation has just been made more easy and clear to comprehend in under 15 mins🤝🤝🔥
Just a note: The banks didn't necessarily JUST make it more expensive to do business with south africa & south africans. Similarly they didnt JUST drive the price up (as you state). They probably manipulated the price up one day, then down the next. On any forex trade you can make money on the upswing & downswing, the trick is to know when either will happen. If they only drove the price UP, it would have been super obvious & by constantly manipulating the market up and down it looked more "normal"
Business as usual. So is every retail shop.... 75% off sale on the shop window, and you walk inside, there is fark-all less than 50%.....
But over the years, did they drive it up or down? because it definitely was not consolidating
The forex market is the biggest financial market in the world. Currency values are determined by supply and demand. ZAR remains popular because of demand for commodities, government bonds and the high interest rate paid on ZAR versus other currencies. To suggest that these banks are solely responsible for the value of the ZAR is simplistic and inaccurate. Colluding as regards spreads and fees yes, but if you want to know the real reason why the ZAR is where it is, look no further than the incompetent government in South Africa.
I dont know why simplistic is unbelievable
@@nompilontuli7195 Exactly. And that's the whole problem with this. Most people don't.
I was literally thinking about this and hoping for a breakdown. Thank you Dan!🙏🏾
Find it super ironic the example of bread since it actually happened🤣 unreal video Dan, keep killing it!
This mans headgear changes place as the video carries on. Thanks for that Dan
It's not only that, that caused the rand to be weak, the main reason why the rand is weak is because the South African GDP has been stagnant since 2011 and foreign investment in SA is low because of government corruption, political instability and loadshedding.
Why are you avoiding the collusion elephant in the room?
Nonsense
The rand used to move more when Zuma gave a national address then when Ramaphosa speaks, do you want to guess who was swinging the Rand? When Rupert said they will tank the Rand, was he a politician?
They were also doing this while they were retrenching banking staff.
Very painful for people to loose their jobs, while they are making a kill by manipulating the Rand , resulting in a huge impact on ordinary citizens of Mzansi
Keep on doing the great work, this is some awesome news reporting.
Every single South African needs to become self reliant and make big corporations irrelevant!
Who is the person/s that made those decisions on behalf of those banks... By making a person responsible for their actions, I would wonder if they would've thought twice. As a corporation, nobody is responsible & funds are kept aside for days when they are found to be corrupt!
No one is immune to the international monetary system
The SA banks are also complicit in govt corruption. When the companies pay their corrupt govt officials it's in cash. Large amounts of cash. The banks know full well what's going on. But they keep quiet or they will lose the governments business.
Banks be bankrolling theANC with money they steal out of accounts as well as inheritances they refuse to release.
This. This is the level and type of reporting and exposure South Africa needs more of, with wider visibility.
This story isn't getting nearly the amount of exposure it deserves in terms of the impact it has on every non-elite South African, every day. With things being so darn hard, the very idea that these elitist douchebags actively fostered and profited from the circumstances we are living through, is chilling and blood-boiling at the same time. Elections can't come soon enough, but at the same time, the fear that "voting won't change anything" is palpable in every other young person I discuss current-day South Africa with.
Really boggles the mind and drags the soul, but more reporting like this is at least a first step in the right direction!
YES!!!!! I was so surprised when a friend shared an article with me and I found it was published 5 days before she shared it. Why is this not bigger news?
I've been looking forward to this one, I used to go to TikTok specifically for these summaries. I'm so glad now there's a CZcams channel ❤
I say the money stolen should be given back to every South African who was affected.
I believe ALL South Africans have been affected, hey, ALL!!!
This is so infuriating 😡
Good luck with that!
Ideal but will never happen. The banks will pay a fine (probably 10% of total earnings) then life goes on. No one will ever think of giving the money back.
what are you? afuckingbot?
the moment free money gets given the value of the South African rand drops to basically zero. our money would be so useless that the zim dollar would out perform ours for IONS to comes.
Thanks. I find it annoying that main stream media regards this as not that important. They are not giving this issue adequate airtime at all given its consequences.
They have been captured
ABsa for one, has the media gagged becoz in exchange they pay for full page ads etc BIG customer is Absa.
Cyril Ramaphosa needs to grow some balls
Do you think he still has balls ?? I doubt it. The bigger the car/ego, the smaller the balls and..... 😅
Love this content. Such clarity. Love the bread cartel example, especially because it actually played out that way
This is so cruel, i mean seriously South Africa has more enemies than friends .
Don’t think the Brics will help much. However, we need a bank that doesn’t follow the SARB. We need lower interest rates (1-3%) to get families in homes and business funding. Our economy cannot grow with the current monetary policies
We need the names of those people who sat in the meetings and agreed to it, so they can be dealt with individually and not as "28 banks" what not
Yes , Agreed, Name and Shame ...
I heard the voice this morning on the radio as if been for a while and by the CZcams algorithm came up with this video. Love your contribution to the airways and in these informative videos.
Glad you clarified the Trillion Rand misinformation, It has been getting confused with the notional daily volume, which is something else. The fines are relative to the SA branch of the banks annual Revenue and are substantial. Regarding the manipulation, the traders were sharing their orders over their Bloomberg terminal chat, and thus interfering with the open market characteristics of our currency. Personally I think it's importance has been overplayed in the media
I like this “cut the BS and get straight to the point while being factual” format.
Due to things like corruption and incompetence in the Leadership structures, this country will forever be taken advantage of… there simply seems to be no accountability for anything. Justice system has long been compromised to the point where you can be found guilty of a crime and 3 months later you are posting a TikTok celebrating life with your loved ones!
What most folks in SA don't know is this: according to law, all banks only have to hold 2.5% of all deposits as cash...this means that for every R1000 you think you have in your personal bank account, in actuality, you only have access to 2.5% of it in cash...ie R25....the rest is used by the banks to, among other things, borrow money from the SA Reserve Bank which they can then use to lend out to clients at very profitable interest....or to buy SA or other currency Bonds...long story short, banks the world over use depositorsand account holder's money to make huge profits and only give minimal interest in return
The interest is next to nothing. That is why banks are anti cryptocurrency
That's the deal people agree to, it's banking 101, the bank holds your money, and they get to use it.
@@rob8311 only cos their is no alternative
Thanks for teaching us about manipulation of rand we need hard workers like you
Yo Dan boet! I just love how your three beanies alternate as you decipher the whole manipulation. Very enlightening
Hi Dan, enjoyed the episode, but I think the term 'Rand manipulation' is leading people seriously astray. Rand manipulation would be commonly understood as manipulating the level of the Rand (see for instance the recent conviction of South African hedge fund manager Neil Phillips in a US court for FX fraud for exactly this offence). What the banks were doing here rather was colluding to maintain the bid-offer spread at artificial levels, hence extracting monopoly rents from the rest of the economy. It's obviously a serious offence, but the ramifications for the broader economy are much lower, since it's a zero-sum game of moving money from one pocket to another rather than causing a systemic mispricing of the exchange rate, which would have much broader ramifications. Unfortunately, the two issues have become hopelessly conflated in the public discourse, and I felt making this distinction clearer could have helped move the ball forward in what's become a very muddy debate.
This is the most misunderstood story of all time with our politicians milking every bit of this to their benefit and cause huge distractions either deliberately or out of ignorance. Please can this be explained SLOWLY so that this over exaggeration can stop!!!
You don't leave thieves in your house once found. Unless you like what they are found doing
Your channel keeps me up with RSA politics, thank you so much❤
Same thing with the corruption scandal of the construction mafia of the 2010 fifa world cup.
Thanks Dan, you need balls of steel for what you just reported on, we need more brave souls like you, the “shadow” is always lurking
Bank manipulation is not only South African issue it African issue for a very long period of time. Most African countries are suffering from this manipulation.
It is on global scale.
Are trying to justify it?
It is happening all over the world ...
Great work Dan! The R1 Trillion amount actually comes from the gross daily foreign exchange volumes for the South African market... the articles you showed state it correctly, but it is easy to misinterprete it :)
Dan you simplified your explanation to be understood by everybody, Good job man, Thanks🖒
This reminds me of the Data prices in our country
Forget data... Go after the taxi industry. You will have Inkabi to deal with 😂 !!!
If they have the chat room chats, surely they can also go after the individuals who participated as well
Amazing video. I love how you made it entertaining and simple to understand.
Thank you for the simplified explanation. The beanie swaps were an interesting side entertainment they kept me focused on you 😊
Been waiting for this video
This issue had me soo disgusted and depressed. Honestly, after I heard about this, I really just though God is our only hope.
To think these banks repossessed peoples cars and houses, and had people deep in debt. Seriously, this country needs alot of prayer.
Thanks for this Dan, really explained it well to us.
Looking forward to the development of this story.
As for Standard Bank, what the hell is R42 mill after the gains they picked, totally disgusting?
I remember the big construction companies also did this over the 2010 world cup. The happens too often.
We need leaders with a backbone. At this point i believe those stories about africans selling their land for sugar and mirrors
Prayer and repentance, I believe. That's what this country needs.
People must stop buying cars then. And force the government to develop proper public transport.
The beanie switching is killing me😂
These are some eye opening news, thanks and I just subscribed because of this video. Very useful.
Good job mate. Your narrative is not bullying anyone but informative enough for ordinary men and women to understand.
Keep updating us about this matter of great importance.
Hey Dan, love the content - with all the news being constantly thrown at us, to have someone break it down into understandable 'bite-sized' chucks, it makes it that much easier to stay up to date and away from any misinformation and BS that gets spread, keep up the great work.
I've seen one of your video's before but now I've just subscribed because of the "Orlando Pirates T-shirt" in the background😅 and you've got very interesting content especially for some of us who didn't do economics in school
Thank you for making this content. Unbiased, and bringing the math. Well done. Happy to sub.
This channel is growing ❤. As long as its not bias Im cool, as long as you raise issues to enlighten everyone.
Eventually some snow flakes are going to be triggered/offended and they are gonna come for him.. watch!!
Solid video yet again👏🏾👏🏾👏🏾
❤❤❤ I love your videos man keeps me well informed about whats happening in my beloved South Africa ..... and im not even south African
Really appreciate your work, highly informative, delivered in an entertaining way. 💯
No excuses for those banks but it just show what can happen if the people (ANC GOVERNMENT) at the steering wheel is asleep. This is f@$&!#g serious guy's.
I was waiting for this explanation of the figures and the actions of the banking cartel, Dan... My students needed these dynamics to be explained simply and easy. Can you possibly explain why it took a decade for the CC to investigate and reveal this manipulation, and why the fine is so comparatively small?
Because it's ANC-driven, and the ANC is a criminal ex-terrorist organization who have never had the public's best interests at heart.
Lol used to see your springboks line up discussions on tiktoks. Glad to see you discuss so much more.
Watching from Canada 🇨🇦 good stuff always 👌