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“Never attribute to malice, that which can be adequately explained by stupidity.” — Robert A. Heinlein
When you look at things from a distance, you sometimes wonder, “Don’t these fools realize they’re on a path of self-destruction?”
I’m referring to the South African policies of land seizure from white farmers because…well, they’re white.
This insane policy began around 1999 under Robert Mugabe in Zimbabwe and we know how that worked out. (Zimbabwe went from the “bread basket of Africa” to hyper-inflation and poverty within 15 years).
You would think that by now, someone would figure out that these policies eventually cause an economic collapse.
These fools are stuck on stoopid.
This begs the question, if white farmers are kicked off their land without compensation, who really loses (besides the farmers)?
Let me illustrate this point.
As of 2016, 62% of all South Africa’s farm debt is owned by commercial banks.
So, who is going to pick up the debts (mortgages) that white South African farmers have when they get kicked off?
The farmers lose everything.
There will be no way that the banks will have any claim against them.
Do you think the new “owners” will take over their debts?
So, either South African banks take the hit and/or collapse… or the South African government has to make good on the debts owed to the banks.
Can you say Massive Money Printing?
Who will buy those bonds? and at what price?
Interest rates would skyrocket. And the cost of capital in South Africa goes off the charts…again.
What effect will this have on real estate prices and on the broader economy?
This is what happens when someone’s Stuck on Stoopid!
This becomes another no-brainer trade for those with eyes to see.
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