The reserve bank governor, Gill Marcus, is very brave to raise interest rates on the eve of elections ("A rate hike is never popular, but Marcus has got it right," January 30).
It is interesting to note that the markets reacted negatively and the rand declined further.
Evidently, interest rates are a blunt instrument that harms consumers in debt while whetting the insatiable appetite of private banks and monopoly capital.
Pandering to neo-liberals will not put the economy on a growth trajectory and deliver sustainable decent jobs.
The time has come to put an end to the nonsensical independence of the Reserve Bank. Revolutionary democrats must implement the Freedom Charter, and the first step is to nationalise the Reserve Bank and overhaul regulation of the banking industry.
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