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Post by wanyee on Jul 30, 2016 16:51:15 GMT 3
Did you know that 7 out of the top 10 businesses in Kenya (in the billion-turnover range) are banks? www.madaraka.net
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Post by wanyee on Aug 8, 2016 19:19:42 GMT 3
Quoted from elsewhere: It is interesting to peep into the mind of the Honourable Mr. Justice Ogola, one of the Judges in the Commercial and Admiralty Division of the High Court:- “I cannot conclude this judgment without making this generally disturbing observation, that, a customer is loaned Kshs.650,000/= in 1989. Within a few years he is in arrears and soon his property is auctioned at an inconclusive auction pursuant to which a deposit of 25% is paid, which is actually enough to clear the loan arrears and balances. In 2009, the same property is sold by private treaty at the same price of Kshs.4.5 million it was meant to be sold 13 years earlier. The entire Kshs.4.5 million is taken by the bank, which in 2009, still required more than Kshs.11 million from the chargor. That can easily be Kshs.15 million now. Really where is justice? Banks cannot just hide behind the contracts they make, regardless of how unjust they are, to literally destroy their customers. Without their customers the banks cannot operate. A time has come for banks in Kenya to look into the eyes of their customers and answer the question: Are banks Kenyans? Or have they just entered Kenya for business? Banks in Kenya reign large. I am reminded of a predator who after killing the prey is not satisfied to leave the carcass to the vultures, but becomes both the predator and the vulture, killing the prey and gleaning the meat from the carcass to ensure the prey is really dead. I am also reminded of a robber killing his victim and not only attending his funeral, but insisting on carrying the casket to the grave to confirm that his victim is dead and buried. Else, how does one explain a situation or case at hand? Wasn’t there no time when the Defendant in this matter could say “this is the case and time to close this account?” It is a sorry state of affairs in our country. As all sectors of our society are being reformed, banks should not be left behind. They need to look into the eye balls of their customers and answer the question: “Are banks Kenyans?” www.madaraka.net
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Post by jakaswanga on Aug 11, 2016 21:07:18 GMT 3
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Post by wanyee on Aug 12, 2016 13:49:44 GMT 3
Furthermore, that Ksh30 billion that the banks are offering as a "fund" to give credit to small and medium-sized enterprises, only adds up to 1% of the banks' loans portfolio! www.madaraka.net
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Post by jakaswanga on Aug 13, 2016 13:56:09 GMT 3
Did you know that 7 out of the top 10 businesses in Kenya (in the billion-turnover range) are banks? www.madaraka.net No I did not. But I am not surprised. Banking is an extortionists game at our shores. I found that out when I saw the rates I had to sign to finance a new FAW lorry whose quarter price I could cash on hand. 20% interest rate! It would make me a serf, every month risking a repossession!
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Post by jakaswanga on Aug 13, 2016 14:57:00 GMT 3
Quoted from elsewhere: It is interesting to peep into the mind of the Honourable Mr. Justice Ogola, one of the Judges in the Commercial and Admiralty Division of the High Court:-
“I cannot conclude this judgment without making this generally disturbing observation, that, a customer is loaned Kshs.650,000/= in 1989. Within a few years he is in arrears and soon his property is auctioned at an inconclusive auction pursuant to which a deposit of 25% is paid, which is actually enough to clear the loan arrears and balances. In 2009, the same property is sold by private treaty at the same price of Kshs.4.5 million it was meant to be sold 13 years earlier. The entire Kshs.4.5 million is taken by the bank, which in 2009, still required more than Kshs.11 million from the chargor.
That can easily be Kshs.15 million now. Really where is justice? Banks cannot just hide behind the contracts they make, regardless of how unjust they are, to literally destroy their customers. Without their customers the banks cannot operate. A time has come for banks in Kenya to look into the eyes of their customers and answer the question: Are banks Kenyans? Or have they just entered Kenya for business?
Banks in Kenya reign large. I am reminded of a predator who after killing the prey is not satisfied to leave the carcass to the vultures, but becomes both the predator and the vulture, killing the prey and gleaning the meat from the carcass to ensure the prey is really dead. I am also reminded of a robber killing his victim and not only attending his funeral, but insisting on carrying the casket to the grave to confirm that his victim is dead and buried. Else, how does one explain a situation or case at hand? Wasn’t there no time when the Defendant in this matter could say “this is the case and time to close this account?” It is a sorry state of affairs in our country. As all sectors of our society are being reformed, banks should not be left behind.
hey need to look into the eye balls of their customers and answer the question: “Are banks Kenyans?”
www.madaraka.net ... THE STRANGE CASE OF THE INTELLECTUAL CONCUSSION OF DR. PATRICK NJOROGE AT THE CENTRAL BANK OF KENYAEmancipate yourself from mental slavery, none but ourselves can free our minds
etc .. etc
Bob Marley. # Let us spark an industrial revolution --Uhuru Kenyatta during his inaugural speech. We will slap Njoroge both ways, palm and backhand on the rebound. He is mentally sound asleep Industrialisation must be financed. And it is a heavy post over a long term. Assuming 'we' are serious with our national goals. Howbeit we want to invent the wheel the second time over? or, why is Patrick Njoroge being silly, when it comes to this stated national goal? I suspect is its because that is his brief of which, to be kindly patronising to him, he is unconscious!What do I mean by Njoroge being silly? Let us begin by elongatingly patronising our (officially) biggest administrative brain in Kenyan Banking. Dr. Patrick is Kenya's first banker so to speak. (So to speak because President Kenyatta himself by virtue of ownership is naturally the 1st banking family of Kenya and, of course, with Kenya being a battleground between challenger Chinese capital against incumbent Western Capital, the Central Bank of Kenya itself is of (mildly said) debatable own mind. This total 'policy deference' is the coceptualisation often characterised by the critical politicological terms 'periphery' or 'satellite' or even neo-colony. And in the political economy of a global capitalism with defined centers, the role of peripheral central banks is like the earlier on designated role of a colony to the motherland.) We keep the international reality in mind, we map the contours of the battles incumbent finance capital is engaged in to maintain its global dominance in the face of rising Eurasian powers and alternative capitalist poles, as they unfold at a (central) bank near us! -And a major consequence can be a governor, despite proven intellectual prowess, being sheepishly silly. By design too. A neo-colonial nyapara functions outside his historical personality. Koro,I had already gone through the political economy of interest rates left to the market; and in human behaviour informed by greed, how the bankers soon degenerate into a cartel of extortionists. Lending as tool of expropriation ---( Wanyee gives us a case study on the micro level above, quoted from Madaraka.net). On the international stage, this is why it was important to understand the LIBOR SCANDAL! tackled here on Jukwaa When the bankers of the market unite to systematically rig and fix the basic rate in the free market, which free market are we talking about to determine us a rate? NB: In Kenya word goes 10 banks control past 80% of the market. And they meet in a cartel like the JSC conclave, to determine their own sitting, sorry, lending rates! Here is an alternative view of market differentiation. Most importantly, I had reviewed the (political econonomic) origins of some of the current big multinational banks in the western world. They are huge amalgams now, having consolidated (engaged in serial mergers) over the decades as per the economics of scale, but they started out as small, niche banks during the run to industrialisation and, too, as the crisis in peasantry and agriculture proved feudalism was a dead-end. Even the Central Bank as a concept is a very young thing. Dictated by the rising bourgeoisie as a reform of banking to cater for industrialisation! The commercial banks available then were in the hands of the silly aristocracy who knew and used debt as a system of own narrow acquisition and maintainance of serfdom. The conditions -HIGH INTEREST RATE FOR INSTANCE--- were designed to create default. By default, the properties of the loanee would be annexed and added to the portfolio of the bank, then granted out to the shareholders who were at first the landed gentry (like Arap Moi and Jomo Kenyatta???) and later, speculators (like their inheritors). It was a caste system where it was impossible to get rich from the bottom on hard work, accumulate on a loan from a commercial bank. Poor farmers and ambitious freed serfs were the first to recognise this and organise their own cooperative finances to bypass the loan-shark interest rates of the established commercial, aristocratic banks. Not much later, Industrialists who were the class out to replace the aristocracy at the top enforced the principle whole scale. And them industrialists and the industrial bourgeoisie did not need peanut cooperative banks. For them, sourcing slaves in Africa, growing sugarcane in the Caribbean, producing sugar in England and marketing it globally by force --Britania rules the waves, demanded a total reform in banking and credit and the insurance of risk. Their banks needed to be global. A realm of operation beyond the imagination of the aristocracy. NB: There is a time I thought Mwangi of equity had what it takes in capitalist vision. That is, he was positioning Equity to be the Industrial and finance bank of East, South and Central Africa in two decades, that he was eyeing the DRC with its 10 Trillion worth of goodies the way that Scotsman at the origins of HSBC was eyeing China all those centuries ago! And then Mwangi decided to sell (his shares) the typical comprador way! infantile creep! --but that is another long story in political economy. NB: Here is how the ruling German class under visionaries like Bismarck reacted, when they recognised that, running behind, with England and France already industrialised and self-financing, German statesmen had to take matters into their own hands or soon become colonies. Remember this point, O economists. Africa is lagging behind the rest of the world nearly on every score: Industrial patents from R&D, process technological innovations (software engineering), labour productivity, treated tapped water, vaccinology (disease prevention), electricity powering
8 hrs blackouts not unheard of in key industrial cities like Nairobi Kenya, or Lagos Nigeria!) And aint it unbearably humiliating a picture, to see Muhammadu Buharu collapsing in piteous tears in public at Abuja, that due to low oil prices, he is completely bust and witless! -That is the economy people like Patrick Njoroge of IMF and the lost (econometrist) Man-K of Jukwaa rebased about a year ago, to my chagrin! FUNDING INDUSTRIALISATION IS THUS A VERY THOUGHT-OUT AFFAIR. It requires a deep take on credit. In short, we need cheap money. and not for stock bubbles and speculation and CEO bonusess like the famous QE's! NB: (I went around looking at how those who already made it got their cheap money! I was horrified to learn the first thing they did was AVOID WASTE. And that is ZERO TOLERANCE ON CORRUPTION, zero misuse and abuse! things which, how else could it be, are the excellence and specialisation of our Kenyan banking and political elite!) --see the reports of your auditor general, even at the county level! And here we are, neo-liberal talking heads like Dr. Patrick Njoroge want to leave the correctional measures, as radical as everyone recognises (intellectually or instinctively) they must be, all to the grills of the rigged drills of the market. A world market we know is run by So$So to their benefit! Njoroge, an econs Phd major from Yale, knows all these things. This leaves ideological critiques and cultural practitioners to explain why with all that bright talent in commanding positions, General Buhari is reduced to a weeping heap of infant, or, if you like, the auditor general's report on Kenya registers a 'WASTAGE RATE' which, capped, would finance our own counties ECONOMIC TRANSFORMATION BANK. Please go through the auditor generals report of the last 4 years and add up the sums which can not be accounted for. That is what I did -No, I asked a mathematical student (compensated him by hiring a c.ock-sucking ho patroling 'Simmers' at clean his balls out) to do me a summation equation of, and he gave me a good estimate thereof. I then compared that estimate to the STARTING, OPERATING CAPITAL of banks -like the Africa Development Bank.And that was when I reached the conclusion the debate on capping interest rates is a side show. We are throwing away money by the ship-loads to corruption at every government expenditure post, cumulatively enough BILL to fund a homegrown INDUSTRIAL BANK for cheap credit to Kenyan entrepreneurs, and also fund infrastructure and lessen dependence on even China EXIM financing! yet here is the (reputedly ace) governor of the CBK writing newspaper columns about the freedom of commercial banks owned by the president to charge whatever they like! I am not easily pisssed off, but when brilliant students switch off their minds, I can be a nasty piece of work in the classroom. Luckily corporal punishment is out, otherwise I would slap the IMF mouthpiece out of Njoroge's mouth! That he can mouth his mind without refraction nor deflection! 200 years late on industrialisation we are man! ---opus dei Swaini kabisa! BISMARCK AND CO WAS THEN?One might sarcastically jest: Bismarck and co were then, they are so 18th century you know! and this is a new world! A new ball game altogether!Fair enough, but then such missed the import of one of the most important recent developments in the banking world: China launched an ASIAN INVESTMENT AND INFRASTRUCTURE BANK!China is of course the emerging super-power. She has forced the world hegemon into the famous Asia Pivot, specifically to scuttle that emergence. (We should expect the unstable, seizure-prone Hilary Clinton to be even more reckless than Obama. -incidentally Cool Obama is known in some Asian languages as the drone-hit-killer. Here in Luoland of course we think of him fondly as the Nobel peace price winner!) Anyway I already covered the Asia Infrastructure and Investment Bank (AIIB) for Jukwaa, and much stupefaction and (mock?) shock did I express, to the realisation that neither the AU in lofty Addis Abbaba, nor the two Kings of Africa, South Africa and Nigeria, who cover for more than half the Black continent's GDP, thought it mandatory to apply even for observer positions at the AIIB, while the whole of the EU disobeyed their husband, the USA, to rush into Beijin's silk-road financer to be. Breton Woods programmed economists like CBK Njoroge would gasp: AIIB? --But we already have the World Bank and the IMF!? That is duplication and inefficient! Poor economists, those oriental bastads! News is, there is even an Asia Development Bank in existence, led by Japan, and has been operating from 1966 led from Manilla (Philipines). (What, pray tell, was her role in the rise of the Asian Tigers!)Could it be, god forbid, Marshall Plan like cheap credit!? Cheap credit! Mathematically interpreted, as I found out studying the micro-details of the Marshal Plan, could even be zero interest rates over two decades, before a token 1% in the longer term! CONCLUSION: it has not sunk in yet as a general consciousness at the top of Kenya, that there is need to get serious with the future of the nation/continent. The picture of a crying General Buhari disturbs me. Yak! Drop dead if you can't get to work, old goat. I cant stand the mental collapse of the president of the first nation of Africa! It could be the future of an oil-producing Kenya! Perish the thought! Get to work, Njoroge! The CBK is now merely laundering stolen public money (NYS, Eurobond
and the list is endless!). It is this artificial cash-crunch (created by massive heist) which is turning interest rates into a hot topic. Which it need not be! Let us open the playing field. Take a hint at the Mpesa idea. It brought a hitherto unbanked mass into an innovative sturucture, which now the ever cash-crunched Harvard Rotich is salivating to tax to the bone! --Boko creep!
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Post by jakaswanga on Aug 14, 2016 14:04:13 GMT 3
Two or more FOOTNOTEs 1. WHAT WE DO NOT HAVE THE MONEY TO DO, the case of Mathare Slums Kidero is definitely not the stuff of a ' wirtschaftswunder' this side of the continent. He lives in Bill-Gates like castle himself. Eugene Wamalwa is better stuff!? There are 12 public toilets for the 700,000 residents of Mathare Valley. This is Mathare valley in full glory as a slum, or may be it is Kibera. Does not matter. What matters is pupils sitting in an open-air toilet with laptops on their laps! --that is the moronism of Uhuruto's development for you! Now, this is the sum lost on the Eurobond, and NYS, and DoD scams! Playground Valley View primary school, Mathare, NairobiI am a teacher, though my working premises are far superior to this, but we do visit and talk shop with fellow professionals working on these invironments. And we brain-wave. The question is always who cares enough to do something meaninful about it? We are mostly agreed money is not the problem.Now a man like me muses thus: I recover that money from those who stole it and designate a national SLUM UPGRADE FUND, or AUTHORITY. With parts of the recovered loot, reasoning education is important and infants need a good start, I build a series of pre- ad primary school complexes fit for human senses. After that, I fund a sprawling Je-Je-like two-storey sprawling estate for the Nairobi's destitute working class. (Je-Je = Jericho Jerusalem). May be Mlolongo through Sokyimau, off Mombasa road. NB: High-rise is of course out of question, since 4/5 storeys is already outside the technical abilities of our JKUAT engineers, UON architects, Polytechnic artisans and Jua-kali handymen. Seeing the spate of flat collapses that have buried Kenyans under mangled concrete and steel, I stick with the Je-Je model of modesty, 1930's colonial masterpieces, unless I import Chinese constructors who will do shoddy but still better work than made in Kenya high-rise cardboards! Howbeit it the shoddy but better Chinese workfare is cheaper charged! Awuoro, yawa. Wachal dhano, to hiyehiye wan rombe! Gero gorofa e anywang' e tie aora without steely foundation in 2014! The remains of a building in Huruma, that the Nairobi government had earmarked for demolition, which collapsed on June 3, 2016. PHOTO: JULIUS OTIENO/THE STAR [quoteIn April 29, after a residential flat built on riparian land collapsed killing at least 51 people in Nairobi[/quote]. 2. BUT WHAT WE HAVE THE MONEY TO DO. Notice these are the Mpigs out to cap interest rates to help the common man! May be they want to cut the sag of their stomachs first! FOOTNOTE 3: When people like Patrick Njoroge mouth free enterprise and market forces should be left to determine interest rates, it is important they march at the forefront of the EAC customs union too. This means for instance, it is mandatory they write well-reasoned articles why, free trade being so good, trade barriers between the members of the EAC must be abolished yesterday rather than tomorrow. Yes, taking the bull by the horns, there must be an absolution of tolls and levies between the community states. Uganda and Rwanda and SS need not fear extra levies on their goods rumbling through the soon to be completed SGR. When free marketeer ideologues like CBK Njoroge lionise the market for interest rates but fail to pitch for an EAC free-trading zone within the same reasoning, I begin to suffer from a fit of scorn, more so when I notice they are silent on EPA which has been a big bone of contention for others in the region. Countries like Tz may be excused for recalcitrance. (But there is a darker reason put forward, to do with Kenya's economic policy vis-a-vis partnerships with foreign capital from former colonial masters.) When they eye the idea of total open borders without deep structural reform, what they see is Kenya with her upper edge on industry, seeking to further her local advantage majorly relying on her subservient role as the historical darling of colonial motherland capital. In that scenario, they can understandably whisper, the plan is to mow down the others into designated market-only-areas for finished goods. Explaining away the error of that position would, in my opinion, be the spirited duty of our Harvard and Yale men with the mental grit of the ideology they lip-serve. Yes, they have a full brief herein, to assuage Tz, Ug, Rd, and etc fears, messaging their phobias, and guaranteeing them manna from the free trading zone of abolished barriers!That the top bankers of the biggest economy in the region are not HOT on to this is surely a declaration of war on prosperity within the EAC!
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Post by jakaswanga on Aug 20, 2016 11:05:34 GMT 3
THE IDEA OF A NATIONAL INVESTMENT AND ENTREPRENEURS BANK FUNDED BY REDUCED CORRUPTIONThe debate about interest rates is a side issue, a distraction, but a powerful example of how fundamental contradictions appear in disguises! Putting wolves in charge of the chicken-shed and other stories? Which other stories? Other stories like when wolves fight amongst themselves. To what purpose do wolves or hyenas keeping watch over a kraal of sheeplings fight amongst themselves? The answer may not be straightforward greed, and more greed. Some careful reading required of the crime scene: This passage from the standard, in an article in which, one one side, Henry Rotich condemns the exorbitant regime of interest rates charged by Kenyan bankers, while, at the same time, pledges in concurrence with CBK Njoroge to instruct president Kenyatta to reject the bill on capping interest rates, captures a radical dilemma in the economic theory of financial economics. It will continue to play out in Kenya as our need for credit to finance rapid growth becomes ever more enormous. -The price of money, credit, measured in the interest rate, then becomes a sharp bone of contention. (whether it is China or IMF providing the manna!) here is the national banker in chief, his Excellency Uhuru Kenyatta, pinned on the horns www.nation.co.ke/news/Uhuru-seeks-way-out-of-rates-dilemma/1056-3351206-12an829/index.html But predictably his class instincts must ride. So he wont sign. That would be cutting into his own flesh, and, ideologically, into the flesh of those who saved him from the ICC quandary. They did for the bonus of an ideological price. www.standardmedia.co.ke/business/article/2000212657/banks-making-too-much-money-says-cs-rotich So the technocrats who know best have declared the bill is dead. The president, his hands tied, behind his back I think, has no other option than obey the technocrats who know best what is good for us. But he is also a politician. And we read interest rates have become a highly emotive matter and resonates with a larg portion of the population! Now, generally speaking, the general rule in politics, even for master class dictators, is that when you purposely thwart the peoples will on a highly emotive and resonative issue, you are blocking progress, becoming a stumbling block, and priming the countdown to your doom. This is why elsewhere we mused about the possibilities of Uhuru Kenyatta going Bonapartist. Bonapartism was the historical ability of Napoleon or the emperor, to temporarily suppress the overriding interests of the ruling aristocracy, conduct a popular reform, and with its populist success, secure a new popularity for the same elite to enlengthen the class rule thereof! The national assembly, Mpigs we call them, where the bill passed without much ado, instinctively read the situation. It isn't that they are foolish in their economic theory, nor that they are laymen in banking. It is just that, nearer the grassroots, they know what is spooky. I maintain the position. Let us cut down corruption by half, and with the saved money, launched a National Industrial and Investment Bank, branched at every county headquarters. It is a public bank and is aimed at Middle and Small businesses, to starters. All those youth funds UK's drinking rugby buddy Brian Odhiambo and sidekick Namule stole, are then lumped into the Investment bank, youth entrepreneurial sector. The 1.8 bn lost to Graft Queen Waiguru and her empire of rot which included prophets like Mutahi Ngunyi as profiteering sidekicks, is recovered pronto and goes to Women enterprise Investment Department. And for starters the same interest rate as the Basic interest rate at CBK: 8.8?%, 14.5%? Now, pass a law to reclaim HALF looted public goods and monies, confiscate HALF properties and freeze HALF the accounts/amounts of the looters, and count how much money we have to launch our special low-interest rate bank! -which fool wants to talk about capping interest rates for commercial banks owned by the president? (not me, I grew up some time ago!) Hey, Joe Donde! No need capping rates for COMMERCIAL BANKS! They can run their free market rates to the heavens, but, lower down, the government if serious on industrialisation and start-ups, must create a special CREDIT FACILITY INSTRUMENT, a special low-interest national bank, even venture-capital reserve function inclusive, to fire starter cottage industries and youthful entrepreneurs which the commercial banks will only look at like a wolf pack stalking a zebra heifer in labour, the leg of a calf protruding from its hinds. The international computer games market is worth more than the music industry. Seint mobile phones penetration in Africa is peaking, we could venture fund JKUAT computer institute for the best programmers to develop an Africa oriented computer games oriented template. You know, like the go-dam*n Mobutu did with Congolese rumbah-soukous! turning it into a world winner!
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Post by jakaswanga on Aug 21, 2016 16:53:48 GMT 3
IR's: LOOKING AT COMPARATIVE GRAPHS AROUND THE GLOBEWhat do the mature capitalist countries know, which we do not know about the economics of interest rates? Check their basic rates, ever hovering just around less than 1%! And the consumer rate, less than 5%. Ours, near 20%These are significant differences as they say. They indeed are worth a long, long deep think! For those of us who have been charged 20%, a 5% interest rates sounds like Free manna money. And to me, economics is like yesterday's crossword: the results are already out, you do not have them, you do not claim the problem is insoluble! (And I love the Kenyan treasury, because one need not dumb down, since we are in the hands of an aces trio who have been to the creme-de-la-creme of capitalist schools. Nobody can say the FED's Yellen is better than Njoroge. Nor that Germany's Schaeuble is better than Rotich. We can only suspect our local duo have, thinking of Wole Soyinka in Season of Anomy, The Dentist surveying a particularly horrendous scene, been bitten by a secret worm of the tropics whose larvae eats the brain from the inside, turning great men into ... what I don't remember! This means CBK Njoroge's basic rates of 12-15% in a late nation pledging industrialisation in a hurry, is, whatever its rational explanations, an exercise in furiously digging when in a hole. I define that a crisis. From my personal experience of dread crises elsewhere in Africa, such a situation needs calibres alternatively forged. Or down it is, continuously under. FOOTNOTE:www.global-rates.com/interest-rates/central-banks/central-banks.aspx And to the consumer rate? ever less than 5% www.cnbc.com/central-banks-interest-rates-around-the-world/ Supply and demand equations in an open market, right!? Caveat: I heard tell of the use of interest rates to shore up plummeting currencies!? -to attract short-term foreign 'locust' capital! --especially fleeing away from zero to negative interest rates in their motherlands! other apects of this debate. www.cgap.org/blog/worrying-trend-interest-rate-caps-africa This debate will continue. Let us visit Cofek and FKE join the fray. That is the federation of Kenyan consumers vs the Federation of Kenyan employers, an important, indicative fault line in the debate.
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Post by jakaswanga on Aug 21, 2016 22:43:39 GMT 3
COFEK and FKE are on opposing sides on the Banking amendment bill 2015.
That is the interest rate caps bill.
We will first note the FKE is in tune with treasury mandarins and bureaucrats, Henry Rotich and Patrick Njoroge. This confluence of opinion ---in the light of its opposition to the public sensibility at large--- should be treated as of major significance. I will in any case, since mere happenstance as an explanation of this coincidence would in my world be equated to divine intervention, and we historians aren't much into God as a mover of world events!
NB: I know the most legendary war in history, the Trojan War, was, to the last detail, the architectural masterpiece of the immortal gods up in High Olympus, but that is poets for you. They give you the most psychologically profound and emotionally intoxicating version of events which end up being the most memorable and, in time, the retold definitive version of events --try contradicting the Quran for instance --fool that you be!; but yes, to that, them poets have that most divine of caveats, namely the licence named after their trade, signed by their patron, the god who smiteth from afar himself!
For the debate on interest rates in this underdeveloped, corrupted industrialisation-candidate-state of ours a.k.a Kenya, I do not have that heaven-vouched licence, wherefore I am chained to boring and dreary factology, and straight-up deductibility. --Bah! Why did they wait until matters reached crisis point and Mpigs had to snort a response!? Now they are kind of fishing afer the net, left with only reaguard action as their best option. [/i] [/quote] While Mutoro and co declare the right thing for the prezzo to do is sign immediately, the FKE wants the bill returned to parliament! -The shoddy Mpigs delivered shoddy work! Back to the drawing room, clowns! And please do consult widely, if you are serious. And you, Muigai, let alone signing, don't even think of reading that bill!
I do admire the brazen audacity of the Employers in defending their interests! If only Wanjiku had an organisation to always defend her interests with such decided creed! Charlatans like Ababy Namwamba when they had the opportunity at PAC to rise and be counted in public good, only proved themselves surrendered toys! -Would, a party of grit to fight Wanjiku's corner, one capable of scaring the president into indecision or, at least, on behalf of the public good, resisting the collective will of the Mpigish rogues who of habit pass laws to their favour! The impunity with which the LEGICO beasts rode roughshod over the stated wishes of the president to mind the public wage bill are still fresh in memory. The beasts proceeded to award themselves perks everlast until after their deaths, threatening Rotich and Kenyatta with impeachment if they dilly-dallied in signatures. But howbeit here the son of Jomo has developed backbone! -may be it is personal, banking is the family business. Over his dead body then! The beasts can do their worst! The bankers will have their pound of flesh until they drown in blood.
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Post by jakaswanga on Aug 25, 2016 21:37:05 GMT 3
HAIL THE BONAPARTIST CLOWN!President Uhuru Kenyatta signing into law the 2015 Banking (Amendment) Bill at State House We know Him, and their streaks, and through their stripes. Giving them the benefit of doubt, which we have repeatedly done at every election ----in the hope a mutant among them could emerge, pledged in fierce loyalty to Wanjiku--- has turned out to be a wild goose chase. But like conditioned dogs, our reflexes rut --Hail the dog trainer too! Our 'nyapara' masters aloft in 2nd-tier Olympian Nairobi, fortified by their belief in own infallibility and invincibility, indulge themselves in unspeakable charlatanship, wherewith they lord it over all, and us lesser mortals in tow. So long the Pavlov magic lasts! It is a comical game like a Roman gladiatoral fest of duels rigged to favour betting cartels run by aristocrats and nobles, but it is not comical for those sacrifcials whose blood flow in real time. In our times too, power has its games. Sometimes one step is taken ahead like our 2010 promulgation of a new landmark constitution, followed immediately with a one decade backwards lurch, back to stuff reminiscent of KANU --think of the political parties act which re-allows defecting without the normal consequence, ie going back for a fresh mandate from the electorate. Here: In this light of recidivism or atavism, it is also important to remember what happened to the intended 'fumigation' of viroboto. That is CHAPTER SIX, or the so-called INTEGRITY CLAUSE. That link was the debate sparked by the former CJ, Wily Mutnga, and here is Nowrojee. One step forward, two decades backward flight. (for the control you could think of Egypt: the euphoria of the Mubarak ejection, the horrifying demasque of the Al-Sisi ascendancy!) Here is another curious example of back sliding without breaks Kenyan style. But it is on corruption which even the Muthamaki himself has identified as a national/Kingdom security threat, where the paralysis of the Bonapartist instincts of HH Kenyatta and, in deed, the politically bureaucracy feathering him, shines through. Once upon a time there was a list of hundreds of the corrupt at the top. What a fudge! Mr. Kenyatta totally chickened out on Bonapartism. setting the stage for horrors like Kinisu at the EACC. So what is it with this bill? This popular bill which Mr. Kenyatta has signed to cap interest rates, has already been dismissed by the respective cabinet secretary, Henry Rotich, as COSMETIC NONSENSE. Njoroge's opinion is that it is unnecessary and stupid. He no doubt goes with Bill Clinton on the repeal of the Glass-Steagall. I betcha the bankers and their hireling bureaucrats will meet in private and author a parley to defeat the purpose of this bill. In fact, they have already specified exactly how they do it, ie defeat the content of the bill. The Federation of Kenyan employers and the Kenya Bankers association (FKE & KBA) have been kind enough to be honest: over their dead bodies this bill. Kenyatta, a not so secret prominent member of both organisations (regardless of how many proxy servers he hides behind), knows this and is signed up in spirit. He has been spooked by political realities a year before the election into signing, but he has no intentions of effecting. That is why he dilly-dallied until, when even softies like Mudavadi started to hem him in, he realised he would never come out of the defensive in time if he antagonised a bipartisan bill from scared, agitated Mpigs, for once riding general public sentiment. Were the son of Jomo serious in his signature, he would have in the same breath announced the necessary contingency counter measures, these to thwart the coming and emerging sabotage from the determined bankers. These have a fall back position to maintain their extortionist profit rates even as they announce compliance. His Excellency did not look that ahead, why? why that negligence? a deliberate insert? Is it not so, that this bill is so controversial, the opposition so big-gunned (think Rotich, think CBK Njoroge) and ideologically motivated, that it is a certainty feet will drag maximum!? wait until neo-liberal chieftain Christin Lagarde comes a calling and says alla, sh!theads, you think i dish out free manna?Bonapartism is not just signing the bill in token lip/pen service. And that is your clown right there! ALL HAIL THE CLOWN AND THE CAST! HURAAH! Uhuru signs Bill capping interest rates: full statement
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Post by jakaswanga on Aug 28, 2016 9:27:17 GMT 3
HAIL THE BONAPARTIST CLOWN!President Uhuru Kenyatta signing into law the 2015 Banking (Amendment) Bill at State House We know Him, and their streaks, and through their stripes. Giving them the benefit of doubt, which we have repeatedly done at every election ----in the hope a mutant among them could emerge, pledged in fierce loyalty to Wanjiku--- has turned out to be a wild goose chase. But like conditioned dogs, our reflexes rut --Hail the dog trainer too! Bonapartism is not just signing the bill in token lip/pen service. And that is your clown right there! ALL HAIL THE CLOWN AND THE CAST! HURAAH! Uhuru signs Bill capping interest rates: full statement Here is a figure from the past whose better use would be quite and eye-opener in the credit availability debate. www.nation.co.ke/oped/Editorial/Corruption-Anglo-Leasing-Scandal-Prosecution/-/440804/2638840/-/p9r455/-/index.html An ASTONISHING FIGURE in deed! (which since then has only risen!) So it is in public domain, confessed by the PM himself. He Joseph Kinyua at the treasury used to give away ksh. 300 bn/year. Give away because he could have kept records of how it was being lost; who was loosing it to who, and now, on the fight against corruption if his boss Mr. Kenyatta coughed, Chief Kinyua would have better data than the clowns at EACC! (remember how the EACC cleaned up Waiguru only to sink her in dirt again over the NYS heist!) Or is it that he Kinyua did keep records and knows all, but is bonded into an omerta! ---he could also be running a lucrative blackmail racket of course, in a ruthless game of survival and profit. NBL He was an is an exceptional hard worker. He was and is reputed to be competent. And he is a confessed patriot! Accepting these parameters I go Bingo! I can google how long he was at the treasury and saw or oversaw this heist, but for starters I will just take 5 years only, wherefore the sum is Ksh. (5x300)bn.My problem is I am looking for cash to lauch a national credit/investment bank to fill the vacuum left by hard-commercial banks charging the earth. And I want to do this without, like Rotich, pleading for neither Chinese nor IMF emergency facilities, nor the usual suspect sources for grants like Uhuru yesterday humiliatingly to Japan for anti-terrorist funding! My only --pride eating-- options are therefore re-arrangement of the local financial scene, taxes and loot, or recovery and savings (by better management). As for recovery of lost monies, confiscation of loot, I am lucky I have competent and patriotic men like, who else but, Joseph Kinyua and Thugge. --- If you think their CV's are FAKES and I am deludedly setting myself up for DECEPTION, say so! (I know Mwai Kibaki did not think much of this PM, just like his own PM too! but that Othaya creep is of course the personification of criminal arrogance!) I will give the benefit of doubt a try in any case. Give PM Joseph Kinyua a chance to redeem himself in this bankers debate! We can cross examine the Prime Minister to recover that 1500bn. Competent and ace workhorses at the top of the food chain don't take long solving such basic problems. This is why I noted the picture in which Uhuru Kenyatta is signing the interest rates caps bill, with Joseph Kinyua at attention, and thought, HMMM, I can have Joseph unearth where the loot is hidden, 1500bn is enough to launch my public bank tailored to the sectors the banks do not cover with their extortionist rates, and Muigai does not have to sign the bill which, to him, is like cutting off a piecce of his own limb. This re-iteration of commitment to FREE MARKET POLICIES is an ideological statement of mission. To therefore go against that grain, and in the face of a determined effort by Bankers and Employers to prevail, still bow to dictate the market by legislation, Uhuru Kenyatta must have felt like Ayatollah Khomeini accepting a ceasefire with Saddam Hussein's Iraq during the Iran-Iraq war. The Mullah described it as 'akin to swallowing poison!' And if young Muigai looks happy as he signs, it is possibly just the innocence of childishness not recognising a moment of horror. But it could also be the undisguisable devious internal glow of a player who knows his public act will amount to sh!t! Kazi itaendelea, the game is rigged. Is Mr. Kenyatta really that devious!? If he isn't, it is not for lack of good coaches though! -Remember the explanation in the case of the treasury errors!
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Post by jakaswanga on Jan 28, 2017 16:35:25 GMT 3
DON QUIXOTE BETWEEN A ROCK AND A HARD PLACE, THE IMF ORDERS RATES CUP LAW SUSPENDEDTO KILL A FLINCHING KING
Barbarians from afar dictate our King They order him in public To bow low and please their every whim
O The Muthamaki of Kenya Today I rise to die beside thee Even if you are a nothing King You are all I have to hoist the flag
Flinch not O King They come for the kill But we will hold the line With no less murderous thrusts of sword!Now, forget not, the current first political family of the republic of Kenya, The Kenyattas', triples up as both the first monetary and banking family. The Kenyatta's are NOT the biggest bank-owning family, but, through their commercial bank, have a vested interest in the interest rate, especially the high interest rate, more so at a time when domestic borrowing by the state is on the up. This means the president has his arse on a hot plate in several ways. I do not know where his head is apart from the elections, but I suspect high in the clouds. Worse, I know he is in clear and present danger, surrounded by top treasury plotters who loathe his John Hancock on the interest cap law. But before we delve into that, it is important to recognise the personal conflict in loyalty too, because The law toward low interest bill he signed, means stifling his own and the family's business interests. In this bank So what gives? With the IMF fuming and suggesting thunderous consequences if the law is not suspended, the son of Jomo can be forgiven an nervous twitch, even if at a lower allowance than that for the Syrian President, Young Assad --Arab anti Assad propaganda claims the war has stressed him into impotence. There is no easy answer here. It would be tempting for him to just collapse into indecisiveness until we are done with the elections and he emerges winner or not. But in all, he must become a cord dancer, a balancing artist, like the good gambler -know when to hold on, know when to walk away, know when not to play. And of course, devise a gimmick to awe the Roman mob! Here is a reminder of the contours of the battle. Forget Al-Shabaab, kikulacho kiko nguoni mwako!
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Post by jakaswanga on Jan 28, 2017 17:50:23 GMT 3
JAWS, THE MOTHER SHARK BARES A SABRE, HELP! The IMF has directly attacked a law enacted by due process and signed by the President operative. There are moments when someone comes to tell you how to run your home, you tell them eh, you are the smoking cu-nt of a red goat! Just a moment: the IMF deputy managing director Tao Zhang is calling on the treasury to do a Njugunah Ndung'u on Kibaki's cabinet? That is refuse to comply with a policy passed by the national assembly and enacted into law by the Presidential signature! --He, billions of thundering barnacles and blistering empty male balls, I will megaphone the riot act to the IMF if nobody in Nairobi saw this! And after I have done that --and proved the cheering banker CEO's are enemies of the people who deserve ropes around their necks, I will feel free to absolve myself from the protocol of showing even elementary, formal respect to the (elected) leaders of my land, both opposition and government. Why? They abdicated from the defence of national sovereignty. -you know national sovereignty, that thing which forced president Kenyatta into the gimmick of DIVINITY, when he surrendered power for 24 hours to Ruto, rather than appear before Bensouda's ICC as a sovereign in chains! Atahualpa. Now here some goat called Tao Zhang urinating on Uhuru Kenyatta's signature on the interest rate cap! More gimmicks please, O quisling rulers, to defend a make-believe sovereignty you oathed for, or, as the question goes in that Wole Soyinka play (The Lion and the Jewel), Is the bag empty!? --And your moment past TIME TO FORM A RING AROUND THE SON OF JOMO AND HELP HIM SLAY THE BEAST! Or at least go down fighting! --wapi Peter Kenneth? Oh, the blue-eyed coming boy is also going with the discredited dictum of 'internal pacification before external resistance!' Here is another Kenyan report on the IMF telling Ouru he is an idiot to have signed that interest caps into law. The treasury top of course agrees with the IMF. But they can not be purged in a Trump-like tornado. They have security of tenure. The IMF keeps Kenya on the infuse of credit and writes its PR-blurb prep-talking the Kenyan economy on condition they are retained! Remember the writing of the financial bills governing devolution in the new constitution? This issue goes to the bottom of the ideological conflict in economics. 2. Why would a state vested with the power to 'PRINT' MONEY, dish out this money ---(and nowadays the electronic power to create virtual cash)--- freely to commercial entities, then turn around to negotiate with them for FAVOURABLE rates when BigBoy State wants some pocket money!? But, Sicily dear, of course it is a network of nepotism, a Kartel between politics and business! That is why, darling, we speak of a MOBUTOCRACY, kleptocracy, lootocracy or tropical gangsterism in political economy! And we call your threatened measures, COSMETIC! Anyway, this is an operative, fundamental design fault which can be corrected. Kikuyu MP Kimani Ichung'wa doesn't know it, but his subconscious is hinting at a state bank. You know, at its peak, state banks are like the China Investment and Infrastructure Bank! You wanna do things to go 2030 places, things which cost a pile, but the commercial sector smell a kill. They are sharklings fired up, crowding in for a feeding frenzy under the tutelage of the IMF in the role of the Mother Shark. -what do you do? Leave them to starve and charter your own favourable rates. There is a reason why the Marshall Plan avoided the Sharky options of the market rates. And a reason they Shock Therapied Russia instead of Marshall Planning her. More about that later. What happened to the original cooperative movement in Kenya? For one it birthed the bank which was subsequently annexed, privatised into the ownership of the comprador. That is the primitive accumulation doctrine. So back to square one. Without talking the option of NATIONALISATION yet, the SACCO movement is of course the roots antidote to commercial, high killer interest rates which starve off cottage industries. Howbeit these cottage industries are the bastion of the middle income economy, or foundation of the fort of industrialisation we working on. This begs the Kikuyu MPig Kimani Inchung'wa, or another more thoughtful one, to take a far-sighted view and propose for a SPECIAL TREATMENT CLAUSE FOR SACCOS, as the primary source of cheap loans to the majority of Kenyans. The bankers are of course engaged in all kinds of behind the scenes activities to sabotage the law. Freezing of the processing of new individual loans for instance. We know IMF Manchurian Patrick Njoroge would resist such a preferential financial clause with all his mental might, but he can of course resign and go back to work for the IMF, in Greece for instance, or Haiti. Or is he rotten enough, mercenary enough to execute policies he does believe in!? One must never underestimate the corruption in Opus Dei ideology. Here are the outrageously criminal prices of credit the CBK whizzkid and his IMF controllers are defending. Criminal because here we see the use of interest rates not just to enrich the banks and bankers, but worse, is the other purpose: to destroy local industry, starve them of credit for growth, to mow down any possible upcomers who can challenge established brands. It is the political economy of colonialism, the template which designed colonies as raw material producers and a market for finished-off goods, i.e minimal value addition to avoid motherland duplication and competition. YEGOR GAIDAR AND THE RISE OF VLADIMIR PUTIN What was the ideological purpose of the Yego Gaidar Shock Therapy in Russia? It was the destruction of indigenous Russian companies and the enforced subservience of the remaining ones to the new conquistadores. It was dismembering of possible industrial competition, the free reign by select oligarchs in the exploitation of Russia's vast natural resources in concert with foreign interests. It took the shell-shocked and traumatised Russians some time to read the game and get Vladimir Putin going. And because he has kept at it, all the way to the military field, he has become the New Hitler, as Hilary Clinton put it. That is the beef, Putin is no Saddam nor Khadaffi. And I should say Uhuru Kenyatta remains a mound which can not grow into a hill in this landscape of super predators called the global economy. In the battle over interest rates therefore, we can discern the global game in a microcosm. The grassroots pressure for a fair deal, the establishment's adamance the status quo is the best deal. Therefore, watch Kenyan politics as this issue plays out. PRODUCERS AND BENEFICIARIES But first, really, who produces the lion's share of Kenya's GDP? And could they do with a break? Cash gifts in the form of tax relief's for instance!? Cheap loans for instance!? --Oh yeah, I went to check Deng Hsiao Ping out for ya! Guy had reforms in the agricultural sector with some spectacular results. I am scared seeing economists talk about 7% growths as sky-high. Fwakas! Guys did 17% this century! So even your impossible 10% would be a snail against Achilles, let alone a tortoise! Yeah, check the next village before you declare your mother the best cook, or the your village girls the beauty queens of the planet! Here is the IMF too, checking the next village. www.imf.org/EXTERNAL/PUBS/FT/ISSUES8/INDEX.HTM
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Post by jakaswanga on Feb 25, 2017 14:19:28 GMT 3
THE COLOURS OF THE CHAMELEONSmart Patrick deals a fanged hand; WHAT HAS NJOROGE BEEN UP TO OF LATE? I have seen him summoned for contempt of court. that one is a well-matched conflict. But this one popped my eyes! This is rear guard action. There needs to be a detailed exposition by the regulator on these two values,and their relationship to the wider economy --users of financial services. These jargonised ad-hocs could be the kinds of bureaucratic gimmicks practised by the ministry of health when they let a Mr. Bor sign a CBA in 2013 as an act of weaponised evil against naive doctors. Such stuff tend to be ticking bombs on the social fabric of a land. This KBBR versus CBA thing has been in court after Okiyah Omtata offered an opinion which caught the likes of Njoroge napping. Meanwhile the bankers had burnt the midnight oil (while the regulator slept) and found a loophole to circumvent or blunt the presidential sign. I assume such daring only happens in consultation with or at least with the complicit silence of the sharp regulator! These kind of antics by parasites require a dress down, and I will be game! Watch this space, I will be back!
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Post by jakaswanga on Feb 26, 2017 9:34:18 GMT 3
PART 2 - HOW HAVE THE US BANKERS FOUGHT OFF REGULATION?I said I will be back! If you know how the big guys do it, you will know how the small guys will try.I want to rant, incant and assert, but with that mocking, glinting eye behind the African mask. The Mask can dance, even during the ritual disembowelling of an infant. Culture reports such bloody scenes could be inducted to remind the gods the drought had been long enough, it is time the heavens opened and poured wet blessings! Desperate times! Money is a hot topic, even in the house of God. Njoroge is an orthodox believer, does he fancy himself God's banker, the peoples banker? or just earthly mortal cog servicing earthly deities?He is a banker. Our CBK governor. He will stand accused. The class consciousness of a banker, any banker, is that of a parasite. In custody of money which is not his, the banker loans it out to somebody with a plan, somebody who takes all the risks to realise the profit. The banker remains seated, plotting how to cheat the risk-taker off his proceeds. Banking fees or charges for ABC administration is the stuff of legendary jokes. Bankers are powerful. That is the power to determine rent, interest rates, pre-determine the market, to set conditions such that nations are trapped in debt servitude -- Versailles .... Haiti, for that could best be to the bankers profit. And one does what is best for business. For The Banker, this is the perfection of parasitism: He indirectly controls your vital organs of commodity circulation, of commerce, the price of money. The Banker is a God by virtue of his power to CREATE MONEY. Money is a universal measurement of value. Enter the total financialisation of the economy; Finance Capital usurps the role of the god of capitalism. The Banker convinces you, or rather brow beats the system into declaring him too knowledgeable to regulate, then, proving themselves greedy fools, too big to let fail! This is how Wall Street after bribing all theose politicians to effect all those repeals, blackmailed the USA taxpayer into unconditionally bail outs. That the bankers have politicians in their pockets of course helps a great deal. The things bankers do! GREECE UNDER THE VERSAILLES MODEL The constitution be revised! You mean a referendum could also be called to warrant the debt be declared odious!? Hold that last line on the constitution. For in Kenya we will re-visit why the IMF wrote the devolution finance bills, leading to a running tension between the center and the periphery whereby in one instance we already saw Patrick Njoroge spooked by political realities which forced DP Ruto to give him an executive order on cash disburse. This issue is deep. Here is just a random peak at a great historical controversy. The bible does not say much about many of the modern loans!? That is another one! I was thinking The Bible needn't. Written that long ago. But, what else do you have scholars for!? Aren't the endless gospels the scholarly works of disciples? The bible is silent on too big to fail!? That does not mean scholars are bound by the same omerta! So I went to look at the neighbours. May be the grass there is greener! What is ISLAMIC BANKING!?Now is when we loose the guys from Yale and Harvard! And then the argument over the definition of RISK. Secularism is the divorce of Religion from public space. But when a religion is so bold as to state making money from money is forbidden, that money must be used or invested in a productive way, provable risk taken, then faced with a secularism whose orthodoxy is the opposite, a clash of civilisations ensues which can not be settled in the classroom, meseems. If making money from money, trading money as money in itself --the life line of many banks in capitalism, is HARAM before the other God, the sensible option for man would be a BIPOLAR banking world, a bipartisanship in the markets. But man is a hegemon, and both sides imbued with self-righteousness, the clash has to run its full course. With the Kenyan top banker being an adherent of the orthodox Opus Dei clique, whilst an in-breed IMF clone, it occurred to me sit back and ponder the hurricanes sweeping through Dr. Patrick's able mind. And corruption in Kenya just seems to me to be the least of them! Footnote 1. But Bloomberg already reported See, Dodd is already repealed under Obama! Nothin left for The Donald to do on that. Obama let the bankers themselves write their law, their repeal! (Actually Trump has done something. He signed an executive order which gags as much as dissolves all remaining regulatory offices! Stocks jumped up!) 2. Glass-Steagall Act (1933) 2b. Gramm-Leach-Bliley Act
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Post by jakaswanga on Feb 26, 2017 19:53:35 GMT 3
cont: NOTHING PERSONAL, PURELY BUSINESSIn the history of imperial power struggles where finance is a weapon, ruthless empire builders have used this debt weapon of expropriation, just like earlier generations (used) raw pillage where bullion treasures are carted off the vaults of sacked cities. Commercially debilitating practices have been deliberately unleashed on enemy nations or intended colonies, and bankers have been the willing and formidable instruments at the service of the custodians of empire. Freezing sovereign funds of states and letting banks device a maze of redtape which makes tracing the amounts intractable if not impossible, has been perfected of late by the USA. Following the Iran Nuclear deal orchestrated by President Obama and Rouhani, when, sanctions eased, it came to the Iranian funds frozen since the revolution and the interests they accrued meanwhile, suddenly the Americans could neither count, read nor remember account numbers! They Americans became very gobbledygookish.Then Iraq And the new one is Libya's hoard of Gold, and the sovereign funds Gadaffi invested in the West. So when I say bullion were carted off in medieval times, I am just referring to our century. --I don't know how to characterise Mobutu Sese Seko, reputedly his sons physically carried treasure out of the national vaults! I must say I have asked myself if William Ruto, Uhuru Kenyatta, Kalonzo Musyoka, Raila Odinga, Peter Kenneth, Evans Kidero and the other pretenders, wouldn't do a MobutuSon on the Kenyan vaults if they could keep it secret and get away with it. And because of Patrick Njoroge's silence on the Eurobond, I have asked myself if he would fail to obey orders from any of the above MALIYAMUNGUS to facilitate a Mobutist scoop! -Nothing personal, just business. Great and small religions have always been higly condemnative of money for money interest rates. We indicated that in part 1 of this essay. I believe the underlying issues in this debate are the same ones which echo in such laws as the Glass-steagall act, or even the infamous Dodd-Frank amendment. Footnotes already provided. Capitalism with its huge concentration of capital and demand for huge capital for super projects, creates such a demand for cash, that it is bound to shake the concepts governing the trade in money. And the industrial bourgeoisie having come up as a revolutionary class ever inciting labour to higher productivity and greater capital accumulation for themselves while keeping labour poor, there was bound to be a SURPLUS of capital desperately looking to multiply itself. ---Faced with such high surplus of capital, the decadent aristocracy would of course only obsess with corrupted consumerism, waste and debauchery, evolving into a settled gluttonous meat-eating horde of incompetents. These are the likes of the lumpem bourgeoisie we see ruling Africa in general, Kenya in general, Nyanza in general, and Kisumu in particular! Adopting a classic antagonism between capital and labour, given the spate of labour unrest conflicting the Kenyan social space of late, of which the Doctors and Lecturers strikes are prominent, I should be minded to ponder on which side tilts the policies of Patrick Njoroge. Otherwise left to their own devices, like the deregulatory instincts of Njoroge point, bankers soon mutate into sharks, the consumer their daily portion of red meat. CONT.
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Post by jakaswanga on Feb 26, 2017 20:00:58 GMT 3
KENYA'S TOP BANKER, PATRICK THE BLUE-EYED IMF-KID but what is? He is a godsend. He can be tackled without barring any hole. Because he is super smart. When critiquing Kenya politicians, whom we call Mpigs, one always has to dumb it down a bit, for, after all, one is dealing with mutants less human than otherwise is visible. The Hogs are now busy blocking the Report on the NYS heist. Companies dear to them were major beneficiaries. How would you start explaining the concept of CONFLICT OF INTEREST to such lowly things?
.. that they can't be controlling government business while doing criminal business with the same government! REF: JUBILEE AND THE NATIONAL QUESTION --- Onyango Oloo D. But with Njoroge you do, raise points of order. That is what makes him a blessing! (Originally I was minded to accord the financial secretary, Rotich, the same respect, but in a vicious if comically couched delivery, Onyango Oloo in a landmark essay put paid to such romantic notions. --where is he by the way, the proprietor of Jukwaa?) The two essays are, in my opinion, the comprehensive demystification of the Jubilee State Apparatuses. A MACRO ECONOMIC ANALYSIS OF THE JUBILEE CABINET NOMINEES --- Onyango Oloo D. An African saying goes if you have an issue with a dog, take it up with its boss. May be Prime Minister Kinyua for Rotich then. As an intern at the IMF, Njoroge must have studied in detail, the dreadful strategic adjustment programmes which came to naught, SAP's. These now discredited SAP's happened when I was too young to read through them in real time, but the later equivalent -- sack of Greece, happened when I was old enough to read an see through. Behind the scenes during the Euroland banking crisis featuring the famous PIIGS, The Imf was sure, and all economists were in consensus, the Greek debt was factually odious. It was unpayable without a HAITI-like modus operandi, without a Versailles-on-Germany blueprint. That Versailles thing if the one faulted for having triggered Aryan temper to holocaust levels of darkness. But publicly the IMF stated otherwise, in deed the IMF went on to lend Greece money against the Fund's own house regulations. Worse, she even endorsed or manufactured statistics to prove Greece would post high digit growth and overcome the crisis, all under --the German insisted-- austerity! WHY THE HELL DID THE IMF PLAY THAT DUPLICITUOUS GAME IN GREECE?Pretty simple. 1. Ideology. Neurozone banking capital wanted their piece of pie or money back, no matter if Greek pounds of flesh came with it. Northern tax payers were not ready to pick up the tab nor could amply-bribed politicians make them swallow the nonsense of too big to fail. Somebody had to pay up or the system break up. This was about saving Northern banks not about Greek recovery. The ideology bit is the desired firesale of the choice pieces of public goodies to investors from the Northern homelands and their local quislings. Airports, rails, beaches, Telekoms, the family silver at a song. Greek governments were just to be auctioneers in a bankruptcy sale! --- Alexis Tsipras still is, poor lad. And the poor land though an architect by trade, might remember to paraphrase his tribulations thus! O Muze, goddess of the clear tones, sing for us of the sack of Greece When the cannibal banks of the North Bribed the bonusphilic mercenaries of the IMF To smuggle a Trojan-Horse of policies into Athens!
Sing, O daughter of Zeus, How the blue-eyed monsters who ran the EU played them for a song how they let loose a plague of pillage upon the hapless people of Hellas, Reducing them to slaves as if they were Sub Sahara people on hold.
And, O fair Muze, take time To forget not to tell unto us how the IMF dread spore, Dr. Patrick Njoroge landed on our drought-stricken shores to resurrect the blood-draining SAP's All so that the distressed banks in the North could hit fairer winds and survive the stormy markets!
Much woe and sh!t did the slum-dwelling deplorables of Kenya face; much hunger thirst and want, did the naked populations of the arid lands of Kenya contend with, even as Nairobi reported a daily shower of hot cakes and ice-cream being fed to the Mpigs!
Sing O sing, for us the songs of Liberation Muze! The songs of Freedom like Bob Marley!
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Post by jakaswanga on Feb 26, 2017 20:51:59 GMT 3
cont: WHY THE IMF WROTE THE FINANCE BILLS OF DEVOLUTION(And the political economy of Kenya's top banker) Onyango Oloo Jajukwaa narrates the sequence of events with clinical majesty in his two landmark essays cited above. It is a disconcerting tale of how even our brilliant economist, the Othaya genius Mwai Kibaki, when push came to shove, was a domesticated mental eunuch who knew his place in the food chain. Well, having stolen elections in 2007 and bust the economy, he didn't have that many options did he, desperate for credit, the beggar in him reigned over the arrogant ego. He squandered sovereignty! but then, nobody ever ate independence, neither does autonomy feed hungry nations! So the IMF stamped the bills, the public finance acts respective devolution. That is an ideological act of ownership, you know, like a rancher brands his livestock with his insignia, or big game do territoriality by urinating on shrubs! I am also told --by urban sociology--- drug pimps brand their ' cash cows' with peculiar tattoos, just like gangs worth their salt have their members advertise their kills by body art, pen billboards. NB: The termites of Latin America are so fearsome that killer police and official paramilitary death-squads all wear masks in action. Should you be identified, the termites come for all your relatives wherever in the continent, North and South. And because jails need janitors and janitors can't always hide face
. prisons in Latin America are run by a coalition government. You get the idea. If not, soon. 1. The owners of capital know Kenya has to continue borrowing to (apart from to repay badly-spentloans) 'fund herself out of underdevelopment.' Right there is your trafficked woman sold to a gang. She has to swallow alot, prostitute herself hard to buy back her freedom. But it is a power relationship of no balance, so what is to prevent the gang from milking her to the last drop? Tales from reality will offer a clue as to whether such broken souls, nations, lived happily ever after, or had to cleanse themselves some before a happy ending. 2. The owners of capital know, the kind of scum who sign the loans on behalf of their corrupt countries, are not your regulars who build economies which healthily pay back borrowed capital and the intended interest, no, on the contrary, these Mobutist kleptocrats are (provenly) the kind of rogues who specialise in precipitating bankruptcy's. You loan them money, you wanna run their decisions, or your money is a gonna. But accumulated capital too has its dynamics. It beggars investment, or something like 'too much idle money chasing nothing' will become a devil starting as inflation and spiralling into something more fierce, more hyper. And so the owners of capital must invest, like wildebeests which must migrate to pasture and water. You don't, you die. They will wade through any pond of any leviathan croc to satisfy this procreation urge, this profit urge. But mature man is no fool, no mere animal at the mercy of the forces of nature! He wades into the pond of tropical crocodiles wearing something firmer than a shark steel cage. That is, he takes over the financial priorities of the host country, perches himself at the pulmonary jugular with all that oxygenated bits, takes his fill first, before the oxy-rejuvenating blood continues to other vitals. These seasoned predators do that by writing financial bills of countries like Kenya, then putting in place certified, vetted sentries like Njuguna Ndung'u or Patrick Njoroge or Kamau Thugge or Joseph Kinyua-protege Henry Rotich, etc etc, to supervise, control and warn if the levers are being tinkered with by some populist clowns like Raila Odinga, or some Johny-woke-up-lately genius like Mwai Kibaki! You can also think of these appratchiks like SLEEPERS, to be activated or de-activated for this or other correction of course -- guardians of conditionalities ..... saboteurs of would-be people friendly policies like cupped interest rates. In our case, they fashion local devices which help yoke Kenya firmly in debt, in serfdom and ne-colonial peonage. Throughout the continent, they are a fifth column against the drive by Africa to harness her resources for her young and future, and youth who, even as I write, fill the bottoms of the Mediterranean sea, drowned in their flight from an Africa with nothing to offer them; youths who, yes, even as I write, have made the Tuaregs of the Magreb change the name of the desert: black bones desert. Yes, there is an African story which can be told, in which whizzkids like Patrick Njoroge are just branded prostitutes in bondage, domesticated for the long haul by a seasoned pimp. No, house niggah will not do today. I have been watching footage of literally starving Kenyans this week in the news, and kept on remembering how much of our tax money is earmarked for debt service/repay, and how much for raw theft by officialdom. I have been moved to show a hint of African temper, and take it up with men whose brains are suppose to be on the alert, or the think. Patrick Njoroge is a good place to start. The rest are too consumed with election fever. And they are sheep anyway. And sheep you keep for the BBQ party. cont.
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Post by jakaswanga on Mar 1, 2017 20:57:49 GMT 3
FACING THE INDIAN OCEAN BUT THERE IS A NEW CREDITOR IN TOWN Anybody sensible who walked into a FOREX BUREAU would notice that curious difference between WE BUY, and WE SELL columns, same currency. But able doctorates like CBK Njoroge --forget the other bastards with doctorates in econometrics you heard of at the treasury, Kenya wouldn't be this graft-ridden if they weren't fake, have never bothered to explain, in parliament for instance, the real cost of the denomination of African debts in dollars, and of course, the absolute necessity. But anyway, I was once told by my literature teacher in O'level school, that only fools will wait for African bureaucrats to explain anything to them. Parasites lack a vital mental capacity, the man explained, waving a copy of Soyinka's THE INTERPRETERS, but they adequately compensate for it by a superbly developed instinct for survival. In retrospect, a lesson not to be forgotten I think. Imagine expecting Kamau Thugge to explain the NYS heist, the failure of IFMIS, and the un-audited defence expenditures in relation to lack of drone surveillance at El-Adde!? (Dr. Thugge wouldn't know what you are talking about, would he!? -wacha daktari alale salama, like a well-fed baby.) Well, we read qz.com/707954/china-now-owns-more-than-half-of-all-of-kenyas-debt-2/ China too must be hard. Necessarily. She does not want to have to write off a series of bad debts. The dragon has to be a mean, cold and hard-hearted pimp too. And even if a brothel madam, the dragoness will exercise considerable cruelty on recruits who hope to flower under her wings. The brothel must be run profitably or the mandate of heaven will be lost, and the communist party has no intentions of being but the latest dynastic nor incestuous junk-model Great China rode for a while, then cast asunder!If one puts their faith in MOU's countersigned by a corrupt, debauched and incompetent colony of infantile imbeciles like the ones running Kenya, one will rue the day for sure, just like the Kenyan doctors who trusted a bureaucratic conman named Bor, only to find themselves in jail for reminding the government Bor worked there, and stamped an approved government seal, then. No way China will have that trick pulled on her! China has therefore enforced far-reaching concessions in her dealings with Kenya. For instance, respective the SGR (Standard Gauge Railway), they have opted for an Oil companies method. From survey to digging to pumping, to transport to refining to storage to retail, oil companies keep it close to the chest. Beijin has been showing she is a tough customer, and, I can't help the caution, if Siaya Luos think Calvin Burgess is a monster --(having grown so much fish the price of fish in Kisumu collapsed!)---- my brother Mbadi should not dream of being finance minister (for once the debt is classified in yuan, the yuan will be the new dollar, and the new finance minister just another slave like Rotich, Githae, Mwiraria, Obure, Saitoti, Mudavadi
. all the way to the Othaya goat Kibaki in his drinking hey days!)FOOTNOTES: I watched the now discredited bureaucrat who was then cabinet secretary for transport, Engineer Kamau, belatedly explain to the relevant committee in parliament why our laws had to be shoved aside to accommodate ALL the Chinese demands. I loved his nonchalance. He said: 'they are financing the faking thing A-to-Z. Our pockets are empty, we say yes to everything!' Read more: jukwaa.proboards.com/thread/8839?page=2#ixzz4Zgvd8iro Read more at: www.standardmedia.co.ke/?articleID=2000102843&story_title=chinese-set-out-terms-of-tender-says-cs No beating about the bush for the engineer! fascinating. Yes, a whorre has no autonomy before a pimp. It is a power thing. Otiende Amollo and the rest of the (learned) boys and girls who wrote the new constitution with its high ideals, failed to neither foresee nor offer a follow-up when those of a lesser forge are entrusted to safekeep the fire therein. Our procurement laws were set aside! Yes, is that yous do set their pride and dignity aside, every time they have to sleep with or swallow to please the paying customers or just for fear of the wrath of the pimp who might think an opportunity to earn a phat tip was missed by a show of decency! But China is being careful. Prudent. All exorbitant costs inserted by the corrupt locals, all extra-contractual inflationary multiplier factors at which the Kenyan elite are exceptional artists, will be billed to the Kenyan tax payer. China is merely insulating the Chinese taxpayer who funds EXIM BANK--- from being fleeced by our own Nairobi vermin. They say there is no such thing as a free meal. We know it, but our penchant for behaving as if we discovered a war round it, seems to me one of those social pathologies destined to beget tears. Let us see if Patrick Njoroge is the last of the Mohicans. Or whether he too must be written off as vermin. I am game.
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Post by jakaswanga on Apr 4, 2017 22:25:35 GMT 3
THE BATTLE OF CONTROLLING MONEY, THUS SOCIETY Controlling the supply of money Controlling the distribution of money Controlling the price of money, the renting rate, and the rate of circulation. The Bankers of Kenya want it all. Don't they!? www.standardmedia.co.ke/business/article/2001234098/commercial-banks-now-gang-up-to-deny-kenyans-cheap-loans These Kenyan bankers feel connected enough, powerful enough to pull strings, to throw temper tantrums at one and all, threaten the government, withdraw their vital service (loans), and freely engage in economic sabotage without fear of retaliation. They are the real bosses of the land, in their minds. When Bankers gang up to deny Kenyans 'cheap loans, I take a long think. I think of what would have happened without the cheap loan arrangement called THE MARSHALL PLAN to Germany after world war II. The Marshall cheap-loans plan, and the thrift of its management of course, is called the mother of the wirtschaftswunder. I am no believer in miracles, much less economic ones, but for Germany I wont belabour the point. Well, even if Kenya were to be awash with cheap credit, I know the Eurobond-challenged Kerio Valley goat Rotich is no Ludwig Erhard, nor is the Muthaki Ouru a kanselier Konrad Adenauer, but you get the gist of the bases I intend to touch. ----2030 is not that far off, and if isn't arbitrary but is a real a date with destiny to be kept, there is stuff we do, and stuff we don't. That is if a country wanna keep it real, go real places in real time and pace. My opinion is, these bankers of Kenya, controlling Money in all its facets, are abusing their power and, consummate their narrow interests, sabotaging the evolution of Kenya toward her full flowering and emergence. Therefore, their liquidation should be on the political and economic agenda. Give Safaricom a Banker's licence too. And the 70k limit moves to 7M. So that 90% of Kenyans can bank their salaries at Mpesa or Airtel if they wish. Metadata speaking, no humans. The truth is algorithms have already rendered banking managers processing loans obsolete. And these obsolete things are standing in Kenya's path toward her realisation. Vision 2030, money is a big part of it, bankers not necessarily. Smart computer programs will do. Of course history also shows other ways by which nations get rid of obsolete things making believe divine.
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Post by jakaswanga on Apr 15, 2017 17:45:58 GMT 3
Who are the banks squeezing off credit?Small scale and medium businesses? Individual starters and on-going one man enterprises? This profiling of THE VICTIM of capital exclusion is important. It helps understand the political economy of the financial class war. Essentially, the economics of scale, the pressures of marginal returns and efficiency dictate estate farming over individual small holdings, supermarkets over one-man shops, a city-wide transport company of light-rail, tubes and buses over individual matatus and bodaboda bikes, big banks over small banks, multinationals over cottage industries, ie Big Capital over Small capitial. But the social dislocations brought about by unchecked concentration of capital, the inequality and desolation and ruin in its wake, is a political bomb. I found some good examples in the American south, how blacks were excluded from capital accumulation by deliberate bank action. It looked uncannily like the Kenyan SETTLER STATE in its pro-White commercial activism at the exclusion of the native black! BANK LOANS, interest rates, tell quite a political story! Ruthless to the core. Let us keep our options open then. If wars are too important to be left to Generals, certainly money lending is too important to be left to bankers! The pressure is so intense Patrick Njoroge --in a homing pigeon act--- told the financial markets new York the law is TEMPORARY! Hoarding: Every fool knows it would .... reduce access to credit! records are around since literacy in BC! the behaviour of money-lenders isn't exactly rocket science! and the greedier they come, the surer their predictability. This is merely an ideological offensive. And it should be correctly appreciated. what cheek, the hyenas are ordering Kenya where to stall the sheep!So why do humans keep digging if they are in a hole? Enter the idea of a state banks! co-operative banks and tailor-made sector banks .... which of course were killed by the PRIVATISATION DEMANDS of the IMF during the SAP 'reforms'! I would never think a debilitating credit-crunch orchestrated by a network of monopoly banks running a cartel of sharky loans is a new problem in history, especially when the lenders think they are a force beyond the control of any power, mortal or immortal. Surprise surprise! Even Babylonian Hammurabi popularly dubbed the law giver faced this problem, and there are pretty good laws he gave on this as part of his famous reforms, 1780 BC, ones you never heard of out of the legendary eye for an eye or a rape for a rape! NB: By the way a rape for a rape is still the customary practice in Latin American jails, and just about anywhere there is crowding behind bars. Rapist men are gang-raped to hollow oozing tubes on their first night in jail. But that is another story. Since Hammurabi the subject of controlling the price of credit has taken flight. Solutions galore, failures galore. It has brought up and down many empires in-between. Let me visit my favorite crisis, the 'wirtschaftswunder' --- Deng Hsiao Ping's China miracle!? No, something more modest! Ever heard of the Marshall Bank, aka Marshall plan!? This is Germany in the days there were still two of them! I checked: POLITICAL DECISION first: zero-rate interests; state guaranteed loans, PRIORITIES CLEARLY DEFINED. For instance: every family shall habit a humane dwelling, then follows a definition of 'humane'', architectural, social and bio-habitat (water and power supply). Whether such a massive national public housing project makes profit or not is not the calculation. Some people just think in say, in 1950, their people must have decent housing whether they are 'economically productive or not. That kind of thinking is of course beyond a banker. Just like free education in technological institutes. For bankers, the price of education must be kept high, students milked dry, students mortgaged to death by study debts. A caste system of those who can pay enforced, rather than talent arise and excel regardless of social background.But there is a catch in state banks. We know CORRUPTION kills all that is good. Nations of hearts not forged into cold-blooded ruthlessness against this vice, are doomed to the bottom, whatever good ideas they try. Our Kenya is super pious in the worship of corruption, Opus Dei head of the CBK or not. Wonderful cultural homework there. But, if things are otherwise, and a 'Marshall Plan' is a national consensus
.. then.. Run a thrifty regime on it ---so that Eduard Ouko and his his fiscal sleuths do not terrify us with such horror tales of waste----; Run a thrifty regime on it, such that, with the Chinese loans, you use your better senses and succumb not to your Tropical heart of dissipation unto birds and booze, (O, I have only one wife --Kibaki, O, Waiguru is not my mpango wa kando --Uhuru) Run a thrifty regime on it, so that you get your work ethic back to your grandmother who did 9-hrs/day back-breaking labor on subsistence to rear your now very proud clan, Run a thrifty regime on it, so that you enter the 21st century, using the models of efficiency and delivery of service and labour productivity, (avoid Anne Waiguru's NYS blues!)Run a thrifty regime on it, that you practice all the common sense stuff others elsewhere have done to such miraculous results (stop lauding rotting thieves like David Mwiraria!)
.... ... then an only then might we just have our 'wirtschaftswunder'! And Home grown to boot. It is that easy really. Impossible feats can not be repeated as often as social advancement has been throughout the world! If a thing like industrialisation were Herculean, its accomplishment would be legendary. As it is, it is ABC. A walk in the park of history! Which brings me back to that catch, that sting in the tale: CORRUPTION IN KENYA. The rot of the political leadership. The cancer we all know, and know can be treated, and know how. Need I tell you about Dr. Ngatia. Yes, here. AN IDEA WHOSE TIME HAS ARIVED. We say corruption is killing the country. True. All god plans die at the altar of corruption. But I saw a flash of light from the cultural kitchen. Corruption itself can be killed, but as a start if that is too radical, reduced to a minimum. Do I have an example of any country in the world which has contained corruption successfully!? No I don't for today, but tomorrow I might just have such an example: Kenya! Nchi ya ajabu! There is a dark sting in that 'ajabu' business! But first: An execution in Eastleigh
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Post by jakaswanga on Apr 16, 2017 10:35:25 GMT 3
GOVERNMENT OUTCOMPETES OTHER BORROWERS, WTF! From two sources, one of them the world bank, we glean it is businesswise safer and more prudent for the banks to lend money to the government than to (privates and) investors. 'They have no incentive!' or so they say, to explain the much-touted CASH CRUNCH following the enactment of the law capping interest rates. The government itself, out to promote investment, foreign (FDI) or local entrepreneurs, in deed pledged to drive forth a culture of business, is 'busy' cutting interest rates to cheapen the cost of credit to both the existent and upcoming entrepreneurial class, but only to be confronted with zero results, albeit preliminary. But importantly the government is confronted with fifth-column resistance from within and without. The most powerful monetary institute in the land, the CBK, is against the policy. The Breton-Woods college of experts or --WB-IMF-- Curia who seem to hold the rights over Kenya's economic pathway, are against it. We have seen them ordering the treasury to disregard the law without bothering with neither parliamentary protocol nor presidential signature. O boy O boy, toyboy heads of state! Obviously the Jubilee regime is between a rock and a hard place, condolences! And then add this Yap! Mama Superior has to keep the trainee nun in chastity chains. But with China being the leading creditor to Kenya, there may be a dissonance here yet to surface in the tone of Mother Superior. But that is not the point for today. That one would need a separate evaluation, thus: 15 YEARS AFTER KIBAKI LOOKED EAST, HOW FAR HAVE WE SAILED? Or is it looking East while sailing West? NB: Was not part of the Eurobond used to RETIRE LOANS on orders of the same World Bank? The eurobond was ostensibly to fund development, but no sooner was the goose fat than it had to be banked outside Kenya, and fraudulently transacted contrary to its original aims, and the same WB gave all that chicanery a clean bill of health. The sheepskin is not covering well, all the way to the wolf's toes. --RAT-ATAT-TAT! Open and get eaten. However, for the purposes of this post, the question is, how can the Jubilee government get out of this jam where it shoots itself in the foot? The Gok wants to cheapen the price of loans to local investors, while, being a 'Karybdis'-like sucker of credit merrily vacuum-cleaning all the cash, the effect is to leave the target entrepreneurs high and dry, and, yeah, the predator banks even more evil, smelling a total kill, interest cap-law still born! NB: We have to revisit the issue why other well-meaning initiatives are failing to make much of an impact. And for sooth there is no shortage of such: The Youth Fund, Uwezo Fund, KAZI KWA VIJANA, SACCO, lots of NGO stuff which are just but
.. See there, no new thinking required. All the good ideas are out there, in fact, already government policy. In the immediate 2 post-Moi years before Kibaki and Raila fell out, the economic thinktank fronted by F rancis Muthaura, Anyang' Nyong'o and David Mwiraria within cabinet and others without, did all the necessary intellectual work
.. (actually, for those with the institutional memory, these were echoes of the original TJ-Mboya-Gikonyo-Kiano-James-Gichuru dynamism before Kenyatta-I succumbed to whatever it was which deflated them so!) And then, Raila-Kibaki deflated badly, we know what happened next. John Githong'o had to go. John Githong'o? A cash-crunch is supposedly a shortage!? -- Try adding up the monies lost to corruption in the last decade, plus. Now consider the opportunity cost, had the funds been in the hands of a Deng Hsiao Ping or Marshall Fund custodian-like Dr. Cutthroat!... and effectively used! What a profit we would now reap! say no sewage in city drinking water for instance! no accident victims dying outside private hospitals in mkokoteni ambulances because such, forget the oath of Hippocrates, don't take the poor who wont pay! I don't think we have a cash-crunch problem, Kenya, I don't buy the crap of we have no cheap money to fire up entrepreneurs, even venture-capital technological start-ups, on the contrary, I think we are awash with cash. But, how do I put it
.... without the heart of Tshaka Tzulu at its grimmest nor the demonic rage of the Hutu-Tutsi political romance at its genocidal climax?
...... let me be soft and mild. It is Easter. We have a 'financial management problem.' A small hitch really. Like systems breakdowns, by design. IFMIS But a note of caution is ever prudent. No Quick fix? One day, Patience runs out There is a crunch of mercy And the nation awakes To her bloodiest hour
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Post by jakaswanga on Sept 7, 2017 18:31:21 GMT 3
BANKS RIPPING US OFF THROUGH CHARGES
This is long-hand for this criminal behaviour unrecognised by the Kenyan statutes This is shorthand for pilfering customer's pockets, deliberately failing to comply with regulations, and the regulator looking the other way?
A lot of people pretend they are creating value, that there is some cutting-edge service they render for a surcharge or some other hefty commission entitlement. They are just various grades of fraudsters in an expropriation scheme. That is why when they are asked for the specifics, they are tongue-tied, or come up with some cock-n-bull which holds no ground.
NB: And then there is technology these days with its pentaflop calculations, which means adminstrative charges are non-existent. (1 billion people can simultaneously send texts on WE-CHAT (chinese Watsupp), and in a millisecond the costs are available, and their data use too! several software and hardware engineers maintain the system! Then you send 5k by MPESA and SAFARICOM charges ksh.100! Obviously 50% of that charge is tax --Rotich is a hungry monster! then most of the rest is miscellaneous!)
Anyway for bankers, I don't remember any book of capitalism which claimed money lenders and middlemen created or added value. That is how (it) comes banks can't explain their hefty charges.
The price is what the market will pay! Is the cliche!)
That Opus Dei boy at CBK is suppose to be a stickler for level headedness and discipline. Not on this one. He is sound asleep.
Here is some blurb for perspective of my hard-nosed criticism. With all those laudable anti Njugunah-Ndung'u modalities, I don't want to read one year later, banks are institutionally using opaque charges to dry-shake customers!
The regulator is lapse, sleeping. May be deliberately. He is a banker after all, and birds of a feather squeak the same at rich pickings!
Should he be kicked awake or is it too late!?
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Post by jakaswanga on Sept 14, 2017 20:35:25 GMT 3
The rate cap was a temporary deviation, though parliament in passint the ammendment did not specify! ---Watch Patrick Njoroge go rogue, or better said, the pidgeon homes!
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