South Africa 2017 - Africa How the rich get richer – money in the world 2 months ago   58:43

World Economic Forum
What is the regional economic outlook in 2017?

Dimensions to be addressed:
- Bouncing back from a weak economic performance in 2016
- Responding to policy uncertainty in the US, Europe and China
- Preparing for threat of reversal of capital flows to emerging markets

This session was developed in partnership with CNBC Africa.

- Abdourahmane Cisse, Minister in Charge of the Budget and State-Owned Entities of Côte d'Ivoire; Young Global Leader
- Malusi Gigaba, Minister of Finance of South Africa
- Frédéric Lemoine, Chairman of the Executive Board, Wendel, France; Co-Chair of the World Economic Forum on Africa
- Wolfgang Schäuble, Federal Minister of Finance of Germany
- Ulrich Spiesshofer, President and Chief Executive Officer, ABB, Switzerland; Co-Chair of the World Economic Forum on Africa

Moderated by
- Bronwyn Nielsen, Editor-in-Chief and Executive Director, CNBC Africa, South Africa

Comments 20 Comments

Am I the only one to notice that the moderator is hot af?
Don't worry our young people learn fast and will take over Africa. Africa for the Africans those home and those abroad.
pay me some alimony or do some time
yeah right thats why unemployment is rising
that south African guy said the currency is bad.... the currency is good!!! Does he know what the hell he's talking about? thats why their economy is messing up from affirmative action eoe people working for their central bank and Treasury.Hes not educated or smart and reflects the problems africa is having
Walu Kalua
Appalling to witness an African cabinet minister worry more about #Brexit and USA elections THAN weigh on rising unemployment, dismal inter-Africa trade, political violence, religious extremism & wars. Time is running out to train/employ 300 million young people.
Clayton Africa
With what Gigaba said about the time and risks with his 3 reasons. I only agree with 2 point being, African trade and engage the youth.
Onuoha Chiemezie
the reason why the whites can chair this program is because our African rulers r not LEADERS(coz they don't have a sense of direction for those they ought to lead (but r ruling)...this has always been the problem,don't blame the whites for seeing a loophole n cashing in on it
Jonathan Bethune
There tools of oppression are debt. once your in It, your rarely allowed out. It's up to you to figure out how to build from a position of strength and not allow them to rule your future.
liberal democracy is getting a lot of people concerned that it is a modern form of governance and allows for the integration into the free market economy where the sky is the limit concerning your potential and growth. I agree with this concern about adopting a system that has growth as a model for its continued success, That is where people feel exploited but I know of no other way to address the needs of everyone in society better than what liberal democracy sets the foundation for. again I would say, do it from a position of strength and moderation and you will see your future in the world brighten.
I follow Russian and Chinese politics a bit and there systems are a little autocratic but I would say that it is part of the cultural heritage of those countries that those systems , for the time being, are best suited for those cultures to grow into the modern world in the manner they choose. Chinas growth has been so fast and Russia's so cautious but they are emerging with distinctive characters in the world.
look into those histories and I hope you will find some contrast for your thoughts.
Be well.
Dawngliana Pachuau
Africa is a treasure throve of untapped resources in almost every sector.. the World needs to acknowledge it much more than it is doing now..
Jonathan Bethune
beautiful and developing people too.
Jonathan Bethune
Good point
Peace Peace
Africa is a continent not a country. there are beautiful developing countries in Africa and poor countries too, im tired of hearing some people speak about the continent as one poor place.
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How the rich get richer – money in the world South Africa 2017 - Africa 2 months ago   42:25

Exploding real estate prices, zero interest rate and a rising stock market – the rich are getting richer. What danger lies in wait for average citizens?

For years, the world’s central banks have been pursuing a policy of cheap money. The first and foremost is the ECB (European Central Bank), which buys bad stocks and bonds to save banks, tries to fuel economic growth and props up states that are in debt. But what relieves state budgets to the tune of hundreds of billions annoys savers: interest rates are close to zero.

The fiscal policies of the central banks are causing an uncontrolled global deluge of money. Experts are warning of new bubbles. In real estate, for example: it’s not just in German cities that prices are shooting up. In London, a one-bed apartment can easily cost more than a million Euro. More and more money is moving away from the real economy and into the speculative field. Highly complex financial bets are taking place in the global casino - gambling without checks and balances. The winners are set from the start: in Germany and around the world, the rich just get richer. Professor Max Otte says: "This flood of money has caused a dangerous redistribution. Those who have, get more." But with low interest rates, any money in savings accounts just melts away. Those with debts can be happy. But big companies that want to swallow up others are also happy: they can borrow cheap money for their acquisitions. Coupled with the liberalization of the financial markets, money deals have become detached from the real economy. But it’s not just the banks that need a constant source of new, cheap money today. So do states. They need it to keep a grip on their mountains of debt. It’s a kind of snowball system. What happens to our money? Is a new crisis looming? The film 'The Money Deluge' casts a new and surprising light on our money in these times of zero interest rates.

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