Oxfam SA has published its latest report, and it damningly finds wealth inequality is worse today than it was at the end of apartheid.
They also find that just 3 of monopoly capital’s usual suspects – Christo Wiese, Stephen Saad and Ivan Glasenberg – own more than half the nation.
How they did it
South Africa’s government has said that big pharma is charging sky high prices for HIV/AIDS drugs and treatments.
Only last year, a senior National Health Department official lamented: “the cost of the drugs has increased from the cheap prices we had. We used to pay R87 for each patient’s monthly treatment. Now we pay R130”.
Drugs tycoon Stephen Saad’s company is one of the biggest suppliers of HIV/AIDS medication in South Africa. Did he make his billions ripping off the taxpayer?
Meanwhile, Christo Wiese, a familiar name to our regular readers, built an empire for himself by undercutting the wages of his black workers.
Clearly a winning formula, Ivan Glasenberg made his money doing the same, a situation which has led his company, Glencore, to constant industrial disputes with unions who only demand a fair wage for their members.
Time for a revolution
These three men alone have a combined fortune of a staggering ZAR164 BILLION!
To put this figure into perspective, their wealth could pay for every student’s university fees for SIX YEARS! Or pay every South African’s medical bills six months.
None of this will surprise our regular readers. The wealth of the richest 1%, most of whom are white, has doubled since apartheid. In contrast, the number of people living below the poverty line has increased by 1.6 million during the same period.
But that such an astronomical amount is concentrated in just 3 people from monopoly capital is surely cause for some revolutionary thinking. The alternative is a revolution itself.
How monopoly capital operates
Monopoly capital persists in having a tin ear to the suffering of the masses, whilst persisting in its conspiracy theories of ‘fake news’.
Even this week, regular Business Day columnist, Stuart Theobald, tweeted that the investigation into Absa’s apartheid era theft was “a waste of time and resources”. He said this just as former SARB Governor, Chris Stals, admitted that ABSA had signed an agreement to pay back the money it stole with interest.
Well, there is nothing fake about Oxfam – it’s one of the world’s most well-known charities. You just have to feel embarrassed for Mr. Theobald, for increasingly resembling former Iraq Information Minister, ‘Comical Ali’, whose ridiculous pronouncements during the 2003 Gulf War made him a laughing stock around the world.