The death of Mr. Blue Collar worker

The JSE goes from strength to strength breaking 50 000 points last week for the first time ever. The NUM has decided to declare a dispute and file for a strike starting 4 June. they talk about the arrogance of the employers in dealing with them offering 6% to their asking of 15%. The mines are in the longest strike in our history. We are talking about 200 000 workers on strike again from 4 June There seem to be a dissonance between what happens on the JSE and whats happening to people in real life. Africa bank’s shares has been downgraded to Junk. They are the people giving loans to the poorest of the poor. And the list goes on Micro lending specialists once the darling of the JSE capitulating to bad debt. And to support this car sales are plummeting. Yet the JSE breaks 50 000 points. Is there still a correlation whats happening in real life and what happens to the JSE. I read economists blaming the Unions for being greedy and thoughtless putting SA at jeopardy of a downgrade, are we in recession yet? In a previous post I mention the salary gap between workers and CEO’s of companies. The financial services industry, investment houses are raking in millions in commissions in investing and reinvesting the same money. Take a look at commissions and new members for medical aids in the last 10 years. The bottom end of the economic scale is suffering and being bled dry. EFF make a impact on the political scene in just 6 months. Big capital need to start listening to the rumblings. And no manner of smart advice from economists with a vested interest in capital will make the death of the low, blue collar worker less spectacular.

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