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I am flabbergasted by those who have accused me of inconsistency
merely because my call for the cutting of interest rates and the
consequent devaluation of the Rand echoes the views held by COSATU.

It is true that throughout my life I have often found myself at odds
with COSATU's views, but that is more about methodology than the
actual goals. Representing as I do the poorest of the poor, I
obviously share COSATU's goal to maintain and increase employment
levels.

These are the very considerations which prompted me to oppose
sanctions and disinvestment during our struggle against apartheid so
as to protect our industrial basis which provided jobs to our people.

We are now faced with an even greater crisis in which our first
priority must be that of protecting the economic viability of our
factories, construction sites, tourist industry, mines and the
agricultural sector as it relates to international exports. We have
already lost close to a quarter of these employment bases.

Many families who used to rely on two incomes now have only one
breadwinner, but must face the same amount of payments on their home
bonds, car loans, credit cards and other loans. Their burden must be
reduced by cutting interest rates before we are all swamped by a wave
of repossessions, credit defaults and bankruptcy.

Therefore, it is not surprising that on this specific occasion, COSATU
and I share not only the final goal but also the specific strategy to
achieve it, and have identified the South African Reserve Bank as more
part of the problem than part of the solution, possibly on account of
it remaining privately owned.

At this critical time of crisis, the interests of the bankers, the
international money trusts and the South African Reserve Bank must
yield to the interests of our industries and businesses, which are
joined in this respect with the interests of workers and the unemployed.

The dramatic cut in interest rates may not be beneficial to bankers
and international money trusts, but will help both our businesses and
all our workers and families.