Friday, 2 May 2014


The ANC has had 20 years within which to fulfil the promise that it made in 1994 that it would create “a better life for all”.

It has, however, failed dismally in this attempt. Since that watershed year black unemployment has soared from 16% to 40%. There are now over 12 million welfare recipients, 50% of the population lives below the Poverty Datum Line and seven out of ten black children live in poverty.

Furthermore average life expectancy has dropped from 65 in 1994 to 59 in 2011 and the rand has dropped from 30 US cents to less than 9 US cents. According to the Gini coefficient which statistically measures the distribution of income and wealth and is used by both the United Nations and the Organization for Economic Cooperation and Development, South Africa at .7 – is the most unequal country in the world!

In the light of this tragic performance it came as no surprise when an Ipsos poll in January this year estimated that the ANC will receive only 53% of the vote compared to 66% in 2009. It is even possible that the ANC’s share of the vote will decline to below 50%, in which case the role which smaller parties can play could be decisive.

The main focus of the UBUNTU Party in this election is monetary reform

We believe that it is only by instituting a People’s Bank or State Bank, which creates all of the nation’s money free of debt and interest, that we can resolve the economic crisis and provide for a just and economically equitable society.

Critics of our policy will be unaware that state banks have been employed with great success in Australia, France, Germany, Japan, Italy and Russia in the past. Currently, the Bank of North Dakota provides a fine example of a successful state bank. North Dakota is the wealthiest state in the USA, with almost full employment and is one of only two states reflecting a budget surplus.

Our Constitution is regrettably fatally flawed and our first task will be to introduce a private member’s bill for the abrogation of sections 222-225 of the Constitution which pertain to the South African Reserve Bank. The SARB has absolutely failed in its mandate to “protect the value of the currency in the interest of balanced and sustainable economic growth.”

Since its inception in 1921 the rand has lost 99.5% of its value and there have been 18 recessions and two depressions. This situation has arisen because the right to create the nation’s money out of nothing, with the exception of notes and coin, has been wrongly delegated to private banks.

Amendment to Constitution:

The UBUNTU Party will introduce the following clauses, as part of a private member’s bill, to amend the Constitution under the heading of Chapter 13: Finance.

  • Parliament will have the sole and exclusive power to create any form of money – physical or electronic – free of debt and interest.
  • The power to create the nation’s money supply will vest in a Monetary Trusteeship, consisting of seven to eleven independent persons, who are appointed by and solely responsible to Parliament.
  • The Monetary Trusteeship will meet at least once a month and will have at its disposal the full cooperation of the Minister of Finance, the Treasury and the People’s or State Bank of South Africa.
  • The Minister of Finance together with other related agencies will be responsible for executing the directives of the Monetary Trusteeship.
  • The volume of emission will be determined by a price index as computed by Statistics South Africa, which will include changes in production, costs and demographic factors.
  • New money will be paid into the economy by the Treasury and withdrawn, when necessary, in order to maintain a stable price level by means of temporary taxation.

Monetary Reform Act

The Monetary Reform Act will provide for the nationalisation of the money supply, but not the banking system. It will include the following provisions.

  • The statutory requirement that all commercial banks and other lending institutions hold at all time 100% reserves.
  • The retirement of the National Debt (Currently R2 trillion compared to R294 billion in 1994).
  • Permanent stabilisation of the money supply.
  • The establishment of a monetary trusteeship, which is responsible for the future growth of a permanent and stable money supply.
  • Withdrawal from all international banks and related agencies.
  • Establishment of a Foreign Exchange Stabilisation Fund.


Implementation of the above legislation will result in the following benefits being granted upon all the people of South Africa in perpetuity.

  • Abolition of income taxes and reduction in VAT (Government, provinces, municipalities and parastatals will no longer have to pay interest on their loans).
  • Zero inflation (It will no longer be necessary to expand the money supply for payment of interest which is inflationary).
  • Termination of business cycles.
  • Full employment – the introduction of a massive public-works initiative that will reform our entire society in which every South African will participate. This will include the upgrading of our roads, rail, ports, agriculture, education, science & technology, and every other sector of our society.
  • Government’s budgetary needs will be financed free of debt and interest.
  • Housing loans at zero interest + a small handling fee.
  • Housing of the entire population within a five year period.
  • A once-off one third reduction in the prices of goods and services, which will include electricity, once all interest payments have been phased out of the distribution channel.
  • Permanent prosperity and abundance for all in which people can live in communities of their choice, not dictated to by socio-economic constraints. The rapid implementation of the Contributionism philosophy to invoke this creation of abundance on every level.
The UBUNTU Party presents a model for genuine and sustainable reform to our economic problems, and a brighter future for all our people, free from financial enslavement.