NATIONAL NEWS - In a series of Tweets early today, award-winning South African economist, Mike Schüssler of Economists.co.za, rubbishes ANC veteran and business man, Tokyo Sexwale’s claim that trillions of rand have been stolen from the SA Reserve Bank.
Sexwale alleges that the astronomical amount of money was held by the "White Spiritual Boy Heritage Fund", mostly in gold, and was intended for poverty alleviation.
Despite statements by both treasury and the reserve bank that Sexwale had fallen prey to a common internet scam, the former politician yesterday afternoon cast further doubt in many citizens’ minds when he continued to defend his claim in a live SABC broadcast.
Schüssler took to Twitter this morning with a series of tweets refuting Sexwale’s claim, and then stated tongue in cheek: "If you think that what Tokyo says is possible and someone just gives that type of money away then... I have 95% proof vodka to sell you at $1 million a bottle from Engen in a coke bottle - collector's item...promise."
But, please make up your own mind as we haven’t seen the end of this saga yet.
Schüssler’s series of Tweets:
@mikeschussler
Did some research for you. 100 000 tons of mined gold in 1966 did not exist! The amount in dollars is near 2000 times SA GDP so if it did get and was spent SA GDP would have increased 200 000%! It is more money than the 500 richest people on earth combined!
As of 2019, there was 197 000 tons of gold. 34 000 tons are in central bank vaults and 43 000 in verifiable investment holdings. 93 000 tons in jewellery, so the gold even if deposited now would have been noticeable. All the world's jewellery cannot make up the 100 000 deposit.
@mikeschussler
$600 trillion in the SA banking system would be more than the total value of SA banks - in fact, the whole stock exchange. It would have been far more than the World economy the total amount in the world banking system or the total value of all the world’s stock markets
@mikeschussler
Just the interest earned at 1% would have added 7,5% to the world GDP every year. I am pretty sure we would have noticed. Even at $620 billion (1/1000th of claimed amount) in 2015, it would have been more money than any company on earth but for Google and Apple. 4
@mikeschussler
$620 billion would have earned $42 billion (@ repo rates) of interest per year, or 13% of SA GDP then. I think someone would have noticed either when buying other currencies or shares with that. Now times that with 1000.
@mikeschussler
If you think that what Tokyo says is possible and someone just gives that type of money away then... I have 95% proof vodka to sell you at $1 million a bottle from Engen in a coke bottle - collector's item...promise.
@mikeschussler
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