by Mohamed Saeed
The South African mortgage market and high interest rates have squeezed the working class to live from hand to mouth due to the South African Reserve Bank (SARB) hiking or increasing interest rates.
Regrettably, bankers are not friends of the working class and they use a deeply inhumane and exploitive system to control wealth.
Like the capitalist, bankers are profit-sucking institutions who make loans available to the less privileged individuals in order to accumulate vast sums of money and wealth.
Charging interest to human beings to purchase basic needs such as a simple home or a small vehicle or pay for an education has proven to have negative impact on the dignity of human beings, society and economy.
Sadly, with so much of natural and financial resources available, the charging of interest to purchase basic human needs is an evil system that must be undone and abolished.
Until a more sustainable, egalitarian and non-exploitive money lending system is designed, I would like to suggest to the minister of finance and the governor of the SARB to use the sin tax model.
Loans to purchase basic necessities of life such as a home or a simple vehicle should not attract interest.
Credit card purchases and the purchase of luxury items such as holiday and palatial homes, vacations and supercars on loan must attract higher interest rates.
* Mohamed Saeed, Pietermaritzburg.
** The views expressed here are not necessarily those of Independent Media.
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