‘Open your brain first before opening your mouth,’ says Mboweni to Masina

Following a 702 headline stating that finance minister Tito Mboewni is set to introduce a bill paving the way for the creation of a state-owned bank in competition with private sector retail and commercial banks, Mboweni and the executive mayor of the city of Ekurhuleni, Mzwandile Masina, got into a heated debate over nationalisation.

#TitoMboweni to introduce a Bill paving the way for the creation of a state-owned bank in competition with private sector retail and commercial banks.

(Amendments will allow #PostBank and the #LandBank to operate as fully-fledged banks.) https://t.co/eRJoG2Yyga #TheMoneyShow

— 702 (@Radio702) January 16, 2019

The ANC Ekurhuleni regional chairperson followed up his retweet of the article with a comment on the idea of nationalising the Reserve Bank (SARB) and the bank’s governor, Lesetja Kganyago, who has been a vocal opponent of the calls for the SARB to be nationalised.

So if it means we must change the constitution to Nationalize SARB, what is the problem? I thought ANC Policy resolutions does not need interpretation. I’m wondering why this Governor think he is bigger then the party that deployed him.

— Mzwandile Masina (@mzwandileMasina) January 17, 2019

Mboweni responded to Masina’s sentiments by calling his views misguided while reiterating his respect for the young mayor.

@mzwandileMasina. He occupies one of the most important positions on the African continent. Executive Mayor of eKurhuleni ( the city of peace).This is the largest INDUSTRIAL ZONE on the whole of Africa. I respect his views, misguided as they might be. Energetic,active and honest.

— Tito Mboweni (@tito_mboweni) January 17, 2019

He went on to share an idiom with the mayor which he dubbed the Mboweni Idiom.

@mzwandileMasina : There is constant Mboweni Idiom when the Mboweni brothers and me get together. It says, Honorable Executive Mayor: Open your Brain first before opening your mouth! Remember that!!

— Tito Mboweni (@tito_mboweni) January 17, 2019

@mzwandileMasina : ok. Here is the simplified Mboweni Idiom: OPEN YOUR BRAIN FIRST BEFORE OPENING YOUR MOUTH! This means for example that don’t say things about the SA Reserve Bank before you know what the Bank does! Ok? Helpful? See you at the NEC Lekgotla!!

— Tito Mboweni (@tito_mboweni) January 17, 2019

After having been accused of speaking without knowing what the Reserve Bank does, Masina returned to Twitter to respond to Mboweni. But, instead of tagging him and using his handle as most people do in a Twitter interaction, Masina opted to respond by using the hashtag #MboweniIdiom.

Grinrod is the bank that has been given the right to preemptive access to the accounts of Sassa beneficiaries leeching off their meagre income by charging extortionate repayment rates on short term loans, disguising what in fact is interest as “fees”. #MboweniIdiom

— Mzwandile Masina (@mzwandileMasina) January 18, 2019

The social and political consequences of this type of practice was evident in the taxi strike against the 28% effective interest rate charged by financiers in the taxi recapitalisation programme. #mboweniIdiom

— Mzwandile Masina (@mzwandileMasina) January 18, 2019

We wonder if this exchange will continue at the NEC meeting.

ALSO READ: Get wise, don’t nationalise, says Kganyago

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