April 2011 - Centre for Civil Society - University of KwaZulu-Natal

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2009, Bernanke not only pumped $3 trillion into the US economy as emergency liquidity, but also secretly lent $9 trillion to bail out 18 financial institutions deemed ‘too big to fail’. Citigroup, Merrill Lynch and Morgan Stanley were in such bad shape that they approached Bernanke for cheap loans on more than 100 occasions. Even Goldman Sachs went 84 times. It was not only the US taxpayer and all holders of dollars who lose in the process. As Sanders continued, ordinary homeowners are victims: “Banks are foreclosing on untold numbers of families who have never missed a payment, because rushing to foreclosure generates lucrative fees for the banks, whatever the costs to families and investors.” According to leading New York research analyst Meredith Whitney, municipal and state debt has reached $2 trillion. “Next to housing this is the single most important issue in the US and certainly the biggest threat to the US economy. There’s not a doubt on my mind that you will see a spate of municipal bond defaults. You can see fifty to a hundred sizeable defaults – more. This will amount to hundreds of billions of dollars’ worth of defaults.” It’s not just Detroit, but also great European cities – Madrid, Florence, Barcelona, Lisbon, Naples, Budapest and Istanbul – which are now sinking in debt to the level of junk-bond status. The worsening balance sheets demonstrate the limits not only of creditor wisdom but also of the mainstream economic theory which endorses liberalized finance. “A few economists challenged the assumption of rational behavior, questioned the belief that financial markets can be trusted and pointed to the long history of financial crises that had devastating economic consequences,” wrote Nobel Prize laureate Paul Krugman in his New York Times column. “But they were swimming against the tide, unable to make much headway against a pervasive and, in retrospect, foolish complacency.” University of Texas professor James K. Galbraith had an even harsher reaction, calling his colleagues’ mindset “a kind of Politburo for correct economic thinking. As a general rule, as one might generally expect from a gentleman’s club, this has placed them on the wrong side of every important policy issue, and not just recently but for decades.” Galbraith continued, “They oppose the most basic, decent and sensible reforms, while offering placebos instead. They are always surprised when something untoward, like a recession, actually occurs. And when finally they sense that some position cannot be sustained, they do not reexamine their ideas. They do not consider the possibility of a flaw in logic or theory. Rather, they simply change the subject.” These are the people still guiding the US Treasury, International Monetary Fund, Fed and nearly all other finance ministries and central banks, including Pretoria's. Until economists are given the same professional respect accorded to quack AIDS-denialists, and until global financial volatility is resisted by imposition of strong exchange controls, the problems caused by neoliberals and bankers will worsen. Finance minister Pravin Gordhan and SA Reserve Bank governor Gill Marcus are, however, going with mainstream wisdom and policies, so most of us can expect 2011 to be economically miserable.
Asizilungiseleni ubuhixihixi kwezemnotho nangalonyaka NguPatrick Bond Yahunyushwa nguFaith ka-Manzi Ngabe ezinye zezinqumo zakho zoNyaka oMusha zincekene nokuthi iphakethe lakho lihle kangakanani? Umangabe kunjalo lindela ukuchiphiza izinyembezi ngo2011. “Njengoba kade ngisho ngiphindaphinda,” kugcizelela isifundiswa esinguchwepheshe kwezempilo zemiphakathi (sociologist) yasesikhungweni semfundo ephakeme eYale University uImmanuel Wallerstein mhla zinzinye kulephezulu (January 1,) “asibhekene nokwehla (kwezomnotho) sibhekene nengcindezi.” Kulezizimo, “abezombusazwe baye bafune izisombululo ezisheshayo. Babiza i‘austerity,’ okusho ukuqeda ezempesheni kanye nezemfundo kanye nezimali zokunakekela izingane kakhulu kunakuqala.” UWallerstein, wayengumongameli weInternational Sociological Association, futhi waba isikhulumi esiqavile kwiUKZN Wolpe Lecture ezinyangeni ezingamashumi nane ezidlule futhi uzophinde akhulume ezinyangeni eziyisithupha ezizayo kusukela manje. Uyexwayisa uthi, “Ohulumeni baseRussia, eIndia, naseNingizimu Afrika bonke babhekene nokuduma kokusokola izingxenye ezinkulu zemiphakathi yabo ezizibona zingazuzanga kulokukukhula kwezomnotho okulokhu kukhulunywa ngakho.” Waqhubeka ngokuqagula “ukwenyuka kakhulu kwamanani kagesi, ukudla kanye namanzi, ngakho-ke kuzoba nemzabalazo wokutholakala kwalezizinto ezidingeka kakhulu, umzabalazo ongaba nobungozi kakhulu.” Ngenxa yokuthi uEskom’s ulokhu ephinda ngamashumi amabili nanhlanu ukwenyuka, izinkulungwane ziyafa njalo ngonyaka ngokusabalala kwesifo sofuba iTB ngenxa yokusetshenziswa kwezindlela ezingcolile zokubasa ( ngakho-ke emoyeni kugcwala amagciwane agulisana ngezifo zokuphefumula), kusukela emililweni yasemjondolo edalwa ukuchitheka kukaparrafin, kanye nokubulawa ukushiswa ugesi yizintambo ezisuke zixhunywe kabi ngoba usuke untshontshiwe. Izinkulungwane futhi eziningi ziyafa zibulawa izinga eliphezulu lendlala. Kanye nezifo ezingapheli njengohudo kanye nezinye izifo ezihambisana namanzi angcolile, abanye abasukek beneHIV bagcine sebenengculaza, konke lokhu singathi ukungenzi ngokuqikelela kukamasipala ngokungaphani ngamanzi anele, njengoba kubhekwe izinkulungwane zabazofa (okungavikeleka) okuzokwenzeka ngo2011. Izinkinga zokukhathazeka ngemali sekuqala nokwzwela kwahola kangconywana, ngisho nasezindaweni ezifana noIreland ezicatshangwa njengezindawo zamazwe ahamba phambili ekubusweni ngogxiwankulu emhlabeni wonke.Currency votality,kuzoqhubeka, kanye nokungalingani ekudayiseleni nasekukhokhweni kuzoba phezulu kakhulu. Umhlangano weG20 wangoNovemba eSeoul kwala kancane udale impi yezimali phakathi kweChina neMelika, ngenxa yokuthi akekho owayexhasana neWashington’s saber-rattling rhetoric. Uhulumeni kaObama ulahlekelwe ukwethenjwa emva kokuba usihlalo weFederal Reserve Board uBen Bernanke efake u$600 billion emabhange ezinsukwini ezimbalwa ezedlule. Kodwa ngisho uchwepheshe wezomnotho uGoldman Sachs imali engaphezulu kuka$4 trillion engakhipha izwe laseMelika kulesisimo.
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Britain’s royal wedding: Not much
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esources of the EU and the Internat
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like that might be treated more wit
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my.auburnjournal.com John Perkins,
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maintain a very strict regime ... t
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(Patrick Bond is with the Universit
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To add insult to injury none of the
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mass media and the education system
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But poor people are facing an elect
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efining and Karoo gas-fracking are
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how much the IMF has changed. IMF M
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elief the day directors of such com
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neutral until this moment," said Mo
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government, justifying its ouster.
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governments. I can only think of a
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from the Tunisian revolution: “Th
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supporting the campaign and only 39
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My source informed me that large nu
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unmoved. The lives of Bahrainis are
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plans to employ a total of 16,000 p
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Woman" divining a bolder way to res
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and Social Research (a think-tank t
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the west-central area had been sack
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11 March, the day the student union
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my own Jewish community in South Af
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unearthed. Morris too cowered under
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The pictures and images we saw on o
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Widespread youth unemployment is on
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structure normally operates and sug
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want to be able to speak their mind
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a meeting with him at the US embass
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Government’s forces are proving i
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tanks’ that fill the media (many
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is not being used to push for finan
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[6] Shaxson, Nicholas. 2011. Treasu
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Before officially declaring insolve
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allow for direct democracy to exist
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nationalisation has the potential t
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7. http://www.sacsis.org.za/site/ar
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Exporting crops for overseas consum
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The World Trade Organisation (WTO)
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Special Issue (July), p. 36. [3] Br
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stations, agronomists, extensionist
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discount. The pilot AMC of $1.5 bil
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egan to explode and melt down. The
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climatic impacts of nuclear warfare
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them into electricity? Why not use
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expansion in the Gulf of Guinea des
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uling classes and imperialist power
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The death of Nigerian progressive p
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egion and the oil-bearing Niger reg
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another essay when the election res
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March 22, when Obama arrives for a
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population blindly following one po
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faced an economic crisis upon takin
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Shanghai Jiaotong University but wh
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okuvezwe ngenyanga edlule kwiWikiLe
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Iyona-ke indlela uSaif ebexhaphaza
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on for their livelihoods through oi
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suffering from a lack of raw materi
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the only big trade union organisati
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tearing aside the façade of rapaci
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BEE was wrapped up in a hopelessly
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other words, cutting up the capital
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part of the class struggle and that
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In similar vein, U.S. trade represe
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ethnic/racial identities, and gener
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convinced that Greece’s debts are
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parents rather than their own. This
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y the present revolutionary wave an
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Gaddafi himself has admitted that
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Massan d’Almeida First Published
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Most of the violence reported to da
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Peace & Justice Movement Should Opp
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ELIZABETH TAN: I think for the—ce
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divert attention from the struggles
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Bush failed to find any country in
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who are ready to listen to us’. P
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created to really come out of the c
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Iraq Looking eastward from Libya to
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the Wisconsin capital, Madison, 70,
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and Benghazi reached Al Jazeera the
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Ben Ali and Mubarak were little mor
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evealed a correlation between chole
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avert the strike. It shows that Isr
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Thirdly, even if Egypt and Tunisia
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Satya Sagar is a writer, journalist
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programme, has joined the forces of
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Since the beginning of the world ec
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society on the basis of the needs o
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"‘If you look up the last chapter
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maintenance of the capitalist syste
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the masses are once more on the mov
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However, this would be a mistake an
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around a clear revolutionary progra
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the youth are massively radicalised
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prices. The link between the floods
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were among Nigerians who came out a
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However while this renewed confiden
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present the Bolivian alternative an
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his base pay was more than tripled.
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NOAM CHOMSKY: Yeah. AMY GOODMAN: No
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As global attention remains focused
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course in Egypt, where detainees ar
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Dakar, no matter what was the theme
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September to assure a pro-Israeli t
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ezenkolo) njengaseTahrir Square eCa
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zivakashile ezilwela ubulungiswa be
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workplaces, higher ratios of manage
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Casualisation presents a threat to
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Pakistan review, said a collapse of
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Peninsula” members in Yemen into
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threaten to degrade the tax base ev
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have continued to unite under the b
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The City in the Field NguNawal El s
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noma ayisihlanu; sibe ngochwepheshe
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Like many people, as a child I was
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criticize anyone because anything g
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nursing school killed 150 future nu
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The concept of America as "Light of
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are jobless (nearly a million). Jus
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What would plan B be? Both the capi
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In the COP17 host city itself, Durb
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enewable energy technology and retr
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negotiators were already criticized
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Egypt, Professor? SAMER SHEHATA: Ye
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of the regime. And he is someone wh
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evolutionary process in China. The
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Page 261 and 262: must also shoulder blame. In Decemb
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Page 265 and 266: Mhla egcina ukuma phambi komhlaba m
Page 267 and 268: Kulonyaka njengoba bekwenzeka ezing
Page 269 and 270: Parliament. When Lumumba was appoin
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Page 273 and 274: In London, Padmore became the mento
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Page 279 and 280: A later report in the same paper wa
Page 281 and 282: terms are failing beyond the most p
Page 283 and 284: In parallel battles, though, the be
Page 285 and 286: cutting the Hitachi deal. As a resu
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Page 289 and 290: adlule, ukulwa nokumbiwa kweuranium
Page 291 and 292: sobandlululo eyashintsha ekukhiqize
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Page 295 and 296: Nigeria's civil war in 1967, what i
Page 297 and 298: Revolt in the Maghreb Solidarity wi
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Page 301 and 302: Patrick Bond 13 December 2010 CANCU
Page 303 and 304: The promised money is, however, in
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Page 307: will do so again six months from no
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April 2011 - Centre for Civil Society - University of KwaZulu-Natal

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