Thread by @matigary

THREAD🔥🔥🔥

1/ I said will dig into how Chinamasa - cyber security chief made big bucks. So let’s sniff him out be4 he sniffs us out, shall we? @Wamagaisa @GomoDubi @BitiTendai @tafadzwamarere @xandatoto @ali_naka @sourcezw @elias_mambo @GNyambabvu @ProfJNMoyo @Auzqn @263Chat

2/ @BitiTendai is a gweta, but there is one basic he understood as fin minister (2009-2013) - the fundamental that money doesn’t grow on trees. He insisted on cash budgeting - eat what u kill. IOW, spend what u collect @JessieFMajome @advocatemahere @fortunechasi @DrNkosana

3/ Then by hook/crook, Goblin got mandate to run govt in 2013. TBH, despite the jail degrees, Goblin is economically ILLITERATE. He kept telling Chinamasa to find the money eg, when he cancelled civil services bonuses, Goblin publicly lynched him @violetgonda @BrezhMalaba

4/ Chinamasa & Mangudya turned to Treasury Bills to raise funds. They issued plenty, now in excess of $2bln. Recall that b4 thief Gono left RBZ, he pushed thru parly an RBZ debt assumption bill. This means taxpayers took over $1bln RBZ debt created by Gono in his heyday

5/ This means our MPs allowed U, me & that vendor on the street to pay back the debt that Gono created without our consent. Remember they used to buy cars, TVs for judges, forex, make scotch carts, print all sorts of notes with this money etc creating this debt.

6/ Since the average Joe, incl. some ministers & even professors don’t understand money (look at Goblin), let me break it down for u.
Also recall that part of RBZ debt was for farm inputs & tractors Gono bot & dishes to ministers, MPs etc. He refused to name who got what

7/ To Fund RBZ debt & Goblin’s gvt’s spending appetite, Chinamasa issued lots of TBs. Simply put, a TB is an IOU. Gvt gives u a piece of paper but takes yo money to spend it & pay pack at a later date. In short the gvt borrows from u @TembaMliswa @TichRay @larry_moyo

8/ To force Institutions like banks & pension funds to buy these TBs, gvt gives it a tag called prescribed asset status. This means Fin Institutions r forced to spend at least 10% of their balance sheets on buying the TBs. But remember whose money is in pension funds & FIs

9/ Example: In the 90s, Meikles did a dual listing on #ZSE & #LSE. RBZ demanded to keep a large amt from their exports. RBZ failed to pay back for over 10 yrs. U can guess what happened to the Meikles money. In 2014, the loan was about US$90 Million @Trends_SADC @nqabamatshazi

10/ This means to pay back after abt 2 decades, Chinamasa issued them TBs. But what does this actually mean? It means u & I have no clue what they did w/ the $90mln, but we will pay the debt to Meikles as taxpayers.

11/ So I hope u now get what a TB is. To be clear, TBs terms look like this:
ZTB: 1461 **********B
*Nominal value*: $400200
2% bi-annual coupon
*Issue date*: 10/04/20114
*Maturity date*: 10/04/2018
*Discount rate*: 25%

So key aspects are coupon rate, tenure & disc rate

12/ These TBs are tradable securities. It means u can sell them on the open mkt. Pliz get this in light of that stupid tweet @mawarirej trying to nail that ED boy over a TB. Since Zim is awash with these TBs, over $2bln worth, many pple hv bn dealing in them

13/ As I said, average Joe doesn’t understand money. Now, TBs count towards bulk of Money supply that’s causing inflation in Zim. So while we think of money as Mangudya’s bond notes & coins, that’s pocket change. Goblin’s gvt actually prints money thru TBs @WeArePindula

14/ So back to our example. Assume u r Meikles, & RBZ owed u $90mln w/ interest ova the last 20 yrs. Suddenly they pay u w/ TBs in 2014 which mature in 2018. Yo instinct is to sell them b4 maturity to raise cash flow. Right? @ShingiMunyeza @FinanceZim @nigelchanakira @lashiasn

14/ Now this is where top ministry of finance officials & cyber security chief were killing it. How?

If yo 2014 TB say has a discount rate of 25% and matures of 2018, but u want cash now, u can sell it at worse discount rate to someone willing to hold it till 2018.

16/ But gvt has power to pay u out sooner if some top honchos approve. Since they know who has what TB, they send their surrogates to make offers to TB holders. If yo discount rate is 25%, they wld offer to buy it at 35%. This means they pay less than u will earn on maturity

17/ Since u were owed the $ for 10 yrs & u want cash now, u sell TBs to surrogates. U assume they hold them till 2018. But hell no, they h access to signatures of bigwigs. Soon after, they take the TBs to the ministry which settles them at the face value discount rate

18/ And suddenly a 10% margin is made. Surrogate and Bigwig then split the margin, & they are both happy! Repeat this several times & they now hv millions in their a/cs. After a while u see them rolling in German limousines & u wonder what’s wrong with yo ancestors 🤣

19/ Repeated mo times, taxpayer picks the tab, inflation spiral feeds in until the shit hits the fan. M/while Goblin will b lying to u he has yo interest at heart.
@RMajongwe I hope this helps u get y repeated demands for mo salaries ruins yo welfare leaving u worse off

20/ Now pray that Chombo doesn’t read this thread bcoz if he figures this out munonyura, he will do it at a much grand scale.

Now wise up, be vigilant. Long & short, Goblin & his people are running a massive Ponzi Scheme.

Kana tichishaura batai mazwi
I am out