The headline on the news screen reported a claim by the SA Communist Party that the working class will be hit by the current fuel shortages in the country. I trust that the party members feel that they are getting value for their subscriptions when the leaders come out with gems like this. More statements of the obvious have come today from the forensic auditors sifting through the remnants of the records of companies once controlled by the late flamboyant Chairman Kebble. They warn that previously published figures might not be reliable and that they have found evidence of misappropriation of company assets. Wow!
I welcome the news that government is considering reducing the number of provinces from the current nine. Fewer offices and officials spending our money for us is a very good idea. I hope that the planners will actually ask residents where they would like the boundaries to be and avoid the dreadful skirmishes that are taking place over the imposition of bureaucratically decided ones. Obviously people have very strong views on which provinces they do not wish to live in. I wonder why? For my part I would be pleased to be excluded from being expected to pay for the Gautrain boondoggle but I doubt anyone would agree to a provincial boundary running down Jan Smuts Avenue.
Last week the local markets were taking sides about whether Governor Mboweni would change interest rates. After a bit of a rambling speech that hinted at just about every possibility, he didn’t. This week, to no one’s surprise, the US Federal Reserve popped another 25 basis points on to their interest rates and not much happened unless you count the gold price sagging below $500 per ounce in the last few hours. Nevertheless this, the 14th such increase, may just be the proverbial straw. Keep watch.
Statistics SA announced the inflation figures for November and it seems that we have no need to worry. Nothing costs very much more than it did a year ago. So that’s fine then. It must be my profligate lifestyle that depletes my wallet so much quicker than ever. More good news is that the government deficit is rapidly closing, as the lads down at Revenue are tightening the screws tighter and tighter.
SARS joined the complaints about copyright theft saying that they were missing out on VAT income. I have mentioned before my fascination with the speed and ruthlessness of the impact of the digital wired world on life styles and business plans. Whether the internet delivers threats or opportunities the variety of responses is breathtaking. Predictably, the dinosaurs, including government, are resorting to litigation to keep progress at bay. I think they are doomed.
The JSE itself has been worrying about the final future’s close-out event of the year which took place today for 100 minutes over lunch time. The earlier than usual timing was chosen in an apparently successful attempt to avoid glitches and to allow time to solve any train smashes that might occur. Tomorrow is of course a public holiday so from now on the trading offices will empty swiftly with migration firstly to the watering holes and then to the beach, bush and mountain haunts of the species. Look for the returning survivors only in January.
This particular member of the working class will hopefully not be affected by the fuel shortage as he is not intending to leave town for at least another month.
James Greener
15th December 2005
