Apparently, there is a new approach to drawing money from an ATM. In the event that you have forgotten your PIN or perhaps your card or maybe even you do not actually have an account then a wad of explosives comes in handy to get the machine to dispense some cash. This is a much simpler method than the old one where one had first to hijack a bulldozer before digging the ATM out of the wall. I haven’t yet seen the minister’s response to this “bang for a buck” development but presumably it will be the fault of the banks for not installing sufficiently bomb-proof auto tellers.
This is of course the final Tidemarks of the year and the JSE will shut at noon so I shall be brief. Despite the very quiet conditions of this shortened holiday week, the All Share index scored another record high. But in the last few days some really shocking statistics have been published. Money supply growth is soaring again and the massive trade deficit was as unexpected as a tsunami on the beach at Plett. The poor governor of the Reserve Bank. He has repeatedly told us how our profligate spending habits worry him. Doubtless, he is right now pouring himself a stiff one from the selection of bottles received from grateful bankers at Christmas time. Thereafter he will be off to the laptop to peck out the text of a thunderous speech at the end of which he will hike interest rates. Probably by more than 50bp. Fasten your seatbelts.
I would like to wish you a very safe and happy and healthy and prosperous New Year and look forward to continuing this contact between us in 2007.
And just think what awaits the Proteas in the West Indies.
James Greener
29th December 2006
