It probably didn't have anything to do
with it being full moon but on the same day the committees of experts both here
and in the USA
both reached the conclusion their current policies were just exactly right for
restoring economic growth in their respective countries. Here on the southern
tip the banks can continue to borrow money from the Reserve Bank at 5% and lend
it to us much higher up. And in the US, the Federal Reserve will not
tamper with its program of injecting huge sums of money into the system. This
postponement of the dreaded “taper” utterly delighted investors almost all over
the world and share prices soared mightily. The JSE All Share is in new
territory above the 44 000 mark. Allegedly, USA investors, now freed from
concerns about rising interest rates at home, can return to shopping for higher
yields in emerging markets like ours. Those of us worried about all this
liquidity one day showing up as inflation are a discredited minority.
Only the wilfully deluded could claim
that the government’s attempt to deny market forces by imposing a program of
political allocation of resources has achieved its objectives. No matter how sympathetic and well
intentioned the often hideously complex deals and schemes might be, many of
them seem to collapse simply because value is lost rather than gained through
the deal. Sometimes in order to satisfy all parties a company may resort to an
action which looks rather suspect when not seen through the lens of
“transformation”. Goldfields, a company that is also listed in New York has been asked
by that market’s regulator why a transfer of a parcel of shares to a
politically influential individual should not be called a bribe. This may end
badly.
As did the recent trip made by Khulubuse
Zuma (the president’s nephew) to what he called darkest Africa.
Clearly hoping to dupe ignorant tribesman up there, Khulubuse jetted in with a plane
load of money and returned with a cargo of what he had been assured by the
Central Bank of Guinea
were bars of pure gold. Unfortunately the bars later turned out to be copper
and zinc. Interestingly, despite his
intimidating bulk and impeccable contacts, Mr Zuma has not returned to seek
compensation and reportedly has written the venture off as the price of doing
business in Africa. Well, yes, sadly.
Another story from darkest Africa concerns the construction of an airport in
Somerset East. When I last saw that dorpie it barely ran to two filling
stations and tarred main street. Things must have blossomed there, though it
hasn't yet been revealed just which airline will offer a service into this
tourist magnet. Now the sunsets are magnificent, rain is infrequent and a flock
of sheep clustered around the trough at the foot of the windmill is an iconic sight
which is never forgotten, but beyond that, this is all rather puzzling. Perhaps
someone’s uncle needed a contract.
Apparently the section on tackling was
omitted from the French translation of the Laws of Rugby. So that clears up
that issue. More importantly, however, the provincial department of sport and
recreation is calling for nominations to honour sporting champions here in KZN.
As an indicator of how a bureaucrat’s mind works, the 16 categories include the
province’s best administrator, best federation and best recreation body.
Nominations in a Posthumous Category are also expected.
Remember that in effect this is a long
weekend with many of us seamlessly sliding Monday into Tuesday’s public holiday
in celebration of the braaivleis.
James Greener
Vernal equinox (nearly) 2013
