The US long
bond yield continues to fall and is cause for much pontification by the talking
heads. Also catching attention are the rising prices of gold and Bitcoin – that
supremely odd and impossible to value so-called crypto currency. Are these
three trajectories unconnected? Probably.
Well if no
one else did, the official supplier of Pens to the Presidency had a good day this
week when 93 trade agreements between South African and Chinese company
representatives were signed. Reportedly worth R27 billion, details of exactly
where and in which direction this sort of money will flow were not offered. In
all probability these agreements will be safely shelved near to the stock of leather-bound
copies of the Constitution which were feared stolen recently. It seems that Parliament
gives every new MP a de lux copy of the constitution as a token of gratitude
for devoting their time and skills to the nation but which, like the above-mentioned
agreements, are probably never again looked at. Neither document contains the
timetable for the gravy train so is of scant interest to locals. South Africans
involved in these deals should take note that the Chinese have a reputation for
taking a dim view of overt and extravagant corruption. Just saying.
Those of us
who are concerned about the working conditions for our leaders are very
relieved to hear that a new guide to replace the infamous Ministerial Handbook
has finally been published. Among the improved conditions for our severely
overworked ministers, deputy ministers, provincial premiers and other feeders
on the public purse is that the state can spend quarter of a million (inflation
linked) rands on security measures for their official residences. Meanwhile the
nation’s 257 mayors (why so few?) are being urged to give up luxury vehicles
and use public transport in order to cut costs. The even more lowly ranked Amakhosi
(tribal leaders) and izinduna (chiefs) are also very likely to ignore this
advice as they are currently lobbying for free wi-fi and briefcases with a set
of car keys -- presumably with a matching car -- upon appointment.
Amongst news
of the endless corruption and malfeasance that is now embedded in the South
African economy was a reference to a “suspended acting chief executive”. This title pretty much encapsulates a great
deal of our woes. It hints at the possibility of misdemeanour, the damaging rate
of turnover among senior staff and the shortage of obvious successors all of
which hamper the operation of the organisation concerned. Which in this case is
the state-owned outfit that manages most of the civil servant pension funds.
This is not a trivial position. It requires overseeing the custody of billions
of other people’s money, a temptation that quite a few people are seemingly
unable to resist. Across the fence in the private sector a similar issue is
starting to escalate as Old Mutual and its newly departed CEO are “lawyering up”.
A delightfully evocative phrase.
As is “left-wing
soap-dodgers” which might describe most of the students who are likely to be attracted
to apply for a place at the School for Global Inclusion and Social Development
at the University of Massachusetts. “Right-wing silver-backs” of conservative
mien are doubtful if this even means anything. For example, an article penned by
Assistant Professor Sindiso Weeks of that School frets about the clashing
definitions of “community” in different Acts of the South African parliament. Apparently,
this might impact who gets what for free.
Forget about
the fourth industrial revolution and artificial intelligence. Just getting a
computer to match names and addresses is a real challenge as anyone who has
tried to run the Christmas Club on their laptop will agree. This week, Naspers,
which owns a big chunk of a very significant computer business failed to get
its mailing list right and sent an important circular about a new listing to the
right people at the wrong address. Serve them right for trying to use the Post
Office.
Scuderia
Ferrari in Maranello can’t be a happy place these days. No amount of excitable
arm-waving nor expressive shrugging has helped to prepare a car capable of
consistently passing a Mercedes in Formula 1. It’s making for a boring season
of Grand Prix and viewers will soon defect to the cliff diving for more
interesting entertainment. Far cheaper equipment too.
James Greener
Friday 28th
June 2019
