By and large
our authorities have reacted rather well to what is an unprecedented event
which is turning quickly into a crisis. The infection incidence and fatality
counts don’t always balance from day to day but it seems as if the majority of
the infected are being detected and treated while the search goes on for more
victims. It is amazing how many people have been overseas in high risk areas.
The testing process remains tedious, uncomfortable and costly. Although most
medical aids will refund you if you test positive, turning the term aid into
the word lottery. The supremely irritating development is the rising numbers of
con artists and fraudsters offering fake cures and solace for huge sums of
money.
Certainly,
the market movements are unprecedented with some prices (like the US dollar / Euro
exchange rate) behaving like a yo-yo with leaps of 7% both up and down. and the
Dow Jones index down more than 30% in just a few days. Of course, some of our
own indices have crashed more than this. The financial sector index has lost
almost half its value presumably because even before the current Corona virus
story loomed large, the banks were being hit with fears of what land confiscation
might mean for mortgage repayments. The large and mostly unexpected large cut
in the repo interest rate announced by the Reserve Bank this week will also squeeze
bank profits. And Sasol, that onetime bluest of blue chips has turned into a
pile of nasties pulverising most portfolios.
Worldwide,
central bankers have reacted to arrival of this virus (whose name has become a
political hot potato) by making money cheaper. Supposedly this will help those
businesses struggling to grow sales in the absence of customers who are sheltering
from the virus at home. Unfortunately, it is also hitting the cohort of the
elderly relying on fixed incomes and savings.
In general
though, the usual loudmouths have been rather quiet although there has been the
requisite attempt to pin the blame for the virus on white folk or Jan van Riebeek.
Perhaps like many of us, people are really scared and have no time for frivolous
nonsense.
This week’s
big theme following the President’ speech at the weekend was consideration of
the financial implications of enforced curtailment of economic activity. Official
notices are doing to rounds where it is clear that most state services and
functions are going to be suspended, but so far no civil servant will lose
their job and pay check. The same is not true in the private sector and the limitation
of gatherings to fewer than 100 people is having a widespread impact. Most of
us do not have the level of internet connectivity which affords the luxury of “live
streaming”.
Among the
many tax eaters who deliver negligible value for most of those who contribute
to their income is a royalty class among whom is numbered a king named
Buyelekhaya Dalindyebo. Unfortunately, he tends to become a little erratic and violent
towards those whom he feels are not showing him sufficient respect. In fact he
has just been released from prison after serving a four years of a far longer year
sentence following convictions for the rather common crimes of assault with
intent to cause grievous bodily harm, kidnapping and defeating the ends of
justice. Apparently, he lives in what is known as the Bumbane Great Place
Palace in the Eastern Cape. But on going back there he discovered that his son,
Azenathi was in residence and King Dalindyebo set about evicting him which
somewhat inevitably has resulted in the King being again charged with malicious
damage to property and assault. The story rolls on with various Princes joining
the shouting match and even blaming the SA Constitution for not protecting the
king, when it looks as if it his subjects and family who are in need of the
protection.
Probably the
best (clean) internet joke on the topic of the boredom of self isolation at
home is the floor plan of a small apartment with the caption: “So where shall we go to this weekend?” I’m
going away with a carry-on full of sanitiser and masks and so there probably won’t
be any Tidemarks for a few weeks. Keep safe and enjoy the Easter break.
James Greener
Friday 20th March 2020
