FLYING IN THE FACE

Over the past 18 months the average price of an equity share on most of the world’s stock exchanges has out performed the price of an ounce of gold – that barbarous relic that still refuses to disappear even in the face of cryptocurrencies. The latter of course being the latest toy of the bright young things. There are so many questions that are prompted by these facts. None of which can be satisfactorily answered by Tidemarks, himself a relic, although I hope not barbarous. Why for example would the recovery of share prices be coincidental with the era of the pandemic? Indubitably huge swathes of legacy industries have been decimated by the economic collapse caused by the lockdown treatment prescribed by politicians. Then there’s the huge recovery in commodity prices that in particular has provided a lifeline income improvement for the South African government. The sole obvious evaluation parameter of a cryptocurrency is its potential scarcity. This, with exception of land, is probably unique among investable assets but expressing its price in terms of another currency seems recursive and self-denying. Further the promises that it would be beyond the reach of taxes and thieves seem not to be true. The national airline and value destroying institution known as SAA has got a few planes back in the air flying out of Joburg mostly to African destinations and Cape Town. It has never ever been satisfactorily explained by the government why they feel it is so vital to have a so-called “flag-carrier”. Without a business case that withstands scrutiny it is very likely that taxpayers will be supporting the whole sorry mess again very soon. The “sale to private interests” announced with fanfare and excitement a few months ago seems to have been a smoke and mirrors exercise stretching the meaning of private interests to its limits. Here is possibly the ultimate in methods for selecting applicants for employment! The City of Tshwane will recruit 5 095 expanded public works program workers starting in November, using an electronic lottery system – or electronic random draw. The mayor claims that the system will promote transparency in its hiring process. Yes, well, maybe but do Pretoria’s ratepayers get competent officials to deliver services? Or does that no longer matter? This story is a sad commentary on the failure of the education system to equip people with useful and, dare one say, vital skills. All that is needed to enter the lottery is the usual copy of ID and proof of residence – the ubiquitous duo of documents that forms the bedrock of any dealings with bureaucracy. No need to show you can read or write or do sums. That’s what phones are for. “They supported the SABC’s proposal by suggesting an “entirely new public information levy on all non-Sassa (SA Social Security Agency) grant-receiving adults who are able to access public content services of the SABC” be pursued with subscription TV services such as MultiChoice being roped in to help collect licence fees.” This quote from The Sowetan newspaper’s report on hearings held by the department of digital communications on the SABC Bill is revealing. Firstly it divides the population into two neat and clear groups based whether or not citizens receive a monthly grant from the state. And secondly it shows that “roping in” help is an acceptable way to run a government entity. No, its not! It’s another weekend packed with sports to watch on TV with sadly the boks vs All Blacks test perhaps not being as compelling as it should be. Then there are the four “provincial” franchises playing their opening matches in the overseas United Rugby Championship tournament. . And the seemingly never ending IPL cricket circus plays on. Sochi is definitely not the prettiest of Formula 1 street circuits and neither is the spectacle improved by the ill-tempered and callous behaviour of some of the so-called stars of the industry. The event of the weekend however will be the Ryder Cup golf match taking place on another of those windswept American lakeside wannabe links courses. Crowds of up to 45 000 have become a feature of the tournament with their asinine shouts of “go in the hole”! Even the players discard the usual standards of etiquette and protocol. Spectacle supreme. James Greener Heritage Day 2021