Actions like banning the sale of booze and tobacco always seemed rather arbitrary and vindictive additions to the already severe act of imposing lockdown. Now that even that method for controlling the spread of a wholly airborne virus-like pathogen has been exposed as useless, we should still be grateful to our decision makers for not falling prey to the panic and lunacy that took hold of the authorities in so many other English speaking nations. Compared to the endless juggling of regulations, traffic lights mack policies devoid of sense and other nonsense our DOH and its advisors were beacons of hope and intelligence. Or even just exercising benign neglect in the face of a lack of facts. Have we discovered a language-based mass psychosis from which we on the southern tip are sort of immune? Should we be grateful that it’s difficult to come up with crazy ideas and plans to try and control people in Zula and Venda and even Afrikaans? And despite the heatwave washing across the nation, we are still playing rugby. Whew.
The Canadians are driving trucks. Lots of trucks, in the snow. The Kiwis are all sad because their PM showed her solidarity with her own silly rule and cancelled her wedding. The Aussies are just being aussies but now with batons and tear gas. And the Americans are finding ever older senior statesmen and women to do tasks than younger people really ought to be doing. Hillary for President?! Again? Oh, hell no!
Perhaps the high point in any local economist’s career is to be invited to sit on the bi-monthly Monetary Policy Committee of the South African Reserve Bank. Not only is the standard of biscuits higher than at most other government gatherings but a full 5-page glossy coffee-table ready document is published detailing all the factors and forecasts the committee considered in deciding whether to raise or lower the price of money in the country. Important and significant stuff! Just look at the names carved in the boardroom table! William Henry Clegg, a dynasty of de Kocks, a man named Tito and first lady Gill Marcus. Illustrious company indeed but trailing a very long history of being usually wrong. It is fiendishly difficult to forecast anything with accuracy and in the MPC’s case the decision and statements they make about what they see and think immediately impacts the response of every other talking head. Just as the “craze” on the school playground changes from tops to knives to yo-yos, the indicator of choice varies, this week’s meeting rightly was concerned with the GDP. As we all know too well our economy has been hammered by the lockdown and other steps taken to control the virus. And inflation is slowly climbing above the self- imposed upper limit 6%. Both of these numbers are unsatisfactory. But the problem is that the only tool the committee has, is the repo rate, and the text book says push rates down to stimulate dormant economies. But raise them to control inflation! Oops. In the end they decided that 25 basis points up might work (it won’t) and if nothing else it will silence somewhat, the old codgers seeking more retirement income.
As usual the Minister of Finance Mr Enoch Godongwana has called on citizens for tips for what should be in his Budget Speech on 23rd February. Well as always, its simple. Cut government expenditure and reduce taxes. Remove any and all barriers to employment. Get your cabinet out under a tree in Market Square (since you have managed to burn down parliament building) and tell them to come back in a week with a staff list cut in half. Anyone unable to write a 300 word essay that explains exactly why taxpayers need their services will be bulleted.
But peak crazy must surely be the English Premiership rugby club Exeter Chiefs who will drop its indigenous American-themed branding. The 2020 English and European champion club said its new branding would feature the Celtic Iron Age Dumnonii Tribe, which once inhabited Devon and Cornwall. "Times are changing and so are we – now is the time to move forward!" To the Iron Age!!!?? Have they even thought about this claim? Truly Dumnonii.
James Greener
Friday 28th January 2022
