There is something almost sacred about the way the SA Reserve Bank reaches its decision about the appropriate interest rate for the country. The great and good, named The Monetary Policy Committee, meet every couple of months in the Reserve Bank’s very own cathedral in the centre of Pretoria. For two days they watch, talk, think and take catering breaks. On the third day their leader, the affable and wise Governor Lesetja Kganyago, appears in front of the cameras, brushes the last of the biscuit crumbs off his suit, and announces their decision. Yesterday it was an apparently unexpectedly large hike of 75 basis points. So now the Repo Rate is 5.5%pa. This announcement triggers an immediate ripple-like response from the commercial banks who immediately move their interest rates upward by at least the same amount. The nation’s borrowers will now have to pay more for their money. The economic text books say that this will have the effect of controlling rises in the inflation rate. Sceptics are unsure how this works.
President Cyril, the Frogboiler, really does not want to answer any questions about the suspicious events that took place on his farm when large amounts of folding foreign currency went missing from where he’d stored it in a futon. Nor is he keen to discuss what happened to the people who allegedly stole the loot and even more amazingly were coaxed into returning most of it. It’s a weird story and the way things are going we may never learn the truth. But that’s politicians all over the world. Evasive.
It’s a pity Eskom never registered a copyright for the phrase “Load Shedding”. For despite it being a particular hate of Tidemarks for its weasel-like innuendo that it’s consumers who are responsible for electricity shortages, several really quite grown up nations are also finding that they need also to ration their electricity. The insistence of the Doom Pixie and her mentors and acolytes that carbon dioxide is the world’s greatest enemy, is causing problems for electricity suppliers whose customers want to return to the days when the lights stayed on. Eskom could have made a few bob maybe by leasing out their terminology to other governments and utilities eager to suggest that power shortages are someone else’s fault. An interesting poll result in the USA revealed that only 1% of the population think that climate change is the biggest problem that their politicians need to address. And yet the leaders stubbornly ignore this, believing that voters one day will reward them for ideas like “Net Zero” and the very costly plans to attain this nonsensical target. Note that the European Union has set out emergency plans for countries, asking them to cut their gas use by 15% until March. The EU warned that if they did not act now, they could struggle for fuel during winter if Russia cuts off supply. This wasn’t supposed to happen.
Did you get a copy of the “Mzansi National Philharmonic Orchestra Report 2021/22”? Reportedly it reveals plans for setting up a National Philharmonic Orchestra. This is the brainchild of Sport, Arts, and Culture Minister Nathi Mthethwa who has R30m in his budget that he is dying to spend. Wisely he is choosing an art form which does not require electrical power. The instruments are, as they say, all “unplugged” and, provided the acoustics of the venue are OK, and you can attract audiences prepared to attend concerts in the daytime, it might even work. The problem will still be to get the urns working for a cup of tea at interval. A poitjie over a fire would tick the “Culture” box.
KFC has launched new high-tech restaurant – with a double lane drive-through. While the term “restaurant” may be a trifle misleading, it does point to a big shift in dining requirements in Pinelands. This Cape Town suburb is home to one of the country’s largest financial institutions where, once upon a time, stockbrokers were expected to attend to pay homage and beg to take their contacts out to lavish meals. Deep fried chicken in a bucket, how ever high-tech, did not qualify.
Whatever we armchair selectors might think, the privilege of putting on a ‘bok jersey and playing a Test, confers exceptional powers and outcomes. Go bokke.
James Greener
Friday 22nd July 2022
