It is probably worth reminding oneself that no one who believes that their views are really influential is ever going to make a very pessimistic call even if that is what they are thinking at the time. In one way or another most of us have at least a portion of our savings in the equity markets and savage bears are not welcome. It seems, however, that the beast is on the prowl right now and there are frantic efforts being made to find out who let him loose and how he can be tamed. The German Chancellor’s ban on naked shorts is the current scapegoat. This sounds like a topic requiring closer observation, but I think that the dawning realisation that the world is not yet out of the economic slump is far more important for sentiment. People appear to be converting their money to cash. Even lending it to the government by buying bonds may be risky as in many places interest rates are on the rise. It is significant that there is huge demand for physical gold. Share markets are becoming unfriendly places.
Many governments’ programs of extravagant entitlement are running into trouble as the income side of that equation dries up. Proposals for reducing state expenditure are either trivially cosmetic or have triggered anger amongst citizens who have become used to the state playing Robin Hood. Nowhere in the story line does Robin tell the people that the rich have either also become poor or have disappeared, taking their money with them. The rand breaking above eight to the dollar is one manifestation of that last phenomenon.
Surely not too many people will shell out R15000 plus VAT for a table at a dinner where the FIFA boss will offer his views on “The Socio-Economic Impact of the World Cup on SA”. We already know that the answer is “precious little”. One reason for this is that in return for enormous sums of money, FIFA have assured their so-called commercial partners that the obedient South African authorities will close all possible competitor businesses for miles around the sacred grounds and routes. Fans coming to the Moses Basket in Durban for example, will find that the Sky Car which travels up the handle of the basket, the pubs, coffee shops and stores in the precinct all closed and shuttered throughout the tournament. Curio and trinket sellers have been chased away and their stock confiscated. There won’t even be beer for sale. Where is our fearsome Competition Commission when we really need it?
The “One Light One TV” headline was not a new electioneering slogan but the warning that in order to ensure enough power to keep the stadium lights burning, the rest of us might need to switch off all our other stuff. Reportedly one of the president’s wives is already setting an example in this matter. Actually that might just make the parties go even better. Drink fast before the beer gets warm. We are going to have a great World Cup even if it is a round ball being chased by fragile and overpaid primadonnas.
President Zuma was “close to tears” after witnessing the dreadful conditions that some of his constituents are living in. The answer to his question the next day of why this had been allowed to happen was blindingly obvious. He was addressing his own Co-ordinating Council whose agenda was "unpacking the human settlements delivery agreement" and “putting programs in place”. Whatever this nonsense might mean, half a hundred delegates had doubtless travelled from far and wide to attend and lavish catering was a certainty. Actually doing stuff like staying at work, issuing orders and firing people who did not carry them out was definitely not on anyone’s agenda.
Will the Bulls and their fans really feel as if they are playing in a home semi-final when they play in the Orlando Stadium tomorrow? Legend has it that the grass available outside the grounds is just as good as the stuff on the field so it should be a wonderful occasion
James Greener
21st May 2010.
