For the last three months the range between the day’s high and low
value of the All Share has almost always been greater than 1% of the value of
the index and frequently greater even than 2.5%. Overall, however, the market has
really gone nowhere. In these circumstances even the best informed are bound to
make what later turnout to be poor decisions. The point here is that even if one
hopes that maybe the bull has returned there are still large pockets of
uncertainty and inclined selling if the spin accompanying the latest news release
is negative.
Unless you are one of those fortunate but dull suits who are being
paid by the taxpayers of your own or probably some other nation, you will have
no time or inclination to follow the ins and outs and ons and offs of the
circus that is laughingly named the European Economic Union. None of those
words seems fully apposite. A particularly amusing episode in this soap opera,
seemed to be about asking the Greek nation whether they would like to work
harder and pay more tax and take instructions from Germans and Frenchmen. The
alternative seemed to be to return to a life of dancing on the beach, sipping ouzo,
breaking the odd plate and forgetting to repay loans to Germans and Frenchmen.
Unsurprisingly this referendum idea has been scrapped. The serious side to all
this is that Europe is a very large and
important cog in the global economy. No one wins when it is so jammed up.
A tiny and nearly invisible cog in the machine is our own stuttering
economy here on the southern tip but nevertheless we scored an invitation to
send some representatives off to the G20 meeting in Cannes. So far reports suggest that our folk
there have delivered some hectoring socialist diatribes about taxing the rich.
Provided that the rich excludes the delegations of politicians and bureaucrats
who are also present this is often a popular theme. However, as already
mentioned there are far more entertaining topics on the agenda.
Who knew that there was an organisation called the Airports Council
International and that they have just held a “gala dinner in Marrakech”? At this, no doubt glittering event, paid for
by taxpayers and air travellers, both OR Tambo and King Shaka international
airports were inducted onto the organisation’s “Roll of Excellence”. It is a
pity that the report of this accolade appeared right next to one about how 75%
of the baggage handlers at these places arrive at work intent on stealing stuff
from the suitcases they are paid to load.
The idea that economics is a subject worthy of a Nobel Price is moot.
There is no evidence that research and development in this subject has enabled
the planet to organise its affairs so as to avoid the cycles of booms and busts
that so savagely disrupt it. That said, I am obviously disappointed that the
committee this year again failed to spot my contributions. I have never been to
Stockholm.
Another local contender must be the salesman who flogged ten electric bicycles
to the Durban Metro Police. This event was celebrated with a photo of the mayor
on board one of these machines cruising along the (flat) beachfront boardwalk
and an enthusiastic promise by him to ride to work at least once a week. The
forthcoming Climate Conference to be held here in Durban is spawning limitless foolishness. The
blurb trumpeted that battery bikes are “eco-friendly” because recharging is
achieved simply by plugging into a domestic power socket. Oh dear! Prizes should be offered to the first
reporter who snaps His Worship pedalling uphill to his Pinetown home once the
juice runs out.
An equally alarming picture of the Springbok Sevens new strip has
also been released. Surely the Y-front pattern on the shorts is a joke? Oh! And
did you see? The Golden Lions ended the season at the top of the log. Rather
satisfactory I think.
James Greener
4th November 2011
