This time next week, weary workers are
going to be willing the clock to move faster. It will be the end of the first full
five-day week in ages and folk just aren’t used to that sort of strain. This
week of course there was a general election and while not only was polling day
a public holiday, the amount of nervous energy the event has generated has been
substantial. The psephologists can now slice and dice the results endlessly –
making allowance of course for the discarded ballots in favour of the
opposition which have been found in a number of unlikely places. The bond and
currency markets are seemingly very pleased with the way in which 18 million
odd votes were cast. Interest rates have nudged down quite strongly and the
rand is stronger than at any other time this year. The share market seems
disinterested in political developments, however, and the All Share has lurked
around the 49 000 level for almost 2 weeks now. Us bears are puzzled that the
prospect of at least another five years of a communist government implementing
socialist redistributive polices are not a cause for even a little concern. But
the attitude seems to be: “Well what else can we do with the money?” For which,
we admittedly, have scant answers.
Meanwhile, life goes on. National
Treasury right on schedule released the government’s revenue and expenditure
numbers for March, which closed off the nation’s fiscal year. The state is now
spending R1.054 trillion per annum. Tax and other government income, however amounted
to just R0.876 trillion which means that for every rand spent, 17 cents needs to
be borrowed. When compared to other nations and various reference marks like
the size of the economy and so on these 17 cents are apparently no big deal. But
those of us with a Scottish ancestry and suspicion and fear of indebtedness are
less sure. Borrowing for capital projects is fine but the government hands a
great deal of its cash to indolent and unproductive people - and that’s just
its employees. The case for the subsistence grants paid to 16 million of our
fellow citizens is much harder to criticise, but surely there are very many
fraudsters among both the recipients and the administrators of this pile of
cash. This situation of course comprises an appealing status quo for very many
people, which unsurprisingly is reflected in the election result. Voters are
not sure if any opposition would continue with the largesse if they gained
power. However, as noted already, investors world wide have been keen to come
up with so many multiples of those 17 cents that the government has been able
to reduce the amount of interest it will pay those lenders. It’s a funny old
world.
Despite spotting the unknown transactions
on my bank statement within 24 hours of the fraud, it seems that I shall have
to wait “10 to 15 working days” before the money is restored to my account. The
thing that amazed me during the 90 minute visit to the bank branch to report my
suspicions is how little access to both information and power is granted to the
local staff. They too end up calling and holding on for some distant and
mysterious call centre named “Frauds” who obviously are very busy. It took some
work to persuade them that despite a total absence of prior similar withdrawals
I had not wielded my debit card with zeal at a casino yesterday.
The
upside of the Sharks, and of course the Lions, now playing over there is that
one can sneak over to the fridge for a bottle or two of a cheering ale long
before the sun makes any attempt to get over the yard arm. In other words one
can open a beer at breakfast time (or shortly thereafter) Despite most of the
local teams finding themselves with all sorts of problems if they wish to get
to the playoffs it is still mostly great fun to watch each week as the drama
unfolds. Chief downside of these early games is of course the antipodean
commentators who in my entirely neutral and unbiased opinion are utterly one-eyed.
Yes there is a F1 Grand Prix this weekend but the Mercedes domination is for me
as underwhelming as the 1600cc motors.
Must go off to the casino oops no, bowling
club now
James Greener
9th May 2014
