The US
Federal Reserve this week announced the expected regular small increase in the key
short-term interest rate. This nudged the yield on the 10-year bond well above
3% and into territory not explored for 8 years. Money managers so long starved
of high quality (i.e. free of default risk – really!?) choices, sold other
currencies and moved into US dollars causing the weakness throughout most markets.
Ours were not immune. Although we mostly didn’t notice because we are so busy
with numerous commissions gazing at navels full of fluff. Even the saintly finance
Minister Nene might have a skeleton in a cupboard never before opened. This openness
stuff, once the mantra of a left-wing liberation movement rightly suspicious of
a well and long established hegemony, is biting back. Ambitious investigative journalists
world-wide must look longingly at all the dirt available for the South African
truth seekers to dig into. Provided, of course that they avoid certain “trigger
words”, like synonyms for simian. Left wingers clearly never had a mother who
told them the rhyme about: “Sticks and stone may break my bones, but words will
never hurt me.” Cambridge University has removed the statue of one of their most
successful alumni – Field-Marshall Jan Smuts. And student bodies are banning
the practice of clapping because the noise alarms a few of the people who
voluntarily attend gatherings where the audience might clap.
There are
many words and phrases that the current government misuses grievously ( see the
next paragraph) but among the worst is “performance bonus”. Maybe somewhere in
a clean and tidy office somewhere in the labyrinthine corridors of the Union
Buildings or at the controls of a machine or in front of a class or just even
wielding a spade there is a public employee doing a great job worthy of a small
thank you present at holiday time. But multi-million rand performance bonuses
handed out after being dismissed for incompetence or after just a few months in
the job are a travesty of the term. Let alone a severe and unwarranted waste of
public money. The private sector is not immune to this self-awarded largesse
and the claim that such packages are necessary to retain the staff could benefit
from being tested from time to time. But the difference is that the money has
come from the shareholders and other employees and in theory there are remedies
available if those parties feel hard done by.
The
organisers of this week’s Jobs Summit are to be congratulated for assembling so
many of the people responsible for the fact that jobs are so scarce.
Unfortunately, they didn’t follow through either by getting speakers to explain
that fact to the well-fed ministers in the front row or by herding the whole
lot off to go and do some proper work for a change. The people who actually do
create jobs by employing people to provide paying customers with jobs and
services they require were far too busy to attend this “Summit”. Also, the new
record high fuel price is now an important consideration for anyone who doesn’t
have a government-supplied credit card to use to fill-up. One day the world
will hang its head in shame for allowing politicians to gain so much power over
the rest of us who are perfectly and uniquely able to know what we need to do
to survive.
While probing
my mouth for things to fix the dentist and his nurse were discussing the odds
of a ‘bok victory versus the All Blacks tomorrow. Apparently in recent years Loftus
is not a happy hunting ground for us versus the Kiwis. My contribution was
garbled (gargled?) but where there’s life there’s hope. It’s similar to waiting
for Ferrari to deliver on their promises that they are technically superior to
Mercedes.
Tidemarks
will not appear next week as I shall be birding in Maputaland with a party of
likeminded buddies. The latest reminder from the organiser is to bring a beer
mug. I wonder whatever for? Further good news is that the whales are plentiful
and active this season in the ocean off Durban and indeed the whole Natal
coast. Such a privilege watching them.
James Greener
Friday 5th October 2018
