Friday, 20 September 2019

COME ON THE ‘BOKKE


Only the most dedicated and well-informed journalists attempt to understand and explain the chaos that that seems from this distance to reign in the politics of many of the major powers. Trump loses or fires apparent allies on a weekly basis, European politicians can’t believe that its citizens are no longer grateful for the armies of bureaucrats telling them what to do. And China (like France) has an uppity citizenry on its hands. Meanwhile well-meaning but irony-blind and naïve teenagers compete to make the most foolish speeches, posters and marches complaining about the weather. So, when something substantive and important happens like this week’s bombing of an industrial plant in Saudi-Arabia through which a large fraction of the world’s oil passes, that feels like real news and a portent of Armageddon. But the spike in the oil price was rather minimal and short lived. And nothing much else has happened in the markets. Is this perhaps a result of the ubiquity and immediacy of multiple opinions? Certainly, in earlier times in the local markets a single analyst’s report, an unexpected global event or well-sourced rumour could have profound effects.
This week the bi-monthly two day-long gathering at the Reserve Bank of the five person brains-trust known as the Monetary Policy Committee decided to leave the repo rate unchanged at 6.5%pa. For three and a half years now, this officially declared “price” of money has remained in the narrow band between 6.5% and 7.0% pa. Governor Kganyago’s stewardship of the process is all very grown up and well behaved and quite unlike most official activities in South Africa. One shudders at the thought of what might happen if the great unwashed get their way and take control of SARB. The puzzling (or perhaps instructive) thing though is that this once upon a time closely watched and discussed parameter is today largely ignored, possibly not much understood and appears to have scant effect on the country’s dismal economic growth or on its volatile currency. Maybe that’s a consequence of the suspicion that largely due to corruption the country is awash in unrecorded cash transactions where interest rates are immaterial? Curious.
It's rather telling that Cosatu, the labour union federation body, and nominally the third leg in the government tripartite alliance is getting grumpy about the law that will require unions to hold secret ballots when consulting its members on actions such as coming out on strike. The next step should be to require workers to make their own arrangements for paying union subscriptions instead of obliging employers to deduct it from the wage payment. Individuals will then be able to make value for money judgements about belonging to organisations that order them to strike without income for long periods of time.
Anyone who has faced the horrors of visiting a branch of the Home Affairs department in order to obtain a document will sympathise with the million children who do not have birth certificates. And therefore, don’t have that all-important Identity Number, without which living in South Africa is very tricky and registering for school impossible. The succession of incompetent deadbeats who have been appointed as Minister of Home Affairs shows that Presidents have failed to understand this fact or done anything about it. Apparently the most important thing in every branch is that it is furnished with a set of large full-colour mugshots of the politicians ultimately responsible for the inactivity and inefficiency unfolding in the hall below their baleful gaze.
There is something rather sad about the fact that the Proteas, now playing T20s in India have sold the back of their match shirts to an Indian dairy firm. Presumably no SA business could match the sum offered by Amul – probably in a nice offshore currency too.  I’m now rather anxious to see who the ‘bokke are going to be advertising.  Not that it may make much difference for their first match tomorrow against the All Blacks because so much rain is forecast for the venue that both teams will soon both be mud coloured anyway. But do look out for the clever way the ‘bok jersey collars strut their stuff. The talking heads have been trotted out on TV, radio and podcasts. If inane and overexcited commentary counts for anything the bokke will win by 6 points. Has the IRU banned the haka yet?
Time for the first match now.
James Greener
Friday 20th September 2019