When short
term interest rates rise above long term ones, those familiar with the jargon
speak of an inverted yield curve and the word “recession” begins to be wafted
about. However, like most rules of thumb in the investment world, this one does
not invariably work, but for the talking heads obliged to cover developments in
the US bond markets, an inverted yield
curve is sufficiently uncommon for it to be a great source of material for a
column or a sound bite. So far however, there is scant other suggestion that things
are slowing down sufficiently in the US for those who loath President Trump to
tar him with that brush just yet. In the UK there is also no evidence that anyone
has much idea what to do next. Except the mouth-foaming extremists who have
plans, but no one wants to listen.
Sabric is the
acronym for The SA Banking Risk Information Centre, an outfit that few will
have heard of, or maybe confused with an industrial association of brick
manufacturers. Their big concern, however, is that internet-based scams are
becoming ever more sophisticated and successful at emptying bank accounts
unlawfully. Meanwhile South Africans are a bit disappointed that the threatened
strike by bank staff did not go ahead. It was hoped that the angry tellers
would follow the example set by the striking garbage collectors and strew the
streets with notes.
The government
is spluttering in annoyance that a group of South Africans have broken ground
for the construction of a tertiary educational institution. They are combing
the rule books to find a way to stop a community of proud and wealthy citizens
spending a rather modest R300m to build a facility that will offer instruction
in Afrikaans. This rather typical and praiseworthy initiative of a fiercely
proud and self-reliant “volk” will probably offer nothing more threatening or
confrontational than a role model for any other community to do the same
without state money. And yet the politicians have become incoherent with anger,
incorrectly calling the initiative “racist”. Meanwhile it turns out that in
April the ruling party opened the OR Tambo School of Leadership which “seeks to
build agents of change who have a well-rounded worldview”. Their website goes
on to explain that “This political school is an autonomous educational
institution to build the ideological, intellectual and organizational capacity
of the African National Congress and the broader progressive and democratic
movement”. Whatever this may all mean, that
last topic is sorely needed.
Not even the
once revered giant assurance company Old Mutual that dominated the SA
investment scene for so many years seems to have much organisational capacity
anymore. Its Chairman, the All Black-supporting yet otherwise effective one-time
Minister of Finance, Trevor Manuel can’t find a way to fire CEO Peter Moyo.
Three times the man has sauntered back through the front door intent on reoccupying
the top floor corner office after finding a loophole in the dismissal process. It
can’t be good for morale in that company.
Reportedly
the theme of a recent congress of the teacher’s union, SADTU was “Claiming our
right to have our human dignity and safety protected and respected in pursuit
of a decolonised quality public education.”
On inspection this may not exactly be a theme but more of a demand that others
who are not teachers should obey. It is significant and unsurprising that there
is not a word about their customers, the pupils, who are consistently coming
last in world rankings of educational standards whether decolonialised or
otherwise. One wonders if any delegates were puzzled or brave enough to ask how
decolonised education differs from any other sort. One answer might be gleaned
from the short video doing the rounds which shows local schoolboys being
instructed in the vicious skill of stick-fighting.
How have the
Japanese managed to produce such beautifully manicured greensward for the many
RWC venues? Their organisation appears to be faultless and the use of a
recording of a huge temple gong to mark the end of a half is brilliant. The
poor referees, however, are picking up flack not only from the less than
objective fan base, but also their own employer has grumbled about some of them
in public. It will be interesting to see if any will bolt for it before the
tournament is over. Go ‘bokke.
James
Greener
Friday 27th
September 2019
