This article is written from a fundamental basis, the view from which the common man understands economics and the way he/she believes a country’s financial affairs should be handled. The Covid-19 crisis is excluded from this discussion.
In brief, each country is said to have its own economy, based on its resources and the needs of its population. And, in terms of monetary and currency stability and growth, there are basic requirements for a society to survive, never mind to actually prosper. Together with this are the basic requirements of food, water supply, sanitation, electricity, health services, schooling for children, and the availability of work for the adult population.
While one is working, one believes that the tax one pays would provide enough funding for the aforementioned. In the 1980s we saw the introduction of Value Added Tax, and in recent times that of Capital Gains tax. In this way the government coffers swell even further, one would assume.
Suddenly, in recent times, and at present, one is struck by a lack in the electricity supply by the country’s electricity provider. They have enforced load shedding measures because they are not able to supply the full load of electricity for the country’s need. And the price of electricity is skyrocketing, with promise of further increases annually for five years, so that Escom can get their act together. Paying more for less? This has a huge effect on the overall economy and on each household.
The government blames many factors for this situation, The economy as a whole with the lack of jobs, low currency values, fraud within government circles, the rise in the price of oil, the drop in the gold price, and many more.
The big question in my mind is whether external global powers are more to blame, and if so, who? Perhaps the Global Economic Forum. the World Bank, the International Monetary Fund, the United Nations, the World Trade Organisation, plus other inter-related and powerful global institutions. These institutions can cripple a country’s economy and its people very easily through economic sanctions, currency value manipulation, forced trade relations, and stock exchange price manipulation.
If this is true, as is clear in many countries today, one may wonder what could be done to rectify it, or to change this travesty of basic human rights. Which also begs the question as to whether any country still controls its own economy, or whether it is prescribed by the global powers. Global control goes mainly unnoticed by the world population. Perhaps it boils down to whether one agrees with globalisation or not.
Share your thoughts with me as I continue my goal of developing a oneness in societal terms, certainly not that of globalisation, which only enriches the global elite.
As we South Africans say, “Local is lekker”. In follow-up articles I will discuss the support of local products, trying to prevent the unfair enrichment of other countries and global institutions. I will also discuss the rocky ride of our economy over the past sixty years.
Join in the discussion and let’s do what we can to rectify matters.
This is purely the author’s opinion, and in no way that of SAFREA.