In the Governor’s Address last week, we outlined our approach to inflation targeting and we reported on the organisational changes being made to the monetary policy decision-making process. We also noted that the South African economy had recovered remarkably well from the effects of financial turbulence in Asia and Russia. Many tentative signs of a return to financial stability had appeared in the economy.
Nonetheless, the same pressing need for privacy, which helped upend the Soviet Union, can be expected to address and overcome concerns that our newer technologies will intrude on our cherished need for privacy. Communism fell because its practice eliminated personal incentives to work and to acquire property, except in a very limited sense.