I made the point in an article last month that the Treasury is awash with cash, which raised some readers’ hackles. How could I say such a thing when all indications are that SA as a country is broke?

Looking across domestic financial markets the bulls are back, in defiance of the dire economic backdrop. We are panicked about the enduring economic recession, rising debt levels and the prospect of a third wave of Covid infections, yet the all share index (Alsi) is at a record high, the rand is stronger than before the Covid-19 crisis and bonds are at mid-2018 Ramaphoria levels. Is the crisis over?..

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