I must object to the claim that inflation in SA is relatively benign. Reading South African editorials about how good a job the South African Reserve Bank does seems a bit like monetary Stockholm syndrome, where we believe the best of our money monopolist. SA’s inflation rate of 5% to 6% in recent years puts us among the worst-performing 30 countries, including such notables as Venezuela, Iran, Sudan, Ghana and Nigeria. At such a rate, your savings today will purchase 50% less in just 12 years. Given that the government feels nothing about further taxing the "capital gains" on such inflation, we see yet another redistributive tax moving money from savers to the state. In truth, if politicians want to start questioning the success and function of the Bank’s inflation targeting, then I’m with them. The results of the past 20 years have been a monetary corruption, the degree of which remains unrecognised. Neil EmerickHout Bay
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