There was a cost to the success of central bankers in their capes saving the global economy from creaking and falling over more than a decade ago. It taught, or rather reminded, policymakers that there are easier (and foolhardy) routes to stimulating a stagnant economy and that, by a flick of a switch, they could ensure that the central characteristic of any healthy economy is ensured, that being demand.

We were reminded of that recently with a blathering statement from the central headquarters of the ANC.

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