Joseph

11 12 2017

Joseph and his diploma – first class!

It’s been nearly a month since the very Zimbabwean coup that forced Robert Mugabe out of his 37 year reign over Zimbabwe. Much has happened.

Emerson Mnangagwa has been sworn in as the new president, he has appointed a cabinet which had to be reshuffled just 2 days later as there were too many non-parliamentarians in it and a budget has been presented for next year. The latter goes a long way to reduce the bloated government budget by making cuts to various ministries and doing away with a lot of travel perks that were the hallmark of the Mugabe regime. Mnangagwa even refused to attend the inauguration of the Kenyan president as he was “too busy” which was not an excuse that Mugabe ever used. The ubiquitous police roadblocks of the Mugabe era are still mercifully absent making everyday commuting much less stressful but not less dangerous – Zimbabweans must still rank as among the continent’s worst drivers.

In his inauguration speech Mnangagwa, or just ED, said that the land redistribution that Mugabe used to trash the country’s economy was irreversible but that displaced farmers would be compensated. No further details have been forthcoming but a friend who farms near Chinhoyi some 1.5hrs NW of Harare had his squatters kicked off by the military last Monday completely unexpectedly. He  immediately got on with his sowing for the summer crops (he’d been at the point of leaving the farm).

The issue of what will become of our domestic/pseudo US dollar currency remains vague. A visit today to a newly opened hardware superstore (well, a superstore by Zimbabwe standards) revealed that prices were still stupidly high if priced in US dollars as the till slip claimed.

Alex Magaisa, a Zimbabwean constitutional law professor working in the UK, was grudgingly impressed by the 2018 budget (you can read his comments here) but Tendai Biti, opposition parliamentarian and one time Finance Minister, was not though I suspect the only budget he’d like would be his own.

The more odious of the G40 faction of the ruling ZANU-PF party that was gunning to get Grace Mugabe, the ex-president’s wife, lined up for her husband’s job, were rounded up, roughed up in the case of Ignatius Chiombo, and paraded before the courts. A judge said that Chiombo had been illegally detained (true) and set a bail of $5000 and he has to report three times a day to a police station. Other odious characters of the G40 group remain at large, probably in South Africa. The most vocal of these is one Jonathan Moyo who is a Twitterer in the mold of Donald Trump. He is also a slime-ball (the Americans do have some delightful terms!).

Zimbabweans have embraced politics. Everyone has an opinion – even the doormat salesman whom I engaged at the traffic lights on 2nd Street and Churchill Avenue – and the national constitution is hotly debated on the social media. My friend Shelton, who uses the public transport extensively, tells me that he’s had minibus drivers go out of their way to drop him off at his destination just to finish the political conversation. People were generally too terrified to discuss politics under the Mugabe regime.

The euphoria immediately following the resignation of Mugabe is now gone. We have been disappointed too many times in the past to get excited. In true Zimbabwe fashion we will wait and see. Joseph, the student in the picture, who did a 4 week attachment earlier this year at my nursery is off to Australia to further his studies. He admitted that he wasn’t that optimistic about Zimbabwe’s future but 4 years is a long time by African standards so who knows what will happen in that time?

 

 

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The party is over

23 11 2017

Bob’s birthday celebratory billboard. I had designs on this one but was beaten to it. His glasses are just still visible top right.

It’s been an extraordinary week. Robert Mugabe resigned his presidency at the last moment as a multi-party committee was discussing reasons for his impeachment. Jubilation ran rampant through the country and, here in Harare, people partied for 24 hours straight. They had good reason to – Mugabe had ruled with an iron fist for 37 years and for many people he was the only president they’d known. He tolerated no dissent within or without the party and opponents were eliminated (the Heroes Day public holiday honours list ceased to be shown when it became apparent just how bad drivers many of his opponents were) and freedom of speech existed only in the national constitution. In the end his extreme age and increasingly poor judgement gave his recently fired vice president, Emmerson Mnangagwa, reason to move against him with the assistance of the army who mounted a non-coup (see previous post) and he buckled under the pressure.

Mnangagwa, sometimes known as The Crocodile or just ED, will be sworn in tomorrow as the new president of Zimbabwe. It will be his job to resuscitate the comatose Zimbabwe economy and hopefully bring back a semblance of compliance with the constitution. The first obstacle is a general election that must be held in the first 6 months of next year and already there is speculation about how free and fair it will be for Mnangagwa is the chairman of ZANU-PF, the ruling party that Mugabe claimed as his own over the last 37 years. To assume that the ruling party has any intention of playing free and fair given that they beat and cheated their way to victory in 2008 and 2013 would be naive indeed. The generals who concocted the non-coup that forced Mugabe out will also want their piece of the pie (statesmen they are not) and rewards for the considerable risks they took. We might have decapitated the monster and found a new head but it’s still the same body. A cynical friend commentated that we are just swapping one group of mbhavha (thieves) for another.

One thing the ruling party will need to remember is that the people of Zimbabwe tasted the power of free speech and expression and may not be so subservient as in the past. The street protests of the past Saturday and Tuesday were unprecedented in our history and amazingly peaceful. As one wag put it; “Only in Zimbabwe does the crime rate go down when the crowds protest and the police are locked up” (the military have made sure that the ubiquitous police roadblocks have been absent over the past week). There were no reports of violence or looting – remarkable considering that the crowds in Harare numbered well into the 100,000s. It was of course expedient for the non-coup plotters to approve of the demonstrations to show the world (we were immensely popular on the news channels for the last 10 days) that the population supported them and the social media was completely unfettered. Will this practice continue or will we suffer the same fate as the Egyptian Arab spring of the past where ex-military types are common in the government?

Now that the headaches have faded and sobriety of body and spirit have returned, Zimbabweans are starting to question just how sincere Mnangagwa is. He’s certainly making all the right sounds; “rebuilding” and “servant of the people” appear in the same paragraph but then Mugabe started out well in the 1980s too.

As I was about to leave work this morning a customer walked in. We followed the customary Zimbabwe greeting;

“Good morning, how are you?” he asked.

“I’m fine and how are you?”.

“Oh, so-so” he replied.

“Only so-so? Why is that? Were you just testing to see if I was listening?” I asked surprised.

“No” he responded with a mirthless laugh, “we must be careful we are not getting into more trouble”.

The party is over.





The coup d’ètat that isn’t a coup

18 11 2017

The power plug has been pulled – one of many jokes doing the rounds

The military have been emphatic; it’s most certainly NOT a military coup. Just a reorganising of the ruling party (ZANU-PF) ranks. To be specific they are going after the “criminals” surrounding the president, Robert Mugabe. One could be forgiven for thinking – which criminals? Good heavens, there must be so many. Actually they mean a rival faction called G40 headed up  by the president’s wife, Grace Mugabe, sometimes known as Gucci Grace for her prolific shopping capacity. Grace who had aspired to the top post of president when her nonagenarian hsuband dies made the mistake of persuading her husband to fire her competitor, Emmerson Mnangagwa, one of the vice presidents (we have two, just in case). She’d just been booed by the crowd at a rally in Bulawayo, Zimbabwe’s second city in the south-west of the country, and was spitting-mad. She’s quite impetuous so might have forgotten that Mnangagwa is a veteran of the bush war against the former Ian Smith regime and has a lot of mates high up in the military.

So on Wednesday morning we woke to the news of a coup that wasn’t. All the signs were that it was; a man in military uniform reading a statement that it was not a coup, the house arrest of President Mugabe and his family (including Grace) and the arrest of members of the G40 faction. The only sign that anything was impending was the sighting the previous evening of military “tanks” (they were amoured personnel carriers) moving into town to take up strategic positions. Gunshots and explosions were reportedly heard in the night but never verified. This was not however a spur-of-the-moment affair, it was meticulously organised.

We now know that General Chiwenga, chief of the armed forces and front man for the non-coup plotters , and Emmerson Mnangagwa met in South Africa with senior political figures after the latter fled the country having been fired. South Africa said it would not interfere so long as an effort was made to evict Mugabe under terms of the constitution.

On his return from visiting China, Gen. Chiwenga organised for a number of troops to meet him at the airport to foil the attempt by chief of police Augustine Chihuri to have him arrested.  Why did he have to let the Chinese know what was up? Perhaps because we owe them a lot of money. Curiously one of the first statements read on the radio included the line “…and thank you to our friends the British and Americans for their assistance”. How interesting. What did they know and when did they know it?

Yesterday on our early morning excursion to exercise the dogs we passed a troop of soldiers from the local barracks out on a run. They were all to a person dressed in civilian clothing presumably to not worry the inhabitants of the suburb. It is not unusual to see them in this area but they are inevitably wearing some camouflage clothing. This was attention to detail.

On going past the barracks gate a few km down the road I noticed 3 soldiers being inspected by another. I have NEVER seen that in all the years that I’ve been going past. Later in the day a soldier was standing by the side of the road in full uniform with and AK47 and highly polished boots. Dressed to impress I think.

The BBC has been openly quoting “our reporter in Harare” – it’s been a long time since that happened. Clearly the organisers are wanting to project an open image to the world. Foreign reporters have generally been unwelcome in Zimbabwe for the past 10 years or so and are not usually invited to coup events.

Social media has been completely unfettered unlike last year’s disturbance behind the #ThisFlag movement when we were introduced to the VPN concept. Clever; it says look, we are allowing everyone to have a voice.

Police roadblocks have been conspicuously absent since Wednesday morning. There are a few military roadblocks on the way to the airport but they don’t extort money from hapless motorists like the police do and by all accounts they are civil. Somebody went to the effort of choosing the best troops to avoid antagonising the public and to getting the police out of the way as they would have been potential flash points.

Negotiations are ongoing to get Robert Mugabe to step down as president. He has dug his heels in and refuses to go. Photographs show a smiling Gen. Chiwenga and a relaxed looking Mugabe. Just old mates meeting up for a chat, or so it seems. One hopes that the military and their team of advisors anticipated this move because if they back down their heads will be on sticks – literally.

On the way back from town this morning I stopped by a local branch of TransServ, an automotive spares and consumables outlet, to buy some 2 stroke oil for hedge cutters we use. I decided to test the local mood.

“Good morning sir, how are you?” greeted the salesman, recognising me.

“Fine” I replied, “how are you?”.

“I am fine, and what can I do for you?” he responded.

“You can tell Robert Mugabe to go”.

The salesman laughed nervously and  put his finger over his lips in the universal “shush” sign.

“OK”, I responded, “I need some 2 stroke oil”.

Once we’d finished the transaction he asked if there was anything else.

“Yes, you can get rid of Mugabe” I persisted.

Lots more nervous laughter. So I pushed again and pointing to one of the ubiquitous portraits of Mugabe that are found all over the place I added “And you can take that down”. Even more nervous laughter followed.

“So, on Monday I want to see a picture of a crocodile up there” I said on parting. The crocodile is the symbol of Mnangagwa’s faction of ZANU-PF, sometimes known as the Lacoste faction (get it?). The laughter that followed might have been slightly less forced.

In the afternoon Mugabe was let out of house arrest (perhaps the military indicating that he was alive and well) to go and present degrees at Zimbabwe Open University. He arrived with just 3 cars and no security escort. In an irony that could not have been scripted he capped the wife of Gen. Chiwenga and was then pictured asleep.

Saturday. As I write this there is a march taking place in the centre of Harare. It’s been organised by the War Veterans Association, once staunch backers of the Mugabe regime but who have become increasingly critical over the past few weeks, and it’s completely legitimate (something that never would have happened under Mugabe). The military are being cheered and BBC has said there are 10s of thousands there and social media images show a LOT of people in town. Yet another smart move by the organisers of the coup that isn’t. It says “look how popular we are”.

I have to admire the non-coup organisers whoever they are – this has been meticulously planned. Chiwenga apparently has a genuine PhD in sociology (I have seen the title page of his thesis on Twitter) and Mnangagwa is a lawyer but I have to think there is a team behind them and boy are they clever.

So whither the Mugabes? David Cotlart proposed earlier this week that the president would have to be impeached and that does seem to be the course that’s being taken. The Herald, the government newspaper that was much ridiculed in the past for it’s sycophantic approach to Mugabe, has reported that ZANU-PF has voted for Mugabe to resign and failing that they are likely to move for impeachment. The provincial branches of the ruling party have voted en masse for him to go so it seems likely that the support is there. What will they do with Grace? She’s not welcome in South Africa and as a joke doing the rounds stated; “President Mugabe will step down on the condition that his successor takes over his wife. Suddenly nobody wants the job”.

And the future? Here’s my guess. Mnangagwa will arrive back to a hero’s welcome and be instated as head of ZANU-PF. He might even be made interim president until elections next year which he will try and win free and fair on the back of the current euphoria – being seen as the saviour of the country. He might well succeed as the opposition is weak and fractured. ZANU-PF will reinvent itself and be in power for another 5 years. Investors will be seduced and likely ignore the less than perfect situation. How Mnangagwa and Chiwenga will deal with their dirty pasts remains to be seen. It’s exciting times!





Entitled to vote

15 11 2017

Barcoded!

 

Well, this is me. I am all there in that bar code. 9 fingerprints and a photograph. The right little finger refused to be recorded despite numerous attempts involving wiping it against my nose to get more grease on it. Seriously! Anyway, now I am legit to vote in next year’s general election the date of which is to be decided.

I am not at all convinced that I am going to vote given the farcical state of politics at the moment but I want to be able to just in case so I’ve done the biometric registering.

Oh, how prophetic that last paragraph though I must admit farcical might be the wrong word. You see, it’s 6 days later and we have just had a military coup d’etat or maybe we haven’t if one chooses to believe the now co-opted national radio station. Yesterday there were reports of “tanks” on the Kariba road heading into Harare. Dash-cam footage showed them to actually be APCs (armoured personnel carriers) and one was reported to have lost a track en route – not a good start. They apparently took up strategic positions in the city, blocking access to the Houses of Parliament, though curiously the troops seemed pretty relaxed and weren’t actually carrying firearms (they were probably in the vehicle).

In any coup attempt the radio stations are targeted and indeed by this morning the normally verbose ZBC was playing continuous, bland music. On the way back from a failed attempt to walk the dogs (too muddy due to heavy recent rains) we listened to the first statement read by one General Moyo. Rambling and more than a bit confusing, it basically stated that a coup had not happened but the intervention was because certain elements in the government were trying to recolonise the country and they weren’t going to let that happen. It did not say whom was behind the colonisation attempt or how it fitted the scenario. By the time I drove to work the statement had become much more lucid and better spoken. It was reiterated that this was most certainly NOT a coup and calm, peace, goodwill and normalcy (sic) should prevail – they were just after the criminal elements in the ruling ZANU-PF party. It sounded suspiciously like the statement the fired Vice President Emmerson Mnangagwa released a few weeks ago when he arrived in South Africa promising to be back, in 2 weeks, to fix up the mess that is Zimbabwe. Very MacArthuresque – it sounded to me like the same person had written both scripts.

It comes as no surprise that the “criminal elements” in ZANU-PF are members of the G40 faction led by Grace Mugabe who has aspirations to the top post of president when her husband, Robert Mugabe, dies. It has since emerged that a number of the G40 have been arrested including the finance minister Ignatius Chiombo whose security guard was foolish enough to resist the army detail sent to arrest him – he was shot. Pictures emerged on Twitter of his flattened security gate with an APC now parked inside. Pictures have also emerged on Facebook of  water tanks with the comment “more tanks seen in Harare”. A sense of bad humour is alive and well. So far the social media has remained unfettered as it serves the purpose of the various factions.

The whereabouts of Grace Mugabe has not been confirmed though rumours have it that she fled the country in the early hours of the morning to Namibia whilst others speculate the entire first family is under house arrest. There are certainly military roadblocks on the way to the airport (renamed the Robert Gabriel Mugabe airport last week at the trifling cost of $500,000 – I wonder how long that name will last?) and the troops manning them are reported to be civil.

A visit to the local bank was fruitless – closed apparently because the tellers hadn’t arrived though our domestic servant arrived this morning from the other side of the city and didn’t encounter problems. The local pharmacy was also closed (no explanation given) but the Borrowdale shopping centre across the road was buzzing as usual. I noticed an 81CD (US Embassy) car whose owner had taken advantage of the Embassy call not to come to work but was ignoring the advice to stay at home and was enjoying a meal at a restaurant! Not just Zimbabweans were heeding the call for normality.

Twitter is of course kicking up a cacophony of tweets speculating, guessing and maybe informing of developments. Perhaps the most reliable opinion is from Bulawayo-based David Coltart, a onetime Minister of Education, who despite previous misgivings seems to think that this is not a full blown coup but rather a bit of ruling party house cleaning by the old guard, often ex and current military types represented by Mnangagwa’s “Lacoste” faction, on the G40 faction (Alex Magaisa thinks differently https://www.bigsr.co.uk/single-post/2017/11/15/BSR-Special-The-end-of-an-era) So far there is no certainty that Mnangagwa, a veteran of the bush war and once Mugabe’s right had man, is actually back in the country. Whether he will return to lead the country to greatness is also unknown but if he can will Zimbabweans be prepared to forgive his Gukuruhundi involvement where thousands of Ndebele people were massacred in the mid to late 1980s? Time will tell. Maybe, just maybe I’ll get to use my voter registration next year but until it actually happens I will remain sceptical.





Following in the footsteps

22 10 2017

There I times when I admit that I’m a bit shaken just how like my parents I’ve become. I mean all those years of finding my own way, my own identity, what’s become of them? I catch myself dawdling along farm roads looking at the crops to discern whether they are good or bad and why. Other vehicles rush past and I shout at them to slow down. Just like my father.

He wouldn’t of course have used the language that I use and he’d have been dawdling along the road to the sailing club on a Sunday morning, assessing the trees in the forestry estate where we grew up. My sister and I would have been agitating him to hurry up; the race starts in half an hour! He would have studiously ignored us.

My parents’ big passion was their garden. Roses were fussed over and liquid manure was gathered from the stables. It was even debated, briefly, whether the duiker that ate the rose buds should be dispatched (it was not). The sweet peas were pampered into a magnificent display that guests had to walk past and admire and even then I could appreciate what work went into the garden. Citrus trees were watered with precision and we would see if we could help ourselves to a sweet, juicy Washington navel without the dogs noticing. If they did, which was usually the case, they’d sit and drool until we gave them a segment or two.

Now that we have a garden of our own in Harare the roses are fussed over and admired. The fuchsias (also a favorite of my parents) are pampered and we have planted 13 trees of which 10 are indigenous – the previous owners had no interest in gardening. Sadly we don’t have the water resources of where we grew up but it is intensely satisfying to wander around the garden and check out the new growth and flowers of spring or pick a fresh strawberry and relax from the highly stressful existence that we endure in Zimbabwe today.





Waiting for the hammer to fall

24 09 2017

A very expensive hammer – or is it?

Just a pretty average ball pein hammer with an expensive price tag. I’ve just looked on Amazon and one can get a set of three for about £10 and the most expensive one in this style, also with a genuine hickory handle, is £15. Of course we expect to pay more but nearly double? Well that’s the way of Zimbabwe at the moment, that’s right folks, inflation is back!

Zimbabwe produces little these days and imports a lot. Along with a bloated civil service whose wage bill gobbles 80% of the budget and rampant corruption we are in deep trouble. We have a three tier monetary system which in theory is all US dollars but in practice has three different values; money in the bank which is labelled US dollars but will buy the money version, referred to as “cash” at a rate of 1.6 to 1. Then there are bond notes, a local substitute for “cash” which are pegged at the same value as the “cash” but trade at around 1.2 to the dollar. These bond notes are in theory backed by a bond from the Cairo based Afrexim Bank but it was recently revealed that the bond never existed so they are valueless but preferable to having money in the bank. A case of a bird in the hand being worth more than what’s in the bank.

Most outlets have a 3 tier pricing system to reflect the various value rates. For the moment my business doesn’t but that will change tomorrow. In the time that I’ve been writing this blog (about 4 days) Harare fuel pumps have run dry. It’s not surprising as the price for diesel has been hovering around $1.20 per litre for quite a few months now – completely unrealistic considering that they have had to buy the real US$ at a premium of 1.2 during most of that time. Yes, I guess the price is controlled somewhere along the line.

I was, by chance, chatting to a farmer at an agricultural supplies outlet on Friday. He asked if I could grow him some paprika as he was looking for an export crop to stay viable. He mentioned that he’d been pricing steel that morning and by the time he’d gone back to place the order 2 hours later the price had gone up 15%. We are talking a bank transfer price of course. That evening I went to a talk on Bitcoins and how to use them and what the investment opportunities and pitfalls are. The speaker referred to the day as Black Friday in reference to the galloping exchange rate.

A while ago I called my local service manager at the bank. On asking if I could pay for an import of the coir pith we use to propagate seedlings he asked me if we exported anything. No, I replied. Had I deposited any US$ cash recently? No of course I hadn’t – was this really a serious question? Well then, he said, bring in the cash and we can do the transfer. Guaranteed? Yes, guaranteed. This raised the obvious question of how far to trust the banking system. All external payments have to go through the Reserve Bank of Zimbabwe, the very instrument who in no small way has landed us in this mess. To be fair there has been a lot of greed and incompetence driven political pressure on them to just add zeroes to the value of the currency though, with the exception of the governor, a lot of the senior staff were there for the meltdown of the Zimbabwe dollar in 2008 – 9 and one must wonder what their influence is.

It should be evident by now that the USD price tag on the handle of the hammer is not United States Dollars at all but a proxy currency probably better named (nearly) Useless Substitute Dollars and the price of 39.00 is probably quite cheap. The Zimbabwe dollar is back under another name as a lot of people feared when the bond notes were first introduced.

When I started this post on Thursday I thought the title was appropriate. After reading a WhatsApp message this morning from a friend (the full text by Matt Matigari can be read here http://source.co.zw/2017/09/opinion-currency-crisis-art-deception/) I realized that it had been looking decidedly unstable as far back as 2013. The hammer most definitely has already fallen and we have only now heard the sound of the impact.

There are going to be casualties during the course of this next meltdown. An old friend has already lost his job and has no alternative income. He and his wifer may well end up renting our cottage and hopefully renting out their house. We have advised them most definitely NOT to sell as they will likely lose a lot of money in the time it would take to find a smaller property. They have several dogs most of which will have to be euthanized. Those who can will emigrate. Those who cannot will once again be destitute. Companies that depend on imports will likely fold. Money changers will prosper and just maybe, we will pay off the bond on our house for the equivalent of a few dollars – cash. Tighten your seat-belts folks, there’s rough weather ahead.

 





Déjà-vu – and it’s not good

9 08 2017

NEVER throw away what might be useful

We have a habit in this country of not throwing things away “just in case they might be useful one day”. It’s not without good reason but it can be taken to extremes.

In the days when Zimbabwe was Rhodesia and the country was under blanket sanctions for it’s persistent colonial ways ingenuity ruled. Getting fuel was difficult and just about everything else close to impossible. Car spares were horded and years after we got rid of an old car I still found spares squirreled away “just in case”.

Now that Rhodesia is Zimbabwe and we still have sanctions (but this time targeted against certain odious individuals) spares are once again becoming difficult.  In this case it’s spares for a Husqvarna hedge trimmer we use to trim tobacco and gum tree seedlings – so of course I feel somewhat smug that I kept the remains of a previous hedge trimmer. Just in case.

The shortages this time around are nothing to do with the sanctions but gross incompetence and greed by the ruling regime; the nation has simply run out of money. The bond notes alluded to in other posts are proving to be exactly what everyone feared them to be – a return to the defunct Zimbabwe dollar under another guise. There was never a bond/loan backing them (the Reserve Bank governor simply lied) and now the government has announced that it wants to release another 300m of  them backed by precisely nothing.

Inflation has also made a return. I priced a gum wooden door last week that has increased 50% over the last 4 months despite being made entirely of local products. It is priced in US$ but I’m almost certain that if I asked I could get a discount for “cash” i.e. real US$ notes of around 20% (most people use debit cards or similar devices to pay for items). A potential customer asked me if he could get a discount for bond notes and was told most definitely no. He did not ask if he could get a discount for real cash – US dollars.

So tomorrow I will start making a plan (something else for which Zimbabweans are notorious) and see if I can assemble the 1½ hedge trimmers in the picture into one functioning one. After all adversity is the mother of invention and we’ve been here before. Once as Rhodesia and again in the years when the Zimbabwe dollar was real if completely useless.  It’s a sense of déjà-vu and I don’t like it one bit.

There is one positive aspect to this. In the carnage of the demise of the Zimbabwe dollar in 2008/9 when inflation was running in six figures per month, people who’d taken out housing mortgages paid them off with one note or less. Yes, that happens when the largest note is 100 trillion Zimbabwean dollars.  Now if the government floods the country with bond notes we should be able to pick them up cheaply enough by paying in real dollars to pay off our mortgage really cheaply. There will of course be collateral damage as they say – territory we visited back in 2008/9. I don’t think I want to go there at any price.

P.S. (a day later). I was called this morning by a company that sells irrigation equipment – a part that I’d ordered had arrived. On asking the cost I was told $78 “… but we are offering a discount of 25% for US$ cash or 10% for bond notes.” So apparently the bond notes, based on nothing, are actually in demand.