Africa

The rand tumbled as much as 1.7% and banking shares on the Johannesburg bourse fell more than 2% after South African President Jacob Zuma unexpectedly ordered Finance Minister Pravin Gordhan to return from an investor roadshow to Britain and the United States on Monday because he "did not give permission for the trip" a government source said.

"They were told last night or this morning to come back... the presidency did not give permission for the trip," the government source said.

In several major economies it's crunch time for the future of cash. Goldman Sachs notes that this is largely policy-driven: tangible steps are being taken to wean economies off cash (e.g. India, Europe); but adds that, at the same time consumer expectations around convenience are rising and enabling technologies have proliferated in the shape of contactless cards, mobile wallets, cryptocurrencies and more.

So, they ask, does the decline in cash payments imply the demise of cash?

Not necessarily.

Authored by Jayant Bhandari via Acting-Man.com,

India’s Rapid Degradation

This is Part XI of a series of articles (the most recent of which is linked here) in which I have provided regular updates on what started as the demonetization of 86% of India’s currency. The story of demonetization and the ensuing developments were merely a vehicle for me to explore Indian institutions, culture and society.

The Modimobile is making the rounds amid a flower shower. [PT]

Via The Daily Bell

When he ran as an opposition candidate for parliament in 2011, Christian Malanga, President of the United Congolese Party, was arrested just days before the election, and held prisoner for almost two weeks. Why?

Because I was preaching what was right, rule of law, reforming government, and bringing change to the Congo. It was the principles I believed in, and what I said, that the people are starving. I was trying to empower the women and young men, the youth, and the authority did not like that, they want people to be kept in the dark.

Via InternationalMan.com,

Nick Giambruno: Doug, what do you think is the root problem of the US economy and financial system?