Cautionary tale from Joseph, the slave boy who became Vizier

By Alec Hogg

Reports that Volkswagen is kicking back against SA Government directives that it give equity to politically connected cronies reminded me of a 2 500 year old story. One that features in both the Bible and the Quran about a jailed slave whose life was transformed by an accurate interpretation of the Pharoah’s dream.

A Volkswagen logo is shown on the front of an old Volkswagen van in Encinitas, California in this September 29, 2015, file photo. The U.S. Justice Department on Monday filed a civil lawsuit against Volkswagen AG for allegedly violating the Clean Air Act by installing illegal devices to impair emission control systems in nearly 600,000 vehicles, January 4, 2016. REUTERS/Mike Blake/Files
A Volkswagen logo. REUTERS/Mike Blake/Files

Joseph, who was sold into slavery by jealous brothers, ended up as the Vizier, the second most powerful person in ancient Egypt. His elevation followed his prediction that seven years of good crops would be followed by seven years of drought. Being forewarned enabled Egypt to draw on extra harvests when they were really needed.

With the Western World’s quaintly described Quantitative Easing programme still rolling, it’s easy to forget their money printing presses will have to stop one day. Cash cannot indefinitely be created out of thin air. When the switch is finally turned off, the world will become a very difficult place for the unprepared.

But while the going is still relatively good, it’s time to heed Joseph’s advice. Companies and, indeed, countries should be doing everything possible to bolster their reserves; stashing away fat to prepare for the really lean ones that are coming. Now is not the time for political leaders to be throwing their weight around by promoting ill-conceived dogma. Because the friend you insult today might be the one from whom you seek succour tomorrow.

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