Investors do, of course, want certainty. Obvs. What they don't want is the certainty that someone will come and grab their assets. The notion that you will certainly be hit by a tidal wave does not normally incline one to take a dip in the ocean.

As part of his election campaign, EFF leader Julius Malema stated that his only demand for an alliance with the ANC would be that his deputy, Floyd Shivambu, should be made finance minister. With the ANC now seemingly trailing badly in the polls, the prospect of it allying with the EFF is an increasingly likely -- and unpleasant -- possibility. So, what would Floyd Shivambu be like as a finance minister?

One thing we know about Shivambu's economics is his decadeslong dedication to the idea of nationalisation. This raises an old question: Why does the EFF cling to the idea of nationalisation despite its absence from the economic agenda of nearly every left-wing organisation worldwide (with the exception of economic basket cases like Venezuela)?

This is a curious question, not that different in some ways to the question of why Americans still support Donald Trump in such large numbers. The world looks on aghast, repeating all the obvious points, which are well understood and undisputed by experts, historians, centrist figures, you name it.

Yet, Maga supporters somehow rationalise these objections away with a brisk wave of the hand. Similarly, EFF supporters flatly ignore advice from neutral figures, experts, other political...