In the middle panel David Armstrong describes a low-risk strategy: tax-exempt bonds that, like Treasury Inflation-Protected Securities, give you a return overandaboveinflation.
Many developing economies also have positive real interest rates, meaning that you can earn a return on their bonds overandabove the rate of inflation.
The above-inflation pay increases that Cosatu has claimed over the past five years have swelled government expenditure and crowded out spending on worthier causes.