When Mosiuoa "Terror" Lekota let rip that our defence forces were equipped to take on any external threat, I was reminded of the sheer bloody-mindedness of Terry Crawford-Browne, who single-handedly took on the might of the government when he argued in our courts that the R30 billion procurement package for the arms deal was dodgy and immoral, given our dire social needs and endemic poverty.

While former banker Crawford-Browne lost the legal part of his presentation, his moral courage is a demonstration of inspired goodwill.

This country does not face an external threat, unless the comrade to the north, supreme commander President Robert Mugabe, becomes itchy and decides that South Africa is acting in the interests of colonialism and imperialism and has become a running dog for Western/Bush/Blair capitalism.

The billions that have been spent on jet fighters, submarines and helicopters could have been spent elsewhere. We have been repeatedly told that the offset programmes would generate up to R100 billion, yet we are still waiting to see the real benefits.

The real enemy, however, is within: the millions of people who stay out of the loop of the first economy and who eke out a living in the fractious second.

Disaffected ordinary folk are the most serious threat to stability and the continued hegemony of the ANC, not the foreign military powers Lekota implies.

Italians are not widely known for their financial prowess, but the announcement by Aeroporti di Roma that it would sell its 20 percent stake in Airports Company South Africa (Acsa) is a shrewd business move.

It bought the stake in 1998 for about R890 million and if the reported value of Acsa is anywhere near the R8 billion it is said to be worth, then the Italians stand to make a right royal killing - a profit of roughly R710 million, or an 80 percent improvement on its initial investment.

Sufficiently empowered Mvelaphanda chiefs are laughing all the way to the bank. The company romped home with a whopping 21 percent increase in annual earnings to June.

As it comfortably moves in the circles it has become accustomed to, Tokyo Sexwale's group has now been shortlisted to buy into the 20 percent stake to be palmed off by Aeroporti di Roma, which could be more than just a smidgen larger than the R890 million the Italian firm paid for it in 1998.

Property investment had, for a long time, eluded the majority.

But now, with the emerging growth of a robust but still small black middle class and political stability ringing in everyone's ears, property has became a major investment vehicle. It is providing yields of 17.5 percent and more to those who can afford it and who have long-term ambitions to benefit from the country's property rights, which are so ferociously protected by and entrenched in our constitution.

Private property, the pillar upon which the ANC-led economy is based, has become key to the reproduction of this politically and, increasingly, economically vocal class of people.

With acknowledgements to Na-iem Dollie and the Business Report.