I’m a slow simpleton but it seems to have dawned on me; and please correct me, that SA is insolvent. Expenditure consistently exceeds income and is topped up by borrowing at ever higher overall cost. The expenditure does not fund any sort of improved income production but just goes to pay salaries and fund proven loss making entities, whose outcomes have not been improved. Surely this is the working definition of insolvency. Now just throw in that population (expenditure) just keeps rising, growth keeps decreasing and unemployment increasing. This threatens the stability of the whole edifice.

Now if there were positive policies in place and an improved outcome could be forecast, well maybe SA could trade its way out of where it is. But we have the opposite, EWC and BEE, ongoing policy uncertainty and racial divisiveness has never been more encourage by government. Seems to me there is only one outcome – maybe IMF short term, then China, Argentina / Turkey then Zim, Venezuela. RW Johnson called it.