WORLDVIEW: ANC ministers are fiddling as SA burns to the ground
When Tito Mboweni presented the emergency/revised budget on Wednesday, he made it abundantly clear that this is a crisis. But his ANC colleagues don't seem to be listening.
Mboweni cannot be faulted for the performance he delivered this week. He was absolutely crystal clear that SA is 3-4 years away from a complete meltdown.
On current trends, in a couple of years, we will experience a sovereign debt crisis. Unable to meet our obligations, funding will dry up. The SA government will be forced to either slash spending to the bone, accept an IMF loan that requires it to slash spending to the bone, or print money to pay its bills leading to spiralling inflation Γ la Zimbabwe. None of these scenarios constitutes a happy ending.
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