SA falls deeper into junk status

neoprema said:
I know the Govt are to blame for a lot of this, but one should probably ask, had 2020 been business-as-usual would we have landed up going further down junk? I think COVID has caused us a lot of problems - and its a global issue. Sky article saying global debt caused by COVID is something stupid like 19.5 trillion usd. I mean short of printing money how do you get out of that?
Click to expand...

There was no indication, to me at least, that government policy was going to move away from the ideology that initially got us into junk status, Pre-covid days.

Covid perhaps accelerated the inevitable.

Germany and Japan, and others, managed to transcend the pits of economic desperation after the world wars. They had the desire to do it. We, unfortunately, are blessed with a herd of self-serving political miscreants enabled by the majority who view running water out of a half-arsed tap as messianic.

We will never transcend this mess. Ever.

Our political priority - equality of outcome. Another way of saying, soon, we all share equally in the princely sum of zero. Except, of course, that herd of miscreants.

That's what I see. Perhaps I'm being overly dramatic, I don't know.
 
neoprema said:
I know the Govt are to blame for a lot of this, but one should probably ask, had 2020 been business-as-usual would we have landed up going further down junk?
Click to expand...

Yes, the ANC have been borrowing from Peter to pay Paul for many years. They had no money to bail out Eskom, SABC and SAA already other than placing more pressure on taxation - but 2018 already saw a large number of people leaving the country to over taxation which lead to the government coming up with absurd ideas like to try and tax expats with no legal basis. The drain was already circling and that was well reflected in contraction of value in the JSE. COVID may have sped it up a little bit but it was already a doomed situation without radical changes to social ideology inside and outside the government.
 
Acid0 said:
I was one of those that believed things will get better(Yeah I know stupid right) but I am re-thinking that perspective
Click to expand...

A few years ago I also thought there would be a turning point, and government would catch a wake up... and better SA (for everyone).

For the last 2-3 years , the reality just set in more and more. ANC is in it for the money. They are racist to the core. They don't want to have investors invest here. The lip service is just that. Corruption is approved. No justice. The supporters are blindly loyal...

SA is fcked. There is no hope if the ANC continues to govern. EFF is just worse than ANC.

If I wasn't divorced with kids here... I would leave. But my kids already know, finish school, study and leave. SA doesn't want whites here... and there would be no jobs by the time they finish.
 
People are kidding themselves when they think it can be turned around.

SA will never see investment grade again, it’s the dark hole of Africa that it is returning to.
 
neoprema said:
I know the Govt are to blame for a lot of this, but one should probably ask, had 2020 been business-as-usual would we have landed up going further down junk?
Click to expand...
There was every indication we would have continued deeper into junk territory without any assistance from covid. Government remains unwilling to commit to anything near the levels of reform required to change its trajectory.
 
neoprema said:
global debt caused by COVID
Click to expand...
viruses don't walk into a bank and apply for a loan ... there is no such thing as debt caused by covid

debt is caused by stupid people in leadership positions who think you can spend your way out of every problem, covid is just another one of those problems
 
What worries me is that the ANC are going to start making earnest moves toward prescribed assets as the cost of borrowing rises. Problem is that they'll do that rather than make the short term sacrifices needed to dig out of the hole they're too busy continuing to dig in their economic reform paralysis. They know what needs doing and know it'll cause a bit of pain for long term gain but won't budge.
 
Last edited:
R13... said:
What worries me is that the ANC are going to start making earnest moves toward prescribed assets as the cost of borrowing rises. Problem is that they'll do that rather than make the short term sacrifices needed to dig out of the whole they're too busy continuing to dig in their economic reform paralysis. They know what needs doing and know it'll cause a bit of pain for long term gain but won't budge.
Click to expand...

Yea.. its coming sooner or later. ANC won't cut back on anything...
 
neoprema said:
I know the Govt are to blame for a lot of this, but one should probably ask, had 2020 been business-as-usual would we have landed up going further down junk? I think COVID has caused us a lot of problems - and its a global issue. Sky article saying global debt caused by COVID is something stupid like 19.5 trillion usd. I mean short of printing money how do you get out of that?
Click to expand...
Yes. SA was bankrupt before Covid hit just like Zim was in famine because of no farmers before the drought. Covid didn't change any of our conditions, it simply accelerated the path and showed that there was no money to deal with a crisis but still the ANC insists on bailing out bankrupt state entities.
 
I thin the ANC elite, the so-called leaders of SA are not stupid or ignorant (well, incompetent in some cases where they think they can run complex organisations with no relevant education or experience), They are blatantly self serving, selfish and venal, knowingly diverting taxpayer money that should go to improving the lot of ALL South Africans into their, and their friends and relatives, pockets. Mostly by simple fraud, embezzlement and theft.
 

Our new national anthem, sure we can arrange a tender or two to get Jamiroquai to adjust the lyrics a bit here and there.
 
R13... said:
Well, 10 years ago was the nascent of Zuma's reign. A reign to ruin. It looked good then but it was downhill from then on.
Click to expand...
But did that truly end with Zuma? And did that truly begin with Zuma? You need to have a more thorough honest analysis of the pre- and post-Zuma years.
 
eg2505 said:
but it made the situation much MUCH worse.
Click to expand...
The "situation" was not, in any way, improved by our kneejerk, completely ineffective, reaction to the virus.

The virus has nothing to do with this and this lame attempt to shift the blame is just so very typical of the political cowardice which drove the lockdown panic in the first place.
 
SoldierMan said:
Haha I was one of those for many many years. Give the ANC a chance, they just need some time.

Yeah well clearly that is not the case, corruption and incompetence is rife and it seems that that trend will continue.
Click to expand...

TelkomUseless said:
A few years ago I also thought there would be a turning point, and government would catch a wake up... and better SA (for everyone).

For the last 2-3 years , the reality just set in more and more. ANC is in it for the money. They are racist to the core. They don't want to have investors invest here. The lip service is just that. Corruption is approved. No justice. The supporters are blindly loyal...

SA is fcked. There is no hope if the ANC continues to govern. EFF is just worse than ANC.

If I wasn't divorced with kids here... I would leave. But my kids already know, finish school, study and leave. SA doesn't want whites here... and there would be no jobs by the time they finish.
Click to expand...
Irony: the racist were right all this time..

Double irony: the ones that believed in a black government will have to bear the brunt of the fallout, while those who wouldn't stay under a black government got out largely intact.

It's almost a triple irony really.
 
You must log in or register to reply here.
Back
Top
Sign up to the MyBroadband newsletter
X