The level of disarray in state and state-owned institutions stares us in the face every day. At one level it is hard to untangle what is true and what is false, as well as who can be relied on to explain what is happening as one state or state-owned institution after another falls into dysfunctionality.

In normal times, patriotic South Africans aiming to achieve a transformational state would say “who are the rating agencies to destabilise us by saying that loans should cost South Africa more?” No independent state wants its transformational decisions to be dependent on outside approval, in particular not the approval of institutions that guide big banks and other instruments of international capital.

No nation with any sense of pride wishes to lose its own capacity to make decisions on its future and what shape it should take, or have it undermined or diminished. This is especially the case in a society which is on a developmental path aimed at addressing inequalities and poverty.

But when Standard amp Poor’s downgraded the credit rating of Eskom to junk status it acted on the intelligence that our country faces a deep energy crisis, and that steps…

Source : Daily Maverick