For a brief moment, those with an appreciation of economic realities were hoping the ANC had come to its senses. But despite the disaster of the past week, this afternoon’s ANC Press Conference turned out to be more of the same, with ranks closed around its leader Jacob Zuma. So ignoring the coffee shower delivered by global investors, for the moment at least the country continues along its path to bankruptcy predicted by former Oxford don RW Johnson in his best-selling How Long Will SA Survive? In this brilliant contribution Johnson applies his mind to the most recent developments, including the ad-libbed embarrassment where Zuma revealed himself , again, to be little more than “a semi-educated street corner activist”. Unfortunately, a rather expensive one for taxpayers. – Alec Hogg

By RW Johnson*

It says something that the best comment on the sacking of Nhlanhla Nene as Finance Minister came from Julius Malema. Describing the situation as one of “pathological crisis”, Malema said that “No one in the world will trust a political leadership that changes cabinet and finance ministers like underwear.” It is also difficult to argue with Malema’s reference to Nene’s replacement, David Van Rooyen, as having “questionable political credentials” – after all, Van Rooyen may have been mayor of the great city of Merafong but most diplomats and journalists would have some trouble locating that town on a map. Moreover he is not even a member of the ANC’s national executive committee.