There are roughly two narratives forming around the subject. One of them holds that if the ratings agencies don’t like us, that’s their problem – and their judgement is unreliable and biased anyhow. Policy settings are much too tight; fiscal and monetary discipline really means asphyxiation. If private confidence is so elusive, it might as well be ignored. This view is wrong-headed and dangerous.
In my view, it amounts to shooting yourself in the foot, finding it hurts, then shooting yourself in the other foot to get even. The alternative view is that South Africa needs to re-establish its strengths and recover from there.