The disconnect between market euphoria and the real world could hardly be bigger. The JSE hit record levels again this week, despite the fact that our politics is increasingly messy, personal debt levels are high and, even though the data suggests otherwise, it feels like we are in a recession. As the National Treasury scrambles to put the best possible gloss on the state of the economy in the medium-term budget policy statement in just over two weeks from now, the odds of South Africa avoiding the indignity of finally being tossed into the sub-investment-grade abyss for the first time in 18 years appear increasingly likely. Foreign investors are taking no chances. The sale of local shares by foreigners this year is likely to top last year's highest-yet number of R125.8-billion. The toxic combination of political decrepitude, poor financial management and our own crumbling sense of national self-worth is not helping. There are 72 days to go until the scheduled outcome of the ANC lea...
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