The last time an SA head of state was so stupid, self-serving and reckless was in 1985, when President PW Botha made his infamous "Rubicon" speech. Botha’s speech had been promoted informally by his ministers as a statement of major, crisis-breaking reform. The townships were ablaze, there was a state of emergency and the war in Angola threatened to become SA’s Vietnam and worse. Expectations were great — but Botha went off script, indulged his own personal anger and vanity, and in effect told the world to go to hell. The consequences were grave. The currency collapsed, foreign banks declined to extend loans, and sanctions were tightened. Inflation, which had dogged SA in the 1970s and early 1980s, rocketed. Interest rates peaked at around 25%. The costs of servicing national debt rose to crippling levels. By the time the ANC was in a position to negotiate coming to power, its leaders were shocked when finance minister Derek Keys showed them that the fiscal cupboard was bare. The on...
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