“Sir, you have served white monopoly capital with distinction. You have worked for them as an agent and a counter-revolutionary, selling out our right to have transformation of the apartheid economy. You have betrayed the values that define a disciplined cadre. Today you live large in arrogance and attempt to lecture us when we, as soldiers for our liberation, are dying as paupers.”

Monopoly capitalists and their allies in the ANC have corrupted something very precious in South Africa’s history – the proud and militant tradition of struggle for social justice. They have corrupted the dream of a free and egalitarian nation. For over two decades, the ANC has presided over entrenched corruption, which must now be resisted. But that struggle will constitute a whole new historical epoch.

Supporters of austerity are happy because South Africa’s junk rating is a good stick with which to whip President Zuma. But his immediate concern is survival, not the economy. Could the current crisis generate a long-overdue era of redistribution, racial justice and radical economic transformation? This was the promise of new Finance Minister Malusi Gigaba last Saturday, April Fool’s Day.