Most commentators, analysts and even leading politicians agree that there is a crisis facing our country – a crisis of poverty, unemployment and rising inequality.
But there is a huge divergence among role players when it comes to the true causes of this crisis. The press, commentators and others have told us that the lack of (political) leadership in South Africa is responsible for our triple crisis.
We have no problem facing up to the agenda these role players are agitating for. They have never believed in the leadership capabilities of the current ANC collective in any case, so they are not being honest in their evaluation.
Our responsibility is to organise our people so that they can see this agenda for what it is: another attempt to stop the election of a particular candidate we are all told incessantly not to like, not to trust and that he can’t lead, period.
This time around, however, the attempt is more sophisticated.
It plays into people’s emotions and seeks to focus on the very real issues and problems we all agree are a challenge.
While we all agree that things are tough, it is incorrect to blame a particular leader.
But what concerns us here is the use of the downgrading of South Africa’s credit ratings by several ratings agencies, including Moody’s. This sub-narrative is being used to corroborate the “crisis of leadership” storyline.
Let us recall that the same agency also downgraded South Africa in the run up to the 52nd ANC Conference in Polokwane.
At that time the downgrade was used to tell the nation and ANC members going to Polokwane not to vote for a particular candidate. Same line, same agency, same papers, same ANC delegates.
Why must they listen to it this time around?
The reason why this view will not gain traction among ANC delegates is because the news and comment feed we’ve been given has not been completely candid about the root cause of the problems confronting society.
It has framed the news in such a way that the leadership of the ANC is seen as the scapegoat and not the capitalist system, which is undergoing one of its deepest and most prolonged crises.
Worldwide the result of the crisis has meant that more and more people are out of work and more and more people are getting poor while a tiny minority remains filthy rich.
The structural deficiencies of our economy have not been properly elaborated on for people to understand the need for a radical structural shift in economic policy.
In narrowing the argument, mainly driven by an elitist irritation with the president, the press has also failed to look at the credibility of rating agencies such as Moody’s – the same agency that gave triple-A ratings to the large American Banks who, by their reckless trading, were responsible for the current financial crises faced by the capitalist economies of advanced countries.
For example, Moody’s gave Lehman Brothers a triple-A rating only a few months before the mortgage company collapsed.
The question of who is actually behind Moody’s has never been critically engaged in our country or by the media generally.
Warren Buffet’s Berkshire Hathaway, Fidelity, State Street, Blackrock and Morgan Stanley Investment are just a few of Moody’s shareholders. These are the world’s biggest fund mangers and they use Moody’s to influence the market so as to increase their share value and profits.
Their perception of South Africa is not class neutral or politically disinterested.
In reality they represent the crudest form of capital trying to use its muscle and its institutions, which are tightly linked to the system of global governance, to dictate terms to liberation movements and governments so as to shape and influence economic policy in countries such as SA.
So why should we now be persuaded to trust Moody’s?
And why is there a complete blackout on the probe in the US and Europe into the role rating agencies play in plunging those economies into the abyss they find themselves in today?
Rating agencies are nothing but the creation of a capitalist system needed to concoct confidence in its financial projects and the fictitious growth of economies.
This inability to be critical when telling the South African story should lead us to read the pessimistic messages with caution.
Our determination to radically transform the systemic features of the South African economy will never receive any positive feedback from Moody’s or other rating agencies. So let’s not lose focus!
Let us concentrate on mobilising the working class and our people to focus on our five priorities and the struggle to transform the growth path that sharks like Moody’s have been profiting from.
*Malesela Maleka is a member of the NC and NWC of the Young Communist League and is the SACP spokesperson