In the Markets Magnified podcast, we do q quick first dive into South Africa’s 2025 budget with ETM Analytics Director George Glynos. The verdict? A dismal 3/10. “No budget is better than a bad budget, and this was a bad budget,” George declares, echoing widespread frustration. With limited political support backing it, the ANC’s proposal—laden with VAT hikes and platitudes—faces rejection. As global economic wobbles loom, this stillborn budget fails to curb debt or inspire confidence, leaving taxpayers fuming and the GNU’s stability in question. Is this democracy at work or a fiscal disaster in the making?