Moody's has placed South Africa on review with a downgrade in its credit rating lurking around the corner. Expect the blame game to begin. The government will blame the global economy. The business sector will blame the government. Truth be told they are both to blame.The government for its destructive economic and fiscal policies and the private sector for not holding the government accountable for its reckless mismanagement of the economy. Not to be forgotten are the trade unions whose crippling strikes and unrealistic wage demands the country can ill afford.The government has for years ignored repeated warnings and will now have to face the consequences of its past deeds.International investors have concluded that South Africa is a credit risk despite Pravin Gordhan's assurances to the contrary. The remedial measures he announced to soothe investors come far too late and will do too little.They will not prevent the deteriorating ratio between government debt and gross domestic product adversely affecting all-important growth. South Africa is on the cusp of becoming a poorer country, and no one in their right mind will invest in a deteriorating country.It is about return on investment, stupid!The list of countries joining the junk credit rating club is growing. Will South Africa be next? The answer does not require an understanding of esoteric economic principles. ..