1. Wednesday’s (November 4, 2015) paper reports that we are not facing a financial crisis and we are not going to go into financial crisis.
2. Eight prominent people including the PM tell us everything is fine.
3. Now if everything is fine why is there a need to arrest people for sabotaging the banking and financial system of the country? If they sabotage surely the banking and finance of Malaysia would not be fine. They would be dysfunctional.
4. But is it true that everything is hunky-dory; everything is fine. It can’t be! The banks and the financial system may be fine, but there are other indicators to show that the economy is not fine.
5. The Ringgit is down by 1 Ringgit to 4.3 to 1 USD. That’s a big drop in value and is bound to affect import business or loans in USD.
6. The stock market is down with big loss in market capitalisation. Again this would not be good for the economy.
7. The economic growth is lagging behind those of Indonesia and the Philippines. This is not normal. We use to leave them far behind us.
8. Everyone complains of increase in cost of living – toll rates up, rice prices up, GST, cost of production and services, transport, wages for servants, unemployment of graduates etc. etc are all high, reducing purchasing power of everyone.
9. There is a loss of confidence in the Government precipitated by the 1MDB scandal, the inability to service debts, disappearance of money, cash in the private a/c of PM, its subsequent disappearance, inability to explain 100 million USD, 2016 budget of monetary gifts, shrinking national resources, questionable use of EPF and KWAP funds, poor FDI etc.
10. So all cannot be well. Who is responsible? Cannot be some nonentity!! Must be the people who manage the economy, manage the country, the people with power and influence whose words and deeds can affect the economy.
11. In many countries, leaders resign when they fail; when their policies fail, when their cures fail. They also resign when some catastrophe assails their country e.g Australia and Romania. Of course they resign when they do badly in elections.
12. But not in Malaysia. Find other reasons. Find scapegoats. Blame the climate or whatever.
13. Poor Malaysia. No honour. No accountability. No pride. Just self-preservation.