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Saturday, August 10, 2013

How soon will the economy collapse?

If Najib can revive the economy and keep it blooming, the opposition is effectively finished; if he doesn’t, he himself will be doomed like his predecessor.
COMMENT
These days promises that are made by politicians are apparently fabulously gilded but in reality worth much less than it seemed. Each pledge whether it was ever fulfilled is always rendered obsolete by the next undertaking.
Last week an international agency downgraded our country’s rating to negative and the value of the ringgit wobbled off the pedestal and dropped rolling all over the floor and across the board against all major currencies and pretty soon it is going to be hardly worth the paper it is printed on!
Will investors both local and foreign be moving their capitals overseas to safe shores while our bonds and stocks practically go valueless in the next couple of weeks?
With our total accumulated debts now more than RM600 billion representing more than 68% of our Gross Domestic Product, are the citizens cognizant how much of that RM600 odd billions are actually spent by the government for our benefit, or are we all as taxpayers just bequeathed that massive fortune of a debt amassed by a corrupt government pretending to live up to the public image they created for themselves masquerading as a stupendously successful one for the past 50 years but benefitting only cronies?
Behind all the facades of sandiwara though the realities on the ground are very different; the Umno-led Barisan Nasional government’s spending has put our country within spitting distance of going bankrupt!
Because the might of the BN has faded and the invincibility of Umno is no longer infallible, the people of this country will soon realise that we have all been fooled and the transformations promised by Prime Minister Najib Tun Razak will never ever be forthcoming – and we all know why!
When Najib was catapulted to the Prime Minister’s chair after Abdullah Ahmad Badawi stepped down, mainstream media including national and private television stations bragged about the new Chief Executive Officer as an economist trained in Britain; and for almost 30 years of reading and marking postgraduate economics theses, when we look at the financial and economic mess created by Najib, only two possible explanations are probable:
  • Either his alma mater in Nottingham, England is a half-past-six university which did not properly educate him; or
  • It was he who actually did not study properly to make himself useful today!
Get someone competent
Many people are not aware what defines an economist; is an economist the equivalent of an accountant?
The answer is no; an accountant is only a bookkeeper while an economist on the other hand is a wealth creator!
The administration of Najib still has five years in power, he should source from outside the establishment someone really competent to help him, because there aren’t any at all in his entire government now.
If he can revive the economy and keep it blooming, the opposition is effectively finished; if he doesn’t, he himself will be doomed like his predecessor – probably very soon looking at the backstage infighting and power struggle and brokering inside his own Umno!
Take the example of Singapore: by and large Singaporeans are not very happy with their PAP government; but because their country is wealthy and the citizens are able to earn an honest wage enough to live on, they are not in a rush or at least bothered just now to revolt per se!
The reigning number one tycoon of Asia once said in a seminar: “Wealth the source of happiness cannot be acquired by savings alone, it must first be earned”…!
The author is retired and blogs at http://legalandprudent.blogspot.com giving no quarters to anyone.

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