MALAYSIA Tanah Tumpah Darahku



Monday, August 30, 2021

Ringgit To Fall ? Dr Mahathir, Klepto, TSMY What If Your "Advisors" Were Crooks?

 So the Ringgit is falling again.

It looks like for many years now we have accepted that the US Dollar will be above  RM4.00++  permanently. All the Advisors and Civil Servants will not even understand what I am trying to say.  

Here is DBS Research saying the Ringgit may reach RM4.40 against the Dollar.

  • KL (Aug 17): DBS Research revised downwards USD/MYR to 4.20 - 4.40 range. 
  • Since 2015 RM further depreciate to 4.40 every time it weakened past 4.20
  • “fundamental reasons” why it will likely happen again. 
  • At press time, the ringgit was 4.2375 against USD  
  • Malaysia’s economic growth slow significantly 2nd half of 2021 
  • BNM downgraded 2021 GDP forecast to 3% - 4% 
  • govt to widen budget deficit to 6.5% - 7% of GDP (from initial 6%) 
  • increase statutory debt limit from 60% of GDP
  • future debt rating downgrades, political leadership crisis
  • Fitch downgraded rating by one notch to BBB+
  • S&P affirmed Malaysia’s ratings at A- and A with negative outlook

My comments :  When the Ringgit falls the prices of things especially imported goods, raw materials, manufacturing items etc will go up. This is called 'imported inflation'. 

Already the prices of foods have been going up. Malaysia is not self sufficient in food. Our bumiputra policy restricts deep sea fishing licenses. So non-Malay fishermen (aka Chinese) who are ready and capable of operating deep sea trawlers are restricted from deep sea fishing licenses. So there are not enough deep sea fishermen in our country.

So are all the ikan tenggiri in the South China Sea dying of old age? NOT AT ALL. Instead Thai trawlers catch ikan tenggiri and land their catch in Haadyai. Then they are loaded onto lorries and exported to Malaysia. It is actually our own ikan tenggiri. Ikan tenggiri is now almost RM40 per kilo. 

So terima kasih banyak-banyak kepada Tuan-Tuan ketuanan Melayu dan Dasar Ekonomi Bebal.   

If you are also stupid like Erdogan then you will burn our Foreign Exchange Reserves and use it to 'support the Ringgit'.  It does not work. Erdogan burnt up US$128 billion worth of Turkey's Forex Reserves to support the Turkish lira which had crashed. The lira still crashed further.

It has happened a long time ago - tetapi all the Malays have forgotten. Or they may not even know what the hell this Syed Akbar Ali is even harping about.

Tuan-tuan mari kita imagine sikit. 

Dr Mahathir, lets think the unthinkable. 

Imagine an imaginary situation "of what if"  the "advisors" who advise the 'lets support the currency' leak the inside information to their fellow crooks overseas who then take positions for their own profit.

That would be a super quick way to make millions within minutes and hours.

Or putting it differently "Is it unthinkable?"  

Well this is just an imaginary situation ok

Some of you might say to me, 'You have very little faith'.

Wrong. I have no faith at all. 

The views expressed are those of the writer and do not necessarily reflect those of MMKtT.

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