Ultimately, it matters not whether you like the politician and or leader. It
boils down to whether the government of the day will be able to help you
and your family survive the inevitable crisis sparked off by the financial
implosion in Europe and US in the near future.
By Matthias Chang – Future Fastforward
28th March, 2013
Typical in any general elections, voters will be caught up in the hype of the election campaigns by the contending political parties. Emotions have run so
high and to such an extent, that one can observe professionals like doctors,
engineers, lawyers, corporate executives, teachers and other educated folks
swallowing lock, stock and barrel the irrational political line put out by the
Opposition coalition:
“Even if we have to vote for a monkey or a donkey, it does not matter, so long as we get rid of the present government. We want change and that’s all that
matters. And if the Opposition fails to deliver what it promises, we can always
vote them out and bring back a Barisan Nasional government …”
Many have not questioned the hollowness and stupidity of such an argument as the fundamental ground for ousting the Barisan Nasional government with an excellent record for economic development, the envy of many developed and developing countries.
In a recent article, I alluded to another folly which was propagated by Tun Musa Hitam, the former deputy prime minister who said that a Pakatan Rakyat Federal Government would not bankrupt Malaysia. Why he was even given the “Tun” award, only God knows for he had not made any major contributions to the development of the country politically, economically or socially other than being a political crony of the former Prime Minister Abdullah Badawi. But, during his watch as Chairman of Sime Darby Bhd (a GLC) the company had suffered multibillion ringgit losses. What more Anwar Ibrahim who aspires to be the prime minister. The issue is one of capable and effective leadership.
Everyone is aware that Anwar as the then Finance Minister wanted to implement the policies of IMF and World Bank in Malaysia to overcome the Asian financial crisis of 1997 / 1998 which devastated the economies of South-East Asia and Korea. But, for the astute management of the economy by Tun Mahathir Mohamad, Malaysia would have been bankrupted and her economic “crown jewels” auctioned off at bargain prices to foreign financial predators, such as Goldman Sachs and other investment banks and hedge funds.
Just weeks before the financial crisis, leading international financial institutions, including the IMF and the World Bank heaped praises on the excellent state of the Malaysian economy and referred to the economies of the region as the “Tiger Economies”.
Numerous financial experts have warned that the global economy is heading
towards another major financial crisis, more devastating than the one
experienced in 2008. The crisis in Cyprus is but the tip of the iceberg. The global financial powers have imposed on the Cyprus government that it must confiscate the hard-earned monies of depositors in Cyprus banks as a condition precedent to receive any bailout monies from IMF and the ECB. This condition has been described variously as daylight robbery, punishing savers to save foreign creditors etc.
The global Too Big To Fail Banks are all insolvent and their balance sheets are
stuffed with toxic assets and if marked to market would wipe out the share capital of these banks.
A well-known financial analyst, Karl Denniger wrote, and I quote:
There is no path forward for Cyprus (or Greece), or for that matter any other
nation with a debt addiction that resides in any other path than repudiating the excessive debt. Yes, that means defaulting. It means that people must lose their money, and the people who lose should be those who bought or took as collateral blown debt instruments. In the case of Cyprus this means the ECB and European banks who bought and are holding the crap paper that was known impaired at the time of posting and remains so. If the ECB and European Banks refuse to accept these facts then their members must beindicted, tried, convicted and hung for their act of knowing and intentional gross fraud that was intended to and now has led to the looting of the public.
In the case of the United States we still have a monstrous amount of debt that must be removed from the system. We cannot "earn our way out of the hole" because the economy is not capable of generating sufficient organic
growth to do so; it has all been debt-financed!
So, when US and Europe implodes, it is a given that no country will be spared,
and like Cyprus etc. the global financial elites will attempt to impose their diktat on us and demand that we bail out their banks. IMF and the World Bank will lead the charge again as in 1997 / 1998.
The trillion dollar question:
Can we trust Anwar Ibrahim and his inexperience team of “academically sound” economists but have zero experience in facing the coming crisis and to pull us out of it?
Will Anwar Ibrahim succumb to the pressures of IMF and the global Too Big To
Fail Banks and accept without more, the financial prescriptions to cure the
sickness when the same prescription have proven to be ineffective in the US and EU since 2008?
Barisan Nasional has the experience and the people who pulled us through the
1997 / 1998 financial crisis are still manning the stations and can address the
issues immediately and effectively.
There will be no time to play “catch-up”, as we have to be up and running when the shit hits the ceiling fan.
Let’s not pull any wool over the eyes of the rakyat. The crisis of 1997 / 1998 was nerve wrecking and there were no precedents to help us at all. What saw us through was wise and fearless leadership with nerves of steel, enormous
confidence and the ability to unite the country to face the calamity.
We must not forget and must recall that when Tun Mahathir Mohamad was
putting out the financial flames that were engulfing the country, Anwar was
fanning dissension, disunity and organising mass demonstrations to disrupt and to create chaos. The fact that foreign financial rapists and predators were at the gates to devour and plunder us mattered not to him. All that he wanted was to topple Mahathir Mohamad and take power and surrender our sovereignty to foreign financial powers.
It should not be forgotten that the Chinese community stood loyal to the BN
government and in the 1999 General Election helped return the BN to be the
government of the day with a whopping two-thirds majority in Parliament.
This act of faith and loyalty is only right as the BN government at the height of the crisis ensured that all businesses from the big conglomerates to the SMEs survive the crisis, and although not every business was saved, it can be said without any fear of contradiction that the majority of the businesses not only survived but recovered and scaled new heights as a result of sound and effective fiscal and monetary policies that were implemented without any discrimination.
While our neighbours suffered massive unemployment, our country fared better as our unemployment did not exceed the single digit threshold. While other currencies depreciated by a few hundred percent, we were able to maintain a peg of RM3.80 to US$1.
Malaysia took on the global financial rapists and plunderers and won!
I cannot say for sure when the final phase of the Global Tsunami will devastate the US and EU economies but several indicators and warning signs indicate that it might be as soon as second half of 2013.
Thus far, the BN government has put in place sound fiscal policies to anticipate such an eventuality and minimise any fall-out from the contagion.
During the entire period of the global tsunami 2008 / 2009 and the subsequent aftershocks, there had not been any initiatives and or policies from the Opposition parties and or state governments under their control to help the country weather the storm. Neither had there been any initiatives and or policies to anticipate the coming financial crisis.
One may disagree with the BN government and even fault some of its policies,
but there is no denying that every effort has been made and will be made (as
promised by the Prime Minister) to transform the economy so that we can be
better prepared for any future financial storms – there will be financial lifeboats for all, if the need arises.
But, we are not even assured of a sampan by the Opposition coalition.
What change are we talking about?
How can there be any change, if one cannot survive to effect change. In any
event, change is not the monopoly of the opposition. Change is a constant. No one and no country can stand pat. Our country under the BN government has gone through many changes and has evolved from a predominantly agricultural economy to a manufacturing power house, 17th largest trading nation in the world. We keep re-inventing ourselves, have stumbled but got up and moved on, each time learning from the experience and striving to the next level. But, what changes and or re-invention has the Opposition coalition effected???
Since 1957, BN has been led by six different Prime Ministers and each has
changed in his own way the face of Malaysia. The baton of leadership has been passed on without any glitch and in a manner acceptable by all the component parties of the Barisan Nasional – a rare feat of unity of purpose and vision. I would even say unprecedented.
This cannot be said of the Opposition parties.
If truth be told, I dare say that I don’t agree with each and every policy of the BN government. That is just not possible. Only a MORON would do so. But, the BN government does not expect such unanimity. Where there have been differences and problems, they were resolved within the system of a constitutional government and parliamentary democracy.
What is truly remarkable in Malaysia is the BN concept of “power sharing” and
“government by consensus” as is evident in the composition of the Barisan
Nasional – 14 component parties, each equally represented at the highest
governing body, whether the party is big or small.
In conclusion, may I suggest to my fellow citizens, to think carefully and wisely. Changing governments is not a matter to be taken lightly, based on hatred and or emotions. One can change a pair of shoes or slippers if it does not fit and or causes pain.
If the Opposition coalition “does not fit”, we will have to suffer the pain for five years and by the end of the term, we may be dead and or bankrupted.
Think of your children and your children’s children. They deserve better than a
throw of the dice to decide their fate. This is the effect if we adopt the
propaganda line that the Opposition deserves a chance to be tested.
They have been tested in the four state governments under their control.
Can you really say that their performance is exemplary in all aspects?
Have any major changes being effected by the four state governments?
If truth be told, they just “moved into four well-furnished houses” and what they have been doing was merely to maintain it. Even then, they have not done a good job. But, they want to take credit for building the houses!
There is so much at stake in this coming election.
Exercise your vote wisely. The future of your children and grandchildren depends on it.
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