August 20, 2015
COMMENT: We can agree with Dato’ Nazir Razak, Malaysia will face
tough times ahead. The ordinary man in street does not need high-flown economics to know this because he is living it everyday. Malaysians are now frustrated with the Prime Minister’s management of our economy and have no confidence in his political leadership.
Markets are saying the same thing. This lack of confidence and trust is having its effects on the Ringgit. Most Malaysians feel that our Prime Minister must leave office. We need a new leader and capable Cabinet ministers who are serious about good governance and can manage an imminent economic crisis; so no amount of assurances from the incumbent can help.
We have reached a tipping point with Bersih 4.0. And how the Najib administration handles this potentially massive protest on August 29 — 30 will be decisive. The world is watching and since Malaysia is not an island onto itself, it will be foolhardy for our leaders to take international opinion and capital and financial markets for granted.
Let us face it– a man who creates the economic mess cannot be expected to clean it. In fact, when our Prime Minister talks, the Ringgit takes a beating. It is time for him to look at himself in the mirror and acknowledge that he has done a miserable job as Finance Minister and Prime Minister. The message is clear. It is time for him to go. It is better to resign of his own volition than be forced to leave in humiliation. –Din Merican
Malaysia: Tough Times ahead, says CIMB Group Chairman, Nazir Razak
Prime Minister Najib Abdul Razak held a meeting with several economists from local and foreign financial institutions while his brother Nazir, who helms CIMB, predicted tough times ahead for the banking and financial markets over the next one to two years
“I appreciate their candid views on various aspects of our capital and people economies.These opinions are useful for the government to proactively manage our economy going forward,” the Prime Minister posted on Facebook.
Najib, who is also Finance Minister, said he is looking forward to meet more subject matter specialists and corporate leaders representing the broad range of Malaysian economy in the coming weeks.
The meeting comes amid economic warnings and a weakening Ringgit. Bloomberg reported that Malaysia is paying the price for weak foreign currency holdings and messy politics as the cost to protect its debt soars to near a four-year high.
It said UBS Group AG predicted even more pain ahead.On Monday, the Prime Minister’s Office said Najib would engage corporate leaders and seek their views on current economic developments.
It said their feedback would help the government undertake measures to set Malaysia on the right trajectory to become a developed, harmonious and prosperous nation, according to Bernama.
Meanwhile, Nazir (photo), speaking at the “Bumiputera of Tomorrow” programme today, said on its part, the CIMB Banking Group is bracing itself for the economic and political turbulence ahead.
“You can have plans for one to five years, but you must always be sensitive to the environment. The fact is that for the banking and financial markets, in the next one to two years – these are going to be difficult times.
“So we have chosen to reduce our cost structures very early on. (In terms of) manpower, we have let go about 4,000 people in Malaysia and Indonesia.
“We will make sure that we weather the current financial storm that is going on not just for Malaysia but in the region,” he was quoted as saying by The Edge Markets.
According to Nazir, Malaysia also needs to recalibrate as the country is sailing through difficult waters in terms of politics and economy.He said the time has come to review and reset the way the country is going forward
“How business is conducted going forward, how the government implements its policies, how the government is too involved in businesses.
“I have asked the government that we should set up a National Consultative Council 2, in the same way we did back in 1969 and 1970,” he added.
Din Merican: the Malaysian DJ Blogger 
Transparency International-Malaysia (TI-M) released the findings of the Malaysian Corruption Barometer (MCB) 2014, which surveyed the public’s experiences and views on corruption and their willingness to combat the issue. The MCB 2014 survey found that 45% of 2,032 Malaysian respondents ranked political parties as the most corrupt among top 6 key institutions in Malaysia. The police scored a close second (42%), followed by public officials/civil servants (31%), judiciary (24%), parliament/legislature (23%), and business/private sector (23%).
The bleakest outcome possible:
We have to go hat in hand for help from the IMF. The IMF will demand implementation of its usual “structural adjustment programme” with
1. Big cuts in spending on social services i.e. health, education
2. Big cuts in subsidies for food, fuel
3. Big cuts in the size of the civil service (this means YOU, the civil servants who continue to support corrupt UMNO Baru-BN)
4. More liberalisation of the economy (this means job losses for YOU, those working in the protected sectors of the economy such as Proton, the local banks)
5. The consequences (according to critics of the IMF) will be even higher inflation, more unemployment, more poverty and social unrest in the form of “IMF riots”
http://www.whirledbank.org/development/sap.html
In economic jargon, it is shifting resources from non-tradeables to tradeables to generate foreign exchange to pay off foreign creditors and
letting market forces operate
http://dollarsandsense.org/archives/2001/0101anderson.html
Is it so simple that we only want Najib to resign? Wouldn’t we want him to cough up the billions that he and his wife have stolen and go to jail for the crimes they have committed? If Anwar can go to jail based on flimsy evidence and questionable trial, why should Najib be allowed to get off scott free when the evidence against him is overwhelming and unrefuted at all!
One more comment about this news item:
http://www.malaysiakini.com/news/309170
This clever (not) 1PM does not know that Asian-Americans include
many ex-Malaysians (especially Chinese-Malaysians) who left
1Malaysia and settled in the USA because of our semi-apartheid system?
President Obama’s brother-in-law is the son of immigrants to the
USA from Sabah.
OK, perhaps it’s useless to waste anymore time & effort to keep re-cycling information, facts or fabricated, on the ills of our country & government without actually settling on any practicable & implementable solutions. No point talking about Najib’s resignation or ouster repeatedly as it is NOT about to happen before the GE14 which is more than 2 years away. He has the strong support of his party as he has looked after the interests of the subordinate leaders very well. No legal action will remove Najib from power – even Mahathir has agreed that a no-confidence vote in the Parliament will NOT be successful. For the sake of Malaysians & Malaysia let’s forget about pressuring Najib to resign but to support the government-in-being to make successes in every field possible. In case you are incorrigibly against the government, the least positive thing you could do for the general good of Malaysians & Malaysia is to shuddup or disappear for a long holiday.
_________________
Thanks for your advice. I am already living and lecturing in the University of Cambodia in Phnom Penh. I will not shuddup. My job demands that I speak up. Furthermore, I do not intend to a dumb professor. I teach political philosophy and theory and business. That requires debate and discourse ala Socrates. Hobbes, Mill, Rawls and Mencius.–Din Merican
/// Phua Kai Lit August 20, 2015 at 8:59 am
The bleakest outcome possible:
We have to go hat in hand for help from the IMF. The IMF will demand implementation of its usual “structural adjustment programme” with ///
You left out the key demand – the dismantling of non-tariff barriers, discrimination and the Bumi Policy. This was the main reason Mahathir was against IMF intervention during the AFC because he has to swallow this bitter pill.
Din,
Like what Toh Chin Chye used to say,
“In this last term, I hope I will be of public service and not a wallflower in the chamber of parliament of a dumb cow.”
Of course, Alie loves to be a dumb cat……by all means
Quote:- “…the least positive thing you could do for the general good of Malaysians & Malaysia is to shuddup or disappear for a long holiday”
…..or bury your head in the sand.
BTW, how to “disappear for a long holiday” when the money-changers will not accept the Ringgit very soon?
The best solution, (since “No legal action will remove Najib from power….”), is for Najib to ask for more “donations” which, this time around, should stay put in Malaysia rather then be transferred back out of the country and disappeared.
Najib is not just part of the problem, he is the problem, got it yet?
WoW,
Here we are facing among other things;
– failing ringgit (and rising main currencies, USD, EUR SGD etc…)
– falling price oil (quarter of our budget is derive from this sector)
– falling commodity (namely palm oil, refer current state of FGV, bookloss 8B)
– 1mdb (with bond/loans is USD denomination)
– GST implication (clearance rate for reimbursement, how is it?)
– Stock market, FDI (exodus of fund? current state?)
now, there are many more but the objective here is not to highlight the current state list of items but rather what are the initiative taken to address current issue with an eye for the future. What are the resolutions? the work around for temporary measures? the targeted objective etc….
For that we have to look at the Finance Minister.. to lead, to show leadership and to act – it is not a question of success or failure, rather a question what is it you gonna do, what is your plan… and for this we have to look at the man himself. So lets see what he is up to for the past few day;
Thursday August 20, 2015 MYT 11:52:10 AM
Info-sharing initiative to strengthen Bumi economy –
Datuk Seri Najib Tun Razak says the initiative under the Finance Ministry would be the “last leg” in a bid to further strengthen the Bumiputra economy, to enable them to compete in a tougher business environment.
Wednesday August 19, 2015 MYT 10:21:00 PM
Don’t be complacent about security, says PM –
Prime Minister Datuk Seri Najib Tun Razak says Malaysia must have a coherent and comprehensive national security strategy in tandem with the present situation.
Wednesday August 19, 2015 MYT 7:08:00 PM
Data platform for Bumiputra entrepreneurs launched –
Prime Minister Datuk Seri Najib Tun Razak has launched a new initiative aimed at better connecting Bumiputra entrepreneurs.
Hence, I rest my case.
And as for Nazir, why is he whining?
Quote:- “These opinions are useful for the government to proactively manage our economy going forward,” the Prime Minister posted on Facebook”
I really hate this term “going forward” often parroted by people, especially politicians, bankers and economists, et al, who couldn’t think of a better phrase to end a sentence.
Malaysia needs a new government, going forward.
What a joke!
The first thing that CIMB will do to weather the gathering storm is to lay off its staff.
Brilliant strategic moves by the corporate bigwigs.
This, made worse by the fact that it is his brother’s stupidity and sil’s greed that got the country including his bank into the deep crap that it is in.
We’ll be seeing more of this. Thanks to the BN and its bunch of thieves.
This is very odd. A Consultative Councilis. Set up only when there is a constitutional crisis or debacle. The big question is,WHY NOW???
With best regards
Harifi Shah Petaling Jaya By IPad
>
“If Anwar can go to jail based on flimsy evidence and questionable trial, why should Najib be allowed to get off scott free when the evidence against him is overwhelming and unrefuted at all!”
And who do you should answer your question? The Malays? Not a chance. They are too drugged out with the 3Rs to even understand what’s going on …much less consider your question.
The non-Malays? Well, those who can afford it are answering with their feet. The rest see it as a pure “meleyu” thing …which means it is about as sensitive as discussing the volume of the Azan at dawn.
The Royalty? Since when has matters such as this ever moved them to action?
I suppose aliefalfa’s policy is if you cannot beat them join them. Is he telling us to keep quiet when our money has gone into someone’s pockets and he and she is/are spending that money like there’s no tomorrow. Is that suppose to be “positive thing” to do for the good of Malaysians. I know that that money spent indiscriminately comes from the taxes I pay and it pains a alot because the money I earned is really from my sweat and toil.
And there is one miserable sympathizer of the regime prowls in this word press and never stop noticing him giving excuses and also never minds on what this corrupt government via its bloody rotten PM is doing to the nation!
“In case you are incorrigibly against the government, the least positive thing you could do for the general good of Malaysians & Malaysia is to shuddup or disappear for a long holiday.”
Why do you think that Din Merican is “incorrigibly against the government” ? No doubt he is against Najib and most probably UMNO but in no way does this mean he is against the “government” or that whatever he writes is negative for Malaysia and Malaysians.
If you truly believed that discussions exposing corruption, adhering to the Constitution, belief in the rule of law, reforming public institutions and the weekly musical write ups is detrimental to Malaysia and Malaysians , I suggest your moral compass is faulty . I do have suggestions to fix this particular problem but I doubt you would find them helpful.
It is helpful to always keep in mind, what Thomas Paine said to his accusers – “If, to expose the fraud and imposition of monarchy … to promote universal peace, civilization, and commerce, and to break the chains of political superstition, and raise degraded man to his proper rank; if these things be libellous … let the name of libeller be engraved on my tomb.”
“Is it so simple that we only want Najib to resign?” Muthu
Yes. With immediate effect. This flur is Malignant and added to his weighty narcissistic Other, represents a danger to all Health.
A cancerous tumour must be excised as soon as the biopsy and other scanning results or ‘perceptions’ reveal an excisable malignancy. This is called staging. Dithering over grades of malignancy and wondering about other modalities of suboptimal therapy is hazardous to the patient’s survivability. We cannot afford secondaries or metastases. Renunciation is mere words.
Secondary chemotherapy and/or radiotherapy may be needed – and that is when whatever escaped malignant cells are vanquished. You may think of adjuvant therapy then..
This is the rule, Mr Spock says that “The needs of the Many, outweigh the needs of One.” It also follows the Laws of Parsimony and Karma, if not Absolute Vengeance.
Dear “The 10:03 am”
Is there any evidence for your statement (IMF wanted dismantling of “discrimination and the Bumi Policy”?)
I am skeptical that the IMF has any concern for civil rights or discrimination against ethnic minorities in the Third World.
They basically just want to serve their US and European masters and
force the Washington Consensus on heavily indebted Third World countries. Their job is to make sure that creditors (especially foreign ones)are paid, regardless of the consequences on the welfare of
hapless citizens of corrupt regimes.
(Consider the record of Reagan, Thatcher, the IMF and the World Bank with respect to Chile under General Pinochet and South Africa under the pre-1994 apartheid regime).
Aliefalfa, your ostrich-in-the-sand comments may resonate in a dreary world but then again a poor argument always does. Perhaps, I felt that such opinions, as much as it is your right to voice them, will not sit comfortably with the ethos of this blog. Din’s editorials have reflected the big picture, provoking thought and is opinion leading in comparison to many fawning paid bloggers who are wax lyrical with childlike faith on some very incompetent leadership . While i find your juvenile disrespect accorded to Din distasteful but i am comforted by the fact that only very few persons of courage, character and conviction can understand the loneliness of a struggle especially against tyrannical juggernaut. In this regard Din is a towering Malaysian and needs no reason to be hushed up.
In the meantime, please also do not forget to keep track of what is happening state companies in Selangor.
Phua Khai Lit,though I dont agree with NEP because the bulk of the benefits go to both Malays and non Malays elites ,I dont think it is right to potray what is happening in Malaysia as aparthied.How do we justify that word when the Chinese control the business world,the richest among the three races and the most educated in the country unless you will only be satisfied if the Malays and other Bumiputras live like the Australian aborigines in Australia.We dont want the elites of all races to monopolise the wealth of the nation as what is happening now globally and neither do we want the poor of all races to be neglected by the government and society but dont paint a picture of the country which is not true.
” So we have chosen to reduce our cost structures…”
Yes, exactly but by itself it will be insufficient. We must, as a country, shift into immediate voluntary austerity.
Meaning? Start living “below our means” (Dr. Ron Paul.)
We are in for Tough Times because NAJIB IS OFFICIALLY A MORON, A CERTIFIED IDIOT..
He argues with Mahathir the people’s mandate when Mahathir self-rigteously tries to take him down, but did he also argue the people’s mandate when he puts the country’s finance at risk with 1MDB or took yet to be proven “donation” of US$760m or was corrupt all the way to the top of the job he has now, has been handing our money out to the warlords to keep him in power. – And then there is the fact less than half of the people voted for him that has gotten even less and remaining now are corrupt, racist and helpless..
Dear Abdul Jalil 6:29 pm
Kindly read this carefully and honestly decide if Geoff’ Wade’s
description of Malaysia is fair:
http://japanfocus.org/-geoff-wade/3259/article.html
And this too:
https://books.google.com.my/books/about/Southeast_Asian_Apartheid.html?id=Fl0rMwEACAAJ&redir_esc=y
By the way, I wrote “semi-apartheid” and NOT apartheid.
Geoff Wade actually calls the system of institutional racial discrimination in
Malaysia “apartheid”. I call it “semi-apartheid” i.e. resembling apartheid to some degree but not the same as the South African version.
(Just like the state of Israel has created a semi-apartheid situation in
the Occupied Territories of the West Bank).
Abdul Jalil,
Quote:- “…..the Chinese control the business world,the richest among the three races and the most educated in the country….”
That of course is a sweeping generalization. You mean there are no poor and uneducated Chinese or no rich and educated Malays any where in Malaysia?
However, for the sake of argument, if the Malays, or any other races for that matter, want to be as rich and educated as the Chinese, be smart and work hard, very very hard. There is NO OTHER WAY.
Have you ever seen or heard a poor Chinese any where in the World blaming another Chinese or another race for his poverty? More likely he blames himself.
“Have you ever seen or heard a poor Chinese any where in the World blaming another Chinese or another race for his poverty? More likely he blames himself.”
Now this is also a “sweeping generalization”. There is literature on the subject but it is convenient to use this particular narrative against the “Malays” whenever the question of race comes up here in good old Malaysia.
“I dont think it is right to potray what is happening in Malaysia as aparthied.”
Neither do I and I have scrapped with Dr. Phua on this issue before. The private sector is as racist as the public sector . I have argued that before we deal with the former we have to deal with the latter.
Arguments that the Malays are lazy and only waiting for hand outs is the narrative of crypto racists as is the argument that the Chinese community controls the economy at the expense of the Malays .
Anyone under the impression that the perceived economic influence of the Chinese community happened in a vacuum without the collusion of their elites and UMNO is kidding themselves, as are those who buy into the propaganda of racial competition put out by UMNO.
The fact that the so called Opposition does nothing to counter this says a lot about the alternative power structures in this country and their agendas.
Nothing beats or becomes more perilous to a nation , any nation , when Entropy laws set in, by the inane qualities of its Leadership, which is completely ignorant & unaware of the applicability of Entropy….it sets in confusion & chaos by this Uncertainty principle , due to the immeasurable stupidity resulting for unquantifiable amount of Energy being expanded in the thermodynamics of the total System ,…..
For example, this thinking & mentality with regards Trust Funds : IT BELONGS TO US, WE HAVE THE RIGHT TO DEAL WITH IT IN ANY WAY WE PLEASE. ! Especially donation monies for political objectives, do they mean, the rule of law does not apply in regard to the penal laws already codified in no uncertain terms ?
When uncertainty and chaos set in , things become faster and faster, more due to Greed , for wanting to enrich oneself in shortest time possible, without so much as putting in great amount of efforts and sacrifices…..easy monies all the time…..
Must be real great Leaders – no wonder then about catastrophy , mishaps, deaths , criminal activities on the rise , and yet assuming themselves beyond reproach …….
Uncertainties and tough times lie ahead , yeah due to entropy ?
PLK – IMF demands competitive bidding; ergo Bumi policy and procurement practices have to go.
Phua and Wyne,
If the Black in South Africa were suffering back then and the Palestinians in Israel are right now under the aparthied system similar to Malaysia I doubt very much that they will fight as they did then and now.
If you read my comments properly,you will see that I said that I dont agree with NEP because the bulk of the benefits goes to both Malay and Chinese elites.Yes the Chinese elites also enjoy the NEP because behind alot of Bumis that obtain contracts etc there are Chinese businessmen waiting to do the jobs .The poor among all races actually gain very little from these benefits.The Malays benefitted from government jobs and easier entrances to higher education.But government jobs including the GLC are only 15% of the total no of jobs in the country.85%of the jobs are maily foreign or non bumi companies where the salaries are much higher and preferences are for Chinese especially in the executives level
It is not true that the poor Chinese dont blame other people for their misfortunes.They do blame the Malays controlled government and that is the main reason why they strongly support DAP.Similarly most poor Malays think their misfortunes are fated and erroneously pin their hope on UMNO to help them.
When the going gets rough
The tough get going….
And the weak crawls back into
their warm moist hole….
The shrewd showels his ill gotten goods to a Safe haven
Ce la Vie
Yes, Alie…. are you one of these Bugis Warrior type?
The country is getting kaputt because of us says you while you and Najib are building it with sand from Arabland?!
Malaysia does not need enemies from elsewhere! Your Crime Minister will ruin it Single handedly!
Prost!