Najib’s Bailout by China comes at a price to Malaysia


November 7, 2016

Najib’s Bailout by China comes at a price to Malaysia

by Dr.M. Bakri Musa, Morgan-Hill,  California

Image result for najib sells malaysia to china

Embracing China for Political Survival

With Prime Minister Najib Razak dancing with the Chinese dragon, it is worth reminding him and his admirers that dragons have no dance partners, only prey.

Najib is using the old and dangerous game of playing the major powers against each other. During his latest visit to Beijing he railed against the Americans for lecturing him on lapses in his leadership, specifically his corruption and trampling on his fellow citizens’ human rights. Najib then went on to poke America’s eyes by putting out a joint declaration with his Chinese counterpart calling for no outside interference in the brewing South China Sea crisis.

Image result for Najib golfs with Obama

Only the deluded would believe that Najib had an equal or any say in that joint communique. His only contribution was to agree. Najib was there to beg China to bail out his 1MDB, as well as to borrow money. Beggars don’t get to choose.

The world is full of tragic examples of once stable nations now in tatters because their leaders thought they were smart or adroit enough to play one world power against the other. Egypt’s Nasser had the Russians finance his ambitious Aswan Dam, and banked on them to help Egypt against Israel. The humiliation of the Six Day War still haunts the Egyptians. His successor Anwar Sadat reversed course and cozied up to America, and in the process won the approval of the ultimate values gatekeeper of the West, the Nobel Committee, which awarded him the Peace Prize. At least Sadat brought peace to his people, albeit only too briefly. Egyptians today are still being whipsawed from one extreme to the other.

In dealing with others, local or foreign, small or great powers, we must be guided by our internal compass, our values. Those others may or may not share our qiblat. We have for example, no desire to emulate China on how it treats its minorities or dissidents. Nor does Malaysia wish to be treated like Tibet or China’s western Muslim provinces. Although I must admit that at times I wish Malaysia would adopt China’s treatment of its corrupt officials.

Image result for Najib does business withChina

I am reminded of the rich towkay in a Malay village, charitable to his customers, extending them easy credit. Soon he owned the entire village. As we Malays say, Menang sorak, kampung tergadia (win the applause but mortgage the village).–M. Bakri Musa

Najib thinks that he looks elegant and puffed up dancing with the Chinese dragon. To me, he is more the painted lady on the dance floor of a Vegas whorehouse. We know who is paying for Najib’s services, on the dance floor and afterwards. Najib is paid well to act like an equal and enthusiastic partner, but we know what his role really is, as well as his price tag.

It is well  over RM140 billion. Regardless, a high-priced hooker is still a hooker.Najib would like us to believe that China is investing in Malaysia, and he has convinced many. The reality is that Malaysia is borrowing those hundreds of billions. That money has to be repaid. The only positive aspect is that some of the money would be for financing infrastructures like the East Coast Rail and Trans Sabah Gas Pipeline, not for skyscrapers and fancy headquarters for civil servants.

Image result for 1MDB Assets sold to China

Left unanswered however, is how much those projects would have cost had there been competitive international bidding. Nor do we know the financing terms. The 1MDB bonds cost several hundred basis points above the prevailing rates. Another unknown is how much of the Chinese money would be shifted to Najib’s personal account a la the Saudi investor and 1MDB, in gratitude for Najib’s ‘leadership?’

Beijing was generous to Najib. I am reminded of the rich towkay in a Malay village, charitable to his customers, extending them easy credit. Soon he owned the entire village. As we Malays say, Menang sorak, kampung tergadia (win the applause but mortgage the village).

China is an important country, quite apart from it being Malaysia’s biggest trading partner and sharing an extensive and contested maritime border. That relationship should be based on mutual respect and in accordance with international laws and norms, acknowledging that China is a major power while Malaysia isn’t. Being deeply in hock to China is not a good start to that kind of relationship.

The sparkle of Najib’s golf soiree with President Obama in Hawaii during Christmas of 2014 was short-lived, eclipsed by the blasting Malaysian sun. Najib is discovering to his sorrow that America has robust independent institutions. You may be Obama’s golfing partner, but if you indulge in illicit activities, its media will expose you and the Attorney-General will prosecute you. Malaysian officials may be bought with cheap titles and trinkets, not so America’s.

The Malaysian media is Najib’s lapdog, not so foreign ones or local social media. Thanks to the Guardian, The Wall Street Journal, and others, Najib is being subjected to unaccustomed scrutiny. Local alternate media amplify and extend the reach of those foreign news sources to average Malaysians.

There are a few certainties to Najib’s leadership. One, it will end. As for when, how and under what circumstances, the bomohs have as much credibility as the experts. With his echo chambers well amplified, Najib feels invincible. So did Saddam and Gaddafi not too long ago; they were even more ruthless and in power far longer than Najib. Two, the massive debts through 1MDB and now the Chinese loans incurred by Najib will burden Malaysians for generations. Three, Najib’s rank corruption. Regardless of the outcome of the current US Department of Justice’s 1MDB asset forfeiture lawsuit, it has already put a black mark on Malaysia.

Image result for Malaysia's national debt

Najib’s future does not interest me. As for the debt load, at least that is quantifiable; not so the soiling of Malaysia’s name. The plastic glitter of Najib dancing with the dragon star, like his earlier soiree with Obama, will also be short-lived. The dragon will not be denied its prey. Najib, and Malaysians, may yet feel the true impact of a tsunami, the Chinese version.

10 thoughts on “Najib’s Bailout by China comes at a price to Malaysia

  1. Probably he has laid the ground for asylum (for him and his family) in China should he has to flee the country when toppled.

    It is an insult to Saddam and Gaddafi to compare them to crooked Najib. They stood up against the US and the West and paid the ultimate price. They are still silent heroes to many of their people.

  2. It does not matter what the dangers and facts are. There really is only one truth, an UMNO-PAS union will mean, ALL financing needs and abuse of power will be exhausted before they give up and even then, the road to recovery will dehumanising, indecent, humiliating.

    UMNO is a party of Malay trash, deplorable, knuckledraggers and Hadi’s PAS is eager to join them with the cover of religion and end up even more trashier, even more deplorable and carry bigger clubs with their knuckledraggers.

  3. On a celebrated note, some one appointed by Najib to be seated as an AG, decided to enjoin some Cabinet Monkeys; including one whose sexual nature is mysterious. Maybe they were prancing in anticipation of their boss making such a ridiculous overture with China. Nevermind the price paid so long as he escapes accountability.

  4. Whatever it is, Najib can count on China to help keep him in power, (whether with money or engineering a subliminal shift in the perception of Chinese Malaysian voters that their seasonal bashing by UMNO, verbally or physically, is no longer the flavor of the month), if they want to protect their economic-political encirclement of the US disguised as “investments”

    As an ethnic Malaysian Chinese who only can call Malaysia home I don’t know whether to laugh or to cry. You have to hand it to Najib for this master-stroke of gamesmanship diplomacy.

    In one quick decisive move, he protected himself and his family, thumped his nose at the bewildered Americans, gives a much needed fillip to the stagnating Malaysian economy, and possibly securing his re-election.

    Also, contrary to popular perceptions, he has little to fear of the Chinese Dragon causing revengeful damage of whatever kind to Malaysia because that would actually hurt the 20% Malaysian Chinese population more.

  5. Large portion of America’s indebtness of its Treasury’s noted and bonds has been financed ( USD 1 trillion ++) by China.

    At what price has USA paid?
    or rather,
    Is it not China that had paid the price for America for having been enslaved to the US Dollar. But understandably, I think China has, for a long time, adopted the view of ” Shared Benefits, Responsibilities of Resources,” ( SaBoR), because it is a win win situation for both countries and rest of the world, including Malaysia.I would not call it a bailout.

    BTW, the ” Towkay” giving easy credit to the Malay villager is to help and expand the business, not hoping the buy over the village. It is shared responsibility that benefits both, not for abuses. No one is to be blamed. Each individual also must be responsible to his own commitment.

  6. Large portion of America’s indebtness of its Treasury’s noted and bonds has been financed ( USD 1 trillion ++) by China.

    At what price has USA paid?
    or rather,u
    Is it not China that had paid the price for America for having been enslaved to the US Dollar. But understandably, I think China has, for a long time, adopted the view of ” Shared Benefits, Responsibilities of Resources,” ( SaBoR), because it is a win win situation for both countries and rest of the world, including Malaysia.I would not call it a bailout.

    BTW, the ” Towkay” giving easy credit to the Malay villager is to help and expand the business, not hoping the buy over the village. It is shared responsibility that benefits both, not for abuses. No one is to be blamed. Each individual also must be responsible to his own commitment.

  7. The paradox of the rich towkay giving credits to the Malay villagers and soon acquiring the whole village is so evident in this Jibby-China deal. it is a matter of time before we, the rakyat, be worshiping Chairman Mao, the very person we had been fighting during the Emergency and the years that followed.

    Pinkie Lips must have assumed it is right of him to continue his late father’s legacy by prolonging the dance with the dragon. Only this time the kris has been conveniently hidden or perhaps forgotten.

  8. Dr. Bakri Musa thinks and writes well….he has plenty of Admirers ….. : Quote :

    1. ” …..that dragons have no partners , only prey….” – They become dragons due to economic strength , they do not use ‘ force ‘ or brute force , well they tried with Communism but failed…..in Malaysia the majority , use politics to subdue others, FORGETTING that the Minority hard-working Malaysians , CONTROL the political process from behind the scene , albeit in subtle ways….because top Malay leaders are WEAK & corrupt…..thus, the minority make stupendous Strides in Economic terms…..

    2. The majority people become Weak, because the Leadership SOFTEN them up by all the hand-outs ( chicken feed ) , with good intention for the wrong reason , because the majority become DEPENDENT …..and deprived of motivation for hard-word in the long-run….. : thus, the majority are slowly and surely becoming Impoverished in economic terms, until the time comes when they become STRANGULATED and ‘ defunct ‘ ! That’s when the minority draggon-heads will take-over….it has happened in many, many Muslim countries over the globe.

    3. Partly as well, Muslims give 90% concentration on religious/spiritual matters thinking God will help them all the way through (being in Islam ) , WHEREAS , God says ” I will help ONLY those who help themselves…..” – Remark : Non-Muslims help themselves through hard and Scientific ways …(like Gubnor ‘Ah Hok ” of Jakarta) – Whereas Religious & Scientific matters , they do not Conflict but are Complementary to each other – it should be 50%/50% , because Science and Religion are TWO-SIDES OF THE SAME COIN ( the Infallible and great Omnipotence in Creation , Omniscience & Omnipotent ……! ! ! ) –

    REPEAT : God helps ONLY those who help themselves – may, Allah SWT Bless Malaysia with Wisdom….. (period )

  9. Why Only a stupid moron with the mentality of a pig still say that our PM trip to CHINA is a sell out . For god sake he bring in billions of ringgit worth of investment and what have to bunch of moron from DAPIG n d Pakatan tiada harapan do. DAPIG sell out to singapore causing old folks to lose their home. Factories are shutting down due shifting to another third countries. And the idoit tokong and his moronic tribe DAPIG is kowtowing to soros n his master the USA. And look at d Pakatan tiada harapan in Selangor where it can’t even resolved the water supply crisis at all. An all this bunch of moron do is blame it on politic sabotaje.

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