Wednesday, October 15, 2008

Our Economy not Under Threat but Our Country is Under Siege

Minister in the Prime Minister's Department, Amirsham Abdul Aziz, today rejected claims that the country's economy was under threat in the wake of a global economic crisis, saying Malaysia was well-equipped to weather the storm.

"Our banking system is still strong, credit facilities are widely-available, liquidation remains high and our non-performing loan rate is below 2.5 percent," Amirsham said, adding that the relevant authorities were closely observing the financial sectors to prevent external pressures from adversely affecting the country's economy.
Read full report here.

I have to agree with Amirsham that our economy is not under threat from this global subprime related crisis. And it is primarily because that our country is so backward (under-develop) to be competing in the international stage. Not because that this country is lacking brains or talents to compete among the best but because of our country administrator's racist nature that all these talents have been oppressed or driven away to serve another country. Thus, the reason why our country is insulated from any direct hits from this subprime adversity. Definitely not due to the prudence of the administrator. Just a stroke of luck for being backwardly stupid.

But are we insulated from the contagion effects of this crisis? Are we prepared for what is to hit us indirectly? Global recession and possibly, the dreaded Depression.
Lets not go into that first and focus on the recent deals and proposals announced by our administrator.
1) Maybank-BII
An overpriced deal that need no further explanation from me. Another sense of grandeur purchase that we, as Malaysians, should be proud of. Never mind the premium paid for it. Outright daylight robbery. Malaysia Bolehhood reigns!!
2) Eurocopter deal.
Speedily signed and sealed by the PM and DPM. Another pricey purchase. Paying extra 1B. Commission to them. Corruption to the people. Not to mention the 250M yearly maintenance contract. A golden handshake to the PM for agreeing to step down earlier?
Need I go further? That should roughly explains our readiness in facing what is yet to come.
Our main threat comes from within the country. Our country is under siege.
Double jeopardy.



Estrelita Soliano Grosse said...

A hard-hitting post but admittedly, well-deserved. I wouldn't want to be in your bad books!


ctchoo said...

I agree with your analysis and sentiments.

TheWhisperer said...

Madam estrelita soliano grosse,

I promise i ll be good to you.

Richard Loh said...

True, our country is under siege and near to exploding with this latest from botak.

Hindraf is being declared illegal by the home minister.

Home Minister Syed Hamid Albar What Are You Going To Do With Utusan???

Anonymous said...

Thank you for adding those songs. Pls be careful - Bernard n yourself.... (the flag!)