The death knell for fractional reserve banking

THE DEATH KNELL

FOR FRACTIONAL RESERVE BANKING


WHY A DEBT BASED ECONOMY

WILL INEVITABLY LEAD TO DEPRESSION

by Matthias Chang

Being away in China was a welcome change and did I enjoy my stay in Beijing. One cannot but feel a sense of optimism and confidence wherever one goes in China – a hard working people, collectively on a march to become a global economic power. The dynamism and vibrancy is palpable, the moment my plane landed in Beijing.


China’s economy is built on the sound principles of hard work and prudent financial management, the cornerstone being savings – on a massive scale. This is reflected on one level, in the massive foreign reserves amounting to US$1.5 trillion accumulated in the last ten years. Household savings are at an all time high. The people are just loosening their purse strings to enjoy the benefits of a vibrant economy without being indulgent.


China has recently launched a Sovereign Wealth Fund amounting to US$200 billion! Just pause and think –in just under 30 years, China has been transformed from a rural agriculture based economy to become the world’s factory. The West took over 200 years to become an industrial power, and in the process plundered the world’s resources through wars of conquest. The West’s economic and military power was built on the sweat, broken bones of the millions of slave labour from Asia and Africa.


China’s transformation is therefore unique, a change brought about without wars or colonial exploitation. No wonder, the United States and Britain fear China’s rise. The recent intense disinformation that the global imbalances is the result of China’s growing surplus is an attempt by the G7 countries to white wash their fail edpolicies and to cover up their fraudulent global banking Ponzi schemes.


Read the latest in Fortune – Why Jim Roger’s is so bullish on
China and why he is getting out of USA!!!!!!!!!!!!


What a contrast to the state of the economy of the so called superpower, a nation buried in debt and with zero savings!


And for those financial analysts, bankers, especially investment bankers and arm-chair critics in Malaysia who still think that the current financial crisis is merely a storm in the tea-cup and will have no impact on Malaysia, I have come to the inevitable conclusion that they are stupid and morally bankrupt – stupid because they chose to ignore reality, and morally bankrupt because they have no ethical principles whatsoever.


Notwithstanding, my previous article, “Booming Market For Structured Investment Funds”, which exposed the fraudulent scheme of a Malaysian banker, who was touting SIVs when the same has been discredited in the United States and Europe, Malaysians continue to believe in such lies. I have to admit that this is a sad reflection of the mentality of Malaysians, generally unsophisticated in matters financial, and mostly ignorant of fundamental economic principles, even those in regulatory bodies such as Bank Negara and the Treasury. If this is not so, how else can we explain the stupid nonsense that are being reported in the mass media?


This was the question posed to me by a dear friend who then invited me to write another article on the present global financial crisis. His plea was – “Matthias, don’t assume that they know the basics i.e. DEBT 101. They can’t compute how debt is related to the global financial crisis. Maybe, you should write an article on DEBT 101.”


Having written over 30 articles in less than six months, each, way ahead of events that was unfolding, I told my dear friend that I have done more than my fair share of warning fellow Malaysians to prepare of the financial tsunami, and that there is no point in belabouring the issue, especially when Fortune and Forbes although belatedly have finally acknowledged the seriousness of the crisis.


My dear friend retorted, “You have written everything that can be written on the crisis, but you have not written anything on DEBT 101. If after writing on DEBT 101, and these a@#h*@les still don’t get it, then forget them for good!” It was a challenge, I could not refuse.

DEBT 101

Part 1 – First thing first!


Do you know that in law, when you deposit moneys in a bank, you are the CREDITOR and the bank is the DEBTOR? Yes, the bank in this transaction, in law is defined as the DEBTOR. In plain and simple language, the bank owes you money.


But the bank behaves like the Lord Almighty! This is the psychological con that has been perpetrated by banks since banking was first created.


The word “con” is short for “confidence.” And a confidence trickster is one who abuses your confidence in him. Bankers, especially investment bankers, are confidence tricksters par excellence.


LOCK THIS CRITICAL CONCEPT IN YOUR MIND AS IT IS FUNDAMENTAL TO THE CONCEPT OF FRACTIONAL RESERVE BANKING.


Additionally, memorise this quotation.


“If the American people ever knew what we have done, we would be chased down the street and lynched”


President HW Bush (1992) to journalist Sarah McClendon.

Part 2 – Savings

It follows that when you deposit moneys in a bank, be it a savings account, current account or by way of a fixed deposit, you are saving your hard earned money.


The return on your savings (deposit) is the interest the banks pay you at the prevailing rate.


Another way of looking at this transaction (the correct way) is that the bank borrows money from you and in so borrowing pays you an “interest” for the use of that money.


Savings is therefore fundamental to banking. Literally, if there is no savings, there can be no “banking”. In plain and simple language, if you and all the bank customers stop depositing money with the banks, the banks have no moneys to lend – NO MONEYS TO CREATE DEBT.


LOCK THIS CRITICAL CONCEPT IN YOUR MIND AS IT IS FUNDAMENTAL TO THE CONCEPT OF FRACTIONAL RESERVE BANKING.

Part 3 – Fractional Reserve Banking

Creating Money Out of Thin Air


By law, all banks must keep certain amount of the moneys deposited by customers as “Reserves” to meet the eventuality of withdrawals by customers. The amount of the reserve is A FRACTION OF THE TOTAL DEPOSITS made by the customers. The Central Bank of each country determines the amount of this reserve e.g. 10% of total deposits.

Thus, if the reserve is 10%, then a bank receiving a deposit of RM1,000.00 need only set aside RM100 as reserves. The bank can lend out to people seeking loans the remaining RM900.00. The banks can do this, because the banks know that at any one time, not all customers will withdraw the full amount of the money deposited.

This is Fractional Reserve Banking. The bank borrows your SAVINGS to lend to people who want to borrow moneys for their businesses, pay for their children’s education, buy a house etc.

Please read Part 1 again.

When you deposit RM1000 at “Trustworthy Bank”, the bank pays you interest, say 3%. When it lends to John Doe your RM900, it charges say 7% interest. The profit is the difference in the rates i.e. 4%


Now multiply that in billions and you can see how much moneys the banks are raking from your deposits.

Part 4 – Debt & Creating Money Out of Thin Air

This part is the fun part and that is why banks love DEBTS.

Recall that your RM900 has been lent to John Doe (RM900 debt) who uses the money to pay Jane Doe, who credits her banking account with the said RM900 at the same Trustworthy Bank or at “Solid Bank”.

Applying the fractional reserve principle, RM90 will be allocated to reserve. If Jane Doe account is with the Trustworthy Bank, then the said bank can lend a further sum of RM810 to Ali Doe. Alternatively, if Jane Doe has an account with “Solid Bank”, then Solid Bank can lend RM810 to its customers.

Please take a piece of paper, and slowly calculate each time, moneys are lent out to borrowers of the bank.

You will soon discover that your original RM900 has snowballed into thousands of ringgit of loans to various “borrowers” of different banks.

And that is just your RM900. Pause and think. Your RM 900 is an absolute figure. Yet, by the magic of Fractional Reserve Banking, that same RM900 is transformed into thousands upon thousands of debts.

Part 5 – More Debts, More Money Can Be Created

It follows from the example in Part 4, when there is an abundance of savings banks have more money to lend.

But the banks, especially banks in the United States and Europe were not content with this windfall. They wanted super profits.

So they created news ways to create money other than the above traditional method.

The most efficient and lethal was to CREATE DEBTS.

The Story of Joe Six-Packs


Joe is your average wage earner who into his tenth year of employment bought a house worth US100,000 and was working hard to pay off the housing loan over the loan period of 15 years.

Over the loan period, the value of is house appreciated and is now worth US160,000.

His friendly banker though slick advertising and “personal service” enticed Joe to take on a “consumer loan” of US50,000 to renovate his house and buy a second car for his wife. His reservations were laid to rest when the bank manager said that his house is worth US160,000 and therefore his equity in the house was more than enough to secure the loan. Interest on the loan was low, at teaser rates of 2% and only after the 3rd year would the rates be adjusted to a higher rate of 4%. Joe was assured that his salary would be sufficient to pay off the instalments.

[Recall Part 4 – now calculate how this US 50,000 loan can in turn be snow balled into thousands as loans]


Next the friendly banker, approached Joe and with slick marketing convinced him that his present financial status was such that he was entitled to a credit card, with a credit limit of US30,000 which he could spent on a well deserved holiday and the belated solitaire diamond ring for his beloved wife. Why not! There was still sufficient equity in the house to secure the borrowing.

Soon, Joe realised that his salary was insufficient to meet the loan instalments and credit card repayments. Adding fuel to the fire, since December 2006, house prices began to slide and his house once worth US160,000 was now valued at US120,000 and going down.

The bank has given notice of foreclosure if the loans were not serviced and defaults persisted.

Joe Six Packs nightmare has just begun.

Mulitply this scenario a few million times and you will get a picture of the housing mess in the United States and right across Europe.

Part 6 – No Savings, Debts Piling

For years, the United States have been having negative savings. Thus, no savings (i.e. deposits in banks) banks have less money to lend.

They resorted to debt creation as outlined above to generate their obscene profits.

These debts were secured by mortgages like that of Joe Six Packs. These loans and mortgages were then bundled together and marketed through SIVs as CDOs, CLOs, ABCP etc. to investors, hedge funds. They were then sliced and diced over and over again, so much so that everyone lost track of the original security or its value. It reached the stage that these “bonds” were just paper, improperly secured or not secured at all.

When Joe and millions of borrowers defaulted, and with housing prices falling, the banks found themselves with assets that was insufficient to cover their exposure and worst there were no buyers for these “assets”.

Part 7 – Problem is Not Lack of Liquidity

Therefore the problem facing global banks and Central Banks is not that there is a lack of liquidity in the financial markets.

The fundamental problem and why the crisis cannot be resolved is that:

THE BORROWERS ARE INSOLVENT.

THE “ASSETS” OR “SECURITY” ARE INSUFFICIENT TO COVER THE BANKS’ EXPOSURE.

THERE ARE NO SAVINGS, SO MONEY CREATION FROM THIS ROUTE IS SCREWED!

NO FURTHER DEBTS CAN BE CREATED AS VALUE OF SECURITY IN SUPPORT OF DEBTS ARE FALLING RAPIDLY.

BAD LOANS HAVE TO BE WRITTEN OFF.

LIABILITIES HAVE EXCEEDED BANK ASSETS. THEREFORE BANKS ARE NOW ALSO INSOLVENT.

THEREFORE, THE AMOUNTS KEPT IN RESERVE IN MEET CUSTOMERS WITHDRAWALS ARE INSUFFICIENT TO MEET SUCH CLAIMS.

HENCE, THE CON THAT THERE IS NO BANKING CRISIS SO AS TO PREVENT A RUN ON BANKS, AS HAPPENED IN THE U.K.

THE FED and THE EUROPEAN CENTRAL BANKS PUMPING MONEY HAS NO EFFECT BECAUSE THE LIABILITY OF THE BANKS IS IN THE TRILLIONS, WHILE ASSETS ARE ONLY A FEW HUNDRED BILLIONS. LIABILITY EXCEEDS ASSETS.

NO MORE DEBTS CAN BE CREATED BECAUSE MILLIONS OF JOE SIX PACKS CANNOT BORROW ANYMORE (EVEN IF THEY WANTED TO) BECAUSE THEY HAVE NO EQUITY TO SECURE ANY FURTHER BORROWINGS AND NO SAVINGS TO REPAY PAST AND FUTURE BORROWINGS.

IN A WORD:

BANKRUPT.

THE USA IS BANKRUPT.

THE US BANKS ARE BANKRUPT

THE EUROPEAN BANKS ARE BANKRUPT

This is the main reason why on the 12th December 2007, the Fed, the ECB and other Key European Central Banks came together to inject US65 billion into the global banking system. The only time in which such a concerted effort was made, was in September 11, 2001.

Up to December 12th, the Fed and ECM has already pumped US$500 billion (half a trillion) and it had no visible impact on the crisis. On the 12th December 2007, the collective effort of the Fed, ECB and other key European Central Banks pumping a further US$65 billion coupled with a 25 basis points reduction in the Fed Fund rate and Fed Discount rate did not even spark a rally in the stock market. The opposite took place. The Dow lost ground. Wow!!!!!!!!

This is the surest sign that the day of reckoning is fast approaching. Tighten your seat belts. It will be a stormy ride into 2008.


Conclusion

Enjoy Christmas while you can. Come 2008, the full force of the Tsunami will be felt globally.

MATTHIAS CHANG

KUALA LUMPUR

16TH DECEMBER 2007

Published in: on December 18, 2007 at 21:51  Leave a Comment  

PM ‘Flip-Flop’: Membelakangkan tradisi mendaulatkan undang undang dan kredibiliti Polis & A-G dicalari

Semalam menyaksikan keputusan Perdana Menteri Dato’ Seri Abdullah Ahmad Badawi meminta Peguam Negara Tan Sri Gani Patail untuk menarik balik dan mengugurkan tuduhan “cubaan membunuh seorang anggota Polis pada malam 24 November 2007 di Batu Caves” keatas 31 penyokong Hindu Rights Action Force (HINDRAF 31) dan Mahkamah Sesyen Shah Alam membebaskan kesemua tertuduh.

Minggu lepas 13 NGO Hindu bersama sama Presiden MIC Dato’ Seri S. Samy Vellu telah membuat pertemuan dengan PM Abdullah dan permintaan ini telah dimajukan.

Dari arkib Bernama.com:

14 Disember, 2007 16:01 PM

Perdana Menteri Temui 13 NGO Kaum India Perjelas Pendirian Kerajaan

 

PUTRAJAYA, 14 Dis (Bernama) — Datuk Seri Abdullah Ahmad Badawi hari ini menemui pemimpin-pemimpin 13 badan bukan kerajaan (NGO) kaum India tempatan untuk menjelaskan serta membincangkan mengenai perkembangan semasa di negara ini.

Pada pertemuan selama dua jam itu, Perdana Menteri memberi penekanan kepada pentingnya keamanan dan kestabilan kepada sebuah negara membangun seperti Malaysia, kata jurucakap Pejabat Perdana Menteri.

“Perdana Menteri juga memberitahu mereka mengenai usaha kerajaan mengurangkan jurang ekonomi dan sosial antara kaum di negara ini,” katanya kepada Bernama.

Jurucakap itu berkata Perdana Menteri telah mendengar dengan teliti pelbagai perkara yang dibangkitkan oleh NGO sebelum menghuraikan dengan panjang lebar mengenai usaha kerajaan untuk meningkatkan taraf kehidupan kaum India daripada segi ekonomi dan sosial.

“Beliau juga menjelaskan pendirian kerajaan mengenai isu Hindraf, dan semua yang hadir berikrar untuk berusaha bersama kerajaan untuk kebaikan masyarakat India,” katanya.

Jurucakap itu berkata Abdullah tidak membuat sebarang janji tetapi telah mendengar pendapat kesemua 13 NGO itu.

“Yang pastinya ialah kesemua NGO itu tidak setuju dengan cara Hindraf menggunakan demonstrasi untuk membuat tuntutan dan menyatakan pendapat khususnya penghapusan kaum masyarakat India, yang menurut mereka, tidak masuk akal,” katanya.

Yang turut hadir pada pertemuan itu ialah Presiden MIC Datuk Seri S.Samy Vellu dan Pesuruhjaya Suhakam Datuk N.Siva Subramaniam.

— BERNAMA

Ini melihatkan dengan jelas Perdana Menteri Dato’ Seri Abdullah Abdullah Badawi sebagai seorang ‘PM Flip-Flop’ yang tidak tetap pendirian dan boleh di’pengaruhi’ agar mana mana keputusan boleh diubah ubah.

Ini bukan pertama kali PM ‘Flip-Flop’ Abdullah membuat keputusan yang membelakangkan kepentingan awam. Bermula Disember 2005, Malaysia telah mula mengubah dasar luar negara melibatkan ASEAN apabila sebagai Tuan Rumah Persidangan Kemuncak Ketua Ketua Negara ASEAN dan juga salah satu pengasas kumpulan eksklusif ini, membelakangkan prinsip agar ‘tidak mencampuri hal ehwal dalaman negara ahli’. Malaysia telah membawa agenda untuk ‘mendisiplinkan’ Myanmar agar proses ‘pendemokrasian’ bermula, satu agenda yang berbaur tekanan Barat, terutama Amerika Syarikat dan Great Britain.

Kemudian pada Mac 2006 keputusan untuk membatalkan projek ‘Jambatan Mengantikan Tambak Johor’ yang sudah dimulakan, walaupun beberapa minggu sebelum itu beliau membuat kenyataan bahawa “tiada apa akan membantutkan projek itu”.

Bagaimana moral and motivasi Pejabat Peguam Negara dan pasukan Polis, sebagai agensi pelaksana agar undang undang dihormati dan turuti dan sekiranya ianya dilanggar dan khinanati, maka tindakan sewajar akan diambil, termasuk menghadapkan tertuduh kemuka keadilan? Apakah peranan, kenyataan dan keputusan agensi pelaksana dan penguatkuasa undang undang selepas ini akan diambil serious oleh masyarakat, apabila Peguam Negara semudah itu menarik balik sehingga tertuduh dibebaskan dari tuduhan berat seperti “percubaan membunuh anggota Polis yang bertugas”?

Sejarah telah membuktikan Perdana Menteri sebelum ini memang terpaksa membuat keputusan yang perlu dibuat, walaupun amat tidak popular. Sebagai contoh ialah Perdana Menteri Almarhum Tunku Abdul Rahman Putra telah membuat keputusan ‘menghalau’ Singapura dari Persekutuan Malaysia, walaupun tindakan ini menerima tentangan keras pemimpin pemimpin UMNO. Kemudian, berlaku dimana Parlimen digantung dan kuasa kuasa pentadbiran Negara diserah mutlak kepada Timbalan Perdana Menteri Tun Abdul Razak Hussein melalui Majlis Gerakan Negara (National Operation Council) selepas berlaku pergaduhan berdarah antara kaum 13 Mei 1969.

Allhayarham Tun Abdul Razak Hussein pula membuat keputusan untuk berbaik baik dan mengadakan perhubungan diplomatik dengan Republik Rakyat China, tatkala berlaku konflik melibatkan pengaruh kommunis yang sengit dan mengancam dalam rantau ini, termasuk kejatuhan Kerajaan pro-Barat dan AS seperti Vietnam Selatan, Kemboja dan Laos kepada kommunis. Malaysia sendiri masih diancam Parti Kommunis Malaya (MCP) ketika itu dan MCP memang diketahui menerima bantuan dan sokongan kuat Parti Kommunis China.

Apabila Allahyarham Tun Razak pergi dengan mengejut dan diganti pula oleh Allahyarham Tun Hussein Onn, seawal beberapa bulan pertama menyaksikan Menteri Besar Selangor dan Ketua Pemuda UMNO Dato’ Harun Idris ditahan kerana menerima rasuah, bagi pihak UMNO Selangor. Ini mengundang begitu banyak reaksi negatif dari pelbagai pemimpin dan ahli ahli UMNO seluruh Negara. Namun begitu, Dato’ Harun Idris dikemukakan ke pengadilan, didapati bersalah selepas perbicaraan dan menerima hukuman penjara.

Seorang Menteri Kabinet Dato’ Mokhtar Hashim juga ditahan kerana tuduhan membunuh seorang ahli politik Dato’ Taha. Kemudian, Dato’ Mokhtar didapati bersalah juga dan menerima hukuman penjara seumur hidup dalam satu kes perbicaraan yang menarik banyak perhatian.

Perdana Menteri Tun Dr. Mahathir Mohamad juga membuat keputusan yang pahit dan amat tidak popular. Yang paling ketara ialah apabila mantan Timbalan Perdana Menteri Anwar Ibrahim dipecat dan kemudian diheret dalam mahkamah jenayah untuk tuduhan salah guna kuasa. Ini mengundang reaksi yang amat getir, bukan sahaja dikalangan ahli UMNO sendiri, malah seluruh masyarakat Malaysia sehingga timbul banyak tunjuk perasaan dan rusuhan.

Tun Dr. Mahathir sendiri pernah di’hina’ oleh Naib Presiden Amerika Syarikat Al Gore semasa majlis makan malam sempena Persidangan APEC diPWTC, Kuala Lumpur kerana tindakan keras keatas perusuh persusuh “Reformasi”.

Penentangan ini ditafsirkan pada Pilihanraya 21 November 1999 apabila UMNO hilang sehingga 27 kerusi Dewan Rakyat kepada PAS dan 5 kepada parti yang lahir dari ‘perjuangan’ Anwar Ibrahim, KeAdilan. Barisan Nasional juga menyaksikan Terengganu jatuh ketangan PAS untuk kali pertama.

Namun begitu, keputusan keputusan yang tidak popular ini masih lagi dilaksana oleh pemimpin terutama Negara, kerana ada kepentingan strategik dan prinsip yang wajar dan perlu dibela, membelakangkan populariti dan sokongan politik yang mereka sepatutnya pertahankan, sekiranya ingin terus kekal menjadi pemimpin.

Dimana kredbiliti, integriti dan maruah mereka yang menegakan dan melaksanakan undang undang selepas episod ‘Flip-Flop’ ini? Seorang kommentator blog ini mempunyai komen yang menyengat:

On December 17, 2007 at 11:51 pm dzulman Said: |Edit This

Pak Lah has clearly transgressed his authority as the PM. At the same time he has proved beyond all reasonable doubts that both the AG and IGP are totally acting at the behest of the PM, not able to use their own discretion in ensuring that the Rule of Law is adhered to and also the enforcement of laws and maintanining of security and public order should have been rightly conducted in acordance to the Police own evaluation.

This is indeed a dangerous precedence. The multi-racial contents and context of Malaysia has no comparison. The MIC realising that they are at the loosing end cashed in at the opportunity to play “Santa Claus”.

Hindraf is an illegal organizaion and the charge was for attempted murder of a Policeman who is a peace officer. The charge is indeed serious not only in respect of its criminal implications but most importantly in the context of ensuring that those entrusted to enforce the law must be respected and equally safeguaded by the laws that he is empowered to enforce. THIS FLIP FLOP DECISION MAY HAVE A VERY BAD DEMORALISING EFFECT ON MEMBERS OF PDRM WHO MAY BE REQUIRED TO FACE THE SAME CROWD AGAIN SOMEDAY FOR THIS DECISION IS NOT EXPECTED TO “CURRY FAVOUR” WITH THE GOONS WITHIN HINDRAF.

Elements within Hindraf may take this flip flopping as a victory of some sort as they had partially gained what they have been fighting for i.e. RECOGNITION DESPITE BEING ILLEGAL AND TREACHEROUS.

The fear is that dissatisfaction may gain momentum quietly at the beginning among other racial groups that find the activities and demands by Hindraf as unbearable and that the Government are somewhat biased. Either Pak Lah has not been fully forewarned of the adverse effect of his “flip flopping” stand by those responsible for the security of the nation or he is simply being given the wrong advises by the wrong people who happen to be on his right side.

The current situation is a cacophony, to say the least. Can we expect him to be strong, firm and adhering to the rule of the law should the security situation in the country worsen? I wonder!

And do we need him the next time around?

Apakah setelah maruah tercalar, kredibiliti tercabar dan integriti yang boleh dipersoalkan, apa apa amaran dan tindakan pasukan Polis dan Pejabat Peguam Negara selepas episod ini akan diterima dan hormati oleh masyarakat Malaysia dan antarabangsa?

Kini prinsip melaksanakan ‘The Rule of Law’, tanpa memihak kepada mana mana pihak atau sebarang isu/tekanan/keadaan dipersoalkan dan dikhuatiri oleh terlalu banyak pihak, termasuk pemimpin pemimpin UMNO sendiri, pengamal guaman dan mereka yang mewakili pelbagai NGO dikalangan masyarakat majmuk Malaysia. Sudahlah kebelakangan ini kredibiliti pasukan Polis dipersoalkan oleh mantan Ketua Polis Negara sendiri dan mantan Perdana Menteri yang pernah dihormati sehingga peringkat global kerana ketegasan menangani sesuatu isu.

Tidak boleh tidak PM ‘Flip-Flop’ Abdullah dilihat sebagai pemimpin yang LEMBIK, terlalu mudah dipengaruhi, tiada mempunyai ketegasan dan prinsip dan lebih mementingkan populariti, berbanding dengan apa yang wajar dan sepatutnya diambil keputusan dan tindakan. Mungkin keyakinan dan sokongan ahli ahli UMNO sendiri akan mula tiris tanpa membincangkan perasaan dan aspirasi keseluruhan rakyat Malaysia. Titah khusus DYTM Raja Muda Perak agar undang undang dan Poilis dihormati menjadi sia sia belaka selepas episod ini.

Dimanakah prinsip keadilan dan kesaksamaan dalam mengamalkan prinsip ‘The Rule of Law’? Apa bezanya demonstrasi yang membawa keganasan dan rusuhan diBatu Caves and Jalan Ampang ini berbanding dengan di Batu Burok, Terengganu tiga bulan dahulu?

Rusuhan: 37 lagi dicari

Oleh RAJMAH HASAN

KUALA TERENGGANU 17 Sept. – Polis hari ini mengedarkan gambar 37 lagi lelaki yang dipercayai dapat membantu siasatan berhubung kes rusuhan di Jalan Sultan Mahmud dan Batu Burok di sini malam 8 September lalu.

Kesemua lelaki yang berusia antara 20-an hingga 60-an itu dicari kerana dipercayai dapat membantu polis melengkapkan kertas siasatan berhubung rusuhan pada hari kejadian mengikut Seksyen 27(5) Akta Polis 1967.

Timbalan Ketua Jabatan Siasatan Jenayah I negeri, Supritendan Khairi Ahrasa berkata, kesemua mereka yang dipercayai rakyat tempatan telah dikenal pasti menerusi rakaman video serta gambar yang diambil pada malam kejadian.

‘‘Polis meminta individu terbabit tampil di Ibu Pejabat Polis (IPD) Kuala Terengganu untuk memberikan keterangan bagi membantu siasatan kes rusuhan itu di bawah Seksyen 27(5) Akta Polis 1967.

‘‘Kerjasama mereka diperlukan bagi melengkapkan kertas siasatan berhubung kes rusuhan itu yang kini sudah 70 peratus siap sebelum ia diserahkan kepada Timbalan Pendakwa Raya,’’ kata Khairi pada sidang akhbar di Ibu Pejabat Polis Kontinjen (IPK) Terengganu di sini hari ini.

Beliau berkata, pengedaran gambar itu menjadikan keseluruhan 46 lelaki dikehendaki polis setakat ini termasuk sembilan individu yang dipercayai dapat membantu siasatan berhubung kejadian membakar Jalur Gemilang dan merosakkan harta benda awam pada hari rusuhan.

‘‘Sembilan keping gambar itu telah pun diedarkan kepada media pada Jumaat lalu tetapi hanya seorang daripada mereka iaitu pelajar sebuah sekolah menengah agama swasta di Kampung Binjai Bongkok, Marang menyerah diri ke IPD Kuala Terengganu kira-kira pukul 10.15 pagi semalam bagi membantu siasatan kes itu.

‘‘Bagaimanapun, pelajar berusia 16 tahun berasal dari Kampung Tok Dir dekat sini itu telah dilepaskan kira-kira pukul 10 pagi ini dengan jaminan polis selepas polis berpuas hati dengan keterangannya,’’ katanya.

Dengan episod ini yang makin bertambah tambah sikap dan sifat ketidak-tegasan membuat keputusan dan berubah fikiran PM ‘Flip-Flop’ Abdullah, maka jauh sekali beliau ingin menyamakan diri dengan Bapa Pembangunan Malaysia Allahyarham Tun Razak Hussein, yang begitu tegas dan konsisten dalam membuat keputusan dan melaksanakanya. 

Mungkin apa yang boleh dipelajari dari episod ini, kes kes berprofil tinggi dan menarik perhatian terlalu ramai pihak, termasuk kes kes yang amat kontroversi boleh dipinda sewenang wenangnya untuk di’sesuai’kan dengan pihak yang berkepentingan, termasuk keputusan yang berimbuhan pertimbangan politik yang tinggi. Dimana letaknya prinsip ketiga, keempat dan kelima Rukunegara?

 

Published in: on December 18, 2007 at 01:18  Comments (58)