Understand the problem, look for the least damaging solution

Fourth Prime Minister Tun Dr. Mahathir Mohamad this afternoon advised that Malaysians to understand the problem thoroughly in any effort to find the best solution to deal with the current Global Financial Crisis. It is pertinent to understand the root of the problem, which he described as beyond the control of Malaysians as it started elsewhere and escalated to our economy.

“We are affected becuase bigger markets are now poorer. They are unable to import our produce and our export fell. Therefore, we are affected by the sliding of other people’s economy due to ‘abuse of money’ “.

He spoke too 400 partcipants of the Perdana Leadership Foundation Industry Insight Seminar 2009 on the topic of “Crisis Management”, at Sime Darby Covention Centre, near Kuala Lumpur.

He explained that some ‘very smart people’ in the more developed markets started to ‘invent’ new financial products without actually producing new physically productive  and tangible assets. Money deposited in banks and financial institution created derivatives which was lend out 30 times the value of the original deposit. Hedge funds were created and loans were insured. Hence, when the loans go bad, the risk also mutiplies. Even the insurance companies suffered termendously.

When Malaysia faced the regional financial crisis in 1997-8, the Government was very reluctant to take the remedy as been prescribed by the Westerners, namely IMF and World Bank. In neighbouring countries, many Asian corporations were sold of to the Westerners cheaply. The self made modern economist captured the imaginations of the audience when describing how the Europeans and Americans pounced and thrived on the opportunity when Asian economies were brought down on their knees.

“They find it more profitable to ‘make us poorer and buying us cheaply’ as compared to (the much dreaded) ‘re-colonialisation’. They not only able to mop up of economy, they even managed to change Governments. We should oppose the Washington Concensus’ and hegemony”.

Instead, Malaysia took a radical approach of understanding the problem and situation thoroughly and came up with its own solution. The capital control policy was enforced and Ringgit Malaysia was pegged to the US Dollar in an effort to stabilise the position as votality of the currency makes it difficult to plan and execute a proper economic restructuring plan. Then National Economic Action Council (NEAC) was formed and its members carefully study statistics diligently and on a daily basis. Then solutions were provided that slowly address the needs of the nation which looked on specific industries. He pointed out how a ‘special sale’ on properties was carried out in 1999 and over RM 3 billion worth of previously unsold properties were hived of. That created a spiral effect which help to generate economic activities in many industries such as construction, banking and insurance and manufacturing.

“We can never get a perfect solution. We should look at all these imperfect solutions and use the least damaging to us must have a team of people to thoroughly study the problem”.

He also reiterated the advocation of using gold backed instruments, as gold has a stable intrisic value and universally useful. “We should raise our voice (at the international level) to demand for a new financial system (equally to Bretton Wood). In the good old days, Governments guarantee that money has the equivalent value of gold. Gold will always have a value as against printed (FIAT) money”.

During Q & A, the Petronas Adviser reinterated that in the previous administration, Petronas provided more than RM 260 billion in the form of royalties, taxes and dividends compared to RM 170 billion in 22 years under his. However, he could not ascertain where the monies were spent on.

In the opening address, Tan Sri Azman Hashim as the Chairman of the PLF Board of Trustee reminded the audience of some of Tun Dr. Mahathir’s landmark economic policies which benefitted and managed to propel the country to greater heights such as ‘Buy British last’, “Look east”, industrialisation, privatisation, Malaysian Inc. and MSC. He also told about how President Barack H. Obama of the United States invited the renonwed father of industrialised Malaysia as adviser for the US economic recovery and restructuring plan.

 

 

Published in: on August 20, 2009 at 17:52  Comments (4)  

Calon PAS N11 gelapkan wang parti RM 600,000?

PAS mengumumkan calon bagi Pilihanraya Kecil N11 Permatang Pasir merupakan Pesuruhjaya PAS Pulau Pinang Mohd. Salleh Man. Tidak banyak maklumat yang boleh dibincang mengenai calon ini.

biodatacalon[1]

Namun begitu, ujud beberapa isu yang menjadi begitu kontroversi bagi calon dan ketua PAS Pulau Pinang ini. Semasa Pilihanraya Kecil Parlimen Permatang Pauh setahun lepas, pemimpin PAS Pulau Pinang sendiri dikhabarkan telah membangkitkan bahawa peruntukan untuk jentera pilihanraya PAS sebanyak RM 600,000.00 oleh digelapkan calon ini, yang ketika itu sebagai penyelaras gerak kerja PAS Pulau Pinang. Dikhabarkan dikalangan akar umbi PAS sendiri dakwaan serious ini dibuat sendiri oleh Naib Pesuruhjaya PAS Pulau Pinang Mujahid Yusof Rawa dan Mantan Ketua Penerangan PAS Pulau Pinang Zulkifli Lazim.

Selain pada itu, Salleh juga merupakan mudhir kepada Sekolah Agama Pintar tajaan PAS. Beliau juga dipercayai  mengunakan sebahagian dari peruntukan bagi menguruskan sekolah tersebut bagi mengukuhkan kewangan syarikat persendirian beliau, kemungkinan bagi tujuan perniagaan.

Nampaknya, masalah salahguna kuasa dan amalan korupsi kini makin menular dalam pemimpin Pakatan Rakyat selepas terbongkar isu yang sama berlaku di Selangor. DAP sebagai rakan kongsi kanan Pakatan Rakyat Pulau Pinang dan kini menjadi tunggak pemerintahan negeri pulau mutiara itu kini dibelenggu dakwaan mengenai perhubungan rapat dengan kongsi gelap dan pejenenyah maksiat. Ini merupakan peluang baik bagi rakyat untuk membuka mata dan membuat pilihan mengenai kedudukan mereka memberikan sokongan kepada golongan yang hanya berminat untuk mendapatkan kuasa bagi kepentingan peribadi dan agenda tersendiri.

*Dikemas kini 150pm

Ini bukanlah laporan pertama mengenai pemimpin PAS mengelapkan wang.  Dalam dekad lepas, kecoh mengenai Tabung Anak Yatim Memali yang diujudkan PAS selepas Peristiwa Memali. Dikhabarkan wang yang dikutip untuk tujuan membantu anak yatim dari mereka yang terkorban dalam pertempuran penentangan bersenjata atas arahan agar Ibrahim Libya menyerah diri kepada Polis, gagal sampai kepada kumpulan sasar. Dipercayai kes ini menjadi bahan yang ‘ditutup sebelah mata’ (swept under the carpet) oleh Kepimpinan PAS.

SMS tersebar mengenai calon PAS N11 Mohd.Salleh Man disaman Standard Chartered Bank kerana kegagalan membayar hutang. Semakan boleh dibut atas nama: Mohd. Salleh Man KPT 540216-07-5667 (4565683).

* Dikemas kini 250pm

Pembetulan keatas laporan asal. Wang peruntukan yang dikhabarkan telah digelapkan bagi Pilihanraya Kecil Parlimen Permatang Pauh Ogos tahun lepas berjumlah RM 60,000.00 sahaja. Sementara itu Naib Pesuruhjaya PAS Pulau Pinang Mujahid Yusof Rawa dilaporkan sebagai menafikan khabar ini.

* Dikemas kini Jumaat 21 Ogos 2009 1150pm

Rakaman pengakuan ahli PAS Pulau Pinang ini amat menarik untuk ditonton. Semua dinasihatkan untuk menilai sendiri maklumat yang ada setakat ini.

 *Dikemas kini Ahad 23 Ogos 0500am

Rakaman kedua pengakuan ahli PAS ini juga amat menarik untuk ditonton.

Published in: on August 20, 2009 at 09:52  Comments (137)