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As a citizen, one tries to be constructive when criticizing our leaders in the hope that the government would at the least listen and if the ideas and proposals are appropriate, to consider and implement them.
No citizen would like their government to fail and or to be perceived as being incompetent or stupid.
But there is a limit to one’s tolerance and patience for muddled policies and inconsistencies. For nothing annoys and scuttles the confidence of the people in their leaders’ capabilities than the constant flip-flops, inaction and the wasted opportunities.
Businessmen and investors plan their business and investment strategies to be in tune with the global environment as well as government policies and initiatives. When billions are at stake, any miscalculations would be disastrous for the shareholders, the employees, and social harmony. When factories have to be shut down because of failed policies, there may even be blood on the streets as disgruntled former employees, out of work and out of pocket, express their grievances by violence!
It is no secret that I take the view that, notwithstanding Badawi’s announcement that he intends to retire in March 2009, purportedly to complete some uncompleted tasks, Badawi should retire as soon as possible preferably before the year is out.
Some of you may hold the view that I am too harsh on Badawi.
But I beg to differ. It is on record that I have been warning the country since 2003 and more intensely since 2005 that we will be facing a global financial tsunami. My warnings have fell on deaf ears. The recent statements from the Badawi regime reveal that they have yet to appreciate the seriousness of the financial crisis that is sweeping across the globe.
If you disagree with me, please explain to me and the rest of the country the following flip-flops and tick-tocks:
1) On October 8, 2008, NST’s front page headlines blasted –
“BIOTECH Push for Corridors …
“As at July 31, the five corridors have collectively attracted RM56.4 billion in investments, of which 60 per cent or RM33.9 billion are foreign direct investments (FDI):
- Iskandar Malaysia attracted RM39.1 billion worth of investments, of which RM20.4 billion were in the services and property sectors;
- The Sarawak Corridor of Renewable Energy had Australia as its largest FDI source with RM13.5 billion;
- The Northern Corridor Economic Region – RM50 million;
- East Coast Economic Region – RM50 million; and
- Sabah Development Corridor – RM3.7 billion.”
Badawi was quoted as saying that the current financial crisis in the United States provided an opportunity for foreign investors to enhance or move their investments to Malaysia. Badawi said:
“Because of the global scenario, Malaysia can be a suitable alternative for them to park their money.”
Badawi also remarked that with an expected economic growth of 5.5 per cent this year, Malaysia can still absorb the shock of external factors.
A week later, on the 16th October, 2008 the STAR newspaper headlined –
“Corridor review … Govt. to re-look and shelve some projects.
It was reported that the government will review and shelve some projects including those in the economic corridors in view of the global economic slowdown.
Flip-flop, flip-flop, tick-tock, tick-tock!
Then we have the repeated assurances from the Bank Negara (central bank) and its Governor that our banks are strong and formidable. Depositors’ monies are safe as they are insured by the Malaysia Deposit Insurance Corporation albeit only RM60,000 per account. The CEO of the said corporation gave the advice that we should not put all the eggs (our monies) in one basket (one bank) and we should spread the risks by depositing our monies in the 36 banks that are operating in Malaysia.
The mouth piece of the Badawi regime, the NST (Business Times) on October 15, 2008 gave further assurance that there is “Ample liquidity in the banking system.”
That may very well be the case, but how can one’s confidence in the system be sustained when on October 15, 2008, NST, the SUN and the STAR newspapers reported that all bank deposits are guaranteed! If the banks are all sound and liquid, why is there is need for such a blanket guarantee and at such a late hour?
It could be coincidence but what caught my eye was the report in the Sun newspapers that – “Cash deposits in banks and deposit-taking development financial institutions in the country will be fully guaranteed until December 2010…”
One can view this statement in two ways:
(i) That the financial crisis will continue till 2010 and hence there is a need to protect depositors until 2010. It follows that this implies that the crisis is a serious and prolonged one and will affect Malaysians till 2010. Yet, up and until this guarantee, the Badawi regime had assured us that all is well and we will not be affected by the financial crisis.
(ii) Why 2010? This was the original date for Badawi to step down. Is there a hidden message from Badawi that his regime will guarantee our money so long as he remains in power till 2010? Therefore, is Badawi implying that if we want our monies to be safe, we should not demand his retirement before 2010? Is this Badawi’s Plan B?
Badawi is known for his flip-flops and tick-tocks. It will come as no surprise if he remains in power till 2010 and beyond. I take the view that until the day he retires, I cannot assume that Badawi will in fact retire in March 2009.
Can anyone blame my skepticism when all I hear of the Badawi regime’s rhythm is:
Flip-flop, flip-flop, tick-tock, tick-tock
Flip-flop, flip-flop, tick-tock, tick-tock
Flip-flop, flip-flop, tick-tock, tick-tock
I wish I can bring you some good news, but I can’t.
Treasury Secretary Paulson announced that he has injected US$125 billion to capitalise the 9 biggest US banks – JP Morgan Chase, Bank of America, Citi Group, Wells Fargo, Goldman Sachs, Morgan Stanley, Merrill Lynch, Bank of New York Mellon and State Street Corp.
UK has likewise injected huge sums to support failing British Banks and announced a hefty £500 billion fund to provide liquidity to the banking system. Germany has also announced a whopping 600 billion euros rescue package!
After the initial 900 points rally, the Dow and the world’s stock markets have been gyrating. There can be only one conclusion – the worst has yet to come and there will definitely be blood on the streets and that martial law will be invoked in due course in several Western countries.
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