Everything is under control and was fine until you came along


LSS Report

This is my response to Tun Mahathir’s blog post today. His points are in Bold.

1. Wednesday’s (November 4, 2015) paper reports that we are not facing a financial crisis and we are not going to go into financial crisis.

2. Eight prominent people including the PM tell us everything is fine.

3. Now if everything is fine why is there a need to arrest people for sabotaging the banking and financial system of the country? If they sabotage surely the banking and finance of Malaysia would not be fine. They would be dysfunctional.

The persons you must be referring to is probably your loyalist selfie-fan, Khairuddin Abu Hassan (who was the publisher of the famed 50 dalil mengapa Anwar tak boleh jadi PM, which was used to kick out Anwar) and your ex-political secretary Mr Matthias “I challenge you to hunger strike until death” Chang.

Now, these two individuals went around the world filing reports with foreign governments every other week or so. Before they were arrested by Police, they had visited and filed reports in Malaysia, Singapore, Hong Kong, Switzerland, UK and France. They had already filed a report with the USA embassy here and was on the way to the USA before they were stopped.

If the truth was really what they seek, I think filing with Hong Kong and Switzerland is enough already. No need to file in the entire world. Every time they visit another country and do this, they create negative news for the country which then hurts our country’s reputation and our real economy. I am sure you are aware of this.

Now, Khairuddin had admitted on his own FaceBook posts that the had given documents to these foreign governments.

My question to you is this:

1) If these documents are real, are these official secrets confidential government documents. And if it is indeed classified genuine documents, where did they get these documents from?

And do you think there is nothing wrong in passing confidential secret government documents to foreign activities?

2) If these documents are fake, do you there is nothing wrong in passing fake documents to foreign activities to defame Malaysia and our Prime Minister?

Whether you choose answer 1 or 2, do you think this is sabotage to our government?

What is your answer?

Also, your logic that the banking system have not been sabotaged means there is no reason to arrest people attempting to sabotage is quite perplexing.

Should we then release those recently arrested ISIS activists who planned to bomb Kuala Lumpur just because Kuala Lumpur have not actually been bombed yet?

4. But is it true that everything is hunky-dory; everything is fine. It can’t be! The banks and the financial system may be fine, but there are other indicators to show that the economy is not fine.

5. The Ringgit is down by 1 Ringgit to 4.3 to 1 USD. That’s a big drop in value and is bound to affect import business or loans in USD.

I don’t get why you are mocking the govt that the Ringgit has fallen against the USD and is now at USD1 to RM4.30 when many other countries currency did equally as poorly or more poorly compared to Malaysia – for example, Russia, Brazil, Kazakhstan, New Zealand, Norway etc.

This is mostly a function of low commodity prices and the market is still viewing Malaysia as a commodity-dependent economy.

As powerful as the Prime Minister of Malaysia is, I doubt he would be able to control world oil prices or restore China’s growth momentum.

If truly the currency matters so much to you, Tun M. All Najib has to do is to do a Mahathir and peg the Ringgit at RM3.80.

If you can do this, why can’t Najib?Habis cerita. End of story. That is the easiest thing to do.

However, it is good to see that the govt has resisted this easy way out (unlike some people) and preserve free capital flows which better reflects prevailing market conditions.

Pegging the Ringgit is the wrong way to go and will cause more harm than good.

And why are you so concerned about the import business? I though you hated it when import cars are cheap and compete with Proton?

Expensive imports just means that there is opportunity for Malaysia to rely more on local goods instead of imported goods and reduce outflows to other countries.

As for loans in USD, Malaysia have learned from your mistakes. Now, 97% of our government loans is now in Ringgit Malaysia and we no longer dare expose ourselves to foreign loans – unlike during your time.

6. The stock market is down with big loss in market capitalisation. Again this would not be good for the economy.

Today, the stock market is at 1685.7 points. It is still more than double the 800 points it was at when Najib became PM in 2009.

The stock market did not plunge 70% in a short time to 200 or so points in the year 1998, Even then, the Prime Minister at that time also did not resign.