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The snapshot on global economy and the local economy

If anyone of the readers here haven’t read the Confessions of an Economic Hitman book, here is a Youtube video where the author summarily describes the content of the book in about 11 minutes.

Locally, our own economy is floundering.

None of the great economic consultants employed by the Prime Minister are able to find the right formula to revitalise the local economy yet. Today, the blogger Darah Tuah wrote a snapshot on the economic position of this country right now particularly the economic relationship between the bumiputera and the non-bumiputera. The blogger gave recommendations as well.

Maybe PEMANDU and other advisers can learn a little bit of something about it too.

Please have a read HERE.

Thank you.

12 thoughts on “The snapshot on global economy and the local economy

  1. Salam Dato,

    Marah benor dato ni…!

    BUKAN DATO SAHAJA YANG MARAH, saya pun marah,isteri dan anak saya pun marah,ipar ipar dan biras biras saya pun marah,anak anak saudara saya juga marah..

    KALAU PARLIMEN dibubarkan sekarang ni bole la dapat kerajaan baru,lepas tu ramai ramai
    la depa mansuhkan perlembagaan!.

    KERAJAAN sekarang ni,sudah silap belanja dah pun…DEPA DAH SALAH KIRA DUIT MASUK la, tetapi dah `terkena’ janji duit belanja(DAH disain dah),suka tidak suka kena bayar juga..

    INCOME is less than expenses…

    Nak tambah hutang lagi dah macam tempah maut….la ni dah sampai peringkat `squeeze duit dalam tabung’ dan`tindih’ serta `tekan’ rakyat.

    JANGAN LA NAK TIRU US dan EU, lagi banyak depa cap duit,depa cerdik `pusing’ sampai lagi naik nilai duit depa, dan depa turunkan interest rate dan pandai pusing belanja sehingga inflasi rendah…

    LAGI banyak depa cap duit lagi tinggi nilai saham dan earning bank bank depa yang banyak hutang,depa `cancel’ hutang bank tersebut dengan cepat!. lagi la berebut orang beli saham bank depa..

    DEPA CERDIK BETUI….

    APA YANG KALUT SANGAT NAK JADIKAN MALAYSIA NEGARA MAJU NI? sudah lah tak mungkin tercapai dalam 10-15 tahun ni, depa pelingkup `kesejahteraan kehidupan’ rakyat terbanyak disebabkan runaway prices.

    USA pun beratus tahun baru sampai jadi negara maju.

    Australia dan New Zealand tu pun baru di katakana negara maju..

    BUKAN saja nilai ringgit dah `divalued’, real inflation rate pun dah bertambah(>3%) dah ni,dan income increment pula is below devalued ringgit and interest rate combined, ditambah dengan tambahan harga barangan dan perkhidmatan, dan cukai baru… MAMPUIH LA rakyat kalau lagu ni.

    PM CAKAP APA PUN la ni orang tak percaya dah, kalau tak percaya juga,minta buat la survey betui betui…jangan la buat survey kat PMO dan jabatan PM saja no!.

    WHICH IS MORE RELEVANT, a reasonably prices/living status of the people or a status of a develop country?.

    JANGAN LA BERMUSUH DENGAN RAKYAT.
    gomen mana pun kalah kalau bermusuh dengan rakyat.

    NASIHAT SAYA, cut down your cabi net ministers by half.

    GET ALL THE PROFESSORS OF ECONOMY AND/FINANCE dari semua universiti tempatan kat Malaysia ini, kurung mereka dalam conference hall, beri makan minum,jangan bagi depa balik sampai dapat keluarkan satu cadangan baru,BUKAN repair repair yang dah lama,yang melingkup punya cara pengendalian ekonomi negara ini…LEPAS TU BUAT DAN BENTANG BAJET BARU KAT PARLIMEN dan ikut A-Z seperti cadangan mereka.

    Yang kedua nya, kumpulkan semua hasil hasil penyelidikan disemua universiti dimalaysia…IKLAN HARI HARI SUPAYA DAPAT DIJUAL kepada usahawan dalam negeri/luar negeri..dengan patent sekali.

    KETIGA, kumpul remaja,tanya apa depa pandai dan apa produk/ prototaip mereka…buat crowfunding,buat bisness baru,REMAJA PUNYA, gomen financed dan tanpa interest…

    DAN YANG TERUTAMA, yang paling mustahak ialah TERIMA LA hakikat PEMANDU tu silap..apa salahnya mengaku silap dan buang mereka…JANGAN SIMPAN RACUN,nanti terminum lebih lagi seisi rumah, lagi susah lo!.

    Abu Bakar Ab Rahman

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  2. Well, what are the alternatives?

    Let me put it to you this way. Let’s say that one of the US tech giants (Apple, Amazon, Facebook, Google, IBM or Microsoft) decides to invest big bucks in Malaysia – be it in a regional HQ, support operation or data centre.

    Is the government going to mandate that the company must hire X per cent Malays, Y per cent Chinese and Z per cent Indians, and that it’s senior management must be 60 per cent Malays and 40 per cent others?

    Ditto for the big manufacturing MNCs, foreign financial institutions and professional services firms.

    I don’t think that the government will dare to put this to the test.

    Why?

    Simply because these MNCs, institutions and firms are avidly courted by other countries seeking to move up the economic ladder and they have a plethora of choices where to invest.

    So, all the parties who are pushing a policy of economic “nationalism” are ignoring realities.

    This is all well and good if you are operating in a cushy environment, insulated from competition by a regime of protection, subsidies and tariffs.

    Unfortunately, most of us don’t have this luxury – like if you are a SME trying to get into a MNC’s regional supply chain or if you are competing for projects in countries where open tenders are the norm.

    Just today, as I happen to be in Singapore, I was having coffee at a Starbucks outlet. I noticed one of the employees parking his motor bike which has a Johor registration. He told me that he commutes daily, via the Causeway, from Tiram in JB, to work at this Starbucks outlet and that his commute time, if there are no Causeway jams, is a minimum of one hour one-way. If he pulls an evening shift, he has to ride his motor bike back to Tiram at night.

    Now, this person happens to be a Malaysian Malay.

    He told me that one of his friends, who lives in JB, also commutes daily by motor bike to work at the same Starbucks outlet.

    I am thinking to myself – is this the best that they can aspire to – service jobs in Singapore and being paid in Singapore Dollars (well, at an exchange rate of 2.5 to 1, the attractions are there)?

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    • Aisehman, if you talk only about competition, go to US lah, and you’ll find Obama also helps the Blacks, the Latinos, the Asians etc by his Obamacare Health Plan meant for the lower income people. Even US economic policies aren’t all about competition, man.

      You think national interest is only economic interest ha? No attempt to strike a balance between economic progress and the need to re-structure society? Why rush to high-income status? Got Nobel Peace prize ha?

      You talk about the Johore Malay motorcycling to work in Singapore – how many like that? Now I am thinking to myself – how shallow you are, thinking “that’s the best (Malays) can aspire to.”

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      • Now the other shoe drops – “the need to re-structure society”.

        Easy to say or write, but as they say, the devil is in the details.

        Are our competitors going to play nice-nice and wait for us while we “re-structure” our society?

        I am amazed at your naivety. You must be living a cloistered life, away from the trench warfare that characterises competition and globalisation.

        Just today, I read in the Singapore papers that ExxonMobil has invested several billion US dollars in Singapore and is planning more investments there.

        Now, why didn’t ExxonMobil invest those billions of dollars in Malaysia?

        The simple answer is that Singapore offers a better value-proposition than Malaysia, at least as far as ExxonMobil is concerned.

        You blithely write that it’s not all about competition and bring up the example of Obama carew.

        If you have spent time in the US, or if you have worked for or with US companies, you would know that competition is a fact of life for them.

        That’s one reason that the US, despite it’s economic woes, is the number one target for migrants from all over the world.

        Incidentally, just how many Johor Malays do you think work in Singapore?

        Here’s a simple way to find out. Stand at the Singapore end of the Causeway in the early morning and count the number of Malaysian-registered motorbikes going into Singapore. Now count how many of the riders are Malays, Chinese and Indians.

        Or better yet, go ask the Johor State Exco member who handles the Labour and Manpower portfolio for the numbers.

        And then come and tell us about competition!

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        • More than naivety, I am amazed at your stupidity. Just because of wanting competition, or facing “the devil in the details”, the country should discard the need to re-structure society?

          And who wants unbridled and uncontrolled competition, any way? You and the likes of you? The minority, I presume? Simply compete and disregard the poor, the less fortunate, the ones not attended to during the entire 80 years by the British colonial rulers who, instead, attended to your lot in the towns?

          Ever heard of anti-monopoly laws existing in the US since a long time ago? Is that not controlling unfair competition? What US company you worked for in US – a workshop repairing cars?

          “why didn’t ExxonMobil invest those billions of dollars in Malaysia?” So, everything Singapore does, Malaysia must follow? What school you attended, what company (friends, associates etc) do you keep?

          Yes, definitely you are shallow minded, yet calling others naive. Product of Chinese school, are you? “Stand at the Singapore end of the Causeway in the early morning and count the number of Malaysian-registered motorbikes going into Singapore”? Really? Is that your way of arguing? Instead of quoting studies, surveys or polls done by reliable organizations? Or quoting the Statistics Dept?

          And the usual Oppo hippo type of comment you write – wild, unsubstantiated and unjustified allegations. And the most dumbfounded of all characteristics in your Oppo hippos type of comments is: you want readers to believe what you say, yet you ask readers to find the proof! And you said, “go ask the Johor State Exco member who handles the Labour and Manpower portfolio for the numbers.” WTF, man.

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        • And you proudly wrote, “That’s one reason that the US, despite it’s economic woes, is the number one target for migrants from all over the world.” You planning to migrate there? Excellent if you are.

          Not believing in the need to re-structure society, you probably are DAP, the party that hogged Maha Chauvinist and Racist Lee Kuan Yew’s so-called Malaysian Malaysia slogan, wanting equality without acknowledging the Special Position of the Malays and the Bumiputeras of Sabah and Sarawak under Article 153 of the Constitution, anti-Malay, anti-Islam and caused the race riots of 1969.

          Many Malaysians have been shooing those not respecting and unwilling to live by the Constitution of the country to vamoose, migrate. Including well-known personalities in the country.

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  3. PEMANDU’s website says it’s main role and objective is to oversee the implementation, assess the progress, facilitate as well as support the delivery and drive the progress of the Government Transformation Programme (GTP) and the Economic Transformation Programme (ETP).

    Chaired by Najib, and headed as its Chief Executive Officer by Idris Jala, we cannot hope to get PEMANDU to learn anything from anybody about improving the economy of the country. Najib is bent on achieving a high income status for Malaysia by his own economic policies. Liberalization and all. MBE and DEB. But how much the marginalized community – they who form the majority of the population – benefit from his high-income objective is not clearly seen. A lot is heard about high-income objective for everybody but not much on DEB objective of bridging the huge gap in the economic and educational position of the 23% richest community compared to the 70% of the population.

    The government ‘s policies have usually been implemented by the Civil Service. There must be something amiss – the reasons for which should be fully studied and the situation rectified – such that Najib sets up PEMANDU “to oversee the implementation” etc. It appeaers that the GTP and the ETP were not progressing well and he had to set up PEMANDU. Yet I have not read much praise on PEMANDU since its formation. Anyone who thinks otherwise, please provide the links to such reports or comments.

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  4. Dah mula baca artikel Darah Tuah tu, Tuan. Tersangkut kat perkara bagaimana hendak mengukur pencapaian Bumiputera. Tak sabor saya nak mengkomen.

    Haiigh, kalau dulu masa Tun Dr Mahathir boleh ukur, mengapa sekarang tak boleh? Walau pun dalam bidang kekayaan korporat saja. Sudah capai 21 % lebih kata,nya. Turun semula ke 20% akibat Asian Financial Crisis, kata dia orang.

    Lepas tu senyap. Tak boleh harap Tun Dol boleh mengira. Ni masa DS Najib pulak, tak akan mahu dia nak kira, gamaknya. Asyik nak kejor taraf negara pendapatan tinggi saja nampaknya. Tak tahu le siapa yang dapat banyak.

    Kalau pun Melayu dan Bumiputera boleh merasa pendapatan tinggi, yang kita mahukan sesangat ia lah kekayaan, bukan pendapatan bulanan dari gaji yang semua rakyat boleh dapat.

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  5. Saya hormati pendapat blog Darah Tuah itu – dia sendiri mengambil bahagian dalam Kongres Ekonomi Bumiputera (KEB) anjuran Majlis Perundingan Melayu (MPM) pada 29 Mei 2010, dan dia gunakan statistik yang boleh dipercayai – diambil dari Jabatan Perangkaan Malaysia.

    Katanya, purata pendapatan kaum Cina adalah 43% lebih tinggi dari pendapatan kaum Bumiputera. Jika demikian, bagaimana kah boleh dapat mengurangkan jurang kekayaan diantara kaum Cina dan kaum Bumiputera itu? Maka amat sedih sekali, bila diketahui bahawa pendapatan kaum India pun adalah 17% lebih kukuh dari pendapatan kaum Bumiputera. Jika demikian, nampaknya Bumiputera menjadi kelas ke tiga dinegaranya sendiri, dan bedebahlah dakyah yang mengatakan Bumiputera adalah kaum kelas pertama itu.

    Memang tidak serasilah kapada majoriti rakyat dinegara ini pendirian DS Najib dengan MBEnya yang tidak menitik beratkan DEB dengan sepatutnya. Bumiputera Economic Empowerment nya pun nampak hanya sebagai alat yang digunakannya bagi menentukan dia tidak di tanding dipilihan UMNO yang lalu, dan nampak sebagai “a one-off effort” sahaja.

    Jika demikian, padanlah mereka di Perkihidmatan Awam (Civil Service, terutamanya pegawai pegawai tinggi PTD) tidak bermaya melaksanakan dasar dasar ekonomi Najib, sehingga memerlukan penubuhan PEMANDU, sebab melihat berat sabelah, atau tidak mirip kapada perlunya dinaikki pendapatan Bumiputera, khasnya kekayaan kaum Bumiputera, bagi mengurangkan perasaan iri hati dan menimbulkan suasana aman dan damai dijangka masa panjang.

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    • If more Malays dislike Najib, how can UMNO/BN win PRU14? I fear if Malays and UMNO do not lead the government in this country, there’ll be unrest leading to chaos and disorder. If Pakatan wins, Anwar goes to prison Sodomi II, Hadi heh heh and heh heh, if a non-Malay wants to lead the gomen, a big number of Malays will object and oppose, even demonstrate endlessly, YDP Agong will consult the Rulers Council.

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  6. This economic view outdated. US will export its oil and gas by next year earliest.
    In Malaysia, very little trickles down to the malay economy. If an investor construct a huge factory of mall, most of the workers are foreign, the suppliers and contractors are non malays. Same with present MRT construction.

    the gomen policy of keeping malays in school and colleges has turned them into unskilled graduates. During the time of p ramlee, malays worked at a very young age and acquired skill by apprenticeship.so p ramlee ended as an actor and musician, although he diesd a pauper as gomen refused to assist him in his endeavour. He was made famous by a chinese run media company, shaw brothers, whose boss just passed away recently and some old malay actors wrote tributes to him in the papers.
    This act of giving worthless diplomas and degrees has to cease. Even some lecturers are HP6 haprak 3/4 nimcompoops. They do not have working experience. Straight out of college and turned lecturers. So no working skill to impart to students.

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  7. And another thing. No amount of degree or phd can replace work experience. That is why sime darby,uem, pnb eventually bought over chinese owned developers as their employed graduate are void of ideas, creativity and experience on how to develop their extensive properties.
    Many of those employed in glc’s probably got jobs through their parents connections. So it has turned into an elite malay club with a huge bureaucracy, committees, endless time wasting meetings etc.but everybody scared to make the right decision or as they say,bite the bullet.
    So they may get 4.5 months of bonus like TNB or 7 in Petronas, but many of these conglomerates are over staffed anyway.i suppose this is one way the gomen helps the malays to move upward financially.
    The case of Gapurna is very interesting. Here is a malay ex- steward who turned developer.did a deal with pkns and got EPF to finance him and now doing a reverse takeover of mrcb.

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