Tuesday, May 08, 2018

F**k evidence and proof, hatred and gut instincts are 'nuff

FMT - ‘Wiping out GST, toll and subsidies will have serious consequences’:

Andrew Sheng 

PETALING JAYA: Populist calls to abolish the goods and services tax (GST), toll collections and reintroduce fuel subsidies would have serious fiscal consequences for years to come on Malaysia’s economy, Khazanah director Andrew Sheng said.

He said the International Monetary Fund’s April 2018 “Fiscal Monitor” put Malaysia’s general government overall balance (deficit) at 2.9% of gross domestic product (GDP) in 2017 — one-third below the emerging market average of 4.4% deficit.

“Achieving this feat at a time when oil prices had collapsed was due to the implementation of the broad-based, internationally-accepted tax framework, including the GST,” the well-known former central banker said in an article published by the Asian Correspondent news website.

“This was a key policy reform that enabled Malaysia to diversify and broaden its revenue streams to ensure that the country will be able to transit into an advanced income status with a broader revenue base.”

Sheng also said there was also a misconception now that the Malaysian economy was not performing.

On the contrary, he said the World Bank in April upgraded Malaysia’s GDP growth forecast for 2018 to 5.4%, from 5.2%, on strong private sector spending and private consumption — the fourth upward revision since April 2017.

“Similarly, in line with global recovery and continued expansion in domestic demand, the Malaysian central bank’s forecast for 2018 has been revised upwards to 5.5-6%, from 5-5.5% previously.

“That trajectory would make Malaysia one of the faster growing middle-income economies in the world.”

Growth higher than Singapore

Sheng said Malaysia’s growth had consistently been higher than that of Singapore since 2012, more than double that of emerging markets in the Latin American countries and one-third faster than the Middle East, North America emerging markets.

“Part of the recovery has been due to rising oil prices as well as rebounding exports of commodities, such as natural gas and palm oil, but not all.

“Such sustained growth is a result of deliberate planning.

“Malaysia has learnt significantly post the 1997/98 Asian Financial Crisis, basing growth on prudent monetary policies, responsive fiscal policies and strong foreign reserves.

“Despite the meltdown in oil prices in 2014/2015, tighter fiscal discipline and anticipatory action have kept Malaysia’s economy adaptive to very complex challenges at the global and regional levels.”

Sheng said Malaysia’s debt currently stood at RM685 billion, or 51% of GDP, the lowest level since 2012.

The standard rule of thumb is for the government debt to GDP ratio to not exceed 60% (the level imposed on European Union Maastricht Fiscal Compact), he added.

“The most important point to note is that 96.7% of the federal government debts are in ringgit.

“Malaysia has a diversified debt profile, with more than 70% held by domestic investors such as the pension, insurance and provident funds. Foreigners hold only 28.5% of the debt papers.”

Wikipedia tells us that:

Andrew Sheng is a Distinguished Fellow of Fung Global Institute, a Hong Kong-based global think tank. He started his career as an accountant. He served as Chairman of the Hong Kong Securities and Futures Commission (SFC) before his replacement by Martin Wheatley in 2005.

Following his graduation, Sheng moved to London and joined Arthur Andersen to train as a chartered accountant. After seven years in England, he came back to Malaysia in 1972, and four years later took up a position at Bank Negara Malaysia, where he did work involving banking regulation.

In 1989 he was seconded to the World Bank office in Washington, DC; he came back to Asia in 1993 to serve as the deputy chief executive of the Hong Kong Monetary Authority.

After that, he was appointed to his position on Hong Kong's SFC in October 1998; Tung Chee Hwa re-appointed him in October 2003 for a further two years. In 2005, he stepped down in favour of Wheatley, who had joined the SFC the year prior after being removed from his position at the London Stock Exchange.

Sheng became president of Fung Global Institute, an independent, global think tank based in Hong Kong, in 2011.

As of 2013, Sheng is also the Chief Adviser to the China Banking Regulatory Commission and a Board Member of Khazanah Nasional Berhad, Malaysia. In addition, he serves as a member of the International Advisory Council of the China Investment Corporation, the China Development Bank, the Advisory Council on Shanghai as an International Financial Centre and the International Council of the Freie University, Berlin.

He is also an Adjunct Professor at the Graduate School of Economics and Management, Tsinghua University, Beijing and the University of Malaya, Kuala Lumpur.

In 2013, Sheng was awarded by the Hong Kong Securities and Investment Institute (HKSI) as Honorary Fellow.

In 2013, TIME named Sheng as one of the 100 most influential people in the world.

Since 2011, Sheng has written columns for Project Syndicate, a non-profit international media organization.

WTF does Andrew Sheng knows about Malaysia's financial-economic standing when compared to the all-knowledgeable PH supporters like CK, Monsterball, JJ and DAP ooops sorry PKR politicians like Tony Pua and Rafizi Ramli.

Our local experts just mentioned that Malaysia's financial-economic standing has gone to the dogs.

Don't argue with them or they'll set their dogs on you, wakakaka.

They'll also tell you Najib Razak murdered Shaariibuu Altantuyaa, and fck the evidence when PI Balasubramaniam had given his gospel truth words that Najib did it after fcking the model in her rear.

Balasubramaniam informed us through a most scandalous sordid salacious revelation that he was informed by Razak Baginda who in turn was informed by Najib Razak who in turn was informed by Altantuyaa Shariibuu who in turn confessed she liked ‘getting it’ in her behind, etc etc etc.

All solely on the words of one man, PI Balasubramaniam.

Balasubramaniam first penned his gospel truth SD after meeting Sivarasa of PKR in the Backyard Pub in Bangsar - see my post Will 'neutrality' of Mr 'Neutral' be neutralised?.

Or when they are feeling a tad sorry for Najib, that it was Rosmah Mansor who did it a la turun padang in her 4 inches high heel shoes, double beehive-hairdo and carrying seven Birkini handbags whilst wearing a pink diamond the size of a Musang King to personally C-4-ed the Mongolian model to smithereens.

wakakaka, it's me again and again and again and again and again ............. again


  1. Khazanah Director.......wakakakaka...typical establishment conventional economist .
    He'd be out on the streets wearing singles and slippers if he dared say anything negative about Najibnomics.

  2. Here's some evidence and proof , which Najib ball-carrying establishment types like Andrew Sheng and Ktemoc will Not tell you.

    In 2008 , when Najib became Prime Minister , Malaysia's External Debt, money owed to foreigners ,stood at RM 9,000,000,000. Not pretty but manageable.

    Today , under "Greatest Economist" Najib , Malaysia's External debt stands at RM 883,000,000,000.
    Or 83x times what it was when Najib came to power.

    Now,please don't bullshit us about large GDP base, because Malaysia's economy has not grown 93x. In fact it is about 1.3 x.

    1. exactly as I predicted, what the Hell Hound would say, wakakaka

    2. You can't face the facts.
      Andrew Sheng is another soiled establishment supporter.

    3. "Sheng said Malaysia’s growth had consistently been higher than that of Singapore since 2012, more than double that of emerging markets in the Latin American countries and one-third faster than the Middle East, North America emerging markets."

      Can anyone notice what is missing in the above statement?


      All the economic data of our surrounding neighbor countries during the corresponding period r not MENTIONED!

      The truth is all our neighbors, Thailand, Philippine, Indonesia, Vietnam etc & with the exception of RedDot, have a much much better econ data sheet than M'sia!

      In simple economic parley talks - the regional economic growth is driven mainly by external factors with individual countries doing their best to extract the best results.

      M'sia's econ performance IS amongst the lowest in the region despite such good prevailing circumstances. What gives???

      Call to mind the oft-used comparison technique of the bn nincompoops of using the best of the worst to uplift bolihland's kpi under jibby's watch!

      Sheng might not have that intention. But, by using Sheng's general comment, kt is working hard to dressing up jibby's miserable economic performance in the realm of favourable overall regional conditions.

      Least, u twist again. S'pore is a developed country.

      Even with a meager 3% growth, the overall GDP value in real term IS still very much higher than M'sia's!

      Ooop…… forget to add that the 96.7% of the M'sia federal government debts are in ringgit IS the lesson mamak learnt from the 97 financial crisis. Pinklips has zilch input.

    4. This is called selective reporting......Reminds me of Donald Trump.....hahahahaha


      Kaytee reminds me of Sean spicer. Guess what happen!


      This is funny.......hahahahaha.....kaytee oh kaytee


  3. http://www.freemalaysiatoday.com/category/nation/2012/02/29/police-report-lodged-against-khazanah-director/

    Andrew Sheng, Khazanah Deputy MD, was investigated for insider trading using his sister Sheng Lien as a front. As Khazanah Deputy MD he had access to tons of sensitive insider investment information.

    A very serious offence which could have resulted in long jail terms and complete , total , destruction of Andrew Sheng's reputation.

    Case was strangely buried, but of course, Najib now has leverage to ask him to say anything to support Najib in his moment of desperation.

    You help me, I help you.

    1. The article ended with:

      EDITOR’S NOTE: We have changed the heading to reflect the contents of the article. We regret if the original heading has given rise to the perception that Andrew Sheng Len Tao, a director of Khazanah Nasional Bhd, had been implicated in the report.

      In other words, he wasn't and the person who ,lodged that report was his bro-in-law

  4. Off topic but I cannot understand why in this age of biometrics we can't have an electronic voting process for overseas voters. To expect them to take leave, pay heaps to fly home or pay for courier service just to cast vote is a lot.

    We accept biometrics technology to withdraw money at banks, apply for new IC, passport, drivers licence, nominate PNB/EPF beneficiary all using fingerprint machine, we trust face recognition technology on our smartphones where we keep our most private data etc why can't EC use this technology for overseas voters. If we implement this then overseas Malaysians will be pacified, and if there is accusation of cheating, hell there may be cheating now anyway and after all Nur Jazlan says overseas voters is only 0.1% so won't matter anyway, but at least this 0.1% is satisfied that they got to vote.

    1. Err. Postal voting has been available for overseas voters this round. Just that people were ignorant because they never read mainstream news.



    2. John, read my comment properly, I am well aware that it is available. Have you not been reading the many complaints from Malaysians overseas who have yet to receive their ballot papers till today? The issue is 11 days of campaign is just too short for the postal votes to arrive back in time. But with biometrics it can be done much quicker, almost instantly. We trust technology so much nowadays with our banking and personal data, why not use it for voting.

    3. John, read my comment properly, I am well aware that it is available. Have you not been reading the many complaints from Malaysians overseas who have yet to receive their ballot papers till today? The issue is 11 days of campaign is just too short for the postal votes to arrive back in time. But with biometrics it can be done much quicker, almost instantly. We trust technology so much nowadays with our banking and personal data, why not use it for voting.

    4. "why not use it for voting."
      Because since data is easier to manipulate than a piece of paper, therefore foreseeing the EC will be made a scapegoat either way?

      Some have complain about it but others have mentioned receiving them. So how many are affected that requires a large investment in systems that are only used once in 5 years?

      11 days of campaign is too short? I disagree. We had 3650 days of constant politicking and everyone should have been aware of using postal voting instead of the Malaysian habit of leaving it til last minute.

      Let's just finish the election quickly and everyone gets back to work as normal.

    5. Ts,
      Mock john kaw kaw. This zombie thought he may get 72 old virgins. I say nik aziz will whack his pat pat

    6. Stop speaking for the dead unless you can provide me with the accurate 4D number for this weekend.

  5. [WTF does Andrew Sheng knows about Malaysia's financial-economic standing when compared to the all-knowledgeable PH supporters like CK, Monsterball, JJ and DAP ooops sorry PKR politicians like Tony Pua and Rafizi Ramli.]

    Aiyooo...pai seh la...please don't include our names up there...although of course we know you spoke tongue in cheek, hahahaha.

    How could we, we who are the horrible deplorables, be compared to your highness Datuk Kt Moc who could weigh in, day in day out, in EVERY conceivable subject matters on this earth, from durians, laksa, tempoyak, langsat, to affairs of the state and to world affairs and to all the religions of the world, not excluding economics which you know nuts of, hahahaha. Err, not least military warfare hardware of course. Have I inadvertently left out anything else ? For that, my humble fullest apology, dear highness Datuk Moc.

    But I think you have left out someone here who will merajuk kuat kuat la...it is none other than john aka hasan aka unkown ! He is giving you a huge challenge to be the Mr Know-All championship...could that be the reason why you have deliberately leave him out ? hahaahha. By the by, your challenger for that title of Know-All has let the cat out of the bag...his brain is as clear as mud....sangat susah sekali to get through...all chock full of moony religious stuff and being the beneficiary of our half past six education system, so bodoh tapi sombong pula...full of arrogant ignorance..hanya pandai copy and paste and his propensity to find his natural 'water level' at sites such as that Klentong si Botak Mabuk Liar and such pariah sites are not doing him any favour to clear his mud brain, wakakakaka

    1. Hohohoho! I only reveal my knowledge when being challenged to, I don't wank it in public like you folks do and then gets embarrassed when the public shows how little it is. Wasn't it you who mentioned 'diam'diam berisi'?

    2. There's only one JJ here. It definitely not me...don't have anything to do with 'diam diam berisi'. That's the trouble la...one can get easily confused..sekejap john, sekejap hasan, sekejap unkown...but all singing the same moony loony tune of Hadi Awang

    3. Hohohoho! If there's only one JJ then there's only one john here, me. The rest is their own. If you get confused, its your problem, not mine.

    4. Jangan sekali buat jahat, jangan bohong...tak baik..kennot go heaven one, wakakakka. Like CK has exhorted...please la at least read comprehensively...the one to get easily konpuse is you, hehehe...cannot keep track of your own split personalities ?

    5. Hohohoho! JJ is one really confused fella. He thinks I'm confused but instead he got confused between me, and other commentators. And then to add to the confusion, he goes on to give an unrelated advice. What a confused person he is indeed.

  6. i supposed andrew talk from a economic perspective, hence my question to him is purely economy. whats the point to increase tax revenue via gst n return it to the people via brim? how this model improve our economy n productivity? is tis not populists?

    1. GST taxation for expenditure by those who haves and redistribution to those who have nots.

    2. how this improve the economy n productivity? ayuh, y u keep telling us something we already know.

    3. Improve economy via a more transparent system. Improve productivity when the have nots got high spending power.

    4. thanks genius. i must do more reading, i suggest u do the same, its a good habit.

    5. "GST taxation for expenditure by those who haves and redistribution to those who have nots."

      This form of GST works in some low-income countries and is actually quite effective as a way to tax the Rich and Foreign tourists. I saw it clearly in action on a tour of Nepal. A very poor country, so most ordinary people who buy ordinary goods are not affected by GST at all.
      If you are a tourist staying in a medium to high end hotel, you get taxed GST, if you dine in an expensive restaurant, you pay GST.

      But GST in Nepal does not affect poor people AT ALL.

      Another fair form of GST is with countries with a high level of comprehensive Government social services e.g. health care and education. This kind exists in UK (VAT) and GST in Australia, and is fair because you get excellent services in return from the Government. So it is a fair exchange.

      BUT that is not how Najib's GST works.
      GST Najib is a regressive tax, because the highest % of income that goes to pay for GST falls among the low income and medium income people. GST is a non-issue among rich.

      If your income is RM 40,000 a month, 6% GST on your consumption is nothing, but if your income is $ 1,000 a month, 6% GST on your consumption is a big burden.

      And the ordinary citizen gets very little back from the Government from paying high taxes.

      Tell me , how is that a fair redistribution ?

      So GST Najib is a very unfair taxation system.

    6. I read as much as I can but thanks for the suggestion.

    7. @Monsterball.
      Well look at it this way, the person with Rm40,000 income will probably spend Rm20,000 on GSTed items, while a Rm1000 income person will probably spend Rm300 on GSTed items, but that person will receive Rm100 back as compared to none for the richer person. As a percentage of their whole salary, the poorer person gets taxed less and hence the redistribution of economic wealth. Do remember that even those unable to work also gets BR1M.

      As for healthcare and education, we do get it at really cheap prices here. Hospital waiting might be long but the standards are pretty the same.

  7. Thank God, Malaysia is such a rich country. I won't deny the established economic growth and financial acumen and capability of Malaysian economic and financial experts in BNM, Khazanah, Petronas etc.

    Only, what is not frequently mentioned are the tremendous increase in Malaysian Govt. debt and Off-Balance Sheets debt (whether forign or domestic) and where such debts increase are not in proportion with the expected increase returns in revenue in future.

    If not for Malaysia's richness and reserves to sustain much wanton wastages and pilferages thru more and more debts for the past 10 years, we would already be like Greece, Venezuela, Zimbabwe, Sri Lanka etc and eating GRASS today.

    Heck, even Kaytee's legion of commentors would all have disappeared and the opposition parties and supporters all becoming destitutes.

    But it won't last, cos we coming close to having only Coins in our pockets and when the debts become unsustainable and the incoming revenue cannot sustain paying and Ah Longs all start coming knocking at the doors together, we are all Doomed to curse and cry.

    So, enjoy your last Supper while it lasts and pray that the country continues to be Blessed for being able to sustain the Greed of Men.

  8. she is not an economist but this is what I learned from the makcik selling goreng pisang...saya untung ok la, dapat simpang sikit take paya pinjam bank beli motor cash..tak minta duit anak anak depa pon ada keluarga

    this is the thing you see, if a gomen wants to spend beyond their means, not careful about leakages and wastage and indulge in corruption, they will employ the best economist to think of ways to justify collection for their spending...

  9. These Pakatan deludes think they know better than experts but the end results always fail spectacularly and then they go back into their hole sheepishly without any apologies. Case in point, Zairil Ross Lim's management of Penang state football club.

  10. Najib UMNO-PAS is Panicking...... After Election Night....if UMNO-PAS Bangsat Negara less than 95 in Peninsular Malaysia.....>Deal Already done to Bury UMNO_PAS Bangsat Negara...and Make all Sultan, Sultan of Melaka....wakaka.I tunggu kat KLIA....Tangkap MO1...."Kalau Jumpa itu perempuan gemuk Slow Sikit Kat Belakang"....kasi Kangkang kaki...biar jatuh berguling-guling!!...Everybody go and Surroung all Govern Establishment....or be Fire Fighter...wakaka....

    1. Gulingkan sultan? Sounds les majeste alright. You're lucky you're not in Thailand.

  11. I don't know about this growth that growth but in reality :

    on 04/01/2011 S$1.00 = RM2.38 but
    on 29/04/2018 S$1.00 = RM2.96

    that said assuming there were no inflation from 2011 till 2018 in Singapore and a cup of coffee still cost the same at S$1.00

    In 2011 I paid RM2.38 for a cup of coffee in Singapore but in 2018 I have to pay RM2.96!

    So what is so great about our growth is stronger than the others?

    1. You can still get sgd2.5 wan tan mee....hahaha

  12. John, you are right about unofficial campaigning but officially campaign period is only 11 days from nomination day to polling day. Too short. My friend in Toronto only received it today. Ballot paper can only be printed after nomination.

    1. See.....cheating cheating all the way. Dont bother that cheebye kaytee. Just vote ph

    2. From Malaysiakini ( excerpt ):

      Caretaker deputy home minister Nur Jazlan Mohamed today brushed aside complaints by overseas voters that they were not able to submit their ballot papers on time due to the short campaigning period for the 14th general election.

      "The number of Malaysians voting overseas is less than 0.1 percent of the population.

      "It won't change any result. Don't get excited (over) it," he said in a Twitter posting.

      In the past, overseas voters could vote at the respective Malaysian embassies but this system as done away with in this general election.

      The campaigning period for the 14th general election is 11 days.

      Ballot papers can only be printed after nomination day, which is also the first day of campaigning.

    3. Well, just in time is still in time, no?

    4. John......you sudah sembahyang kah......sebelum disembahyangkan

    5. regardless of which coalition wins GE14, looes74 will be flogged, castrated and exiled from malaysia for 10 years, by which time he'll be dead, wakakaka

    6. Well, I prefer he gets drawn and quartered to save him the misery after flogging and castration but NOT before going thru the Iron Maiden. Hohohoho!