tag:blogger.com,1999:blog-11109306.post3627062965585761489..comments2024-03-29T21:49:05.495+08:00Comments on KTemoc Konsiders ........: The Curse of Marina Lee Abdullah?KTemochttp://www.blogger.com/profile/09951253039042572381noreply@blogger.comBlogger60125tag:blogger.com,1999:blog-11109306.post-7150367465880382262012-12-18T04:04:32.728+08:002012-12-18T04:04:32.728+08:00It is sad that we will never learn due to our prej...It is sad that we will never learn due to our prejudice. Two issues we must not forget. One in recession contraction policy is not the answer. We must cut the vicious cycle first. Two, in times when the market is a self propelling prophesy and not based on fundamentals, capital control is a policy option.<br />International economist including IMF current DG will always note Malaysia and Mahathir as a tremendous economic example in overcoming a crisis. It is the world test case that currency control can work. Mahathirs subsequent banking reform was examplary and the social costs was not severe. It was never a case of economic fundamental alignment in the first case.It was brilliant to many on how to put nation and people's interest first. It's unfortunate some are blind by this coz until we learn from this lesson, we will repeat the same typical mistake that Anwar did. It's sad that people twist facts just to deny this extremely courages act. No one in Malaysia nor for that matter in the world had the guts of Mahathir. As IMF director said "were ahead of the curve". Ellesenoreply@blogger.comtag:blogger.com,1999:blog-11109306.post-37387138297343678502012-12-15T11:46:02.620+08:002012-12-15T11:46:02.620+08:00Hua Yong has a point in the arguments above that M...Hua Yong has a point in the arguments above that Mahathir's choice is also partly for political reasons. I remember during that time that when everybody has to take a haircut, certain "too-big-to-fail" entities got better deals. There was one (can't remember which) who got full face value for its NPLs. And the strange MAS saga which is still reverberating until recently. Maybe our "too-big-to-fail"s are different from the US in that ours are linked to political parties through proxies (Tajudin Ramli, Halim Saad)?<br /><br />Also HY was right that Malaysia is in a better position. And helped by the abundant natural resources shared by a small population (less man more share) we can absorb better the big losses. Remember how Bank Bumi was helped by Petronas in the 80's (heinous crime, but no criminals - DrM) before it went extinct?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11109306.post-67096401194931445222012-12-15T11:41:02.296+08:002012-12-15T11:41:02.296+08:00Hua Yong has a point in the arguments above that M...Hua Yong has a point in the arguments above that Mahathir's choice is also partly for political reasons. I remember during that time that when everybody has to take a haircut, certain "too-big-to-fail" entities got better deals. There was one (can't remember which) who got full face value for its NPLs. And the strange MAS saga which is still reverberating until recently. Maybe our "too-big-to-fail"s are different from the US in that ours are linked to political parties through proxies (Tajudin Ramli, Halim Saad)?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11109306.post-79866062121973724082012-12-15T11:05:11.130+08:002012-12-15T11:05:11.130+08:00Ellese is very fond to brag and looking for argume...Ellese is very fond to brag and looking for arguments.<br />sunwayopal is smart enough not to be lured to argue with HIM.<br />Say it and ignore HIM.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11109306.post-25610464229839647712012-12-15T01:14:12.715+08:002012-12-15T01:14:12.715+08:00Dear KT
I will still be civil. But hope you delet...Dear KT<br /><br />I will still be civil. But hope you delete the abusive comments above to be consistent.<br /><br />Dear HY,<br /><br />In general I can agree. You are right that our economy is much stronger than the Thais or indonesia. In order to avoid this Anwar believed in IMF that you need to increase the interest rate which he did. But as a result it weakens further economy and our currency went down deeper. We had to cut out the vicious cycle. The capital control as krugman pointed out was the answer. IMF prescribed the wrong medicine to the wrong symptoms. They were looking after foreign creditors interest. Now they're smarter and recognized that as a measure to stem hot money, capital control is acceptable.Mahathir was right after all.<br /><br />On Sunwayopal, I will reply point blank why your statement that Indonesia and Thailand are better than us as wrong. But before that you put your position. No change goal post or diverting issues.I repeat:<br /><br />Are you now saying that in economic recession, the contraction policy is wrong? If so do you now admit Anwar was either ignorant or incompetent to push for IMF contraction policy? By the same token Mahathir was right to pursue the expansionary policy? <br /><br />You don't get away easily with me. This is my third question asking the same point.<br /><br />Further you are abusing Mahathir simply because you think that by doing so it makes your argument valid. This is childish. I will refrain for now. I tell you that I will respond in kind by resorting to name calling of all pr leaders if you want. I suggest you write civilly. If KT allows and publishes your comment, I will then write with the same abusive manner.<br /><br />Now answer the question. In the process I will give the answer to your false question. Just because you don't know doesn't mean it's right. You must get out of this useless partisan mindset. It only harms PR. If PR have many people like you there is an absolute certainty PR will bring our country to destruction. Marilah kita selamatkan Malaysia.<br /><br />Ellesenoreply@blogger.comtag:blogger.com,1999:blog-11109306.post-24886599529316493042012-12-14T12:11:55.758+08:002012-12-14T12:11:55.758+08:00Hi Ellese,
I think i need to clarify my stance th...Hi Ellese,<br /><br />I think i need to clarify my stance though your reply may not be a direct rebuttal to what i have written. I agree with you wrt contraction policy in an economic recession is not the way, however the initial stage of the Asian crisis have everything to do with the devalue of currency and thus the hike of interest rate have it merit. Major diff is Malaysia financial strength is relatively healthy as compare to the rest and perhaps we need not adopt the exact IMF prescription. I believe the major criticism toward IMF is their very rigid ways of providing solution. HuaYongnoreply@blogger.comtag:blogger.com,1999:blog-11109306.post-31647804683175304832012-12-14T11:58:04.870+08:002012-12-14T11:58:04.870+08:00ok lar then, instead of asking me to explain why d...ok lar then, instead of asking me to explain why dont u explain why countries that DID take the IMF medicine and loans such as Korea, Thailand and Indonesia have succeeded ? <br /><br />according to u Mahatiurists, IMF is the source of all evil isnt it ?<br /><br /><br /><br />sunwayopalAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-11109306.post-32923486251468883612012-12-14T11:30:12.117+08:002012-12-14T11:30:12.117+08:00Dear KT,
I just find those supporting IMF appalli...Dear KT,<br /><br />I just find those supporting IMF appalling and tell them straight in their face. I cannot understand why people still think contraction policy in an economic recession is the right way. And especially when IMF US UK etc etc use keneysians budget deficit to overcome recession. I've had too many encounter on this in the past and I find that after explaining and providing source to explain, they simply refuse to accept out of spite. This is wrong. And thus to me there's no way to tell this except point blank in the face counter argument.<br />The issue is simple putting politics aside. In a recession a country is well justified to use expansionary policy to protect its interest and economy. There is so call creative destruction method but we must always put our people ahead of other people. International conduct has always been on this premise. Of course some will accuse crony capitalism, but the policy is wide ranging affecting the whole economy. Of course also these so call crony companies benefit but the policy must not be selective. And in this as I have repeated many times the US suddenly called it too big to fail companies. If it doesn't involved US its called crony capitalism but if US its called a positive name. We all see this hypocrisy. But I cannot understand why some of us will clingingly support such stand to our overall detriment. I don't mind discussing civilly further. But I have found most who argued simply want to abuse Mahathir and not argue on substance. I've decided to write the opposite so that they don't think they have the whole truth. Thian issue can be rationalized but we must leave out partisanship. A right or wrong cannot be dependent on who commits the act. It's grossly unfair.Ellesenoreply@blogger.comtag:blogger.com,1999:blog-11109306.post-41931750761181969972012-12-14T10:31:31.512+08:002012-12-14T10:31:31.512+08:00if one cannot learn to be civil and continues to b...if one cannot learn to be civil and continues to be rude and abusive, one will find one's comments, no matter how relevant or interesting, deleted.<br /><br />Up to one! KTemochttps://www.blogger.com/profile/09951253039042572381noreply@blogger.comtag:blogger.com,1999:blog-11109306.post-30683312299460448142012-12-13T22:36:42.323+08:002012-12-13T22:36:42.323+08:00Anwar as finance minister hiked up the interest ra...Anwar as finance minister hiked up the interest rate. He was pushing for the so call IMF prescription. Mahathir cut the source and shock the world. It was brilliant. Even jomo thought it was good but timing a bit late. But jomo had never thought of the idea in the first place. Rubbish jomo.I Was his follower but this episode totally put me off.<br /><br />Now some people say Mahathir did this to save his cronies like renong Uem etc etc. in US they call these companies "too big to fail" and thus propped up Goldman Sachs AIG etc etc. at least Uem etc is in the same league as goldman Sachs AIG in This case. Jokes aside but these allegations fail or purposely denied the relief it brought to many of us. The housing loan interest went to double digit. Business loans too. To top it business was facing less demand. I benefitted. My friends too and so too many others. Our banks became stronger and then continued getting stronger. It's a very respectable job done by danamodal and danaharta. And for those full of hatred partisanship go and see the TARP similarity in the US.<br /><br />On this anonymous who again blinded by partisanship and refuse to see the truth of our current state of economy, if PR fails or stop to carry out the ETP, I suggest all should abandon PR. We need domestic growth engine to face the current world economic crisis. PR offered no concrete economic plan. Rubbish in fact. Why not this?. We go through the buku jingga bible. Then I'll tell you why ETP is so much superior in improving our quality of life. Amacam? Ellesenoreply@blogger.comtag:blogger.com,1999:blog-11109306.post-15044148336078036372012-12-13T20:42:52.052+08:002012-12-13T20:42:52.052+08:00UMNO is beyond redemption, and cannot be reformed ...UMNO is beyond redemption, and cannot be reformed at all, whether from inside or outside.<br /><br />Najib have to give the excuse last week that he needs a mandate this coming GE so he can reform UMNO!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11109306.post-58030649184469830212012-12-13T20:25:52.346+08:002012-12-13T20:25:52.346+08:00During the Asian Crisis, Anwar welcomes IMF coz he...During the Asian Crisis, Anwar welcomes IMF coz he said creative destruction is good.....all Mahathir's ( and Daim's )cronies will be be brought down and a new era will start with Anwar as the PM and he will build up his own set of cronies.<br /><br />Whether it is Mahathir or Anwar, it will always be Deformasi economy, and this is continued to this day by Najib. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11109306.post-43709473904014642392012-12-13T19:28:15.833+08:002012-12-13T19:28:15.833+08:00Naji Transformasi plan ?
How does RM 500 handouts ...Naji Transformasi plan ?<br />How does RM 500 handouts transform the economy ?<br />How does awarding Billion ringgit MRT projects to a company which has not built a single meter of railroad track transform the economy ? Ah , rumour has it the CEO plays golf with Naji. Ah, I understand !<br /><br />How does speed camera systems bought at 10x shelf price (I am reliably informed) transform the economy ?<br /><br />Many, many more penyelewengan.<br /> <br />Rupa macam Deformasi lah, not Transformasi.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11109306.post-86026601589179909752012-12-13T14:35:56.607+08:002012-12-13T14:35:56.607+08:00Come on everybody, Mahathir have to do the necessa...Come on everybody, Mahathir have to do the necessary and reject IMF during the crisis in order to save many companies from extinction. I remember there was magic in the way some companies turned around, UEM/Renong, MAS, KUB/Sime, MISC... If he had chosen IMF prescriptions, the business landscape will not be the same now, some of the big companies mentioned becoming extinct...Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11109306.post-47309842124714764932012-12-13T14:22:39.610+08:002012-12-13T14:22:39.610+08:00Mahathir have to do the necessary and reject IMF d...Mahathir have to do the necessary and reject IMF during the crisis in order to save many companies from extinction. I remember there was magic in the way some companies turned around, UEM/Renong, MAS, KUB/Sime, MISC... If he had chosen IMF prescriptions, the business landscape will not be the same now, without those companies mentioned ...Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11109306.post-74891802694773128862012-12-13T10:53:50.228+08:002012-12-13T10:53:50.228+08:00I don’t think IMF is entirely wrong in their appro...I don’t think IMF is entirely wrong in their approach, there are thing they did right and thing they did wrong. Ellese is more factual base in offering his view, while KT fantastic reason of “distrusting the yanks” is as usual very “interesting” if not irrational. <br /><br />I am not sure if Mahathir approach were vastly vary with what IMF did in Korea and Thailand, we peg the ringgit while Korea and Thailand increase the interest rate to stabilize their currency, so basically the objective is the same. The main difference is Mahathir have the final say who goes bankrupt while Korea and Thailand have to leave the decision to a free market, thus from a political context, Mahathir is brilliant but from an economy angle, not really because there is no evidence the move to peg ringgit improve our growth in the long term, in fact not much structural reform being held and we continue with our familiar crony economy, that become a hinder to transform ourselves into a more dynamic system like what Korean did. My view is that Mahathir was not wrong, and his approach is more likely political motivated. <br /><br />I don’t know what was Anwar role in Asia financial crisis if we leave out politic.<br /><br />PS/ can either one of u take a step back and stop torturing the rest?HuaYongnoreply@blogger.comtag:blogger.com,1999:blog-11109306.post-3455274252241348182012-12-13T10:27:33.437+08:002012-12-13T10:27:33.437+08:00I had thought so. People like you will always dive...I had thought so. People like you will always divert. I told you Anwar was wrong. You defended his policy and condemn Mahathir.<br /><br />So let's go to the root. I repeat for the second time. Please justify why you want a contraction policy in times of recession? <br /><br />Just justify. I mention Greece if you want to raise as an example. If not no issue. So answer the above. Let's see how you justify Anwars contraction policy? I normally give at least three times to those who like to divert before I sum up. So answer the above Sunwayopal. Let's go on principles and the right steps and then we Kau Kau the players then. Amacam?Ellesenoreply@blogger.comtag:blogger.com,1999:blog-11109306.post-81466477645767298052012-12-13T07:02:34.146+08:002012-12-13T07:02:34.146+08:00Ellese said...
Anwar did in following IMF? How doe...Ellese said...<br />Anwar did in following IMF? How does a contraction policy of increasing interest rate help us in a recession just like what IMF prescribed? Which countries now adopt such policy? You can quote Greece if you want but do tell us why they did that? <br /> 6:15 AM, December 13, 2012<br /><br /><br /><br />And by the way, why do u bring in Greece ? Greece of today is entirely different in circumstance to the asian financial crisis of 1998. Thailand , Indonesia, Korea and Malaysia were more or less in the same set of circumstances n problems in 1998 to 2000. The proof of the pudding is in the tasting. Just measure the economic performance of these countries from 1998/2000 to today 2012. Not ONE is underperforming Malaysia. All the nonsense about rakyat suffering etc etc etc , u would never know how the outcome might have been becoz Mahathiu stole the nation’s coffers, its all surmise in the end but we DO HAVE how Indonesia, Thailand n Korea turned out luckily as a comparison base!<br /><br /><br />sunwayopal<br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11109306.post-17036254386361100502012-12-13T06:36:59.224+08:002012-12-13T06:36:59.224+08:00I have to add to my earlier comment. It's not ...I have to add to my earlier comment. It's not sunny gopal but sunwayopal.<br /><br />On Monsterball he is a rubbish psycho. This guy has absolutely nothing upstairs. It's straightforward to handle him. He can't argue and articulate. Thus had to defend by personal name calling. Encountered him many times. With guys like him you ask him to start with the conclusion of his assertion. That is name calling. Just use his verbal abuse back to him. No need to think want.<br /><br />On KT commentary policy, its up to his discretion. My preference is that all comments be accepted. Contrarian views be welcomed. Purely verbal abuse and name calling should not be entertained. For me, I can accept verbal abuse as I will reply in kind. These people as I find out will realise how idiotic they are.my main issue are those who cannot accept contrarion views done civally but proclaimed to believe in freedom of media and expression. I've dedicated a blog to them: hakbersuara. Wordpress. Com. I get simply utterly annoyed with this hypocrisy.Ellesenoreply@blogger.comtag:blogger.com,1999:blog-11109306.post-9531785707023108782012-12-13T06:15:08.683+08:002012-12-13T06:15:08.683+08:00Those who say IMF is right is either plain incompe...Those who say IMF is right is either plain incompetent or simply malas membaca. Even IMF have moved beyond that and even acknowledged and approved capital control to stem hot money.<br /><br />Let's see how ridiculous what Anwar did. When an economy is in a recession, if a finance minister adopts a contraction policy like Anwar did, it will only aggravate the scenario. By raising interest, there will be less loans and more default as what had happen. People and business people will find there's less buying and consumers as there's less credit. It's a vicious cycle. Anwar bloody don't care what happen to the rakyat. He wanted us to suffer which we did. Bloody incompetent. We need to cut this vicious cycle.<br />Now our problem at that time was not like Thailand. They had major misalignment. They use foreign debt for local projects and there's a mismatch in interest payments. It was more of hot money effect.<br />Mahathir was brilliant. He did the unthinkable. Cut the source. Cut the vicious cyclical cycle, went for the expansionary policy in recession and restructured all our banks making them stronger. This is key.<br />Before any Mahathir hater rant, let's compare what Mahathir did with what happen in the US or UK or any developed countries. When the recent crisis and rrecession hit the US, they did not follow the IMF way. They went for deficit contraction policy like Mahathir.they stop the so call market process of destruction by saving "too big to fail companies". They poured money to save their companies. (IMF supporters call this cronin companies at that time. They then adopted a restructuring method not dissimilar to mahathirs method to get rid of the toxic assets.<br />Point is in recession US and Mahathir look at the nations interest first then the foreign creditors interest. We had at that time room for expansionary policy and we should have done it while restructuring our economy. In all developed countries this is what we should look for in times of crisis. The overall welfare of the people's economic condition. Anwar is a bloody fool in all account to follow IMF. This one size policy was severely criticized including Stieglitz Sachs krugman etc etc that they have abandoned this. It's pure stupidity and those still supporting it must get their brains checked out.<br />As for those saying Indonesia is better economically, don't con us. I take you on with all independent statistics and tell you you're rubbish. Of course there are certain areas where they're better, but compare with others major stats as well lah. Don't pick and choose. And what many arm chair critic fail to stupidly recognize is that we have moved to domestic driven growth as opposed to export led growth. If we're still the latter we would be in recession as foreign demands had dropped drastically. The ETP in my mind was then brilliant in tackling this. Just compare other analyst report on this . But because of our stupid partisanship we don't want to recognize the contribution of Najib in changing our economic growth driver. We really have stupid blind partisan Malaysians. <br />And sunny gopal let's do this. Rather than giving insensical unsupportable verbiage we argue based on source. Put your source and stats and I'll do the same. We go point by point and see whether my statement on Anwar is right or wrong.<br /><br />Let's start with points which I have mentioned. In case of recession, tell us why you prefer a contraction policy like Anwar did in following IMF? How does a contraction policy of increasing interest rate help us in a recession just like what IMF prescribed? Which countries now adopt such policy? You can quote Greece if you want but do tell us why they did that? <br />I tell you upfront what I will show you. That Mahathir was not only right but brilliant. I will also quote jomo sundram Anwars economist on this but as a critic. Let's proceed.Ellesenoreply@blogger.comtag:blogger.com,1999:blog-11109306.post-56402003446929981472012-12-12T22:01:25.341+08:002012-12-12T22:01:25.341+08:00CIMB guy said ... "The Malaysian government l...CIMB guy said ... "The Malaysian government limits criminal prosecution against corruption to conventional bribery. A vast area of officially condoned , even policy-driven abuse of power for personal or political party benefit is largely ignored or not even recognised as a crime."<br /><br />The highest official prosecuted so far in Malaysia is the DPM, which most say is politically motivated.<br /><br />Bangladesh, Phillipines, Thailand, Taiwan, Korea, Indonesia have dragged to court their ex-PMs or presidents.<br /><br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11109306.post-30128264057130106082012-12-12T21:50:46.277+08:002012-12-12T21:50:46.277+08:00Let's hear what former advisor to DrM says:
h...Let's hear what former advisor to DrM says:<br /><br />http://futurefastforward.com/images/stories/featurearticles/Profile_of_The_Irrational_Voter.pdfAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-11109306.post-75320483160859054252012-12-12T20:32:38.177+08:002012-12-12T20:32:38.177+08:00Re: Malaysia vis. Regional Economies.
Where a cou...Re: Malaysia vis. Regional Economies.<br /><br />Where a country's economic momentum is heading is at least as important or more important than what is its current GDP or other present-day indicators.<br /><br />It is well known that Indonesia was one of the world's poorest countries, once categorised as an LDC - Least Developed Country, which has Bangladesh and Somalia as other members. It also had the dubious distinction being regarded as one of the most corrupt countries in Asia. Don't just dwell on the past, though.<br /><br />Indonesia is today considered one of the most exciting upcoming Asian economies outside of China and India. It is attracting large amounts of foreign investments, generating large numbers of jobs (still relatively low wages, but improving) and very importantly, those investments mainly generate jobs for their own citizens. <br /><br />The way they are playing hard-ball on indentured maids (that's what it really is) to Malaysia has two reasons. Other countries recruit their maids at higher wages than Malaysia. More importantly, the Indonesian economy has been generating millions of internal jobs<br /><br />The Indonesian government is also relatively frugal in expenditure, a product of their history as a very poor country.<br /><br />Corruption is still a serious issue, but they are making good inroads there.<br /><br />I think it may be a good idea for Ktemoc to set aside his personal antipathy towards Indonesia and pay a visit there to understand what the country is like circa 2012, not what it was in 2000.<br /><br />Contrast that to Malaysia, which is relatively well off, but stuck in economic doldrums. Many international analysts regard Malaysia a a middle-income economy with limited medium-term potential.<br />The real transformations which are needed to move it to the next higher level are no-go areas for UMNO.<br />The Malaysian government limits criminal prosecution against corruption to conventional bribery. A vast area of officially condoned , even policy-driven abuse of power for personal or political party benefit is largely ignored or not even recognised as a crime.<br /><br />The IMF-prescribed medicine of 1998 was a very bitter one indeed, and it was probably a good idea that Malaysia refused it. However, it also needs be recognised that the IMF medicine, though nasty, is grudgingly recognised by governments such as South Korea and Thailand as having helped to cure the life-threatening crisis that they faced, and South Korea, especially, is one of the world's most dynamic economies today.<br /><br />I am, by the way, an "Establishment" guy and I work for a GLC, so I'm not writing this to defend Anwar Ibrahim or anyone in PKR.CIMB Guynoreply@blogger.comtag:blogger.com,1999:blog-11109306.post-23509406459341333002012-12-12T17:38:57.181+08:002012-12-12T17:38:57.181+08:00kt, i am fine if u delete each n every post from t...kt, i am fine if u delete each n every post from that oldman, i even requested hsu to ban him once because his intention is looking for quarrel and nothing else, i just have the opinion that the laughing xxx share the same trait, but no big deal anyway.<br /><br />the interesting thing is collateral damage could help justify lots of bad deed. see, u r guilty of what u accuse others la :)HuaYongnoreply@blogger.comtag:blogger.com,1999:blog-11109306.post-41368365914455940922012-12-12T17:38:37.518+08:002012-12-12T17:38:37.518+08:00That Anwar is no angel - then and now - is quite s...That Anwar is no angel - then and now - is quite settled. The grave injustice and beatings he suffered - at the diabolical hands of Mahathiu and his Chap Cheng Kia beh-khars - do not confer him with any more validity to lead this country as its PM any more than his intrinsic qualities do or do not. The bar-gur may very well be a serial predator of men and/or women. I don't bladi care. He presents me with the best opportunity of my lifetime to rid my chiu-hoo (country) of a wholly evil and corrupt regime that has plundered it bare to the very core of its existence. When the time comes, we will deal with Anwar as we have with his bloody farting predecessors. And if by that time I have gone back to my Thie-Kong, then Allah-willing my good Ai-Tam neighbour Ktemoc will do the deed.Phak Cheng Phorrnoreply@blogger.com