FMT reports Kadir saying: Guan Eng overplayed his hand on debt.
PETALING JAYA: Influential former editor Kadir Jasin, observes that Finance Minister Lim Guan Eng has gone through a “baptism of fire” after his recent revelations about the full size of total government debt and liabilities.
Many argued that Lim had gone too far and had hit out too hard with regard to the figures, an argument that Jasin agreed with.
His comment came a day after Lim faced international and domestic criticism and a sarcastic response from former prime minister Najib Razak, who “congratulated” him on spooking the financial and stock markets.
Najib followed up last night on Twitter by sarcastically noting the dramatic turnaround of the economy, from going to ruin during the election campaign, and being in good shape within days of Pakatan Harapan taking office.
Kadir, in a blog article yesterday, said that, in his opinion, Lim had “overplayed the nation’s debt too much”, although the new Pakatan Harapan goverment had found “the previous goverment had lied about our finances”. [...]
Extracts are as follows:
Many argued that Lim had gone too far and had hit out too hard with regard to the figures, an argument that Jasin agreed with.
His comment came a day after Lim faced international and domestic criticism and a sarcastic response from former prime minister Najib Razak, who “congratulated” him on spooking the financial and stock markets.
Najib followed up last night on Twitter by sarcastically noting the dramatic turnaround of the economy, from going to ruin during the election campaign, and being in good shape within days of Pakatan Harapan taking office.
Kadir, in a blog article yesterday, said that, in his opinion, Lim had “overplayed the nation’s debt too much”, although the new Pakatan Harapan goverment had found “the previous goverment had lied about our finances”. [...]
PH leaders needed to think carefully when carrying out their reforms.
“We no longer have to sensationalise or scream from the top of a mountain any more, we are now the goverment. We must punish all the culprits of the previous administration but it has to be through the rule of law,” he said.
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tokong or menteri better? |
Looks like Guan Eng still wants to behave like he's in the Opposition and like his father, cari pasal a la 'ch'u-oi soo ong'.
Related: Ch'u-oi soo ong.
And also remember the story of "The boy who cried wolf". Who would believe him after two bullshit calls?
And what the fuck you are doing with lim kit siang....motherfucker kaytee...
ReplyDeleteDemonising or sensationalising?
Or beautifying najib?
Kaytee!
exposing him for the hypocrite he is
DeleteYou say that your cheebye self la......You no name, no face, no credential......
DeleteGo make Pauline Hanson happy
like how we exposed kt wakaka.
DeleteHy,
DeleteCan you expose cheebye kaytee?
already wat, everyone here know he is a foreigner that keypoh on msia matter, like u wakaka
DeleteWho is kaytee? Full name? Photo? His credentials? His occupation? You know, cheebye HY
DeleteKtemoc's demonisation of Lim Guan Eng is not rational and smacks of desperation.
ReplyDeleteKadir Jasin was looking at the political angle, but nevertheless Lim Guan Eng is spot on accurate in terms of Financial Accounting transparency.
stop your dedak-ised bull
DeleteMany argued that Lim had gone too far and had hit out too hard with regard to the figures, an argument that Jasin agreed with.
Cheebye kaytee.....besides dedak and pauline hanson.....nothing better else to say hah
DeleteBe creative laa......
He runs down Nat at every opportunity and now when Nat wrote a piece which can possibly be used against PH or put it in a negative light, he eagerly quoted chapter and verse, cut and paste to continue with his relentless stone throwing.
DeleteHe runs down Kadir Jasin frequently, labeling him Dr M's mouthpiece and now with this piece of Kadir Jasin's criticism of LGE, he eagerly seizes upon this to win any point to show his love for MO1.
He even now claimed to supports DAP...just that he hates LKS to death. And he hated Dr M to death too. Anybody believes this hypocrite voting, if he ever did, for PH last election ? Nobody who declares such great love for MO1 will put the pangkah for PH and not the dacing. Too much spinning spewing hatred 24/7 will only end up getting exposed, too much lies...couldn't keep it straight.
Many others ALSO agreed with the direct & open approach of lge wrt the figure.
DeleteInvestors like clear & transparent disclosures about financial infos, even though the data might not be all good news. That's investment risk 101!
Jasin is old school & typically sucks up to superficial dressing of bad news to reduce 'foreseeable' impacts.
He also forget (conveniently) that it was mamak that broke the 1T debts!
Hmm. Should we believe the mudah lupa PM or the Excel spreadsheet-incapabled Finance Minister? What a conundrum!
Delete"Singapore recorded a government debt equivalent to 110.60 percent of the country's Gross Domestic Product in 2017. Government Debt to GDP in Singapore averaged 90.11 percent from 1993 until 2017, reaching an all time high of 111.50 percent in 2016 and a record low of 67.40 percent in 1995."
ReplyDeleteSingapore openly declared its liabilities... let the Financial community make its own assessment.
DeleteMalaysia under Finance Minister Najib did not.. that is the big difference.
Singapore is hardly the paragon of financial virtue. Their Temasek investment sovereign fund is a blackhole that's purportedly losing money. Yet they didn't declare anything about it.
DeleteSingapore is hardly the paragon of financial virtue. Their Temasek investment sovereign fund is a blackhole that's purportedly losing money. Yet they didn't declare anything about it.
Delete"Singapore is hardly the paragon of financial virtue.".....
DeleteTRUE....wakakaka... but in relative terms they put Najib's Malaysia to shame in terms if transparency..
Can u and kaytee cheebye mock to come with me to debate the spore govt in person?
DeleteOh you have no idea what the Sinkie Government hides from its people. When even EPF can get 6.9% returns while their CPF got a measly 2.5%, they didn't see the need for transparency to their stakeholders, the Sinkie rakyat. Neither did they see the need to explain to their rakyat on the near constant breakdowns of SMRT, nor did they see the need for transparency on the Temasek losses. If talk about shame, their losses and subsequent cover ups did put Najib to shame indeed.
DeleteHp6's headology about national debts.
Delete"Singapore recorded a government debt equivalent to 110.60 percent of the country's Gross Domestic Product in 2017. Government Debt to GDP in Singapore averaged 90.11 percent from 1993 until 2017, reaching an all time high of 111.50 percent in 2016 and a record low of 67.40 percent in 1995."
RedDot IS financially strong. It can services the debts w/o problem, even if those debts r been recalled immediately.
Many has a misgiving about debt/GDP ratio. High ratio doesn't mean trouble. It depends on the intrinsic nature of those debts.
The S'pore govt has a highly positive revenue incomes over the yrs through her prudent financial management.
Besides, most of the S'pore govt debts r bonds selling to CPF for cash. The money raised r then given to Temasek holding & GIC (Government of Singapore Investment Corporation) to invest globally.
Both Temasek & GIC r profitable sovereign funds that have fixed & liquid investments amounted to hundreds of billion US$.
If govt fiscal needs arise, both entities CAN easily convert their assets into cash to be utilized by the S'pore govt.
Similarly, Japan's debts/GDP ratio is closed to 240%! It's NOT alarming bcoz most of the debts raised r internally generated & used to stimulate the laggard domestic economic growth.
Besides, many Japanese multinationals r holding humongous amount of profits oversea. These money can be repatriated back to Japan in times of need.
However, the high debts/GDP ratios of Greece & Argentina r alarming bcoz their debts r raised from oversea.
The money raised r used to pay for govt operational expenses, social welfares etc, which r non direct productive & revenue generating!
Within a few cycles of debts building upon debts, the countries r unable to meet the huge loan payments (principle + interest), leading to sovereign rating downgrade, currency devaluation & economic doom.
US is in a very different & unique class.
His high debt can always be settled via continuously printing of the fiat money. This fiat currency is also the ONLY internationally recognized & circulating legal tender.
So before u cut&paste other's article to use it to justify yr ignorance, MAKE very sure u know what u r trying to fart. Otherwise, only blur-sotongs & ignoramuses will be conned by yr action.
Meanwhile, u also prove yrself to be a fool in the eyes of the know!
CK's farts stinks to high heavens! No wonder he can so many wrongs due to getting high smelling his own gas.
DeleteSG may have much more wealth than Malaysia, but its economy is less diversified and more sensitive to disruption is any of its key sectors. Case in point, the oil price glut in 2015/6 almost dragged it into recession (technically it was!), despite it not having a single oil field. Meanwhile Malaysia rode it through with continuous growth rates.
Most bonds are sold to CPF, which has the lowest returns of any investment regionally. How does this helps the country grow? Even your FD here has higher return rates!
Both Temasek & GIC r profitable on paper. If you read Roy Ngerng's exposes on their true losses, it will put 1MDB to shame in 3rd place. Which is why Sinkies aren't allowed to fully withdraw their CPF savings once reached retirement age.
CK's blinkered eyes don't see this because he never knew a real working-class citizen there.
As for Japan's debts and company profits, CK gets muddled between private and public sectors.
Hello! Private is private. Public is public. The Japanese Government can't compel their private companies to cover its debts. Neither can the private companies compel its Government to cover their debts, such like in the Toshiba-Westinghouse scandal. What their government DID DO is setup GLCs to take up sectors facing financial ruin like Japan Steel, Japan Display, and a GLC conglomerate to bid on Toshiba's chip business (which they lost). All this do is pile more debts onto their government while maintaining private company profits because they reasoned that these kabushiki-gaishas are too big to fail. Their rakyat will eventually suffer as a consequence of their 240% debt level.
Greece & Argentina debts had different causes and CK seems too ignorant to delve into it or his simple mind can't grasp their significance. FYI, Greece debts was a culmination of financial mistakes; their economy wasn't geared enough for the implementation of EURO currency, this causing their trade deficit to chasm, which depresses their GDP growth and lead to companies moving out or bankrupt, which caused mass unemployment, which lead to the sub-prime crisis akin to the US. That the Greeks are traditionally not a savings society, didn't help. This historically high private debt levels coupled with the public debts suffered due to organising 2004 Olympic Games, lead to their recession. It wasn't just their government debts that killed them, it was coupled with their private debts and the inflexibility of the EURO which did.
Argentina's is more direct. Much of their debts were denominated in foreign currencies, which caused the latest round of economic crisis due to US dollar went up. Malaysian Government has taken measures to ensure much of the debts are denominated in RM which reduces this effect. Something we learned bitterly from Mahathir & Anwar's follies.
If you want an example of a "govt operational expenses, social welfares etc" that brought a country to its knees, you should look at Venezuela. Despite the oil prices came crashing, they continue to live in an unrealistic highly subsidised, price controlled, everything free lifestyle, that went tits up when their black economy overshadowed their highly regulated ones.
US debts is denominated in its own currency and they can ride out any recession by printing more money but that will lower its value, so its a double edged sword. Its something similarly doable for Malaysia, except our local consumption cannot offset a lower RM due to much raw materials are imported. A lower RM will increase local market prices.
So before u cut&paste other's article to use it to justify yr ignorance, MAKE very sure u know what u r trying to fart. Otherwise, only blur-sotongs & ignoramuses will be conned by yr action.
Meanwhile, u also prove yrself to be a fool in the eyes of the know!
S'pore has the strongest financial foundation amongst the world. The standard of singgies' living is amongst the highest in the world.
DeleteTemasek & GIC r amongst the most profitable sovereign funds of the world.
So how to account for these facts? Manna from heaven, besides yr illogical farts?
In Japan, public & private demarcation is very intertwined. W/O the govt supports, policies & monetary, there will be NO Japanese Sogo shosha! Enuff said.
U OBVIOUSLY know nuts about Japan economy fundamentals le.
Read more about Jap & getting rid of yr comprehension deficiency lah THEN only farts.
Greece & Venezuela's reasons of debacles as cut&paste by u, ANY difference from mine? Wakakakaka… copycat!
Why USofA can be the largest debtor nation?
Look no further than the internationalization of the US$.
This fact IS beyond uninitiated likes u. If one understands, one understands. Othetwise, ANY more bulls only indicate bodoh-sombongly know nothing!
Wakakakakakaka…… a real monkey of the play. Enjoy…
Wah! Pseudo John talking about Singapore national debt. Last check those singaporeans did this stupid in public in singapore nearly commit suicide, I do wonder if Psuedo john can pull up the stunts.
DeleteJohn,
Do challenge Thaman Shamuratgam in eprson in singapore now
CK is obviously in the dark about anything in the real world except his infatuation with Sinkie.
DeleteEverything he claimed is so wrong. No, they don't have the strongest financial foundation, the Swiss do. No, their living standards aren't amongst the highest in the world, the Scandinavians do. But they are amongst the highest cost of living in a country, some years back they even topped Hong Kong as the most expensive place to live.
The old and jobless have to continue working clearing tables in foodcourts and they aren't even allowed to sleep on walkways, so they scurry to god-knows-where for shelter.
Let me ask you, if Temasek & other GLCs were so profitable, why is their returns via CPF is only a measly 2.5%? The truth is, their investments got pounded badly in the Oil Depression.
The rest, I don't see the need to repeat what I wrote. If you'd only remove that rose-tinted glasses and open your blinkered eyes instead of spouting untruths and figments of your imagination, you'll see the truth. Go talk to their citizens for godsakes!
And go wash your mouth with Dettol before you do, because the filthy language coming out of your mouth reeks of barbaric garbage. Remember: Manners Maketh Man.
Tell you what Looes. You go challenge this guy https://thehearttruths.com/author/royngerng/
DeleteAnd I'll try my best to challenge Mr Thaman. Are you game?
I thought all accountants/economists are the quiet types, always poring thru figures in ledgers and working thru the night and presenting the financial status to the boss when asked for.
ReplyDeleteUnfortunately, this accountant/economist is also a politician.
So, what's the problem?
Be a pig la.....nostro
Deleteif I was tokong with a cocky persona to boot, I would tone down the rhetoric already... the once grand party is still reeling from the shock defeat.. once they are back on their feet, a cocky chinaman helming the finance portfolio will be game on...just watch this space...ex umno Jasin and daim knows what they are talking about...hope tokong can take a hint
ReplyDeletehttps://www.thestar.com.my/news/nation/2018/05/25/guan-eng-irb-to-investigate-jho-low-over-1mdb/
ReplyDeleteTHIS Lim Guan Eng step may actually be too nasty, too much, but is likely to be effective.
The key to the truth with 1MDB lies with getting Jho Low to sing.
And Lim Guan Eng is going to put the screws on him by the LHDN going after him and his family.
Jho Low is believed to have secreted a portion of the 1MDB loot with his parents, who now have a huge family trust. LHDN does not even have to prove any criminal source for the wealth. It may even be Halal for all we know, BUT income not declared to LHDN will get them into deep shit.
After that..Jho Low may be forced to return home to sing to protect his parents from jail.
I did once say Lim Guan Eng is a Very Nasty man....wakakakaka..
“People think that public debt is like a household debt, hence, they buy into the neoliberal nonsense about the government going ‘bankrupt’ and then it’s financial armageddon and we will all die,” says Winningham. “It’s total nonsense. The public debt is just a bunch of savings accounts that pay interest.
ReplyDelete“People think it will improve their lives because they believe that the government’s debt is their debt. In reality, the government’s debt is the private sector’s asset.” ~Economist, Ellis Winningham
" In reality, the government’s debt is the private sector’s asset.” ~Economist, Ellis Winningham"
ReplyDeleteThe citizens of Greece and Spain found out too late in 2010/ 2011, and Argentina today, that Government debt is actually real and can be a crushing burden to repay.
Does the current MB Perak got a fake degree certificate from Edith Cowen University? ~ Steadyaku47
ReplyDeleteProbably true... wakakaka
DeleteFibd 4 witnesses.....nik aziz told me to tell u
DeleteSarawak Report , Din Merican, Malaysian Chronicle, most of the earlier Blocked Websites now unblocked.
DeleteBUT Steadyaku47 still blocked.
Looks like this "New Malaysia" Federal Administration still has its list of "Undesirable" Blogs.
I use a proxy server to bypass the MCMC block, but that is a different matter.
https://m.malaysiakini.com/news/427058
ReplyDeleteMeanwhile ex-Sabah Chief Minister is now a fugitive... wakakaka...
Memalukan.. or as Semi Vellu once said "Kemaluan Saya"" eakakakaka..
Minority Govt Rule by Fatwas, by ‘Eminents’
ReplyDeletehttps://helenang.files.wordpress.com/2018/05/ge14-popular-vote.png?w=455&h=372
Lim Kit Siang
✔
@limkitsiang
1st day of 13th Parliament today held under haze, symbolic of widespread questioning of legitimacy of Najib as PM of minority government.
10:58 AM - Jun 24, 2013
4
54 people are talking about this
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The More Things Change, the More They Stay the Same
As Mahathir Mohamad spearheaded the destruction of Umno, so, too, we see Harapan, the DAP especially, being set up for annihilation from the inside out, from outside in and from all sides.
Here are the ominous signs, but don’t expect to find them in Malaysiakini:
Fewer than half of Malaysia want Pakatan. Which, however, speaks in Christian, Anglophile linguistic terms of a ‘new dawn’, a new Malaysia, as if there had been a revolutionary replacement of a hated government. Umno may hated but who says — which God decreed — Pakatan is the anointed replacement? Take Perak for example. Pakatan was before GE14 so cocksure but couldn’t have it without two BN defections, exactly the status quo ten years ago.
Minority government. When Barisan was in minority at GE13 with 49% of the popular vote, Pakatan, Lim Kit Siang in particular, questioned the former’s (moral) legitimacy to rule (see his tweet above). Now, with 48% instead, there is just silence — not even a murmur, much less ‘widespread questioning’. The silence is reaffirmation of Anglophile/Christian contradiction and hypocrisy as an astounding fact.
Mal-apportionment and gerrymandering. Since it took so little to remove Barisan — the knife cuts both ways, you see — there is now no incentive for Pakatan to want to change anything electoral. Again, no drum-beating, from Bersih especially.
100 days agenda. There has been a lot of talk, of police raids, of heads rolling, of counting beans, but what has changed — fundamentally?
The most glaring case is GST, which is to be reduced to a 0% rate. A 0% rate is not the same as ‘No GST’, that is, abolishing. Another case: The media looks freer, true, and TV3 license won’t be cancelled. But therein troubles start: Both online and traditional media are now suppliant, willfully in fact, to Pakatan authorities. When Anwar Ibrahim was release from jail, one of his first visits was to Malaysiakini, where everybody patted each other’s shoulders, talking of unimaginable sacrifices and bottomless gumption. Yet its editors see nothing wrong with the visit. Under Pakatan rule, however, Steven Gan’s self-proclaimed ‘independence’ from Barisan has become passe: how do you become ‘independent’ of Pakatan which you had glorified as underdog? This is a craft of propaganda feted at a dictator’s feet.
Institutional reforms. Altantuya case might not be reopened and nobody is talking anymore of a Royal Commission of Inquiry. Her case is a reform benchmark because her death and subsequent trial touches all things fundamental: law enforcement, judicial independence, limits of police powers, abuse of civil authority, financial and moral corruption (Scorpene) in high offices, immigration powers, treatment of pendatangs, and plain fairness and human decency.
Soon Mahathir, Anwar, and Lim Guan Eng will confront themselves with this question: Now that we control the institutions, why bother with reforms? We are the reformation! Trust us!
When BN was 49% PR was 51% yet BN got to rule of cause everyone want to question. Now PH 48% there is no one else more than 48%, PH is the highest so what to question?
DeleteThe abolishment of GST require to follow procedure which take time, explanation is in the open, if you don't open your eyes to read don't use your god given common sense, please don't embarass us here, wakakaka
Parliament has not convened yet, so GST remains the law of the land.
DeleteThe Pakatan Government smartly used its available powers to Zero Rate GST, with minimum disruption to business accounting processes.
Before that I did have a worry about how businesses, including mine, would execute the removal of GST. The original GST implementation project took months of hard work, and it potentially would take months of hard work to reverse or replace It.
Zero rating it was a very good move.
Peter, people had questioned the legitimacy of the BN Government at 49% then. So why is it wrong for people to, as well, question the legitimacy of the PH Government at 48%?
DeleteThere is a strategy in these aggressive attacks against Najib. LGE sees Najib at a weak point, and likely to crack under pressure without the usual protection from his army of minders. He is all alone now. And when Najib cracks and everything on 1MDB is revealed all the kings horses and all the kings men (ie UMNO) won’t be able to put Humpty back together again.
ReplyDeleteSeem a lot missed the point of this revelation. Mahathir himself was the one that first broke the news of trillions debts. So LGE in his MCA like eagerness to suck up to the boss Cook up some numbers and get scolded for it. Now mahathir mouthpiece go do sarahan LGE also. LGE got burned by mahathir for his loyalty to the old man :p
ReplyDeleteAnyway its always my opinion that LGE is put as MOF simply to be blame, there's no way the can do what is it they had promised to do so its all be sarahan LGE.
Kinda reminds me of 1999 election where mahathir won due to the Chinese vote. We all know what he did next to shore up malay support. Expect history to repeat itself
http://www.freemalaysiatoday.com/category/nation/2018/05/27/pressure-mounts-for-police-to-re-open-altantuya-murder-probe/
ReplyDeletePressure mounts for police to re-open Altantuya murder probe...this time from Ktemoc's favourite DAP guy Ramkarpal...
Time for justice to flow again.
lge n his gang include the blog host sensationalise lge go to jail bec of a malay girl, its their modus operandi.
ReplyDelete