Mahathir and his grudge against rich Chinamen

From OutSyed the Box:

When You Do Not Understand What Are Riches And How To Become Rich

Dr Mahathir said something silly about "Chinese being rich"

Hello here is some news about a rich non Chinese

RM37 Million unpaid taxes !!

Lets say this fellow was in a 25% tax bracket - that means his taxable income was FOUR TIMES MORE ie RM37m x 4 = RM148 MILLION !!

Wow! Just what exactly was his business that he could earn RM148 MILLION?

But again here is a question for Dr Mahathir's accusation against the Chinese.

Among the Malays, frequently the children of Cabinet Ministers are multi millionaires.

Can Dr Mahathir explain this fantastic feat of socio-economic engineering?

Including his own children of course.

Can Dr Mahathir explain how, despite 50 years of the Dasar Ekonomi Bebal or DEB, despite calling the Malays lazy, lazy, lazy so many times, can Dr Mahathir explain how so many sons and daughters of so many Cabinet Ministers and Prime Ministers can become so rich? Including his own children of course.

It has almost become a rahsia besar or great secret of the Dasar Ekonomi Bebal (DEB). 

Rahsia besar kepala hotak apa? That the children of Cabinet Ministers and Prime Ministers have a much higher chance of not paying "back-taxes" of RM37 Million ? Ha ha ha. Just kidding ok.

Let me rephrase that. That the children of Cabinet Ministers and Prime Ministers have a much higher chance of becoming multi millionaires than the average Melayu malas.

Indeed this seems to be a great success of the DEB (Dasar Ekonomi Bebal).

So Dr Mahathir are you suggesting that all these children of Cabinet Ministers and Prime Ministers became so rich because they worked very hard?

Are you suggesting that they worked much harder than the average Melayu malas - as you called them ?

Dr Mahathir, look at the picture above. Exactly how hard do you think the fellow worked to be able to accumulate unpaid taxes of RM37 million?

Dr Mahathir understands little about business, finance, economics or about hard work.

To be successful in anything you must persist in it.
There are NO get rich quick schemes.
To be successful in anything you must work hard in it.
There are no easy ways.
To be successful in anything you must compete with the rest of the market.
You cannot create successful businessmen through monopolies, protection and subsidies.
But here is the most important component of success in business.

YOU MUST TAKE RISK.
NO RISK NO GAIN.

What the Dasar Ekonomi Bebal has done is :

• Create instant businessmen or 'usahawan segera'. No prior business or work experience required. Hence all or most failed.
• Create millionaires without having them work hard.
• Create entrepreneurs without having to compete in an open market.
• Create millionaires through monopolies, oligopolies, bumiputra contracts etc.

What was really achieved was to create a class of non competitive, non businessmen who did not have to take any or much market risk.

They were shielded from being exposed to RISK.
Yet they were able to become millionaires. For a while.
Many or most of them later went bust.

Another clear case was the billionaire segera. The instant billionaires.

Dr Mahathir created a few Malay billionaire segera but they all went bust except for one of them who still survives on monopolies and giant land deals.

And there is a lesson in the case of the billionaire segera.

Dr Mahathir also helped create a few Chinese billionaires.
The Chinese billionaires are still around.
They have managed to survive the 1998 Asian Financial Crisis.
Now they will likely survive this Corona Virus and Oil Crash crisis too.

But the Malay billionaires have fizzled out.
Disappeared.

So who do you blame?
Do you blame the Chinese billionaires for surviving?
Or do you blame the Malay billionaires for not surviving?

The reason why the Chinese can become wealthier is not just because they work very hard but because they take a higher level of risk.

I have said before there is one group of people who can work harder than the Chinese. That is the mamak businessmen. My gang. But the mamak businessmen do not take as much risk as the Chinese. The mamak stick to the businesses where they already have strengths.

The other group of people who are now moving up and seem to take more risks are the other Indians in Malaysia. The Indians (all groups) seem to be entering non-traditional businesses as well. And they are doing well - quietly.

I know of an Indian logistics company (SME) operating from a few shoplots with over 400 despatch riders (mostly Malays). Their monthly salary expense would have been in excess of RM600,000. Or RM7.2 million a year. This means their annual turnover could be over RM15 million. But this was pre Corona Virus. They get where they are not only through hard work but through taking extra ordinary risk.

I know of a Bangla owned factory which employed 60 Bangla workers. The Bangla owned factory did not employ any Malays. Their monthly salary expense alone would be about RM100,000. Or RM1.2 million a year. They could deliver product (my books) in double quick time. They worked hard and also took big business risks. Again that was pre Corona Virus.

So in the real world people cannot become rich magically.
Not only must they be able to compete and work hard but importantly they must take risks.

NO RISK NO GAIN.

So the real wealth of any community is not money, gold and silver.
Money, gold and silver are simply a means to store value.

The real wealth of any community is its ability to work hard, to compete and to take risks.

So if you were an enemy of a people and you want to destroy their capacity to survive, just shield them from competition and shield them from taking risks.

That will destroy them in no time at all.

This is what the DEB has done quite successfully.

Bapa Melayu Malas

Father of the Lazy Malay