From a visitor 'Zahid Aziz' (from Gerakan Keadilan Monetari /Movement for Monetary Justice) in reference to Sime Darby, SP Setia, EPF lose billions from Battersea:
We often passed by bus Battersea Park with its iconic old power generation Cone tower not yet demolished many many moons ago vacationing in London. Even with a tinge of some misplaced pride then too at a Malaysian development in London.
I agree with this Writer wholeheartedly and more. But most of all the lesson is not about a Malaysian CEO turned hostile but about the need to rewrite Economics. Decisions on where State related companies and institutions should invest should be where it creates employment and economic output for the nation. Not where it creates employment and economic output for other nations!
EPF priorities must be to create jobs and economic activity for Malaysia and stay away from high faluting glamourous foreign project which does nothing to the local economy. Sure it can make lots of money for EPF to declare dividends but EPF economics cannot see that EPF dividends benefits mainly EPF high networth contributors.
Could we not change Economics main objectives from blind profit maximisation to targetted maximisation of jobs, and increased wages and salaries for the people?
Aah we can't change because that comes from a western subject that must be respected and adhered to at all costs. An all too familiar and sad theme that still fogs the present day Muslim minds.
(Note: originally posted to an all Muslim audience group but Im thrilled if others also begin to see the flaws of western world view education)
WTF!
ReplyDeleteEPF has a MAIN aim of securing the retire life of its contributors.
It's NEITHER a job creator, NOR a business adventurer.
As an investment portfolio manager, it SHOULD do what's best to look for profitable investments to enhance it's portfolios.
Leave creating employment and economic output for the nation to the right persons/organisations.
"EPF priorities must be to create jobs and economic activity for Malaysia and stay away from high faluting glamourous foreign project which does nothing to the local economy. Sure it can make lots of money for EPF to declare dividends but EPF economics cannot see that EPF dividends benefits mainly EPF high networth contributors"
If opportunities arise then go for them wherever they r, even in foreign land - aka GIC & Temasek Holding of RedDot!
Yes, economics main objective is profit maximisation. The spillover effects of those maximizations can then be targetted for job creation, & increased wages and salaries for the people by the RELEVANT departments.
Non contributors have NO say in how EPF is been operated, especially those hp6 bleedinghearts looking for free manna w/o lifting a finger!
Governments should not engage in business and
ReplyDeleteshould regulate it unlike Malaysia where the government
has both feet in it and losing money hand over fist
Typical muslim to bring religion into business
No wonder Malaysia is in a crappy state