Friday, November 30, 2012

Umno Running Scared?

It seems that Umno is so scared of losing that they have even roped in experts to scare Malaysians into believing that the local bourse and Malaysian economy will go into a tailspin should there be a change of government following the coming 13th general election which must be held by the latest mid next year (see front page report The Star 29 Nov 2012)

This would continue for several months at least until the new administration came out with clear and firm policies.

Well, perhaps the experts need, for a start, to read Pakatan's purple book - Buku Jingga - which sets out what the coalition plans to do when they come into power.

But what is there for investors to fear Pakatan, who have shown that they can govern and govern well.

Just look at Penang and Selangor for example.

Since Pakatan took over the state governments from Barisan in 2008, both the states have attracted, and continue to attract, the highest level of foreign direct investments among all the other states run by the Unmo led Barsian coalition.

That alone should give the lie to the experts' prediction.

In a laughable attempt to further convince voters not to go for a critically needed change of government after more than half a century of Umno dominated politics and mismanagement of the nation's economy, the experts even said that next year's economy will grow by 10% if there is no change of government!

Wow, this is truly impressive, man! Double digit growth during a time of world-wide economic and financial uncertainty!

Even China, which has enjoyed double digit growth continuously for the past couple of decades, is not confident that their economy will enjoy a double digit growth next year!

Perhaps, the Chinese should come seek help from Umno. Ha ha.

And that predicted 10% economic growth for next year is more than double this's year or that of the past several years'!

Umno must be an economic prodigy indeed, if they could just double the economic growth all of a sudden in these trying economic and financial times!

Perhaps the Umno guys are all fellows of the Hogwarts Magic School of Economics? Were that this was so.

Now, everybody knows that this year's economic growth rate, as that of the past recent years, was largely based on hugely inflated public financed projects on the back of some long years of deficit national budgets that have ballooned the sovereign debt to beyond the legal limit of 55% GDP

We are not even talking of contingent liabilities - that is, those government guaranteed debts of the GLCs (government linked companies)

It is sooner rather than later, that there will be a downgrading of our credit rating.

Let's see if the Hogwarts magic will be any good then!

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