Wednesday, 12 December 2012

The Flight of The Money Changers



FDR’s inaugural speech tells of money changers fleeing the temple.
“The money changers have fled from their high seats in the temple of our civilization. We may now restore that temple to the ancient truths. The measure of the restoration lies in the extent to which we apply social values more noble than mere monetary profit.
He was speaking out against the free market system. He blamed the private sector for causing the Great Depression. FDR launched his New Deal which became the model for bigger and bigger government. 
We are not going to debate on which side caused the great depression. That will never be an ending debate. Many of us who read economics believed the great depression was caused by the failure of government and coward private sector. More specifically by the incompetence and corruption of the government and made worse by a coward and pliant private sector. 
In a true democracy, the private sector or market system will serve as a check on the powers of the government. 
In Malaysia the coward private sector serves as the running dogs to the corrupt, abusive and incompetent public sector. This is especially true of those groups of people made rich because of political connections and government patronage. They will be the first to be alarmed when they can already see their political patron losing power. 
Look around of us. Which kind of industrialists, business people, contractors and so forth who are rooting for UMNO and BN? Mostly those who have benefited from direct negotiated contracts, those who got licenses and quotas, those who have benefited from government legislative mechanisms –in short those who have benefited from government patronage. The toll collecting concessionaires, the IPP contractors, the holders of APs, infrastructure contractors, the license and quota holders- these make up the cowardly private sector. 
Having said so, we can now rephrase FDR’s inaugural speech to read something like this: the cowardly contractors, license and quota holders, the IPP concessionaires, the AP holders, the parasitic financial analysts are trembling in their high seats and will flee once the will of the people is restored. 
Who represents the incompetent government and speaks for the coward capitalists? PM Najib of course- the consummate showman and recently master–shouter.  Najib’s daily matra is lu tolong gua, gua tolong lu which is now updated to lu tolong gua dulu, baru gua tolong lu. You help me, I help you, becomes you help me first, then I will help you. 
This is the fundamental chink in Najib’s armor and the reason why we say, Najib aint goin to do no transformation. By now, everyone should realize that Najib has given us a lot of BS. Lu tolong gua , gu atolong lu is just a variation of ask not what your country can do for you, but ask what you can do for the country. Here, government is the country. Translated, lutolongguaguatolong lu just means, that the government is the patron, the people the ward that is looked after by a benevolent master. The government is the master, the people are servants. 
That is the mindset by which UMNO and BN operate. Such mindset made UMNO believe that only they can bring the greater good for the people. The same mindset allows UMNO to make the deceitful claim that only it can save the country. it was that mindset that allowed Najib to shamelessly say it in Tamil,“Yipadaithorkin, yeapadaivehlum” which means: “If this team cannot win the battle, no other team can”). Poodah!
What have the money changers done?  We hear of the cowardly and partisan warnings from the profiteers- the investment banks and securities houses or as Walla describes them, the rent seekers, gate-keepers and mind-sweepers. They have lent their support to UMNO and BN saying that if Barisan loses, the market will take a hit because of the uncertainty that follows.
They are of course speaking out of concern for their self-preservation. Because the rent-seekers, gate-keepers and mind-sweepers under a new administration would be retired to graze the grass-less fields of Bamboo River Resort.
The fine and intelligent bankers aka rent seekers, gatekeepers and mind sweepers should ask themselves why is it that Malaysia ranks 54 this year in the corruption index besides loaded with half a trillion ringgit in runaway debts but Singapore spun out from her innards ranks up there at number 5 besides being presently the richest country in the world.
They are alarmed because they see the writing on the wall- the world in which they ply their manipulative trade is about to end. As one blogger puts it eloquently: “ It really amazes me then that craven self-seeking individuals cannot see the futility of making an amateurish foray into partisan politics, at this point of our collective political life, without triggering negative reactions from a large section of the public”

How can we describe their reaction at the prospects of BN losing? I can’t put it any better than the same writer describing the reaction of these money changers as  “lower-order histrionics and a pathetic needless display of brinkmanship for and on behalf of money-grubbers”

11 comments:

bruno,  12 December 2012 08:37  

Dato,let's just look at the US gomen ,partisan politics and the fiscal cliff.Now the private sector is putting pressure on Uncle Sam and the politicians.The big companies have cut down on future spendings and expansion plans.Some have even downsized their workforce,forcing the politicians backed onto the walls.

It is just a matter of time before the fiscal cliff is off the radar and settled.Because of pork and barrel spendings and trying to be a busybody being the policemen of the world,the once mighty US has come from the world's biggest creditor to being the world's biggest debtor.

Starting next year there will be a lot of cuts in public spending.The US debt is getting out of control and they are trying to rein unneccsary spending or follow the route of the Pigg's nations.

Just as corruption and cronism has put Malaysia on the corruption map.It is only behind third world countries in the corruption map.But is trying very hard to hit rock bottom,as can be seen recently of even the wanita heads making headlines for all the wrong reasons.And the AES given to cronies,instead of the RTD or PDRM.

And on the brink of defeat,the Umno BN is trying to scare the Malays being beggars in their country,the Chinese being the boss over Malay politicians and the resurrection of the ghost of May 13.

The feeling on the ground is that BN will get the stick.No matter when Umno/BN gets the boot,whoever in PR becomes the PM,even a fool or donkey cannot do worse than what is happening now.



bumi-non-malay 12 December 2012 10:37  

Najib/Muhiddin UMNO-BN Mantra - gua tolong lu, kemudian gua LELONG lu....


Lepas 55 tahun...dah kebas malaysia dan hunga 1/2 TRILLION....anak anak semua, 1/2 trillion TAK akan di bayar balik.

Jadi semua lang kat Malaysia ada 2 Pilihan.....

1) Undi UMNO-BN dan terus dengan hidup Sengsara....

2...Undi Pakatan dan terus hidup sengsara tapi dapat lihat semua kroni, anak2 dan ketua UMNO-BN hidup lagi sengsarra kat Hotel Sg. Buloh!!

ini realiti Malaysia.... Hutang akan tetap hutan 1/2 TRILLION dan Akan Meningkat sampai 10 generasi .... Sabah/Sarawak harus keluar Malaysia kalau boleh untuk bagi orang Malaysia satu Pilihan lain...untuk bina Singapore 2 & 3....

akma@site 12 December 2012 12:13  

Artikel yg amat menarik perhatian saya.Tahniah.Teruskan

Anak muda Malaysia.

Pengundi,  12 December 2012 12:14  

You ni tidorlah....lama u tidor tak bangun-bangun! orang lain buat kerja you cuma mendengkur....kesian....Sak, wake up! You sounds like you are loosing more and more of your resources! You think there's a hope to build your own Kingdom of Heaven with Anwar Al-Kitol? Dream on.................

Rahmat,  12 December 2012 13:15  

Dato,
Tunku Abdul Rahman, Tun Razak and Tun Hussein Onn = Mr. PRIME MINISTER

Tun Mamak Mahathir, Tun Abdullah Badawi and Najib = Mr. PROFIT MINISTER.

Since the mamak took over, the government has been fucking the Rakyat until they does not need to have sex any more.

OneMalaysian,  12 December 2012 13:32  

Dear Sakmongkol

The moneychangers that you talked about are normally referred to as plutocrats. Yes, we don’t live in a democracy but in reality a plutocracy. One man, one vote, although a vital element of a democracy, is insufficient condition. Why? Because in Malaysia the vote is easily manipulated through electoral fraud, gerrymandering, bribery and unrepresentative seat allocation in Parliament. The population to seat ratio between rural and urban seats are frequently in excess of 4:1, when a 25% differential is what should normally be the case. Also, large segments of the population are not sufficiently competent to use the one man, one vote system. This system assumes that the vast majority of voters can make intelligent choices as to who should represent them, and the election issues at stake. But we know that in many rural areas, especially those in Sabah and Sarawak, many Malaysians do not even have portable water and electricity. Without access to the Internet and unbiased news, how can anyone make intelligent decisions?

So decisions are either coerced or influence through bribes. Haven’t we heard of rural voters receiving cash to vote for UMNO/BN? This is rampant in Sabah and Sarawak, where RM200 will buy a vote. In the peninsular it is RM15,000 in Felda schemes, and across the country RM500 via BR1M. Unfortunately, this works to some extent. Democracy isn’t worth much to poor Malaysians – kept poor by a government that has ruled uninterrupted for 55 years.

In the meantime a class of plutocrats has emerged since 1971 when the original NEP was promulgated. In the initial years, rent-seeking behaviour wasn’t noticeable because the beneficiaries of the NEP weren’t adept at exploiting the policy. All this changed when Mahathir became PM (later dictator). His privatization policy started it all. Lucrative projects were given to well-connected persons on preferential terms without the need for open tenders. Thus we are lumbered with those lopsided IPPs and highway concessions. This policy continues unabated. Why so despite widespread criticism and condemnation? That is because the survival of UMNO itself depends on the kickbacks from such contracts, money that it needs to finance elections and to bribe voters. So this symbiotic relationship between the UMNO-related plutocrats and their partners and the UMNO politicians underpins politics in this country.

So we are in reality a plutocracy, not a democracy. Will these moneychangers take flight should UMNO/BN lose GE13? You bet.

walla 12 December 2012 18:19  

Umno's method of government is simple.

Render the rakyat powerless so that politicians and plutocrats can enter into unchallengeable and mutually beneficial symbiotic relationships where crony businesses contribute to political and personal funds in exchange for pre-tender and monopolistic favours.

That's why Malaysia ranks dismally in the Bribe Payers Survey.

How do they render the rakyat powerless?

One, subvert the election process with incumbent first advantage through gerrymandering, postal voter coercion and other assorted sleight-of-hand methods. This blocks the rakyats' choice of leaders to make changes to the government.

Two, play the communities against one another by spooking them on race, religion, rights and royalty. This channels their energies away from the criminals.

Three, influence the executive arm to exercise selective interpretation and prosecution of the law. This protects the criminals against the citizens; and

Four, control the media to spin in order to disqualify or deflect exposures. This confuses those rakyat who are less conscious of federal machinations.

Take the case of the politician who impressed on voters that he would cut off his ears and jump into the river if Umno loses.

Either he has taken to the dutch painter Vincent van Gogh who did actually cut off his own ears owing to some neurological disorder or he was just showing off how confident and brave he is.

If that be the case, why was a 71-year old frail lady detained just for asking him to apologize on the Lynas matter?

The Rakyat Of Malaysia may want to ask how frail must a citizen next be in order for him to jump into a river.

And if he doesn't do so, can the same ask him whether it is because he already knows it will be toxified by radioactive waste? Will the rakyat who do so also be detained? Won't that action then be a residual expression of an ISA that has been officially said to be expunged?

People First is now people first to be detained. That seems to be point three above.

On which matter, there is something else even more insidious and sinister....

The MACC chief has finally come out to lament that his organization has been hamstrung by a lack of legal scope to go after the big fishes of corruption who operate by proxy approval of awards to their relatives and hangers-on.

Now Umno has been ruling for over fifty years. It knows damn well that corruption is the biggest issue in this country because the issue perverts and subverts everything and runs against the trust voters place on a government for clean administration of their money and state wealth.

walla 12 December 2012 18:19  

2/2

Corruption is the juice that courses through the veins of politicians in bed with plutocrats whose cohabitation then corrupts all socio-economic development resulting in societal tensions, ethical degradation and national losses in every arena of progress.

Prices are marked up, corners are cut on quality and taxable revenue is unreported.

Once taken root, precedent is created to repeat the process of ripping off the rakyat and each new deal gets larger and bolder, creating inflation that is only left for the rakyat to experience including those in Kamunting who have to sing the Rukunegara every morning, a manifesto that its creators seem to have themselves ignored with wild abandon.

Yet knowing that corruption is a malignant malaise of the most macabre magnitude, Umno has done nothing to enlarge its laws that will enable the MACC to go after the big fishes of corruption. Why? Will Pengundi of 12:04 above amongst others hazard to clarify?

It cannot be that Umno doesn't know the prevailing legal provisions as they stand have been found in wanting against corruption where it has been the most destructive of national wealth and taxpayers funds.

Therefore when Najib publicly expounded his new theory on how to reduce corruption by a more 'holistic' approach, the Rakyat Of Malaysia may be forgiven for wanting to stop him in his track and ask him to just focus first on a more 'holy' approach.

Like change those laws, change the AG as well, free the MACC, and go after the big corrupt culprits. It is indeed painful to note that TRH merely echoed Najib on the matter recently. And stopped just at that.

As voters go into GE13, remember this deliberate omission - Umno has done nothing to enlarge the scope of the laws on corruption when doing so could have nipped the disease in the bud long ago.

So long as Umno runs this country, it'll always be the same malignant cancer. Because if Umno enlarges the law, it will net all of its own leaders. What other explanation can there be for the deliberate negligence?

After reading this, they will say vote for us so that we can indeed change the law.

But since the Rakyat Of Malaysia no longer trust one word from Umno, they can't do that.

Because to do so it will mean they have to subscribe to Umno's you help me first so that i can help you later.

Because that's the usual blackmailing method of the mafia, thugs, triads and gangsters.





Sumpitan Emas,  13 December 2012 02:09  

1/2
Vanakum, first my thanks to Walla for the compliments (8Dec12); even big mouths with tired fingers need a boost, thanks mate.

Still on sympathetic, fortune-tellers. Here are samples taken from the Press over a few days:
29Nov: Eastspring Investments Bhd Chief Investment Officer (Equities) Yvonne Tan Hong Yean had cautioned that foreign funds might opt to stay out of Malaysia if there was a change in the government after the general election,"..if a new government comes into the picture, there will be a lot of uncertainty.”

29Nov:Fortress Capital Asset Management (M) Sdn Bhd chief executive officer Thomas Yong said: “It is certain that the Opposition has no track record governing the Federal Government. So we shall have to wait and see.”

04Dec: Chief economist at RAM Rating Services Bhd, Dr Yeah Kim Leng, "..the other hand, a win by the opposition will create uncertainty at least in the short-term,” he told Starbiz on Tuesday.

12Dec:JP Morgan Securities (M) Sdn Bhd executive director of equity research Mak Hoy Kit (pic) opines,"
We are now Neutral' on Malaysia because of the general election overhang. Investors will be worried if the Opposition wins. When there is uncertainty, investors typically act negatively,”

The operative word is "will". Operatives in the investment world seems to have honed their sense of confidence but not their communicative skills, knowingly or unknowingly, to the level of the snake-oil peddlers, believing that truth is confirmed by repeated affirmation of a point of view, reinforced by "will", which by force of habit is expressed as if it is a statement of fact. This is how BN politicians operate morphing opinions into facts. In simpler times this went unchallenged, but when the facts translate into hundreds of millions of Ringgit for a select few and the fiction for the rest to hallucinate upon, a backlash is inevitable — no more hati berulam jantung, suffering in silence.

Business must remember the business of business is still business, nothing else, no more and no less. Stay with the High Priest from the Temple of Ultraliberalism, Milton Friedman, who articulated "the idea of a 'bonum commune', a common good, or even of a 'public interest' has no place" in the obligation to freedom to do business, in a trenchant article in 1970,"The Social Responsibility of Business is to Increase Its Profits" (H.Kühn p191). Though "the relevant laws are to be observed,..no one should speak of a so-called 'social responsibility'."

Sumpitan Emas,  13 December 2012 02:09  

2/2
Now, of the four quoted above, the most guarded and fail-safe is that by Dr Yeah, who seeks sanctuary in "at least in the short term." — I have no quarrel with that.

The second by Thomas Yong is barely decipherable — it is certain that..., or it is a fact that...?

The first and last are as Walla has described quite appropriately as, 'craven'. "Will" destroys completely and utterly any pretense at impartiality. The impulse to increase profits for a company need not have degenerated into a fortune-teller's mumbo-jumbo in poor imitation of a voice from an oracle: “..there will be a lot of uncertainty....Investors will be worried if the Opposition wins.” Poochi!

Why do I feel strongly that people from investment and securities follow Friedman in the best of times and in the worst of times. Telling the public that if the Opposition wins, the market will be spooked is grovelling. Did anyone from among these do-gooders warn us that the market would be spooked in July 1997, and again in October 2008. Not one as far I can remember said anything about the catastrophe that was awaiting us in 2008. It was all about increasing profits by increasing sales; there was money to be made all kinds of fees and commissions.

No one, except one Jason Leong,Executive Director of Paddy Schubert Consultants S.Bhd., who wrote in the Edge 25 Feb 2008,"Future shocks in the financial world" presciently warned what actually happened eight months later. That's the name to remember and to take heed.

He started with "A man with a briefcase can steal more money than 100 men with handguns. — Don Corleone, The Godfather.

Jason recounted Nick Leeson's curt opinion,"Haven't they learnt anything?" when told about how Jerome Kerviel had caused Societe Generale to lose US$7.1 billion.

...(by Feb2008), US stocks have lost about US$1.5 trillion from their high in October 2007. Worldwide, stocks are off about US$ 5 trillion.....Peer Brück, Germany's finance minister, warned that losses on securities linked to US subprime mortgages could reach US$400 billion. AIG has written US$78 billion of credit default swapson credit debt obligations(CDOs), which protect the purchaser from a CDO's failure to pay...It would be interesting to know who is on the other side of AIG's bet....there are US$45 trillion of credit of credit default swaps out there. A default of a mere 10% would cause an economic disaster. The possibility of this is happening is increasing...Companies like Citigroup, AIG, Merrill Lynch, Lehman and Morgan Stanley might think they are hedged. But who is insuring these bets? This is done through what is known as monoline insurance, which is used to guarantee against default in asset-based securities (ABS). These monoline insurers call themselves "financial guarantors" but they are actually 11 poorly capitalised, loosely regulated entities, all based in New York and regulated by that state's insurance regulator...

And the rest, they say is tragedy.

I actually helped three friends to disengage in time, and with one was rewarded with the privilege to pay for the lunch! This guy subsequently and quietly went into gold,lost all, and came back for help. Showed him my arthritic middle finger, and I THINK he WILL not have an erection for the rest of his natural life.

Snake oil touts, get off our backs! I shall remember all the names.

Nandre.

monsterball 13 December 2012 14:36  

After listening to Rafizi and his companions in HongKong....and presenting new evidences...the said HK Authority said they are valid reasons to open the case and arrest Musa.

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