Written by (This is the second instalment in a series on the trends 1. Another contributor towards the
that led to the present financial crisis)
per capita and GDP of the rich countries is the banking business.
2. Banks are apparently allowed to lend more money than they have, sometimes as
much as ten times more. When they lend this money which they do not have, it
became their asset on which interest can be earned.
3. Effectively they are creating money and earning profits from the money they
have created.
4. Real businesses cannot do this.
They cannot sell what they don’t have nor earn income from services they don’t
provide. Doing business is therefore far less lucrative than banking. If the
per capita and GDP excludes bank earnings then they should not be as high as is
shown.
5. Because banks can lend more money than they have, the tendency is to lend as
much as possible. In many rich countries banks offer to lend even when the
clients are unable to pay.
6. If the banks lend 10 times more than the money they have then their profit
must exceed the sum they would expect if they lend only the money they have
from capital and deposits.
7. This extra money they earn is not real because it is “created” by
the bank out of thin air. Nevertheless the profits earned from this money would
be part of the banks profits and therefore the dividends for the shareholders.
In the end they would contribute to the per capita income and GDP.
8. Banks also issue credit cards. The credit card holders expend far more than
the money they have with the banks. The excess money is regarded by the banks
as loans which may be charged a hefty interest of up to 18 per cent.
9. Since credit card holders often hold credit cards from several banks, the
amount spent in excess of the money they hold with the banks would be very
considerable. These bank loans from credit cards would again exceed the real
money or assets of the banks.
10. The banks consider that even if some credit card holders fail to pay up,
bank earnings from those who do pay would exceed the loss from non-payment.
11. The credit cards have effectively become money created by the banks. The
earnings of the banks are therefore not from real money held in the form of
capital or deposits. Yet the interest on loans via the credit cards would add
to the profits of the banks. They would boost the share prices of the banks and
contribute towards the profits of investors and eventually increasing the per
capita income and the GDP of the country concerned.
Hello Tun,
Malaysia also practices the fractional reserve banking system. Weren’t you the FM and the PM once? Why didn’t you break our financial system away from this IMF model? We all know it is fraudulent and unjust to all human beings.
The RM is inflated the minute the OPR is in force. The inflation is further aggravated by the BLR. The system becomes a nightmare when banks are allowed to practice the fractional reserve banking system.
Effectively, our fiat monetary supply base is inflated by usury and credit. And, effectively, a huge portion of our economy is funded by debt. To make this matter worse, even the government has to borrow money. Who is the master now? Who is the real cause of inflation?
It doesn’t take an economist to see trough the fraudulent nature of the monetary and banking schemes. In any given economy, the M1 is always much smaller than the M2 and M3. How can any borrower ever repay his debts? Well, under the existing banking scheme, he will need to borrow more of credit, not cash, to keep himself afloat.
Every human being today is in debt, including the government who monopolises the issue and management of fiat money, due to the debt-driven economy. Where is the logic?
Human beings are now being enslaved by the banksters through the fractional reserve banking system. The end is coming. Don’t we all see it yet?
Im late to this but must comment and hope someone reads.
Except for Tun, the level of ignorance in here is sky high. Let me help sort out a few things.
First of all, for many people here, you cant discuss this topic without first watching this brief history lesson on the rise of central banking, Rothschilds, and lending in general–and especially to learn the evils of this and what to do about it.
http://video.google.com/videoplay?docid=-515319560256183936
its 3.5 hours long and the best financial education you are likely to recieve.
Now…Tun Mahathir is correct but Tun didnt complete the sentences. The 10X factor he is talking about refers to the expansion of money supply by printing and through low interest rates. Likewise, the supply can also be contracted by reduction of the money supply itself and by raising interest rates. This is how central banks cause rises and falls in the economy, including Depressions, because when there is a contraction, its also by a factor of 10. So when we fall, we fall big. (im making a long story short here–you will learn it all in the video).
Contrary to another poster, westerners didnt design this system, that was the artwork of the Rothschilds in the 18th century in Europe. In USA, the family established a central bank for the issuance of money and the biggest opponents of this privatization of money were killed. The bank, though it was put out of business twice, persisted and in 1835, under President Jackson, proceeded again. Jackson, who opposed this vigorously, escaped two assasination attempts. Eventually, the Federal Reserve was established in 1913 and thats the system we have in USA until now.
Here is my point. Under this system, the FED prints money as requested by Congress and charges interest for it. The interest is paid through an income tax system, otherwise there would be no reason for a tax. Beginning to see the point? Under Jacksons proposed system, the Treasury would issue the currency interest-free and therefore citizens would not face an income tax. This is part of the evil of private central banking, the ability to charge interest on the money it prints because thats the deal it made–at gun point. Quite rotten for citizens because now they have to pay a high tax to pay the FED back. Their income taxes are for interest payments, not for the country projects. For projects of all kinds, they simply borrow more money. The bailouts and stimulus money in the USA is all done on borrowed money because the USA itself has none of its own. This of course has substantially increased our debt and interest charged. How to pay this? More taxes of course, and hyperinflation.
In Malaysia, according to information available, Bank Negara is a public central bank that doesnt charge interest for the ringgit it prints. First question then is, why do you have 28% income tax? According to history, a country government can survive on excise taxes, import duties and small fees as needed from time to time, (including temporary income taxes to fund large-scale projects like war) because there is an assumption that government runs leanly and efficiently and simply doesnt need more. The cash is printed by itself and distributed freely to banks who them make housing and car loans in their local neighborhood. Supply of money is governed by population under this system which is completely debt-free.
Often is talked about the debt of USA. Right, the debt of the interest payable to the FED. This must stop. Currently there is a movement in Congress to audit the FED as a pre-amble to its abolishment. Bernanke, the FED Chairman often quoted in your news, a private man not in the employ of the government, said in July that he would collapse the USA economy if the audit proceeds. Please see http://www.youtube.com/watch?v=AidBugvVqpw . As distasteful as this is to me, we need the collapse in order to clear the air and start fresh with a new, debt-free currency because the interest on the debt is itself crushing the country and the world. At the moment, Obama wishes to expand the power of the FED into the role of a sort of world finance policeman but then the plan of the Rothschilds would be complete–complete money domination. They already have usd500 trillion, representing more than half the worlds total wealth.
Keep these economy destroyers out, dont allow wealth to become concentrated in few hands as is it rapidly becoming. Please watch the youtube video above and put on your thinking caps.
Charles
American
Dear Tun,
This might sound harsh, but I’d really hope that you could write down/publish/or in whatever means all of your ideas/theories/stands before you die.
I’m not one of the so-called die-hard fan of yours, but yeah, your ideas do sound in many ways. We might in the future need to use your writings/theories/opinions as one of the references and/or as benchmark.
And I think writing in blog alone won’t be enough. Hehe… Publish printed copies and you might win the Nobel Prize.
Rgds,
Adan
Salaam to all,I’d like to share with you a few interesting websites about the Rothschild(finance &banking) Dynasty:
Rothschild offices: where thay are:
http://www.rothschild.com/officesworldwide/#
How the Rothschild Dynasty works
http://www.realzionistnews.com/?p=190
Dr. Norshinah
Norshinah
Salaam TUN,
We all love you and your God-given gift of knowledge and wisdom which you continue to share with all of us who are willing to listen and appreciate. Problem is, MOST of us do not read beyond the first paragaraph.
AS in the last sujud in Dhuha prayers (solat dhuha), we plead to Allah: ” Oh Allah, please give us knowledge and wisdom and rezki(rewards), oh You are The Giver”.. 40 times.
Here’s a page on you-tube documentaries about the secretive and manipulative banking system.
http://video.google.com/videoplay?docid=-4994180246572680840&hl=en
Thank you,
Norshinah
Dear Tun, salam mesra moga sihat sejahtera. Kiriman saya dgn izin…
Financial system like human body. Feed it wrong food, the body gets sick. As with any item of power, pray it does not get into wrong hands. Lets pray DEB does not suffer similar manipulation..
…………….BANKING HIJACK
It is the people who foul up the system, not the fault of the system. The system is not evil, false or flawed. It is the people entrusted with it. Slip of the tongue is not fault of the mind.
…………….ECONOMIC HIJACK
What happened to the banking system is similar to what Umno has done to DEB in creating false bumiputera economy..
>>Spend more than the Malays can earn, via borrowings, leaning on others (akin bank lending beyond resources)
>>Create wealth out of thin air not hard, productive work via monopolies, concessions, permits etc. (akin create new banking wealth)
>>Create wealthy bumiputera businessmen not worthy businessmen to boost party (akin credit card business to boost bank income)
…………….COST OF FAILURE
Umno failed to unite country and widened polarity, DEB failed to help general bumiputeras, banks failed and brought down the economy. These systems created monsters, evil and failures even though their intention was noble (like banks) in the first place.
Do we hack down these institutions?
Salam.
This is really similar or is actually the money multiplier process.. Pardon my lack of knowledge, am still struggling for a degree.
Anyway, this is exactly why Islamization of knowledge IS an important factor to be considered by the government. With the recent economic meltdown people are talking about Islamic banking but please be reminded that Islam is comprehensive, syumul. Let’s not stop at the banking sector. Go all out and spread the beauty of Islam. We’ve seen enough damage that the human mind could create due to greed. Even the Islamic banking sector itself faces these problems. Implementing a full Islamic banking system in the country won’t work out if the people are greedy. They would still find a way to manipulate the system, any system for that matter. We’d need to educate the people. Then, we won’t have a problem of bankers acting the way they are now and credit cards won’t be such a problem as a more educated society won’t be stupid enough to fall for magical plastic cards. Heck, even if the banks are lending more than they have, at least then no one’s gonna borrow that much. Thus, banks not being able to lend that much. Borrowing in Islam should only be done in critical, life-threatening cases. And no, not owning a fast car is nowhere near critical. Again, sorry if I went way pass the topic.
Salam sejatera Ayahanda Tun,
//By Datin Sofiera on April 27, 2009 4:44 PM
(quote) 4. Real businesses cannot do this. They cannot sell what they don’t have nor earn income from services they don’t provide.
hahaha apparently my boss can sell & provide IT services yang tak wujud. hahaha my boss memang pandai main silap mata. haha//
Yes, your boss “ingat dia pandai main silap mata”. I am sure many of these bosses (rich people) have learned their “mistakes” now when they realized “money create out of thin air” has turned into “hutang create out of thin air” that will haunt them for the rest of their lives. If they are wise, they will wake up and learned from the mistake, if they do not accept defeat, they will continue their expertise in “main silap mata” through cables (create out of thin air jugak)that will eventually contribute to the modern (or balloned????) banking system and the false economy in Malaysia one day.
I will stick to our rukun negara in “Believes in God” (to advoid mistakes before it’s too late) rather than “God Saves America” (made mistakes and ask God for forgiveness) attidute.
Take care and good luck, Datin Sofiera.
Some people are happy to talk about “Islamic Banking”, I hope they are talking about real Islamic Banking, because the Islamic Banks we find today are not truly Islamic. I wish to inform that there is a Bank in Sweden that operates on an interest ‘free’ basis, it is called JAK BANK, please check them out. You can find information about them also in You Tube.
Dear Tun, salam mesra moga sihat sejahtera selalu. Dgn izin…
…………..BANKING HIJACK BY ROGUES vs ECONOMY PLUNDERED BY DEB
It is the people who foul up the system, not the fault of the system. The system is not evil, false or flawed. It is the people entrusted with it. Slip of the tongue is not fault of the mind.
The banking system and the false economy of the country is same as Umno’s political system and the false economy for Malays. What happened to the banking system is similar to what Umno has done to DEB…
>>Spend more than the Malays can earn, via borrowings, leaning on others (akin bank lending beyond resources)
>>Create wealth out of thin air not hard, productive work via monopolies, concessions, permits etc. (akin create new banking wealth)
>>Create wealthy bumiputera businessmen not worthy businessmen to boost party (akin credit card business to boost bank)
…………..COST OF FAILURE
Democracy failed to develop nations, Umno failed to unite country and widened polarity, DEB failed to help general bumiputeras, banks failed and brought down the economy. These systems created monsters, evil and failures even though their intention was noble (like banks) in the first place.
Do we hack down these institutions?
YABhg Tun,
Those elit rich people are just bunch of crooks with their fancy designer suits, mansions all over, fleet of expensives cars..you name it. To put it mildly, they are all bunch of ” along “. The only difference is that these so called powerful nation/government that they manage to hold by their b**** help legalise all their money making business activities. Why..,they even manage to rob nations of their wealth through these government. Just look at Iraq. Why do you think these so called powerful nation not attack and free all those poor people/nation like Ethiopia. NO OIL MA…!!!
Like you say sir, rule by proxy.
Sir,
You really sound like what Mr Robert Kiyosaki write in his book… EXACTLY……
NIXON has a major role in pushing in FUNNY MONEY created form thin air when he PRINT OUT PAPER without GOLD as its tangible asset.
Hemmmm…. Hope many people realized this. Capitalist had take advantage of this, and here we are, “ECONOMIC RECESSION”….
Bravo on your explicit exposure sir..
You are misguided, misinformed, and mistaken. You are surrounded here by yes-men who base their information on hear-say, add paranoia to gossip, and follow-through decisions with unsatisfactorily performed research..
And it’s laughable to see you attempting a blog.
I agreed on everything Tun said. Current banking system are really corrupted. Just like Tun explained about the credit card, average Malaysian have at least 2-3 cards. From my opinion, it is nearly impossible to really pay off the credit cards debt unless payment in full; monthly payment will not get elsewhere because of bank interest + late payment + others… I don’t think bank really want their card holders to settle the debts because if they do, there aren’t any profit anymore. This way will ensure killing of the card holders. Plus, nowadays there are unemployment is truly high.
OV
YABhg Tun,
Getting involve in ” the real economy ” doesn’t make money. Well, not at the amount that these greedy bloody capitalist would be interested in. If people who bombed and kill…are called terrorist, I would like to know what people like George Soros and others like him, who , overnight can bankrupted a nation..are called!! Yes, people like Madoff..!!!!
Quite simply put, bankers do it with ‘interest’. In Malay, do it (Duit) dengan faedah.
In reality, Banks are just licensed money lenders, protected by legal ‘sharks’.
If one has the cash, there is no need to borrow.
But, borrowing has become a business culture these days.
A GOOD MAN DOES NOTHING.
Reading the comments I find many ignorant supporters praisng every word of yours but also some well written pieces explaining the banking system etc & refuting your remarks.
Tun, I don’t understand what you are trying to achieve with such comments in your blog.
I am sure you understand the banking system & the present day financials. Yet why do you make such simplistic remarks where your less informed supporters will be further misled? You are still respected by them as an elder & shouldn’t your duty be enlightening them to the TRUTH. One can understand if you are still in politics & say things to gain votes (not that I agree with all your previous lies to achieve what you got – because our sins will one day catch up with us & darken your reputation even if your Allah forgives you)
Those who understand the banking system will rubbish your comments & certainly those comments cut no mustard with the Western nations.
I think you owe your followers a duty to tell them the TRUTH. Why do you want to make them to simply hate the West. You can’t succeed now when you didn’t during your 20+ years in power! And even if you can where would you leave Malaysia with such hateful citizens? Can you forsee any other financial system being develop to replace the present? Only the enlightened/educated will progress even if a new system is developed, the ignorant will again be outplayed & exploited. If you truly love Malaysia help its citizens to know the truth & the truth will set them free.
Saya bersetuju dengan pandangan Pak Belalang mengenai anak-anak yang dipaksa memeluk Islam baru-baru ini. Pendekatan “keterbukaan” yang dicadangkan oleh saudara Pak belalang adalah “logical” dan munasabah dan perlu diberi perhatian dan pertimbangan oleh pihak berkenaan. Kita perlu menunjukkan kepda orang bukan Islam bahawa agama kita adalah suci, murni dan bertimbang rasa terhadap orang lain.
ABI
Assalammualaikum Tun.
Sama seperti Tun, sudah lama saya perasan akan perkara ini.
Perbankan konvensional memang memeningkan kepala dan menyusahkan orang ramai. Apa tidaknya, BLR dan kadar faedah turun naik mengikut situasi ekonomi semasa dan yang menjadi mangsa adalah para peminjam. Sebab itu saya sangat menyokong perlaksanaan perbankan Islam. Senang dan mudah. Dengan menggunakan akad, bayaran ansuran pinjaman adalah konsisten sepanjang tempoh pinjaman. Tidak kira pada peringkat individu atau organisasi. Kalau semua bank melaksanakan perbankan Islam, semua rakyat dan badan-badan korporat akan jadi lebih mudah menguruskan kewangan dan pinjaman masing-masing.
Seperkara lain, perbankan Islam, walaupun masih menggunakan cara kad kredit untuk meminjamkan duit yang sebenarnya tiada, adalah lebih munasabah caranya jika dibandingkan dengan pengiraan faedah kad kredit perbankan konvensional yang seperti ‘lintah darat’.
That’s why, now I am a fan of Islamic banking facalities. Just take a look at how Bank Rakyat has perfomed throughout the years. This bank practices 100% Islamic banking and can be the personification of future Islamic banking in Malaysia. Using it facalities are not just giving me the feeling of freedom, from worrying about the increase in interest rates that later let some customers play escapism by refinancing the loans, but apparently, Islamic banking soothe me with some sense of contributing towards the growth trend of it, and I feel almost free too, from the forbidden, so-called ‘riba’.
Oleh itu, marilah kita ramai-ramai memeriahkan lagi perbankan Islam. InsyaAllah, ada keberkatan dalam perasaan ‘menyumbang’ dan bukannya membayar pinjaman seperti berada di dalam keadaan ‘keterpaksaan’.
Percayalah kata-kata saya.
Sekian, terima kasih.
PS: Who the hack is Dr Syed Alwi Ahmad then? Shame on him for being a doctor with so shallow minded. Sometimes I think, it’s better to keep my mouth shut and give the impression that i am stupid than to open it and remove all doubt. Mr. Syed Alwi, I feel so pity for you.
Hello Tun,
You’re a doctor but I can see you’re very interested in Politics,business,banking & economics generally.Actually it is only wise & advisable to spend & even borrow from banks either through credit cards or overdraft within our means to pay back.So it’s very important to have collateral securities to prevent bankruptcy.Right now the world’s attention seems to be focused on detecting & preventing Swine Flu.It seems God wants to teach man to be more resilient,God-fearing & more caring about health issues first.You got to have good health to enjoy your wealth.
The world has not solved its financial crisis & here we are facing a global health crisis & a possible pandemic.Looks like we will face a double whammy!!
RT
Assalamualaikum Tun,
As you explained about the conventional banking system practiced by the West, other commentors have commented about Islamic Banking as an alternative solution. I would like comment on this.
Conventional banking which involves ‘riba’ or interest has been declared haram by the Fatwa Council. For muslims, the only other option would be Islamic banking.
Indeed, it is near impossible for an ordinary working person to own a car or house by paying cash on the spot. They do not have RM60k cash to pay for a car or RM200k cash to buy a house. They would have to burrow.They would have to get a loan.
Under the conventional banking, the riba have a compounding affect whereby the loan is not paid within a particular period, then the interest portion would continue to increase. Thus, a person who burrowed RM10k can see his liability to increase to RM20k if he does not pay the loan installments. And the longer the payment period, the larger the interest will be.
This has the affect of making the rich (lender) richer, and the poor (burrower) poorer. Such is the oppressive nature.
Now, my understanding of riba is that if I give a loan of say RM50 to friend, if I ask my friend for RM60, then the excess of RM10 is considered riba.
Until this day, whenever I give loan of say RM50, I can never ask for more than RM50 since the excess is riba. Therefore, it amazes me how Islamic loans are able to charge more than the principal amount. Something I am not able to do until this day.
Upon closer examination of Islamic loans, it is not a loan, but actually buying and selling. The people who justify this, says that Islam forbids riba and allows buying and selling.
For example, if a person goes to the bank to get a Islamic housing loan, what happens is that the bank will buy the house from the developer and sell the house to the person at an agreed price. Two contracts are involved. One between the bank and the developer, and another the bank and the person who intends to buy the house.
For me, a loan different is from buying and selling. If I give a loan to my friend, I don’t say i buy and sell to my friend.
Indeed, the issue here is, Muslims come to banks not to have a buying and selling transaction, they came to get a loan.
I think banks should say upfront whether the products they sell are loan or actually buying and selling. This will reduce confusion among people who want to take a loan.
I know, the next issue would be if banks give loan of RM100k and get paid only RM100k, then how are banks to earn profit?
The issue here is not about making profits but about upholding Islamic teachings. If Islam forbids riba from loan, then so be it.
If we got to perform the Haj, or give sedekah and zakat, or build a mosque, do we think of dollars and cents? No, we do it for Allah.
Theredore using the word “Islam” in any product, it should be to uphold the teachings of Islam and not to make profit.If we have the correct mindset, I think Islamic finance can go far in years to come.
Having said that, I would like to congratulate Dato Seri Najib to liberalise the Islamic Finance industry. This way, we can get experts from other Islamic countries and find the best way to really understand what Islamic Finance is all about and applied in this country.
I hope the day will come when Islamic Loan is fully implemented in truest sense of the word, I take loan of RM100k and pay only RM100k.Till this day, no such Islamic banking product exists in the world where 1 billion people are Muslims.
2nd Response to dontplaypucks.
In this second response, I prophesied in my first response that you will only be embarassing yourself that if you do response to my writings, it will only widen your apparent ignorance of “fractional reserve banking”
Argument 1
Just because I quote 2 Economic Experts for you that is not convincing. If we are in a trial, when someone accuse you of something, you must provide evidence to the contrary and bring witnesses.
I brought evidence in the writings of 2 world Enconomic experts but you did not refute any of their arguments as you have note even read the writings of Peter L Bernstein and James Tobin.
So I believe the easy way out is to say that 2 experts is not enough.
Argument 2.
The subject matter is Commercial Banks as Creators of Money. You have evaded the subject matter cleverly and go on to explain how the US Economy went into disaster and then gave a conclusion that we need to resort to Islamic Banking.
I totally understand the mortgage subprime issues which creates the Real Estate Bubble and how non prudency lending causes all this economic chaos. That is understandable.
Yet, that is not the subject matter. Yet, you did not answer the expert evidence given to you and you continued to deny facts given to you.
Argument 3
This is to educate you on Fractional Reserve Banking -
Fractional-reserve banking creates money whenever a new loan is created. In short, there are two types of money in a fractional-reserve banking system, the two types being legally equivalent
1. central bank money (all money created by the central bank regardless of its form (banknotes, coins, electronic money through loans to private banks))
2. commercial bank money (money created in the banking system through borrowing and lending) – sometimes referred to as checkbook money.
When a loan is supplied with central bank money, new commercial bank money is created. As a loan is paid back, the commercial bank money disappears from existence.
Fractional-Reserve Lending Cycled 10 times with a 20 percent reserve rate (sources: The Principle of Multiple Deposit Creation, Federal Reserve Bank of New York, Bank for International Settlements
By its nature, the practice of fractional reserve banking expands money supply (cash + demand deposits) beyond what it would otherwise be. Because of the prevalence of fractional reserve banking, the broad money supply of most countries will be a multiple larger than the amount of base money created by the country’s central bank. That multiple is determined by the reserve requirement or other financial ratio requirements imposed by financial regulators.
So now you are going to say that you disagree with US Federal Reserve Bank and Bank of International Settlement because these entity now agrees with me and our dear Tun.
Argument 4
A note from the US Federal Reserve Bank ;
As the Federal Reserve itself describes it:
“Debt does more than simply transfer idle funds to where they can be put to use — merely reshuffling existing funds in the form of credit. It also provides a means of creating entirely new funds…
“…a depositor’s balance also rises when the depository institution extends credit — either by granting a loan or buying securities from the depositor. In exchange for the note or security, the lending or investing institution credits the depositor’s account or gives a check that can be deposited at yet another depository institution. In this case, no one else loses a deposit. The total of currency and checkable deposits — the money supply — is increased. New money has been brought into existence by expansion of depository institution credit. Such newly created funds are in addition to funds that all financial institutions provide in their operations as intermediaries between savers and users of savings.”
Argument 5
You are so in love with the bank and the banking system that you are willing to forego all your principles in defending them -
I think a Hindu writer will be most fit to explain to you the bad deeds of this banking system in the form of children story -
In his story, The Financial Expert, R. K. Narayan’s main character is a man named Maragaya, a small-time money lender who conducted his business under a banyan tree outside the banking office. Maragaya was fascinated with the idea of compound interest. It was an idea which had served him well, not only in directly multiplying the money that he lent, but also in allowing him to acquire properties upon which he had made loans, for inevitably some of his clients were unable to repay him. This is the picture of the usury trap which Narayan vividly and movingly portrays.
They (the peasant borrowers) went by the evening bus, but leaving their mortgage deed (with Maragaya), and carrying in their pouches three hundred rupees, the first installment on which was already held at the source. The first installment was the real wealth — whose possibilities of multiplication seemed to stretch to infinity. This was like the germinating point of a seed — capable of producing hundreds of such germinating points. Lend this margin again to the next man, as a petty loan, withholding a further first installment; and take that again and lend it with a further installment held up and so on…. it was like the reflection in two opposite mirrors.
You could really not see the end of it — it was part of the mystic feeling that money engendered in Maragaya, its concrete form lay about him in his iron safe in the shape of bonds, and gold bars, and currency notes, and distant arable lands, of which he had become the owner because the original loans could not be repaid, and also in the shape of houses and blocks of various sizes and shapes, which his way of buying interest had secured for him in the course of his business — through the machinery of ‘distraint’.
Many were those who had become crazed and unhappy when the courts made their orders, but Maragaya never bothered about them, never saw them again. “It’s all in the business,” he said, “It’s up to them to pay the dues and take back their houses. They forget that they asked for my help.” People borrowed from him only under stress and when they could get no accommodation elsewhere. Maragaya was the one man who easily lent. He made the least fuss about the formalities, but he charged interest in so many subtle ways and compounded it so deftly that the moment a man signed his bonds, he was more or less finished. He could never hope to regain his possessions — especially if he allowed a year or two to elapse.
There were debt relief laws and such things. But Maragaya nullified their provisions because the men for whom the laws were made were enthusiastic collaborators in his scheme, and everything he did looked correct on paper.
– R. K. Narayan, The Financial Expert
Argument 6 – How money is created ?
Money, on the other hand, is a human contrivance; it is a symbol created by a deliberate process involving entities called “banks of issue.” In the United States, it is mainly the commercial banks which create the bulk of the money supply in the form of bank deposits (or bank credit).
That’s right, most of our money consists of deposits in checking accounts. Only about 30% of the money supply is in the form of coins or circulating paper currency, the familiar Federal Reserve Notes which we use every day. According to the Federal Reserve Bank of Chicago:
“..currency is a relatively small part of the money stock. About 69%, or $623 billion, of the $898 billion total money stock in December 1991, was in the form of transaction deposits, of which $290 billion were demand and $333 billion were other checkable deposits.”
Even Federal Reserve notes, however, while printed by the United States Treasury, are put into circulation by the banking system which buys them from the Treasury for the cost of printing. Money gets created as bank credit. Paper notes may then be exchanged for bank credit whenever depositors prefer to have paper. Whatever amount of paper money is withdrawn from banks is debited against someone’s bank account balance. Thus, even that part of the money supply which appears as paper currency, begins as bank credit.
The amount of credit money which the banking system as a whole can create, is determined by the policies of the Federal Reserve, the private banking cartel which has been given power over money in the United States. The share which is allocated to each individual bank is determined by the amount of deposits which a bank is able to attract from customers and use as “reserves.”
Banks act both as creators of money and as depositories of money. When you deposit your paycheck in a commercial bank the bank is acting as a depository. This money is then available for you to write checks against. But, the money which you deposited had to begin somewhere. You got it from your employer; your employer got it from a customer; the customer got it from his/her employer or customer; and so on back to the beginning. The important thing to understand is the nature of that beginning. Banks create money by making loans. The money which you received in your paycheck was created at the point when the bank, acting as a creator of money (or bank of issue), granted a loan to someone and credited her/his account for the amount of the loan.
Here’s the way it works. Company XYZ goes to a commercial bank and receives a loan to expand its business. The bank simply credits the account of Company XYZ for the amount of the loan. Where did the bank get the money to lend to Company XYZ? It didn’t get it anywhere; it created it. Unlike savings banks, savings and loan associations, and other “thrift” or depository institutions, which primarily can only lend out money that has been deposited with them, commercial banks actually create money out of nothing and put it into circulation by making loans.
It looks like the Federal Reserve Bank of Chicago agrees with me and Tun. It looks like you are the only one with this misfit idea and the bank is holy and good and in your eyes , it can do no wrong whatsoever. Your idealistc banking system exist only in your mind because someone has taught you this ideals that banks cant create money as they are only give out the amount + the capital that they owned. That is grandmother story indeed. Look up this subject of Money Multiplier and you will readily agrees with me and Tun.
You are extremely confuse between commercial bank and savings bank. Maybe it reminds you of your small piggy bank.
Argument 7 – Other Economics Experts which agree with me and Tun -
John Maynard Keynes
Milton Friedman
Anna J Scwartz
US Federal Reserve Bank
Lawrence Ritters
Sheikh Imran Huseein
Robert Triffin
Robert L Heilbroner
Professor Lawrence Ritter
Gilbert Kaplan
Professor Alan Sweezy
In can go on naming experts which agree with me and Tun but what is the point. You have this bias prejudice as I see words of hatred and filth all over your blogs. Perhaps you need a quantum solace to bring peace and love in your heart by forgiving those who have wronged you by extending words of love and kindness.
Conclusion
Aim at the sun and you may not reach it; but your arrow will fly far
higher than if you had aimed at an object on a level with yourself.
– F. Hawes
Dear Tun,
Actually the model of business you mention about banks operating beyond their means to perform is very common in many businesses and if you take them to task for it then all other business which are guilty of basing their business on the premise of never planning to meet their obligations at once is also guilty.
The whole concept of mobile phones, i.e. Maxis is based on the premise of selling capacity and service beyond that which they are able to provide solely on the premise that not all their customers will require their services at the same time. Hence the reason for the congestion and failures on extreme peak time such as Hari Raya SMS’s etc. This is just like bank lending money they do not have on the premise that their depositors will not all demand repayment at the same time.
Similarly TM Net Streamyx operates on the same premise, this is the sole reason why their Internet is so terribly slow and inefficient as it is way too oversold. Their solution to it is to prohibit customers from using the full speed that they are entitled to and undertaking their “best effort” to slow it down for less important customers to service the business users. The sad state of our internet is extremely evident when compared to other countries around the world, both in terms of the extreme cost as a percentage of income and the extremely terrible speed we are forced to bear with. When forced to confront the truth with reference to Singapore, TM Net will always fall back on the argument that it is a small country, but such arguments show lack of basic economic sense and total ignorance of the concept of economies of scale.
Salam Tun
It is hilarious to see MOSTI (Ministry of Scuence, Technology & Innovation) holding a task force meeting to see why rollout of broadband is slow (see The Star 28th April,2009) when the Ministry of Communication, Culture and Arts slumberly sits down and do nothing, when in fact they should be responsible for ICT.
Najib’s Cabinet organisation is a mess and he should do something about it. As I have said before, they should learn from the past and have the organisational structure below which I believe is the best to handle the various issues at hand :-
1. Ministry of Science, Research & Innovation
2. Ministry of Information Technology & Communication
or they can come under 1 Ministry with a very capable Minister (very IT savvy at the helm)
As far as I know, Rais has not done a thing to address the Communication responsibilities of his ministry.
Also, Najib has streamrolled over Islamic matters with total disregard to the more knowledgeable ulamaks such as Islamic bank liberalisation and the question of conversion. Where are the voices of the muftis ? Why are they silent? This shows they are useless leaders, kow tow-ying only to political leaders. Even the Sultan of Pahang and Selangor are braver than the muftis. I must comment the Sultan of Pahang for issuing a decree to prevent Muslims from populating betting shops such as Toto and Magnum and enforcing frequently. This is the kind of leader we should have.
salam Tun,
salam sdr.owlz and bro kamal ahmad,
I am just an ordinary Malaysian family man living in Johor for the past 20 years.And I am not a Datuk (atuk maybe in a few more years)and far from being an ultra-malay…hehehe.In fact many of my friends are Chinese and Caucasians,and one of my closest friends is an Indian.
What pisses me off is there are many here and on cyberspace who harbour deep hatred against other races,especially against the Malays.People like kilmer,solcroft and many other jackasses should be brought to justice for inciting racial hatred.
One comment in particular which mentioned “malays breeding like roaches” must be held accountable against the perpetrator.
Kepada yang kurang faham maksudnya,terjemahannya ialah “MELAYU MEMBIAK MACAM LIPAS”.
Come to think of it I would like to compile these comments and lodge a police report against these scumbags to teach them a lesson in respecting racial harmony in this country.
These scumbags cannot escape justice as proven in the HRH Sultan of Perak’s blog case.The only thing they can do is to get out of this country on the next available flight(like that fella in Elizabeth Wong’s case).
ANYBODY LIKE TO JOIN ME?BERSATU KITA TEGUH!
Wassallam
Jeng3
Salam Tun, There is another aspect of false economy. May be Tun considers it as not that important. But we could not deny that this aspect do play an important and big role in our daily lives, thus from the nation economic perspective too. That aspect is no other than gambling. Our nation too incurred some good amount of revenue from this sector, may be around 20%. We tend to liscenced anything immoral for the sake of controlling it, including the oldest profession, prostitution, so that it will not go underground. And I think, it is not that wrongful if one to say that Sijil Premium Bank Simpanan Nasional is a part of the activities, even though it is not categorised as lottery.
Now, can we really hope that our economy will not be affected with all those steps taken by the government? In fact, in America there are people who are willing to invest more in gambling activities, just for the simple fact that human behaviour will do anything to get money.
Salam kasih dan hormat Ayahanda Tun.
I am observing power maneuvers within UMNO now. From many quarters at every level. So far things are still running perhaps less obtrusive to the main agenda of UMNO; that is to keep on breathing and to keep staying alive. When I wrote that word Staying Alive, my memory is doing the john Travolta already. I can
Masalah sekarang Tun, dunia beranggapan duit itu adalah komoditi. Bila duit menjadi komoditi maka terdapat “supply ” and “demand”. Kalau sudah menjadi komoditi masa duit itu sama la dengan komoditi seperti getah, kelapa sawit, kacang soya dan sebagainya.
Fungsi bank harus kepada fungsi asal mereka. Bank harus mendapatkan kembali ‘trust’pengguna kembali. Fungsi asal bank adalah sebagai tempat pengguna menyimpan duit. Bukan tempat bank untuk mempergunakan duit-duit pengguna.
Dear Tun,
Saya sedar sebagai Muslim kita merasa kecewa dan rasa resah gelisah tentang kedudukan anak-anak saudara baru kita.
Tapi dalam hal agama ini memang terlalu sensitif jika timbul masaalah begini.
Pada saya penyelesaian yang terbaik sekali ialah untuk keluarga mereka mencari jalan yang terbaik menyelesaikannya.
Memang sudah menjadi lumrah biasanya anak-anak kecil memerlukan banyak kasih sayang dari ibunya daripada bapanya. Itulah hakikatnya.
Saya rasa agama Islam adalah adil dan dalam Quran banyak disentuh tentang keadilan dan kebijaksanaan akal.
Pada pendapat saya biarlah mereka bersama ibunya dan mudahan-mudahan mungkin satu hari nanti Allah akan memberikan taufiq dan hidayah bagi mereka menganut agama Islam. Hanya masa akan menentukannya.
Soalannya sekarang Islam jangan dianggap sebagai agama yang “extreme” sehinggakan menakutkan orang lain untuk berjinak-jinak dengan agama kita. Kita mesti mengamalkan dasar “keterbukaan” apabila berdakwah dan jangan terlalu “rigid”. Kita perhatikan bagaimana agama lain terutamanya agama Kristian berdakwah. Mereka menggunakan pendekatan yang berbeza dengan cara orang Islam berdakwah. Banyak cara “diplomasi” digunakan dalam menjalankan aktiviti penyebaran agama mereka.
salam yab tun…
saya amat suka membaca tulisan tun dalam blog ini kerana ia banyak memberi maklumat dan ilmu pengetahuan kepada saya. mungkin isu bank ini ditulis apa bila dato seri najib memgumumkan akan melulus lesen bank dan insurans sehingga 2011.
dari hasil rumusan saya ini berkemungkinan bahawa tun tidak bersetuju dengan tindakan atau keputusan yang telah dibuat oleh perdana menteri kita. dari komen komen yang diterima dari pembaca saya melihat ramai yang menulis atau merujuk kepada banyak berkepentingan peribadi seseorang. ini akan menyebabkan rakyat terus hilang kepercayaan kepada pemimpin kita. dan saya juga tidak faham mengapa perkara begini boleh terus berlaku? setelah banyak bank bank yang ada digabungkan tetapi sekarang kita akan membuka semula pembukaan bank bank yang baru.
saya harap dapat penjelasan lanjut dan perlu dibahaskan bukan sahaja dari segi ekonomi, perniagaan malah perlu dihuraikan dari segi politik. semuanya mengetahui bahawa tun telah pun menjadi ahli umno semula tetapi komen tun beri ini boleh memberi kesan negatif kepada parti dan kerajaan.
harap diberi keutamaan dari segi parti, kerajaan dan rakyat.
salam hormat.
Salam Tun,
Tun tolong tengok keputusan yang dikeluarkan oleh kabinet “apabila bapa atau ibu bertukar agama maka anak-anak yang bawah umur adalah kekal menganut agama asal”. Perkara ini adalah sensitif bagi orang-orang Islam, sedangkan negara kita mengamal kebebasan beragama tidak menghalang anak-anak mengikut kehendak ibu bapa.Manakala Islam adalah ugama resmi Malaysia. Isu ini akan digunakan oleh pembangkang supaya tidak menyokong kerajaan BN.
Maaf terkeluar tajuk.
Dear Tun,
I am sorry I have to revisit you on this topic because fellow commentator, kwoonfai commented on my comment. Subprime borrowers became a factor for lending because of President Bush policy to help the under privilege to own homes, the truck drivers, manual or blue collar workers, the policy quite like our cgc. Unfortunately it openned the floodgate for borrowing so much so almost all the major banks were sucked in. After a few years, being subprime the borrowers defaulted like dominoes. coupled with the war in Iraq the american economy and the banking system took a severe beating.
One of the main functions of commercial banks is credit creation. This is what exactly Tun Mahathir described but only he put it in negative light. this lending is approved and gauranteed by the central bank. therefore one of the main function of Bank Negera is the lender of last resort, basically to bail out commercial banks if there is a rush on the bank. With this gaurantee by bank negara, there is stability and confidence in the banking system. If we start undermining and creating doubts in our banking system we may bring about its collapse. So be careful Tun.
Amin Tan
Salam kasih dan salam hormat Ayahanda Tun.
False economy and the false prophets falsifying economy. This observation is closer to home indeed; The Along menace. Continuous efforts at educating the public against the perils of loan sharks should be an unremitting effort and not merely seasonal.
Disclaimer note: Afdlin Shauky and Din Beramboi are legit bankers who hosted their own TV show. They are clean. That You Tube spoof was just for laughs.
http://www.youtube.com/watch?v=T16ZPCP3ZzQ
Dear Mr. Noor Mohamed b Mohd Yousof on April 27, 2009 6:27 PM
Thank you for your lucid comments. I assure you I am no greenhorn to be taken in by my “Economic Professor in his classroom in his varsity days” and mere textbook and classical economic and financial theories. Equally, I will admit I am no banker or financial expert.
But you quote 2 “financial heretics’ against the weight of how many hundreds of other Economists and financial experts and declare Dr.M is 100% right? That doesn’t seem awfully convincing to me!
I maintain that bankers do not create money and the current Global Economic and FinancialDownturn problems faced principally by the WEST are due to:-
1. Mega mistake in the USA in allowing banks to venture into other activities such as insurance, derivative trading, stock-broking and margin financing etc where they did not have the expertise in management to oversea the risks involved. This was the harbinger of the CDS problem which resulted in an insurance against credit default being turned into a Casino Business, where anyone could walk into AIG and take out a bet that say, City Bank would default on its loans, for a 10% down! We saw how Iceland and Ireland got sandbagged because no one understood how to value these CDS or the inherent financial risks involved, including those who sold these instruments!
2, Poor Credit Risk Management. This led to the sub-prime debacle which spilled over to UK.
3. Poor hands-on regulatory control by the Fed Reserve, Securities Exchange and the NYSE Dow Jones etc. All got carried away with euphoria buoyed by record profits from the leading MNC’s in USA. Even after the writing was on the wall with the collapse of Enron, Gobal Crossings, Worldcom etc, the lax audit and investigative controls led to ponzi schemes like that of Bernie Madhoff (The One of Us syndrome).
I would rate (3) above as THE MAIN REASON for the current Global Downturn.
Banks do not create money nor are they the ‘Big Satan Evil’ you, Dr.M and many others make them out to be, I might add, after the fact. That is, hindsight is always 20:20! Good banks, like good businesses and management, create wealth. Malaysian banks have also come out smelling of roses in this Global carnage of banks. Many other long-established banks, merchant bankers have survived and will come out stronger after 2009.
The double entry accounting system makes it impossible, in the absence of fraud, for banks to lend more cash or credit than they have represented by deposits, investments and retained
profits. Profits and income have to be real in the form of cash and assets. Banks and Bank Presidents cannot simply pull these things out of “thin air” as suggested by Dr.M.
Dr.M also clearly does not understand how the credit card system works and how banks fund it (It is no different from say, IOI giving 90 days credit to its oil palm buyer, except the interest rate for credit cards is higher due to no collateral pledged.
It is the duty of the regulatory authorities to be a lot more hands on to ensure transparency prevails and rules are strictly followed.
As for who creates money. Principally it is the Government. You only have to look at Zimbabwe’s trillion $ note to understand the power of the printing press and how wrong Governments AND banks can go when in the hand of bad, bad leaders and managers!
I still maintain that much of what Dr.M has written on the Banking System is not accurate, well researched and in instances are downright misleading! Many here have suggested that a switch to Islamic Banking might improve the situation. I doubt it, given that it is impossible to legislate against GREED & DISHONESTy!
http://donplaypuks.blogspot.com
Minggu lepas, saya telah berjumpa dengan beberapa rakan bloggers saya. Kami telah menbincangkan pelbagai isu dari politik hingga la ke dunia kewartawanan.
Dalam pelbagai isu yang diperbincangkan malam itu, saya tertarik dengan satu isu yang amat hebat! Saya telah diberitahu oleh rakan blogger saya (yang dah kira macam otai la dalam dunia blog ini) bahawa kebanyakan wartawan suratkhabar Cina tidak tahu berbahasa Malaysia rupanya!
Tidak kira dari mana-mana suratkhabar cina la, mereka kebanyakannya tidak reti berbahsa malaysia, saya pun amat terkejut sekali la dengan berita itu, kerana pada hemat saya sebagai seorang rakyat Malaysia dan sebagai seorang wartawan mereka seharusnya tahu berbahasa Malaysia!
Menurut sahabat blogger saya ini juga, selalunya selesai sahaja temuramah maka akan berkumpullah kesemua wartawan itu tadi dan mereka akan bertanyakan sesama sendiri tentang apa yang telah mereka dengar dan faham, kebiasaannya akan ada seorang yang dikira boleh faham sikit-sikit bahasa kebangsaan kita itu dan mereka kemudiannya akan menyalin lah kesemua temuramah tadi!
Biasanya proses sebegini akan mengambil masa dua hingga tiga jam selalunya, saya hampir pengsan bila saya dengar kisah ini, saya sangkakan selama ini semua rakyat Malaysia boleh berbahasa Malaysia! Bukankah itu bahasa rasmi negara kita?
Adalah amat menyedihkan apabila saya dapat tahu masih terdapat orang Malaysia tidak tahu berbahasa Malaysia, bagaimana kita hendak menjadi satu Malaysia sekiranya kita sebagai rakyat Malaysia tak tahu nak berkomunikasi dalam bahasa kebangsaan kita?
Jadi tidak hairanlah, tidak berapa lama dahulu wartawan dari suratkhabar Cina ini telah salah tulis mengenai penjelasan YAB TPM kita? Ada logiknya bila TPM kita telah mengatakan bahawa kesemua wartawan tersebut harus belajar Bahsa Malaysia!
Memalukan betul bila perkara ini terjadi, kenapa sebagai rakyat Malaysia, tidak kira dari keturunan apa sahaja, kita tidak tahu berbahasa kebangsaan kita? Bukankah bahsa jiwa bangsa? macamana nak jadi bangsa Malaysia kalau nak berbahasa Malaysia pun tak tahu?
Saya memang amat bersetuju sekali dengan pandangan Dato Mukhriz bahawa untuk menyatu-padukan Malaysia kita perlukan satu sekolah! Tidak ada lagi sekolah cina atau tamil lagi! Hanya satu sekolah yang akan menjadi wadah pertemuan semua bangsa dan ianya akan melahirkan “ONE MALAYSIA”
Kita kena mulakan dari sekarang! Kalau nak bersatu maka hapuskanlah perkauman, langkah pertama untuk menghapuskan perkauman adalah dengan menghapuskan sekolah ‘vernacular’
HIDUP SATU MALAYSIA!
http://pendekar-perak.blogspot.com
Salam YAB Tun,
Saya ingin membuat cadangan untuk menimbulkan kesedaran orang ramai tentang sistem perbankan yang ada sekarang. Ini adalah kerana masih terdapat ramai yang tidak tahu dan tidak sedar tentang kelemahan dan penipuan yang berkaitan dengan sistem tersebut.
Cadangan :
Apa kata kalau diadakan hari cuti umum (public holiday) dimana setiap orang boleh pergi ke bank masing-masing dan cuba mengeluarkan kesemua wang mereka dalam bentuk tunai. Kita namakan cuti HARI BANK SEDUNIA BERSAMA PELANGGAN atau HARI HURA-HARA BANK SEDUNIA.
Wassalam.
Dear Tun,
My last comment was not being published
Lately DSNTR is busy with his 1 Malaysia agenda.
The political situation currently very unhealthy for the Malay. The last announcement by DSNTR to abolish 30% quota also not in favour to Malay. This action would further weaken the support to UMNO from Malays… Even though they are quiet not necessary they are happy with this.
What is your opinion on this? We know for the fact UMNO is not able to gain support from the all Malay as before anymore. I think you cannot say “Melayu mesti Bersatu” under the banner UMNO anymore. We know we have to be united but surely not under UMNO. Could you please give us idea?
I know certain group of “pendatang” now taking advantages in the Malay disunity, doing all they can just to abolish Malay privilleges.
Mereka menjadi batu api dan bermuka-muka, kononnya untuk kebaikan bersama padahal untuk mereka sahaja. Mereka pergi kepada pembangkang dengan slogan hak sama rata dan orang yang sama juga pergi kepada UMNO, kononnya mereka menyokong dasar kerajaan tetapi dari kata-kata dan contoh jelas menunjukkan mereka menghina orang Melayu.
kaum pendatang ini tidak pernah cuba untuk mengasimilasikan dengan penduduk tempatan. Cadangan sekolah Wawasan yang Tun cadang di tentang sekeras-kerasnya. Itu pun sudah nyata mereka tidak ikhlas dalam membentuk perpaduan.
Perpaduan hendaklah dibentuk di peringkat awal. Bkn di peringkat akhir kehidupan yakni perpaduan di peringkat parti politik. Perpaduan itu bersifat pura-pura kerana di dasar hati nurani masih ada sangsi pada bangsa yang lain, dan semuanya masih berjuang untuk kaum masing-masing.
Apa kita sebagai orang Melayu perlu lakukan?
To donplaypuks April 26 2009 2:30am.
I love reading your comments. I think you are a banker in the real sense. Congrats.
Ayahanda Tun,
Izinkan….
//By JJJ on April 26, 2009 11:32 AM
//”By Ceylonese Lawyer on April 26, 2009 12:41 AM
NEW AGE “TRUTH”
…….. If the Opposition Leader, who has been found to have indulged in homosexual acts by the very court that acquitted him is suspended pending his clearance after a victim of sodomy implicated him further – what then ? Would the human rights activists, the Bar Council, Zaid Ibrahim and all in sundry not rise in protest, would they not march in the rain.
Why do these values not apply to Najib and Rosma, are they not people, are they not parents, don’t they have children too… let us apply the universal rules of fairness in this case and speak up and speak up strongly against what is being done to the leader whom we all today depend upon to lead us in this difficult time.” //
Dear JJJ,
Is this Ceylonese Lawyer a gay?????????
One of the reason that USA Republican lost because it liberalized “gay and homosexual activities” in the 2nd term of Bush administration to make sure he wins…..
Being a gay is acceptable in our normal life, but accepting a gay as the leader of a nation is totally unacceptable in the world, and this lawyer could dressed it in the name of New Age Truth, aiyo..yo…
Don’t worry, JJJ, I will not believe him.
Take care JJJ.
Together for 1 Nation, 1 Malaysia as 1 United Bangsa Malaysia
License to mint and profit is not earned but written by whiz kids!
27 April 2009
Dear YAB Tun,
It is no business like money business in good time, bad time and anytime when the authorities failed to regulate and efficiency and strength of financial institutions is measured by profits while social responsibilities and the role as a partner in nation building are thrown out of the window! Bankers are further embolden by the unwritten rule that the authorities will not allow banks to fail. This spawned a whiz kids culture to cook up the books for profits when not earned to launder real money with fat remuneration, bonuses, ESOS underwritten by high market share prices, and benefits in kind.
The rich and powerful are given preferential rates for borrowings, deposit placements and services while the normal regular customers are deemed riskier and are enticed to take up banking relationship with sweetener like free gifts and initial low rates which snowball when the conduct of accounts turn problematic. Instead of nib the delinquent accounts, such accounts get regularized with new and bigger banking facilities at higher interest rates and unfavorable terms and conditions so that they will not fall into delinquent status to allow the banks to register record profits with record low non performing loans figure!
With the so called easy credits, basic essential goods and services for THE RAKYAT are priced at higher prices which built in the financing cost to produce and provide such goods and services!
The inability to regulate financial institutions also permeate a culture of the full impact of reduction in interest rate by the Central Bank is not flow down to the public and economy with the quantum of reduction in interest rate for deposits out strip that of reduction in interest rate on borrowings!
The innovative Hybrid Capital which is essentially borrowings by banks to fund its operations provide immediate cash for today
This is a respond to -
dontplaypucks
“You have made some very elementary errors in your analysis on how banks work and how they create and fund credit. I would humbly suggest that you consult Madam Zeti at Bank Negara before you mislead thousands of your loyal supporters with basically WRONG information!”
The lenghthy explanation by dontplaypucks was actually his traditional view on economics as explained to him by maybe his Economic Professor in his classroom in his varsity days.
Sad to say, the crux of the matter is far beyond what is stated by the simplicity of dontplaypucks.
Tun is right in his assesment and dontplaypucks can verify Tun’s statement iin the writings of -
Commercial Banks as Creators of Money by James Tobin. James Tobin’s writings agrees with Tun’s analogy 100%.
Here is a reproduction of that writings…..the introduction as the rest you can Googled it…
“Perhaps the greatest moment of triumph for the elementary economics teacher is his exposition of the multiple creation of bank credit and bank deposits.
Before the admiring eyes of the freshmen he puts to rout the practical bankers who is so sure that he “LENDS ONLY THE MONEY DEPOSITORS ENTRUST TO HIM”.
The bankers is shown to have a worm’s eye view and his errors stands as an introductory object lessons in the fallacy of the composition.
Whatever the other errors, a long line of financial heretics HAVE BEEN RIGHT in spekaing of FOUNTAIN PEN MONEY, money created by the stroke of the bank’s president’s pen when he approves a loan and credits the proceeds to the borrowers checking accounts”.
Who is James Tobin ?
James Tobin (March 5, 1918
Dear Tun,
in a nutshell, we all become slaves to the jewish banking legacy.
Shaykh Abdal Qadir (http://www.shaykhabdalqadir.com/content/index.html) of he murabitun movement already denounced the system years ago and produced a fatwa on the paper money.
You have met them, I think when they were here visiting you, seeking your support for the gold dinar.
Tun, we need to pursue this ( and you have – I see the link) more aggrasively and defeat the existing system and offer the real manner of doing business.
and maybe we can help the poor countries to revive their economies
Assalamualaikum.
1. Sistem kapitalis membentuk gelembong dan kekayaan ilusi melalui penciptaan kekayaan. Semuanya tipu daya yang jelas dan nyata. Malangnya kita semua masih terperangkap kerana kelemahan kita.
2. Sistem kewangan ISLAM tidak mencipta kekayaan ilusi dan pertumbuhannya amat perlahan (lebih stabil). Sistem ini mencipta pengagihan kekayaan melalui zakat dan sedekah. Tolong menolong adalah asas kepada sistem ini. Tiada penindasan dan penipuan.
3. Manusia secara umumnya amat cenderung kepada kebendaan. Mereka sanggup melakukan apa saja walaupun menyalahi undang-undang AGAMA atau Negara. Cabaran yang amat hebat bagi sebuah negara adalah pembentukan akhlak warganya. Ianya bermula dari rumah ke masyarakat dan seterusnya Negara. Pemimpin biasanya akan menjadi ikutan.
4. Untuk membentuk satu sistem kewangan yang baru perlulah mendapat kelulusan kerajaan. Insfrastruktur perlulah dibina untuk sistem ini berjalan. Pemainnya perlulah dilatih dan dibangunkan dengan kehendak sistem tersebut. Secara umumnya ini agak sukar dijayakan tetapi jika ada kemahuan INSYAALLAH ada jalan.
5. Saya merasakan koperasi mampu dan boleh dijadikan landasan untuk pengenalan sistem kewangan ini. Bukan menjadikan koperasi sebagai bank tetapi sebagai pemain sistem kewangan ISLAM yang mampu memberi pinjaman kepada yang memerlukan tanpa riba dan menerima sumbangan dan pembiayaan daripada yang memiliki.
6. Saya hanyalah seorang budak kampung yang tidak belajar tinggi. Jika cadangan dan pandangan saya ini tidak rasional, anggaplah ianya sebagai gurauan ataupun apa-apa saja.
7. Saya cuma berharap agar Bangsa Melayu dapat bersatu membentuk masyarakat contoh kepada seluruh dunia dari segi rohani dan jasmani, fizikal dan material serta akhlak dan tamadun.
(quote) 4. Real businesses cannot do this. They cannot sell what they don’t have nor earn income from services they don’t provide.
hahaha apparently my boss can sell & provide IT services yang tak wujud. hahaha my boss memang pandai main silap mata. haha
Tun yang di hormati,
Tahun 70′an dan 80′an Bank Bumiputera di puji dengan baik. Menjadi kebanggaan orang Melayu Malaysia. Orang Melayu bijak dalam pengurusan bank.
Rasa nya masa tu Bank Bumiputera mengamalkan perbankan konvensional.
Tahun 80′an dan 90′an Bank Islam pula menjadi kebanggaan orang Melayu Islam. Bank Islam membantu ekonomi orang Melayu Islam dsb.
Rasa nya Bank Islam sejajar dengan nama, mengamalkan perbankan Islam.
La ni Tun, Bank Bumiputera dah tukar nama, Bank Islam dah tukar orang.
Apa yang silap ya …. sistem ke orang?
Dear Tun,
The west has introduce a lot of regulations that they say would regulate the global banking and financial systems. They have implemented new accounting standards, corporate governance and man more guidelines to be followed bt all banking and financial institutions across the world. There are also move to cnahge Basel I to Basel II and etc. Yet, the crisis emanated from their own soil and their wrong doings. Few years ago, China and India had made a wise decision by not adpoting Basel II. These economies thrift tremendously, although Bank of International Settelements (BIS) in Basel stipulates that international banks which do not adopt Basel II will be ranked at low ratings. Against this bankdrop, Asian must rise now to form a formidable pact in declining whatever regulations proposed by the west, if the regulations do not confrom to our economy. We must develop our own financial models and regulations rather that become a mere followers of the west. Malaysian banks spend billion millions to put in place Basel II requirements, and create abundant projects and jobs for western based consultants yet these requirements do not ensure financial stability in their own country, but more so aggavated the system further.
Let us revisit the spirit of 83″…during which Islamic banking was first introduced in Malaysia and appreciate the cornerstone of the establishment by Tun…
Assalam wbt.
Sudah semestinya apabila terbaca sahaja isu ini ramai yang akan mengatakan bahawa sudah tibalah masanya sistem kewangan Islam diperkenalkan dan diguna-pakai secara menyeluruh di Malaysia.
Tetapi adakah sistem kewangan Islam kita sudah bersedia berentap di pasaran global, adakah pakar2 kita sudah yakin akan kepakaran mereka di dalam mentafsir dan menterjemahkan sistem kewangan islam ini dalam erti-kata yang sebenar! Dan adakah sistem kewangan islam yang kita praktikkan di Malaysia benar2 sistem kewangan islam yang tulen atau asli tanpa tokoh tambah dari sistem2 kapitalis barat ataupun kita telah menyelitkan sedikit unsur2 islam di dalam sistem mereka untuk dinamakan sistem islam. Persoalan2 ini penting untuk difikirkan dan diselesaikan demi menjaga maruah dan kesucian Islam.
Wassalam.
Salam Hormat TDMM & TDSH,
I have learned something valuable today that can be practised domestically. You have guided many with this simple mathematic assessment and evaluation.
THANK YOU SIR!!!
1 example when money can become evil (bad manipulation), lets say if you want to set up a company & you need to get a name for your new company. to just check on the name, to enquire if that name you chosen is taken by other or is it still available (name search). you HAVE to pay rm 50 – rm 100 to R.O.C. for that (even though it is not available/taken). everything is about money now. even when it comes to government vs rakyat, 1st priorty is to maximise the profit. why care, hell to the rakyat as long as the government made good profit.
if BN government can see those squeezing profit from rakyat (such as ROC search charge, indah water charge, parking, renting their property & many kinds of other charges)is a MUST (even National TV main priorty is to sell advertisement, sell SMS, sell Lucky draw rather than education/entertainment/knowledge), i dont think the BN government will sincerely help rakyat like they promise in their campaign before election. it just a lie.
the government today to me if they didnt charge u more, you can consider you good already, dont expect the government will ‘GIVE FREE’ to the rakyat without a ‘udang di sebalik batu’.
Assalamu alaikum
YABhg Tun Dr. M and all of chedet “fellow.”
As what was happened in the United States, the banking sectors do the same. So that’s why sub-prime crisis occurr. The United States banker players always think profit first than the risk of what they doing.
Not in the United Sates too, there are many banking sectors do the same around the globe. As financial market mushrooming around the globe, they take the chances of to create “the very easy to getting profit cum rich.”
IMF, the world bank and so forth, no more longer stand independently from the influnces of bank that owned by the capitalist that centered in Europe and the United States. The Israel was the culprit core.
In tough accusation, I could say that, there were may be cooperation between bank owners with the alike George Soros. They create turmoil around the world at the same they worry about it and they crate remedy to outs from that “sick.” Cunning like Texas Fox i.e., George
Bush Jr.
If this kind of cooperation exists, means that they are fully jealous to some banking sectors that centered in several part around the globe such as Islamic Bank sectors (Arabs Nation and Malaysia), Islamic Financial Market that centerd in Islamic market.
Becaused, if Islamic Banking and Financial sectors rocketing high and able to attract customers globally regards of their religous, capitalist moulded bank sectors no more longer exist as long their cheat, manipulate, speculate, spin master aside with them
As a Malaysian, I aware that, the current govenment not able to protect our bank sectors and industries. Our strategic banking sectors must be proected internally or externally.
Tun, why our bank do not issuing the Gold Dinar and use it as transaction apparatus in Islamic banking market. Its more vulnerable than the “Uncle Sam green note.”
Bank dgn Along sama sj. Tinggal lagi bank tk upah kaki pukul.
Thank you once again Ybhg Tun on the insightful definition of the riches of the Western world economy, which is surely being adopted globally, as the the global bank extend their footprints onto our shores.
[1] It will take sometime to unriddle the gist of the true economy once again, as it was at one time elaborated by the founder of the automobile producer FORD, trying to ensure the AMERICAN understand what is real and what is not, and fighting off, the banks which were created by the JEW of this world to subjugate, the real businesses created through real blood, sweat and tears.
[2] It is again about going back to basic, to create our own real economy without too much borrowing from the big banks, through our own hard earned saving or to be part of the corporate world which at this point in time cannot divorce itself growing by borrowing.
[3] What would be the alternatives, to rid the world of the ills brought about by the core business of the banks which is still “interest bearing loan”? Perhaps you would share some of your insight into what can be done to further prevent the looming disaster which will see the fortunes of many diminished or completely obliterated.
[4] But again at the core of the problem, there would not be a need for loans, be it from retail customer, [those owing the banks through credit card loan] if there is no desire to borrow just for the sake of satifying ones lust for some of the material belonging, nor from the corporate world trying to undo one another, in what is called competition through over gearing of the business capacity to make new earning through borrowed money.
[5] Looking back a couple of decade within Malaysia, when we were still naive to the real reasons for the existence of the bank, I am however grateful to the thought, ideas and actions of our past leaders to create a thriving banking industry in Malaysia, which has now produced many MALAY bankers.
[6] There was a time when the only source of loan for a MALAY individual or trader during the late 60s and early 70s were just the CHETTIARS [keling ceti] or the PAWN SHOP owned by the CHINESE [Kedai Pajak Gadai]. There was no BANK ISLAM, no BANK BUMIPUTERA, no BANK EON, no BANK KERJASAMA, but a few CHINESE owned banks the likes of OCBC, MALAYAN BANKING, OUB.
[7] Many MALAY fortunes were lost to the CHETTIARS and PAWN SHOP owners, as the MALAY had no capacity to service not only the INTEREST [bunga] nor the CAPITAL [pokok] of the loan provided by the real leeches of this world [lintah darat]
[8] But as can be seen the Malaysian BANKING industry seems to have a short life cycle of not more than 10 to 15years. The MALAY owned banks seem to shed its skin over a shorter period of time, maybe through trying hard to serve the MALAY consumer.
[9] The BANKS seems fully geared to served the CORPORATE and high end RETAIL customers, but seem to have their door closed to the lower income group, in need of a loan. And the gap seem now to be filled up by the well protected AH LONG – A LONG [ no wikipedia definition exist]
[10] If not for the existence of GOVERNMENT OF THE DAY institution the likes of PTPTN, many MALAYS would fall foul and and lay at the mercy of A LONG, in just trying to provide for the basics of their family education
[11] The ZAKAT and WAKAF based on DINAR EMAS institution seems to be the one solution for the social and economy ills of the future generation, as it has laid down elaborate foundation of trust, those worthy of receiving the benefits and the structure which provides for the shared value between the HAVE and HAVE NOTs of this world,[the HAVE, have only to contribute 2.5% of their wealth]. True until today there are ZAKAT and WAKAF that have operated and survived from the days of the PROPHET saw, and aslo those in TURKEY from the period of the OTTOMANS empire.
[12] My dear Ybhg Tun, the unfinished work of the PROPHET saw lies on the shoulder of those the likes of you, having been elevated to position that not only are enable to command but aslo exhort the true value of the religion.
BERANI BERUBAH untuk masa depan yang lebih ADIL dan SAKSAMA.
OrangBaruLahir
false statistic and false economy … sounds like western and US are so bad … however, when we critic others on this issue, do we also implement certain policies which based on our false statistic and false economy as well?
there is an issue arise not too long ago, about the accomplishment of equity among races in the country .. however the statistics is later rejected and a new statistic is announced … and it resulting a resignation of a head … this issue causing a question about what is the actual and accurate statistic … is it false or is it accurate?
the formula to calculate and define who is poor and who is rich in this country is based on average income of races … i have a dream since i was young, to be able to enter local university and experience the campus life, so i work quite hard in order to achieve it … unfortunately, due to the statistics using formula of average income of races … the top 10 tycoons in Malaysia make my father become a rich man (but in fact he is poor) … and i am expected to be able to continue my study oversea (coz i am assumed to be rich from the statistic) … but at the end, i could not afford to do this … and what i can do? I can only standing far far away and looking at the door gate of local university … with my right hand holding my own MyKad(which is an identification where i belonged to) … and for all these, thanks to the statistic … but i am “not sure” whether it is a right or wrong statistic …
we can always critics others, but we better look ourself in the mirror first … to see are we the same kind?
Salam Tun.
Info yang bagus. Tapi modus operandi islamic bank di Msia pun lebih kurang sama macam konventional bank. Pegawainya lebih sombong dari bank lain. Jauh menyimpang dari imej Islam.
*Tun, terima kasih kerana turunkan caj PTPTN dari 4% kpd 3% sewaktu Tun jadi PM. Walaupun masa tu ada tunggakan kerana belum mula bayar caj 3% masih dikenakan ke atas keseluruhan baki berkurangan. Kalau rujuk rekod pembayaran mmg ada pengurangan caj pentadbiran pada setiap bulan.
Tp bila Pak Lah turunkan kpd 1%, caj pentadbiran masih seperti caj 3% dulu. Tiada perubahan pun. Kata pegawai PTPTN kerana ada tunggakan sbb tu tidak boleh bagi caj 1% walaupun dok potong gaji 203.42 setiap bulan. Beza sgt dgn Tun. Paklah ckp tak serupa bikin..nasib baik dah letak jawatan…
Ayahanda Tun,
Just wanna share with you a piece of today’s Star Online news by copy & paste as :-
//Former PMs urged not to voice their concern publicly
KUALA LUMPUR: Former Umno presidents Tun Dr Mahathir “Moha-mad” and Tun Abdullah Ahmad Badawi have been urged to use the proper channels to voice out their concerns for the party.
Youth and Sports Minister Datuk Ahmad Shabery Cheek, who is also an Umno supreme council member, said both leaders should consider Datuk Seri Najib Tun Razak
The free liquidity is set by the ratio of total assets to deposits, which is a policy variable for the government to control, not the technocrats in the bank. So is the definition of what constitutes money or deposits and total assets in the ratio.
Don’t see any reason why these policy variables and definitions should be so sacrosanct as to remain in the region of 10.
I believe you knew this during your tenure. You didn’t seem to place much emphasis on the monetary sector and were rightly concerned with real variables, as well as the ‘propensity to consume’ or ‘acquistion motive’ which you managed so well that cycles disappeared.
In other words, I believe you were able to ignore conventional wisdom because they are not really effective in managing demand if used without understanding their injustice and what they are designed to achieve.
Salam kasih dan hormat Ayahanda Tun, and notable greetings to Datuk JJJ down south.
I have just read JJJ
Salams Tun,
Please continue your comments on the financial ecosystem…. I am really absorbing the information here…
It would be great if you could “shed some light” on the venture capital (VC) business here in Malaysia. As this VC system is to spur all the governments’ and private initiatives in the ICT, Biotech, Flagships etc. I believe there is much cash being allocated for the domestic and international GROWTH of Malaysia via this system and has the least amount of attention.
Many thanks.
Salam Tun,
You have simply put it for me to understand some of the causes that created “the great disorder under heaven” (late Mao tse-Tung).
We now have to move away from the monetary system that have been in placed for many years. It is cyclical and seemingly always right-on-target for the world economists and scientific analysts to prove its failure!
There seems to be invisible hands manipulating the world’s economy that led to the present economic situation, and it needs to be changed. “When it comes to major changes, you have to keep something clear. Earthquakes don’t move continents in the big scheme of things, moving continents cause earthquakes. Something similar occurs with economic events.” (Byron King, Oct 8, 2008)
“It is not overstating the case to say that large-scale change tends to happen abruptly – and not uncommonly – when the previous policies collapse under their own weight. As history shows, it is often the politicians on their way out, (eg. Hoover and Carter – G.W. Bush when we eventually look back on these months) are forced to change things once it becomes clear they have failed.” (Byron King, Oct 8, 2008)
For those who prefer to stubbornly continue using the failed monetary system, and so believe that it is always an in-thing to be with the “big brother”, I’m afraid to say that you are only aggravating the situation!
But as a nation, what can we do to make it better???
Ayahanda Tun,
I would like to take this opportunity to thank my Economics Professor, Dr Brown (a PHD in econmics study) on his sincere opinions on Economics Theory. I have chosen my final paper in obtaining my degree in Economics by doing a paper on Comparison of World Economics, and I have chosen Capitalism (De-centralization of Authority in USA) and Communisim (Centralization of Authority in mainland of China).
I asked Dr Brown: “Is there any proven best economics theory in real life?.
Dr Brown answered: “No, there is no proven best theory in life because human beings are dynamic and creative in nature. However, too much freedom in Capitalism or too much restrictions in Communism tend to create opportunites for authority (power) abusing and market monopoly. However, the best economic theory of a particular country will depends on the government and its considerations in the following factors:-
1. Authority given to the Government (Rules and Regulation of that country, in Malaysia, we ruled under Rukun Negara)
2. Market factors (de-centralization of authority)
3. Domestic policies (centralization of authority)
4. International policies
5. Politic and Economics landscapes of the country at that “particular time”.
6. The effect and impact of the International policies of the neighbouring countries and the world at that particular point of time.
Just my 2 + 2 cents = 20 cents thought, with brains and heart, for
little brother Kwoonfai,
//By kwoonfai on April 26, 2009 1:21 AM//
China is not embracing Socialism, wake up little brother!!! China is diversifying her economics theories, or we call it FUSIONS, in order to make sure her survival with unrest channel through western media. China is embracing:-
1. Communism (centralization of authority is hold by Beijing Communist Party)- I as normal citizen of Malaysia still prefer to have “NASI LEMAK” as my breakfast.
2. Capitalism (de-centralization of authority through Free Market in major cities of the east coast of mainland China). If I got money, then I will makan at The Loaf or 5 Stars hotels.
3. Socialism (Centralized authority to make sure social unrest is under controlled due to poverty because majority of the chinese are still live below poverty). If I want to help poor people, I will donate money (no money, then I donate RM1, got money, I donate RM20 and most importantly I donate not because I want to be famous, I just want to be a normal human beings in helping those are poor and under-previledge.
So Kwoonfai, you tell me what is our Malaysia Economic Theory, and you know very well that we have been uncontrolled for the past 6 years now, (is this the freedom embraced by Islam Hadhari????) if we want a secure and stable government?
Anyway, thank you for your young views, I am sure you heard of “Young and Dangerous”, so before you jump into conclusion, its better for you TO LOOK BEFORE YOU LEAP (or JUMP).
To: Mohd. Nazri Aziz (Kepala MACC),
YB, usah lah takut, Tun Dr Mahathir bukan seorang yang zalim. You know what he meant by making remarks on you. A wise and sincere man should know when to “keluar”. Jangan macam Tun Lah, masih ego lagi? Aiyoyo….. Tun Lah kini Ketua Pengangkap pulak. Usah kata macam tu, imej Tun Lah Clean atau tidak Clean, itu bukan Tun Lah kata, it’s up to the rakyat to decide!!!!
Good day Ayahanda Tun.
Dear Tun,
This is the topic I have been waiting to add-on. Our banking system is governed by the set of rules and policies determined by the Bank for International Settlement based in Geneva. Out of all agreed policies, I see a real problem comes from the Statutory Reserve Requirement (SRR). I believe you must remember very well how relieve the banking and corporate sector in 1997 after the announcement by Tun Daim to reduce SRR.
1) Tun, the banks are extending their loans (which then they classified as their assets..) up to 25 times of their deposit with the central bank. This is based on the SRR of 4%.
2) To ilustrate this, let see this equation. Say, XXX Bank has 1 million capital, which are then required to be deposited with the central bank to meet the SRR. After the deposit is done, XXX Bank is then allowed to extend its loans and credit up to 25 times (100% / 4% = 25 times).
3) Therefore, with merely 1 million deposit, XXX Bank can have assets worth up to 24 million [(1 million X 25 – 1 million SRR = 24 million). And, on top of these, XXX Bank is also earning interest on loans and credits they have extended (which you have described it excellently here…)
4) The problem that we can see from here is with a mere 1 million, a bank owner are allowed by the authority (i.e. the central bank/the Goverment) to generate excessive incomes up to 25 times of its deposit. They are leveraging on the capital right under the nose the central banks.
5) Generating assets up to 25 times (or 10 times as you point it out..) of deposit is just perfectly similar to those who are speculating and gambling in the stock market. A remisier and stockbrokers know this very-very well.
6) In 1997, what you have done to the country can be described as putting a limit to the speculations (capital control, CLOB, etc..). Rightly, you concluded that the speculators at that time are in a state of madness as if they are high on drugs.
7) Tun, Malaysia need to speak-up LOUDLY on this matter, to highlight to the world that something need to be restored at BIS (Bank of International Settlement). The world do not need speculators and intermediaries to take advantage of the imperfect SRR system. You know it very well, the capitalists still echo the poor poorer and the rich, richer…
8) I would suggest that a SRR requirement to be reviewed and to be based on real economic activities of the country. In addition, all central banks need to raise up to 33% of its SRR (based on 1/3 of the trade transactions). This should be able to limit speculation activities and putting back the real economic activities to be calculated as GDP.
9) It may be painful during initial phase of implementation, but I believe this is what the world needs moving forward. Malaysia, need to really SPEAK-UP on this issue in order to bring back the order of the world economy.
Wassalam.
Besut
dear TUN,negara maju semua nya kaya dgn hutang.value asset diorg pon hasil dari speculate activity.btw im waiting for ur comment bout the LIBERALISATION in our country
TUN.
Petikan kenyataan Nik Aziz yang baru.Dulu kata sampai bila pun tak nak ada kerjasama atau perpaduan kerajaan dengan BN. tapi kini nak kan bersyarat.
KUALA LUMPUR: Mursyidul Am Pas, Datuk Nik Abdul Aziz Nik Mat, tidak menolak pembentukan kerajaan campuran dengan Barisan Nasional (BN) jika Pas ditawarkan kementerian penting seperti kewangan dan pelajaran
Apa pendapat TUN dengan kenyataan Nik Aziz ni. Boleh perjayakah? Dia ni cakap boleh bertukar2.
Ada kah ahli PAS yang ‘Master’ dalam kewangan. Terutama Islamik Banking. Kalu ada yang pakar boleh ler ‘TRY’.
Apa2 pun itu langkah permulaan. PAS seharus nya melihat keikhlasan UMNO dalam kerajaan perpaduan ini. Berbincang lah dahulu sebelum buat kenyataan menolak bulat2 idea itu. Ini semua untuk kebaikan rakyat Malaysia. Tak kira kaum apa pun. Tujuan politik itu sama. Membangunkan negara dan rakyat.
Salam kasih dan salam hormat Ayahanda Tun. Minta di-izinkan sedikit ruang jika Tun bersetuju. Walaupun komen ini tidak ada kena mengena dengan tema sistem fiskal, namun forum Tun luas bacaannya hingga menjangkau ke 19 juta pembaca. Moga ada pembaikkan dapat dilakukan untuk sistem perkhidmatan aliran transit ringan kita. Terima kasih Ayahanda Tun.
The PM has taken time to try out the public transport in KL.
Among the five Electric Rail Links providers STAR LRT, PUTRA, KL MONORAIL, KLIA ERL and KTM KOMUTER, these are my observations of their services and shortcomings. Whenever I am in KL, my primary mode of transport during peak rush hour is the LRTs and sometimes Public buses; the cleaner ones. These are my observations on the LRT services in our capital Kuala Lumpur:
STAR LRT:
Generally, STAR is the better service provider among all four. There are still rooms for improvements no doubt, but they are the one with fewer shortcomings. However, existing failing includes:
Dearest YAB Tun,
1. Once again, I totally agree with Tun. In the past Tun has always promoted that we should not borrow money from others.
2. Same, with credit cards. Credit cards MUST NOT BE USED to borrow money. Banks make a lot of money by allowing credit cards holders to pay only 5% or min RM50 whichever is higher; they impose very high interest rates. I use credit cards if and only if I do not have enough cash with me or if I need to pay for something online through the Internet.
3. Tips: Always PAY THE FULL AMOUNT of the credit card bills.
– May Allah SWT bless Tun and family –
Dear Tun.
Its a great article. The world is losing almost USD 8,000,000,000,000.00 (Trillion) in today economy crisis. How to get this money back? Can we make again thin air money?
dear Tun,
thank you very much for the info. At least now the Rakyat have some knowledge about how the banking system works..
take care and speedy recovery..
MRcs
Datuk Seri Najib Tun Razak had a taste of the trials and tribulations of daily commuters when he boarded a packed LRT coach at the Masjid Jamek station here yesterday in his second walkabout in three weeks.
comment:
Inilah dikatakan Perdana Menteri mesra rakyat. Tapi saya harap janganlah hangat-hangat tahi ayam.
Saya cadangkan Najib pergi ke Lorong Haji Taib dan lihat sendiri apa aktiviti yang berlaku disana.
Mengenai kemudahan pengankutan awam, sudah sampai masanya perkara ini diambil berat. Sistem pengangkutan kita memang macam negara third world.
Kalau Najib boleh meningkatkan sistem pengangkutan yang lebeh sempurna sebelum PRU13 saya rasa semua kawasan pilihan raya Wilayah Persekutun boleh dirampas semula oleh BN.
1.Projek extention of LRT network mesti dilaksanakan dengan segera.
2. Sistem pengangkuta bas awam dan teksi mesti beroperasi dengan efficient.
3. Sistem aliran trafik mesti diperkemaskan.
Apa cerita dengan incinerator? Mengapa projek ini terus tidak dilaksanakan?
Assalamualaikum Tun,
Whenever you enlighten us with your knowledge, you are our ‘Albert Einstein’.
Appreciate it very much, and it’s far better than indulging your precious self into politics.
out of politics you are the JEWEL of Malaysia. sofar, we have yet to find anybody as calibre as you!
you are our HERO! our JEWEL!
Wassalam.
Dear Tun,
Bank was created as a safe haven for cash to be deposited by depositors. It is supposed to be a safe place for people with excess cash to keep their money. As such the bank needs to provide good returns to the depositors but from productive sectors.
However under current scenario, not only depositors are getting very low interest which is lower than inflation, these deposit money are used to invest in riskier papers and non-productive sectors especially in developed countries instead of developing countries.
Bank becomes more greedy and even issue credit card to encourage the people to spend beyond their means. As there will always be limit to affordability of the people and its government, the ‘bubble’ will then one day burst as it happened in many occassion through last century. We still do not learn our lesson.
Salam….
“Salam,
This time round Tun talked a lot about rich countries. I dont know since when Tun is so naived as to what is happening in his own backyard. A lot of bank loan in Malaysia given to Datuks, Tan Sris who are not real businessmen or unable to pay. Bank Managers are forced to give loans to these people as they are well and politically connected.
Bank Bumiputera problem never solved during your administration”
EXCUSE ME….. Tuan Yaacob…are you talking about 20 years ago punya cerita… Since when Bank Mangers are forced to give loans to Datuks, or Tan Sris nowdakys… maybe you salah seorang yang i pernah declined kot loan u… so don’t simply talk about Bank Bumiputera yang dah tak ada tu.. and for your information regardlss who you are.. u still need to meet certain chrateria to get the loan approved. I rasa u duduk zaman batu lagi kot…move forward la bro…. cerita basi sape nak dengar…. i am sure anak2 u kalau ada la kan.. dah sekarung menikmati apa yang Tun sudah korbankan untuk kita selama 20thn lebih ni… kalau u jadi PM agaknya…. lagi melingkup la jawabnya… bukan mudah jadi pemimpim… Zaman Nabi Muhammad SAW pun banyak kesukaran dan rintangan yang dihadapinya…biasalah bila dah jadi no 1 semua orang kutuk la… sebab jeles… ada je yang tak puas hati, nak puaskan semua orang bukan senang…kalau pandai sangat kenapa tak tampil ke depan…tapi orang malaysia ni tak pernah nak bersyukur… bayangkan kalau negara kita ni berperang… bermusuhan antara kaum..tak insaf ke… sekarang ni hal perkauman la.. agama …raja..semua jadi mainan… ni lari topik sikit…saya rasa apa yang patut kita lakukan agar semua kaum malaysia bersatu adalah dengan mewujudkan satu sekolah dimana bahasa cina dan india menjadi bahasa kedua yang wajib dipelajari oleh semua kaum… Bahasa Melayu semestinya wajib bagi semua….Bahasa Inggeris tentulah tak ditinggalkan… sorry to say la…. kaum cina dan india walau sudah lebih dari 50 tahun kat malaysia masih tak pandai cakap bahasa melayu dengan betul.. jadi layakkah mereka digelar rakyat malaysia… kadang2 nak pengsan bila nak terangkan sesuatu kepada mereka…kalau yang faham english ok la… ini dua-dua pun tak faham… jadi kita perlu wujudkan sekolah kebangsaan yang mempunyai semua bahasa untuk dipelajari..sekolah rendah jenis kebangsaan yang sedia ada boleh dikekalkan dan sekolah rendah kebangsaan sekarang boleh mula untuk mengadakan kelas bahasa mandarin atau tamil… murid-murid boleh pilihlah antara dua… cewah… macam lagu pulak.. kalau kita ‘gaulkan’ anak-anak ini dari kecil kita dapat kurangkan masalah perkauman dan jurang bahasa yang kadang-kadang merugikan kita…saya agak bertuah kerana belajar bahasa mandarin zaman uni dulu dan yang paling saya sedih waktu saya pernah hadiri interview dan tukang interview tu dengan selamba boleh telefon head dia or hr depan saya dan tanya masih adakah bumi kuota untuk jawatan yang saya pohon… nasib minah tu malang sebab saya faham apa yang dia cakap… mulanya dia tak mengaku tapi sebab dah angin satu badan saya ulang balik apa yang dia cakap terus merah padam muka dia dan macam-macam alasan diberi… ikut kawasan la..sesetengah tempat nak kaum ni la ..kawasan ni nak kaum tu la…sedihnya… saya rasa dizaman sekarang ni tak perlulah berlaku semua ni…tapi apapun kenapa mesti kita korbankan apa yang telah kita nikmati sekarang ni…kurang sangat ke atau sifat tamak yang teramat dijiwa….kalau susah banyak saluran yang boleh kita pergi… peluang ada dimana sahaja…. terpulang kepada diri untuk merebut…. jangan jdi seperti kacang lupakan kulit macam Tuan Yaacob kot…..hati dia rapuh macam biskut jacob…hahhahaha…..
p/s: tak pergi kopitiam… takut tak halal walaupun “no pork”
Salam Tun,
Does by changing gov to the opposition will cure this problem? Personally I don’t think so. People who own the banks will always practice the same thing. We cannot do anything about it. They have all the powers, money, legal team to knock you back. House loan 200K will have to pay up to 450K in total after 30 years. Don’t take loan.. you have to save yourself 200k to build-up you own. By that time.. most probably you need to used the money for medication as your are getting older.
On my side the only thing that I can do is pray for justice from god and in the after life, where all the banker wanted want to go into heaven, i will charge back the “riba” they own me or exchange with my “sin”. At least that is one of my “future” guaranteed investment.
Another thing, if you sell ice kacang cheap, of course I will buy again tomorrow. Same goes to loan, the earlier I can finish it, I will have another money to spend again on another thing.
Salam alaik… Dear Mr / Datuk / Tan Sri JJJ.
Its such a waste if we
I have read your comment before… Hahaha… Its really funny and quite “pedas”
(pronounced as “hot” in English)… Actually I also can’t take any comment
sounds “threatening” and make a joke to the brilliant Tun Mahathir. I’m trying
to be nice here and I really don’t know why… I never reply their comments (who
seem wants to debate without moral here) with Tun Mahathir… Uppss!!! Im
talking in general here without pointing to anybody because I dont wanna make
any enemies here, means Im not complaining anything to the people that
already been pointed by JJJ such as ABI, Dr Syed Alwi Ahmad, PakPandir08
and so on. Its your right to comment anything… I will never argue, its your
own right in a democracy country… Perhaps maybe because Im still young, 22
years old an really a purely Malay. Im scared actually dealing with elders in
such a way like JJJ. However, I can see that JJJ is kind of… ultra Malay.
Arent you? Huhu… However it is, previously all of your comments Mr JJJ were
knowledgeable, based on fact and constructing. I like it. Hope you are well
and healthy. Surely you are much older than me. Dont worry, Im kind of
menghormati orang tua. Errrmm… okeh. Lets keep on commenting. Its fun
here to read every single comment… Its cool…
—————-
Errmm…. Tun,
Under your tenure during year… EERR… I already forgot the year… Haha.
But on that year, you established the Biotech Valley (Lembah Biotech) at
Dengkil, Sepang… We already had a lot of Biotechnology graduates. I think
its better if we use them now to produce one of the most powerful thing in
the world, the food… Well, biotechnology is a technology based on biology,
especially when used in agriculture, food science, and medicine… We are
in the economic downturn right now. Its sickening actually we have to
import billions of ringgit food monthly / yearly… Just use our graduates’ thesis
to conduct a deep genetic engineering research for the purpose of…
EEERR… For example, maybe to produce food crops productively more
than three times monthly in just one acre land. Huhu, just for example laah…
Who knows. Its your idea to bring this valley in Malaysia right? Then urge
the government to make it happen because you still have a “voice”. What
can a student like me does? So sad… Hurm…
dont use our graduates there. Bring them all to the laboratory at Lembah
Dengkil.
p/s: Salam from the supporters of Tun, Electrical Engineering Department
of University of Malaya.
.
Salam kasih dan hormat Ayahanda Tun.
Today is Hari Angkatan Tentera Laut ke 75. This year, our ATM is inducted into the 3 dimensional warfare stage: air, surface and below surface with the homecoming of our new submarines. The opposition is doing all it could with all the help it could get both home and abroad, to deny a deserving nation its pride in welcoming home our first submarines. This is the only country that I have ever been to, in which to be an opposition member means to be un-patriotic while at it. Sadly, it also happens to be my country. Where would all the opposing voices be if this country is under military attack? Would they take up arms or would they turn traitor just as well? As patriotic Malaysians, we could all answer that for ourselves. Selamat Hari Angkatan Tentera Laut ke-75. We have never said enough thanks to our soldiers, the PDRM, the Fire brigades, even the municipal street sweepers, and to the deserving government medical professionals. All some know is just how to condemn and to chastise blindly. A Japanese Expat once mentioned to me that Malaysia is a special country; everyone thinks they are special, too special to be a part of any team. So they go about shooting down any establishment they could find. Its time we examine our priorities as a nation, its time we return back to pride and patriotism. Let no one deny us that anymore.
Assalamualaikum YABhg.Tun.
Saya nak melontarkan sedikit pandangan:
1.Ramai Maanusia dengan angkuh menyatakan mereka lebih Islam dari orang lain. Mereka tidak sedar sebenar nya makhlok Allah yang lain lebih islam dari mereka. Seperti pokok pokok, haiwan,dan lain lain. Ini di sebabkan pokok,haiwan lebih taat perentah Allah dari maanusia. Sebagai contoh ,pokok setiap hari akan membesar. Apabila sampai masa berbunga pokok akan berbunga . Apabila sampai masa berbuah pokok akan berbuah. Ini adalah perentah Allah terhadap pokok( sunatullah). Pokok dengan taat mengikut perentah Allah itu. Berbeza dengan maanusia yang selalu tidak mengikut perentah Allah. Yang Allah suroh tak buat TETAPI yang Allah larang selalu buat. Contoh nya Allah larang riba,rasuah,berpecah belah. Namun yang ini maanusia suka buat. Kesimpulan nya ISLAM ITU ADALAH YANG TAAT PERINTAH ALLAH. Olih itu pokok lebih Islam dari maanusia.
2.Di negara kita ada BANK ISLAM, INSURANS ISLAM (Takaful),PARTI ISLAM dan macam macam lagi di hubung kait dengan Islam.Sudah saya terangkan di atas tadi ISLAM ADALAH YANG TAAT PERENTAH ALLAH. Olih itu wajar ke ISLAM di peralatkan untuk sesuatu tujuan keduniaan seperti di kaitkan dengan bank, insurans ,parti politik, dll. Saya perhatikan apabila Islam di peralatkan untuk dunia (di kaitkan dengan bank,insurans, parti) selalu nya menimbulkan ????
Lain lain pandangan akan di lontarkan dari masa kesemasa
Terima kaseh
e-mail rosbidar : rosbidar@tm.net.my
Salam,
Tun,
Bank Islam di malaysia ni pon tak lah sebagus mana.Sampai org kata bank ni disembilah org tapi sebelum sembelih dia baca bismillah dulu je.
TS Ali Hashim tulis dlm Mingguan hari ni pasal wakaf, itu bagus Tun.
Salam Tun,
Saya adalah pengguna Credit Card, dan saya menggunakannya bukan untuk berhutang tetapi untuk tujuan kemudahan berurusan. Saya pastikan akan membayar kepada akaun Credit Card saya kurang dari 7 hari dari tarikh transaksi di buat.Ini dapat mengelakkan faedah dan membuat bank berasa rugi menawarkan CC kepada saya.
Kerajaan perlu membuat kempen secara besar-besaran bagaimana bank buat duit. Melalui faedah dan segala yuran Credit Card, loan dan lain-lain kaedah. Jika tidak manakan mungkin banyak bank mampu membuat renovation bank mereka setiap tahun.
Salam Ayahanda Tun
To those who want to read more on this subject, go to http://blog.mises.org/archives/008776.asp and http://www.atimes.com/global-econ/DD11Dj01.html.
This credit card business is actually another creation by the wextern world to make money from borrowing. The banks thrive on delayed payments, partial payments or non payments. If the instrument is goog for the society, then why are are there so many people get into trouble with credit cards ? What had happened is that the banks have used the credit cards to capitalise on human weaknesses. They are bound to spend more than they can earn as the banks tempted them with false beliefs. Cash advances ( popular among Malays ) is a method of tempting the card user. Some use the cards for business with large cash withdtrawals to buy shares, downpayments, etc. Many cardholders went bankrupt because none of the banks did serious thoughts about educating people how to use the cards. All they say is, use the card wisely. Why can’t they design cards without cash advances facilities ? Why can’t they design cards that can only be used once a month ?
http://www.utusan.com.my/utusan/info.asp?y=2009&dt=0426&pub=Utusan_Malaysia&sec=Muka_Hadapan&pg=mh_02.htm
Salam kasih dan hormat Ayahanda Tun. During Tun
Salam Tun,
1 INI BERPUNCA DUIT KERTAS SEBAGAI MATA WANG.
2 TRANSAKSI KITA BERDASARKAN NOTE-NOTE KERTAS YANG NILAINYA TAK TETAP , SENTIASA TURUN ATAU NAIK.
3 SISTEM PERNIAGAAN ISLAM BERPEGANG KEPADA NILAI DINAR,DIRHAM DARIPADA EMAS DAN PERAK SEBAGAI MATAWANG.
4 ISLAMIC BANKING YANG DIAMAL SEKARANG SAMA MACAM CONVENTIONAL BANKING YANG BUKAN ISLAM KERANA MENGGUNAKAN MATAWANG KERTAS, CUMA
KAEDAH BERLAINAN.
5 KEGAWATAN EKONOMI AMERIKA ADALAH CIPTAAN BELAKA DEMI UNTUK MENGUATKAN CENGKAMAN KUASA PREMASON KE ATAS DUNIA.
6 AMERIKA BOLEH BUAT RANGSANGAN EKONOMI BERAPA BILLION ATAU TRILLION US DOLLAR YANG DIA HENDAK DENGAN MENCETAK NOTE-NOTE KERTAS YANG MANA NOTE-NOTE TERSEBUT LAKU DI SELUROH DUNIA. APA SAJA AMERIKA HENDAK DI DUNIA INI, DIA BOLEH DAPAT DENGAN MEMBAYAR NOTE US DOLLAR.
7 MACAMANA INI SEMUA BOLEH BERLAKU? HANYA ORANG YANG TAHU SEJARAH ISLAM SAHAJA YANG MEMAHAMI.KALAU KITA BERLAJAR SEJARAH DI MANA-MANA SEKOLAH ATAU UNIVERSITI KITA TAK KAN FAHAM.
Dear Tun,
No doubt that the financial market/paper trading that you described is the main cause of financial crisis that happen today. Nevertheless, highly liquid capital which we seen in the past few years (due to these activities) has enable various new businesses and innovation to emerge due to easy access of capital. Malaysian Bankers resticted by traditional lending do not have the creativity nor having the risk appetite to appraise new businesses despite the businesses very promising and they just reject to appraise just because they do not understand. Despite your above opinion, the paper trading, debt financing and refinancing will emerge again post crisis. The real question will be, will we be ready with the understanding and expertise to benefit on such situation. The new PM has unveiled the liberalisation of service sector with the objective to increase service sector contribution to national GDP. While, Malaysia may hesitate to liberalise the paper trading and debt financing (increase the ratio of lending over bank deposits) the least Malaysia could do is to revisit the corporate tax rate. Singapore current corporate tax rate is much lower than Malaysia. As such, even Malaysian companies when doing business in trade and if the trade has nothing to do with Malaysia will use and prefer to use Singapore registered vehicle as the tax in Singapore much lower than Malaysia. We do mineral trading and various product from Indonesian and market to Korea, China and Japan…while it is our wish that we could operate out of KL and pay tax to Malaysia, the tax rate between Singapore and Malaysia is just to big to be ignored.
in the coming future, if China were to learn the way of making evil money (which is fast money) & if they fully max indrustrialize one day, then lots of earth resources will vanish soon (human is good creator of energy such car engine, that suck oxygen & create heat. the more humans have on Earth, the more Earth will be heated up which will never turn back no more). they now already started to join other to plunder the earth resources as much & as fast as possible, this is not healthy, this is a bad sign. last thing we wanna do is wake up this sleeping China Dragon (the last sleeping dragon around the world to be awaken, rest already woke up). fade of the Earth is on the mercy of humans. May God Bless the Earth.
Salam Tun sekeluarga….
Ulasan Tun memang sangat2 bernas sekali. Tun telah menunjukkan satu gambaran yg sangat jelas sehinggakan seorang yg masih remaja seperti saya pun faham mengenainya. Semoga idea2 Tun dapat melahirkan generasi pemikir baru yg sehebat Tun suatu masa nanti…
Konsep pinjaman bank2 konvensional disini amat mudah sahaja. Misalnya Bank X menawarkan kapasiti pinjaman sebanyak RM6,000 (ni contoh saja nak bagi mudah), tetapi reserve bank tersebut hanyalah RM60 (contoh lagi), maka yg selebihnya iaitu RM5,940(RM6,000-RM60) hanyalah nilai diatas kertas tetapi bank tersebut sebenarnya tidak mempunyai RM5,940. Apa yg mereka lakukan hanyalah mencipta kertas2 perjanjian seperti perjanjian loan kereta, rumha dan sebagainya seolah2 mereka mampu memberi pinjam kepada peminjam2 walaupun pada hakikatnya mereka tidak mampu. Mereka menggunakan kuasa mereka sebagai bank untuk memberi pinjam RM5,940 (duit yg kita sendiri rasa ada tapi sebenarnya tiada). Pinjaman RM5,940 itu pula dikenakan kadar faedah yg tinggi dan disinilah punca pendapatan bank2 tersebut kerana itu merupakan duit sebenar yg dibayar oleh peminjam yg juga merupakan penyumbang GDP negara.
Untuk memberi gambaran yg lebih jelas lagi, sekiranya kawan2 anda ingin meminjam RM6,000 daripada anda, tetapi anda hanya mempunyai RM60, sudah semestinya anda tidak mampu memberi pinjaman kepada kawan anda kerana RM60 itu merupakan satu2 duit nyata yg anda miliki dan jumlah yg paling maksimum yg anda boleh pinjamkan kpd kawan pun hanyalah RM60. Jadi, disini hanya bank sahaja yg layak meminjamkan wang lebih daripada bank itu miliki itu walaupun pada hakikatnya mereka tidak mampu kerana mereka ada kuasa sebagai bank, yakni kuasa mencatatkan apa2 saja jumlah nilai angka pinjaman mengikut tahap ketamakan mereka kerana semakin banyak yg mereka pinjamkan, semakin kayalah mereka hasil daripada caj kadar faedah yg dikenakan ke atas pinjaman yg mereka ‘luluskan’ tersebut. Ini akan berteruskan sehinggalah sampai ke satu tahap yg sangat tepu dimana sistem bank tersebut musnah sama sekali akibat nilai hutang yg tidak berbayar yg tinggi dan kadar faedah yg mencekik darah.
Betulkan sekiranya saya silap..
MIAW
Ayahanda Tun,
The ariticles on International politics and economics and financial systems do not attract much comments. From here, I can make the safe
Tun,
1)From the feedback,you would notice that people appreciate this economic series and why?
2)I put the blame on our education system.
3)Basic economics and accounts are not taught in the secondary school unless the students opt to go to commercial stream or take extra papers.
4)For the SPM students who are in science stream and they are mostly high achievers only require to take a minimum of nine papers-2 languages,2 maths,3 sciences ,history and Pen.moral.
5)For these groups of students who would qualify as doctors and engineers or scientists,they have little knowledge of accounts,economics and legal matters,yet these are so essential when they join the working world.
6)A doctor needs to know what is the legal and ethical environments he offers his service or consider to set up another branch or keep the accounts for the income tax.
7)I can offer my solutions but then they will say “who are you?”
8)Back to your article,since you are critical about the present crisis of excessive lending by the banking system,do you intend to offer an alternative solution?
salam Tun,
I would like to reproduce a comment from Ceylonese Lawyer to share with everybody.To all conspiracy theorists,please look at the Altantuya murder case from another perspective.Don’t take hearsay as gospel truth.And western press are bullshitters of the highest order.Case in point;the invasion and occupation of Iraq.
“By Ceylonese Lawyer on April 26, 2009 12:41 AM
NEW AGE “TRUTH”
In the face of the scandalous allegations against Dato Seri Najib – where are the champions of human rights ? Where are the proponents of the rights of the innocent ? Where is the Bar Council and their crusade for “innocent until proven guilty”.
Reflecting on all this it would seem that truth and falsehood appear to have become items of fashion in this day and age. I have long wondered how certain designers can produce the most items of clothing only to earn utmost praise from the “learned” and why the most honest tailors are unable to make ends meet for the best of their creations. If that had baffled me, the recent spate of propaganda against the Prime Minister is enough to shock the conscience of any man.
We have long heard the champions of liberal and popular human rights themes (not the ones that end unemployment, or those who enhance living standards or the ones that create opportunities for small business) but rather the ones who champion marching on the streets, free love etc etc rally to cry that every person is innocent until proven guilty. So great is this cry that even laws which sanction and regulate preventive detention are frowned upon.
However, in the instance of these scandalous allegations against Dato Seri Najib and his wife, a new rule seems to have seized the centre stage. What are the facts. A lady was tragically killed. Her killers were arrested, tried and sentenced to hang. There are questions over how she was killed, the motivation, the means etc. These concerns arise in any and every killing – why would one person plan to take the life of another – it begs imagination. Rather quickly, rumors spread. There is no tangible evidence to support these rumors. They are at the level of “I say”, “you say”, “I heard”, “you heard” and
“somebody told” me. There isn’t a single civilized nation on this earth that attempts to deny a person his rights or his liberties on this basis. Yet in this instance Dato Seri Najib was to be denied his right to become Prima Minister until he was cleared by a Royal Commission. These rumors that cannot from a rational basis for conviction in any right minded society have now become elevated to a higher
standing because:
i. they have been reproduced in Statutory Declarations;
ii. a popular blogger with royal lineage has taken a fancy to them and has made some outrageous remarks extolling the truth of these statements;
iii. just when the interest started to die off, Malaysian society was given what they needed most- accreditation by a French journalist who basically cataloged all available rumors and published them as fact that had been investigated. Naturally become French (European) – we must assume that they would not lie, if they say that they have investigated the matter it must be true.
Have we not been here before ? Do we not remember the power point presentation shown in the UN, the most august of assemblies, depicting a sinister plot to develop weapons of mass destruction- weapons which everybody now admits are not and were never there.
All this raises a larger and more fundamental question of the kind of society that we want to be. If we want to be ruled by rumor and innuendo, by what a journalist wants to catalogue, it is the end of our civilized nationhood and our ability to take our place in the world of nations. It is my sincere hope that the government makes the strongest appeal to the nation to stand up to this. This is not an appeal to those who love or hate Najib and Rosma. It is an appeal to respect certain fundamental principles and limits. I would hope that leaders of those nations and their press regulatory bureaus would speak up.
It is interesting to note that in all this time, in the many court cases that have come and gone, even as two people have now been sentenced to hang – none of these wise crusaders are able to advance any evidence of the so called “real killers”. The Royal Blogger who is in self exile who had charismatically leveled all manner of threats, who supposedly possessed evidence of a “silver bullet” standard is also unable to produce any of this evidence which could save two people from the gallows. A lawyer MP whose father fed his family defending and winning cases by applying evidential standards that were by no standard reached in this case was prepared to denounce the PM as a murderer in Parliament.
We must now allow spin to supersede substance. we must tell the truth and not spin a lie into the truth. We cannot put our nation on hold until we find a leader who is free of rumor and innuendo or one who is to be cleared by a Royal Commission. We should all be concerned about these Royal Commissions. The last one seemed to have concluded that judicial appointments were being tampered. A most serious finding which was based on the belief that because one person knew the other, then it is most possible that they did whatever the intoxicated man holding a wine glass with his shirt untucked said they did. It was no doubt laced with poetry and extracts from the movie “Ten Commandments” – “So it was written no let it be done” .
These are nice to hear, nice to read and makes a great companion over a weekend of teh tarik. But let us consider this. How consistently are we prepared to apply these new found values ? If our children lose their jobs on this basis – that there is a popular suspicion, a blogger believes it, a politician believes it – would we accept it. If the Opposition Leader, who has been found to have indulged in homosexual acts by the very court that acquitted him is suspended pending his clearance after a victim of sodomy implicated him further – what then ? Would the human rights activists, the Bar Council, Zaid Ibrahim and all in sundry not rise in protest, would they not march in the rain.
Why do these values not apply to Najib and Rosma, are they not people, are they not parents, don’t they have children too… let us apply the universal rules of fairness in this case and speak up and speak up strongly against what is being done to the leader whom we all today depend upon to lead us in this difficult time.”
Tun,
Nasri tidak menghormati Tun dan kurang ajar.
Kalau dia bijak dia tak akan menghentam Tun di media. Orang macam ini tidak pergi kemana. Tengok saja parliamen yang dijaga olehnya, selalu kelam-kabut dan kucar-kacir.
Dulu dia dengan megah sokong dan bela kesalahan bekas PM yang baru melepaskan jawatannya itu.
Nampak sangat dia ni tak pintar. Cakap saja berani, tapi takut bertanding di Kelantan. Dia orang Kelantan tapi bertanding di Perak.
Salam Tun,
Based on the simple explanation given, I wonder what legal binding will be between the banks and the consumers when the banks are at fraud, moneyless suing consumers into bankruptcies?
A fraudster using legal means to gain from fraudulent practices?
THE LEGAL SYSTEM MUST BE REVIEWED TO PROTECT CONSUMERS FRM BEING ABUSED BY THE FRAUDULENT BANKS AND FINANCIAL ORGANIZATIONS.
At individual basis, I only lend the money the amount that I can cash out!
Selamat pagi Ayahanda Tun,
Izinkan….
//By jamilmalik on April 25, 2009 10:24 PM//
Dear Jamilmalik,
Before you made such comments, you do have to go down to the field to check why these happened.
Local and international banks in Malaysia are controlled by BNM with strict rules and regulations under Tan Sri Zeti. In these 6 years, BNM did not issue any bank licences to any foreign banks. One of the blogger had mentioned that TS Zeti had waited Pak Lah (now Tun Lah) and forced him to renew her contract as the Gabenor of BNM. Well, rumours on Pak Lah tend to be true.
The HIS-STORY of Tun Lah made rakyat inculding Ex-PM (Tun Mahathir) to recognize and learn the new formula of
MELAYU MUDAH LUPA + FLIP FLOP (Pak Lah’s family + tingkat 4)= DURI DALAM DAGING (Mr Anwar Ibrahim + Mr KJ).
If Tun Dr Mahathir kept quiet on this matter, I am sure Pakatan Rakyat had suceeded in forming the PR government in September 16, 2008, and BN is our Opposition party. I as a chinese will say, phew…. lega nya hati I kerana PR berani to taruh these sombong, mudah lupa dan flip flop UMNO that caused chaos to BN and our country.
Tun Lah had failed as our PM. Now the UMNO and BN has to carry this image + “FLIP FLOP” lagi to counter-attack PR with image of Duri Dalam Daging. Now, the rakyat had decided not to make BN (khususnya UMNO) win with 2/3 majority in the next PRU13, and because of this secenario, DS Najib needs to go down to the field like an ordinary person to save UMNO and BN from deterioting further because DS Najib had learned the HIS-STORY of Tun Dr Mahathir (Cekap, Bersih dan Amanah) and HIS-STORY of Tun Lah (Gemilang, Terbilang & Terhilang kerana Cikgu kencing berdiri, murid kencing berlari).
I understand how hurt your feeling is to see your main race in this statistic published in main stream media:-
4A) ASN LAUNCH NEW ASN SHARES TOTALLING 3.33 BILLION SHARES
4B) 999MILLION SHARES ALLOTTED TO CHINESE RACE OR 100% WERE TAKEN-UP WITHIN ONE WEEK;
4C) 1.665BILLION SHARES ALLOTTED TO MALAYS BUT ONLY 0.006% OR 7.65MILLION SHARES WERE SOLD;
4D) 499.5MILLION SHARES WERE RESERVED FOR INDIANS, BUT BETTER TAKE-UP RATE THAN THE MALAYS OF 0.2% OR 53.5MILLION SHARES SOLD.
The above statistic told us that Chinese have money and they have the habit of savings for rainy days as they were taught by and inherited such advice from their parents. However, the attitude of “pakai wang dulu, menyesal kemudian” and “tidak apa” must be erased from the kamus of each malay brothers and sisters if they want to be the master in Tanah Melayu. The Indians are still poor because they did not learn from “kong gali kong (twist and spin facts)
The NEP policy did not fail, it is a policy to protect Malay’s Hak Istimewa. But because of the “keinginan cepat kaya” attitude, the UMNOPUTRAs had failed because they strongly believe that “takut apa, kalau ada masalah wang, kami boleh “kowtim” dengan UMNOPUTRAs dengan cara “bailout kerajaan”. These UMNOPUTRAs did not learn from ex-PM Tun Dr Mahathir, they repeated the same mistake until BN is tolak by rakyat 2/3 majoriti in PRU12.
You are still young Jamil, it is time for you to upgrade yourself in building your own foundation with sensible sense. I do not support young people venture into politics at young age. It should be okay if they are above 35 years because at that age, they are more mature and will not be swayed easily.
Jamil, apapun, pastikan 1Malaysia akan berjaya before next PRU 13. Chedet tuliskan artikel ini kerana beliau ingin tahu apakah pandangan bloggers sebagai rakyat akar umbi. Tun Dr Mahathir adalah manusia, bukan “Angel”, jadi apakah yang sedang berlaku di ground Zero, beliau mungkin tidak tahu. Yang mustahaknya, apa yang diajar chedet adalah baik untuk semua warganegara Malaysia tak kira kaum, bahasa dan agama.
Ayahanda Tun,
This article is to advice us not to use money created in thin air. I agreed and have this mindset after the fall of our economy in 1997. Now ASN and ASW2020 are fully grabbed by non-bumi because they do scientific research and calculation before investing. These 2 Dana are here to build our real economy for long term gains. Such funds were launched in China in January. As Amin Tan commented, he does not agree to this article because he strongly believed in ‘Modern Economics’. Modern (or capitalism) or Islam (or communisim), the foundation of the economics are about scarcity, not greed. I do hope that he will not be too “hu..ha.. in the term of Modern Ecconomics” because there is a high tendency to get himself trapped by his own greed without realizing it. For the investments banks, customers like Amin Tan are “Sui Yu” (cantonese means
“penyu”), boleh dimanipulasikan to the maximum impact to gain their profit.
Good day Ayahanda Tun.
Assalamualaikum Tun,
Well said Tun. 100% right with what you have posted. The only way out of these trouble is to educate the consumers and the importance of not spending on what we can’t afford and don’t have the means of getting ways to pay back. I think the alongs in Malaysia are the extension of what the banks are doing…… that is at the small scale.
At the bigger scale I think that the usa should clear their debts first and then see what is left of them to spend, but I think it would surely shows a negative figures in the trillions or zillions.
once again Tun, congratulation and thank you very much for educating us in a simplified laymen terms. I salute you Tun “Viva Tun Dr Mahathir and may Allah bless us all”. Aminnn….
Dear Sir,
The government needed to get back to basics in Malaysia. For 50 years being permanently on top, always in control, forever the dominating ruler and evermore have been excessive. We try to shore up a failing economy to keep it growing artificially, at the expense abusing almost everything beyond the limits to growth. We need to accept the natural limits to growth.
Less than 2% of Malaysians are now economic workers. This number must increase, if we are to survive. Economic workers build communities. Our culture that produced increasing number of government based servants or government link company workers to prosper by being based on a false, foolish economy, like the one that is now failing.
Malaysian needed to re-align or change the economy more around nature
bab banking macam ni bukannya orang tak tahu.. tapi tak nak berubah. itulah masalahnya.
masa tun jadi PM dulu apa yang tun boleh buat untuk ubah.
tengok duit dinar yang tun nak buat dulu.
apa jadik, berapa billion dah habis untuk initiate benda tu.
kenapa tak boleh on lagi?
kenapa masih nak terikat dengan sistem kewangan barat ?
berani buatlah.
untuk menang pilihanraya, buletin utama tv3 mesti diharamkan.
KENYATAAN AKHBAR DATUK IBRAHIM ALI, PRESIDEN PERTUBUHAN PRIBUMI PERKASA MALAYSIA (PERKASA)
1. PERKASA menghormati tindakan kerajaan meliberalisasikan 27 subsektor dalam bidang perkhidmatan kesihatan dan sosial, pelancongan, pengangkutan, perniagaan, komputer dan yang berkaitan dengannya berkuat kuasa serta-merta tanpa mengenakan sebarang syarat ekuiti seperti yang diumumkan oleh Perdana Menteri, Datuk Seri Najib Tun Razak, pada Rabu 22 April 2009.
2. PERKASA juga menginsafi bahawa tujuan tindakan tersebut adalah untuk membentuk satu persekitaran perniagaan yang kondusif bagi menarik pelaburan, teknologi serta menjana peluang pekerjaan bertaraf tinggi. Ini bermakna langkah ini dilaksanakan demi kepentingan negara dan rakyat jelatanya.
3. PERKASA juga menghormati kenyataan kerajaan bahawa inisiatif liberalisasi ini tidak akan menjejaskan industri perkhidmatan tempatan kerana ianya dilaksanakan dibawah kawalseliaan Kementerian Perdagangan Antarabangsa dan Industri (MITI) menerusi Jawatankuasa Kebangsaan bagi Kelulusan Pelaburan Sektor Perkhidmatan di bawah Lembaga Kemajuan Perindustrian Malaysia (MIDA).
4. Bagaimanapun PERKASA kesal kerana kerajaan memansuhkan syarat peruntukan ekuiti 30 peratus tempatan untuk subsektor berkenaan. Ini bermakna usahawan Bumiputera tertutup peluang menyertai sektor ini walaupun ianya merupakan komponen penting dalam ekonomi negara yang menyumbang sebanyak 55 peratus kepada Keluaran Dalam Negara Kasar (KDNK) pada 2008 dengan 47.6 peratus merupakan sumbangan perkhidmatan bukan kerajaan.
5. Memang mutakhir ini wujud segolongan usahawan Bumiputera yang berkemampuan untuk bersaing menerusi sistem yang terbuka. Tetapi, jumlah usahawan yang mampu berjaya menerusi sistem meritokrasi ini pastinya masih kecil dan belum menyeluruh.
6. Oleh itu, PERKASA bimbang bahawa keputusan kerajaan ini, walaupun demi untuk negara dan rakyat jelatanya, kemungkinan ianya menjejaskan majoriti usahawan Bumiputera di sektor perkhidmatan yang diliberalisasikan ini tidak dapat dinafikan. PERKASA juga bimbang bahawa tindakan kerajaan ini menjadi permulaan kepada pemansuhan ekuiti 30 peratus sepenuhnya bagi sektor-sektor lain di masa akan datang.
7. Oleh itu, PERKASA berpendapat bahawa keputusan memansuhkan ekuiti 30 peratus dalam sektor perkhidmatan yang dilebralisasikan dua hari lalu wajar dikaji semula dengan seberapa segera. Sekurang-kurangnya kerajaan wajar menetapkan ekuiti yang yang lebih kecil daripada kadar 30 peratus sebelum ini. Pada waktu yang sama, kerajaan perlu menyatakan secara tegas bahawa tahap ekuiti 30 peratus yang dikenakan sebelum ini akan dikuatkuasakan semula sebaik sahaja ekonomi negara pulih seperti sedia kala.
8. PERKASA menyatakan pendapat serta mengemukakan saranan di atas kerana dalam apa jua keadaan adalah kurang wajar jika status Bumiputera di negara ini seolah-olah diremehkan. Tindakan seperti ini memberikan persepsi dan impak negatif kepada kesungguhan kerajaan mempertahankan program dan dasar affirmatifnya bagi masyarakat Bumiputera seluruhnya.
9. Sekian. Terima kasih dan salam takzim.
Ibrahim Ali
http://parpukari.blogspot.com
Malam tadi telah berlangsung PROGRAM PENJELASAN krisis di PERAK! program ini telah disertai oleh lebih kurang 250 orang dari sekitar negeri Perak, ianya adalah stu forum yang di buat secara interaktif. Program tersebut telah dianjurkan oleh National Press Club!
Saudara Rocky(Rocky’s Bru) telah membuat sedikit ucapan pengenalan dan seterusnya moderator pada malam tu Tuan Syed Akbar (Outsyed the box) telah menjemput panel pertama Dato Shafee Abdullah untuk menyampaikan apa yang sebenarnya berlaku di negeri Perak mengikut lunas undang-undang.
Panel kedua, Dato Mohd Hafarizam pula telah menceritakan mengenai kronologi isu Perak dan panel terakhir pulak adalah Mr Nga Hock Cheh, beliau adalah ketua peguam DAP Perak.
Kira-kira lebih dari 200 orang yang menghadiri majlis tersebut terdiri daripada pelbagai fahaman politik yang berbeza, mereka dapat berdialog dan bertanya soalan secara langsung kepada panel-panel yan hadir pada malam tu.
Saya tak nak cerita kat sini apa yang mereka katakan semalam, anda boleh melihatnya dari blog Outsyed the Box dan blog A Voice
Biklah sekarang saya nak cerita apa yang saya nampak semalam dari kacamata saya, dari hujahan dan proses soal jawab semalam saya nampak yang pakatan pembangkang sudah kehabisan modal, malah saya juga telah difahamkan oleh pihak penganjur yang bekas MB dan adun sitiawan tidak mahu untuk menyertai acara ini!
Saya agak terkejut bila mendengarkan reaksi mereka ni, bukankah hari tu mereka dengan begitu kuat mengkritik BN mengambil kerajaan Perak secara haram? Kenapa bila kita ajak untuk berdialog dengan rakyat mereka tidak mahu menyertai pulak ya? Mengapa? Why?
Kerana mereka tahu yang mereka sudah kehabisan modal, mereka sudah tidak boleh nak pusing undang-undang untuk menghalalkan cara mereka, inilah hakikatnya, malah mereka telah menghantar seorang peguam yang dah agak berumur dan hujahan beliau juga lebih retorik, senang cerita lebih politik la!
Manakala pihak BN pulak telah menghantar Dato Mohd Afarizam yang telah bersedia dengan segala hujahan undang-undang dan fakta yang tak boleh disangkal lagi akan kesahihannya, saya nampak semalam penyokong pihak pembangkang semalam tidak agresif.
Malahan kehebatan Dato Shafee Abdullah dan Dato Hafarizam dalam menjawab keseluruhan persoalan kedua pihak dari aspek perundangan telah membuatkan masing-masing lebih faham akan situasi yang berlaku di Perak
Malah setelah kesemua panel menyampaikan hujahan mereka, saya nampak ianya telah membuka minda dari kedua belah pihak dan suasana di dalam dewan itu yang pada mulanya saya fikir akan menjadi panas telah berjalan dalam suasana harmoni, inilah saya katakan semangat Malaysia Boleh!
Akhirnya kebenaran terbongkar jua! Maka sudah dapat diketahui lah rakyat negeri Perak semalam bahawa tuanku Sultan Perak telah menjalankan amanah baginda dengan adil dan saksama!
Maka selama ini pakatan pembangkang telah membakar api yang palsu di negeri Perak, kenapa semasa 8 Mac 08 dahulu Bn boleh terima kekalahan dan membiarkan pakatan pembangkang menubuhkan kerajaan? Harus di ingat ya, pakatan pembangkang bukanlah satu badan politik berdaftar seperti BN.
Mereka telah meletakkan nama persefahaman mereka yang rapuh ini atas nama “Pakatan Rakyat” mereka tiada logo atau bendera seperti BN yang telah didaftarkan secara sah! Mereka ini ibarat macam sayarikat berlainan yang membuat ‘joint venture’ itu sahaja, tidak lebih dari itu!
Kenapa, apabila sudah berlaku perubahan kerajaan mereka tak boleh terima kenyataan bahawa mereka sudah tidak lagi mejadi kerajaan? Kenapa harus pakatan pembangkang membuat kacau bilau di negeri Perak yang tercinta ini? Kenapa? Why?
Penyokong mereka juga telah menuduh BN merampas di Perak ikut pintu belakang, apa? Pintu Belakang? Siapa yang kuat main belakang ni? Siapa yang tak reti nak jaga ADUN? BN atau Pakatan Rapuh? Salah siapa sebenarnya?
Tuduhan pembangkang bahawasanya BN telah membeli adun-adun yang telah keluar dari Pakatan Pembangkang adalah palsu dan tidak berasas sama sekali! Kalau dah tak reti nak jaga ahli dalam parti sendiri, orang lain jangan disalahkan!
Kepada Nizar dan Sivakumar, janganlah anda menjadi boneka kepada dua bersaudara itu lagi, saya sudah dengar sendiri rintihan dan keluhan rakyat negeri Perak mengenai keadaan yang berlaku sekarang ni! Mereka tidak menyukainya, mereka mahukan keamanan dan mereka risau akan keadaan ekonomi.
Sudah-sudahlah la tu, apa yang penting sekarang adalah kebajikan rakyat negeri Perak bukan? Kita sama-sama dahulukan kepentingan rakyat, dengan membuat keadaan kucar-kacir begini, tidak ada mana-mana pihak pun akan gembira, kamu dah perintah selama 11 bulan dahulu, maka sudahlah, 3 tahun lagi nanti anda boleh cuba memenangi semula hati rakyat negeri Perak!
Apakah Pihak Pemmbangkang fikir dengan buat begini rakyat akan simpati pada anda? Saya percaya jawapannya adalah tidak sama sekali, maka saya seru kepada pembangkang supaya hentikanlah sandiwara politik di Perak!
Tolong jangan libatkan kami rakyat negeri Perak dalam permainan politik kotor kamu wahai pihak pembangkang! Kami dah nampak dan sedar akan keadaan sekarang, janganlah sampai berlaku perkara yang tak diingini!
Sebelum mengakhiri bicara saya ini, saya berasa sungguh gembira semalam kerana walaupun pendapat politik kita berlainan namun atas semangat keMalaysiaan kita dapat menjalankan forum tersebut dalam keadaan aman damai.
Ibarat kata saudara Rocky, sebelum kita nak jadi satu Malaysia kita harus duduk satu meja dahulu dan bincangkan tentang masalah-masalah rakyat!
Tahniah kepada NPC terutama sekali saudara Rocky kerana telah mengadakan satu program yang amat efektif dan berkesan sekali! Juga diucapkan tahniah kepada moderator Tuan Syed Akhbar yang telah berjaya mengawal soalan-soalan panas dan dialog ini dengan begitu berjaya sekali!
Akhir kata ketiga-tiga panel telah mempersembahkan semalam, sekarang terserah pada rakyat untuk menilai mana yang baik dan mana yang buruk, sehingga kita jumpa di lain kali, sekian. Wassalam
http://parpukari.blogspot.com
as time goes by, this kind of money has evoluted into a very powerful force (they seem to be ALIVE but they dont breath air like us or the plants). Duit atas angin yang di cetak atas angin.
this will create a vacumm force that is always sucking money from all over the world, sucking Earth Resources at a Tremendous rate. as this force move, the rich become richer & the poor get poorer. the eco-system for food gone bad. every resources today has got a price tag on them (a leech, a ‘siput babi’, a fish, a Tiger, certain rubbish, a Timber tree & all that money can reach. if you can hunt them down, the money is yours), the more HUGH this fake money MONSTER become, the more the gap between the rich & the poor will get further, the more faster Earth Resources, the faster oxygen will be burn up, the more carbon will be release (everything that create Energy, will need to burn up oxygen & release carbon). soon to come, humans will suffer in mass scale.
p/s: yet because of the HUGH money, over industrialization, then over production. in order to fill those empty fake demand on that over production, most of the country around the world is trying to PUSH for more population growth to feed this force.
Salam TUN,
Saya ada cadangan untuk TUN cupas selepas ini. Apa kata jikalau TUN mengupas tentang company2 “GLC” yang ada di negara kita? Tentang perkembangan semasa mereka. Juga tentang kelemahan-kelemahan yang terdapat pada syarikat2 ini.
Contohnya tentang CELCOM yang baru2 ini dilanda masalah teknikal berkaitan dengan broadband mereka dan bagaimana mereka sebagai syarikat “GLC” membantu atau menyusahkan rakyat dengan caj yang tidak digunakan. Juga tentang TNB yang mengaut keuntungan beratus juta ringgit sedangkan dalam keadaan ekonomi semasa yang tidak begitu baik ini, mereka sepatutnya membantu meringankan beban rakyat.
Dan juga banyak lagi syarikat2 “GLC” yang hanya tahu mengaut keuntungan berlipat ganda tanpa memikirkan cara dan harga yang berpatutan untuk membantu rakyat. Sekurang-kurangnya kerajaan secara tak langsung dapat membantu rakyat.
Saya harap cadangan saya dapat pertimbangan pihak TUN.
Sekian Wassalam.
Dr Mahathir,
Do you agree that Banks creat debtors?
One way of course is by issuing credit
cards.
Once you use the facility, you are already
a debtor.
Now it’s up to the credit card holder to
use the card wisely.
Unfortunately,Bankers do not educate the
credit card holders,especially those first
timers,how to use them effectively and to
the clients’advantage.
No, that’s not the responsibilty of the Bankers.
Only much,much,later that you learnt from a talk show
about how to manage your card spending from a financial
consultant.By then, maybe it’s too late. You are
already laden with debts.
Another way is of course by giving personal,business
and syndicated loans.These loans are usually secured
meaning,they want your money,your property so forth
and so forth before they approve your loan.
Whatever facilities banks provide their customers,at
the end of the day,the banks are at the winning end.
Henceforth,it is really mind boggling how a bank goes
bankrupt due to bad loans i.e NPLs.
If I understand correctly from the trends,banks go bust,
if they have bad bankers.
They gave out loans when there is no genuine business to
service.The loans go into their own pockets.
During bad times,i.e.depression,recession or whatever
economic jargon they call it,banks should play a central
role to help recover the country’s economy.
Banks,as many may have known, are only friendly to you
if they know you are cash rich or you have a sound
account with them.
When you are in dire straits and genuinely in need of t heir
help, they turn you away. That’s where Alongs come into
the picture.
When the government revised the loan guarantee rate to 80%
to banks so that banks give out loans to borrowers, actually
the bulk of the payment is on the shoulders of the borrowers.
The borrower got to provide the guarantee to the bank as well
as to the government i.e the CGC. This stimulus package
from the government only benefits the banks more than it
benefits the borrower. At the end of the day,banks will make
more profit and borrowers remain debtors all their lives.
Thus this predicament faced by unfortunate borrowers or
debtors will eventually lead to an escalation in social
problems, suicides, crime rates in the country.
Thanks to the institution of banks and greedy bankers.
Dear Tun
You have made some very elementary errors in your analysis on how banks work and how they create and fund credit. I would humbly suggest that you consult Madam Zeti at Bank Negara before you mislead thousands of your loyal supporters with basically WRONG information!
There is a major difference between a bank lending 10 or 20 times its Share Capital and 10 or 20 times its available cash!
You have missed out the most significant aspect of banking and that is that banks COLLECT DEPOSIT FROM CUSTOMERS and this could, and very often does exceed its Paid-Up Share Capital. A bank
Dear Tun,
Forgive me for saying this. Maybe it is new to you but to any economics student what you are saying is actually basic banking principle called credit creation. But the way you sensationalise it sounds so negative and criminal using “false economy”, “thin air”. In banking like in life in general good will, trust, credit worthiness, subprime are important factors. It is not cheating when banks lend more than their reserves because reserves are essentially idle money. It has been calculated statistically and allowed by bank negara for banks to lend up to 10 times their reserves.
Likewise in the case of individuals buying houses and cars on basis of deferred payment or instalment. They dont have that kind of money at the point of time when they buy the house or car. they only pay the deposits. But they deferred payment in instalments for 25 years or 5 years or whatever. This is good for the wellbeing of the people since it helps to create demand as production has exceeded demand due to advancement of technology and automation.
What a waste of resources and material wealth if we allow people to buy only up to the amount of money they actually possess like doing away with credit cards and credit creation. Think about it carefully and deeply, it is and it allows wealth creation. It is modern economy, Sir.
Amin Tan
Dear Tun, basically what you have mentioned summarizes the inherent flaws found in capitalism and the fractional reserve banking system, which is of course practiced by our banks as well from cimb, bsn to public bank etc. An ideal, sure-profit business model of creating money out of thin air. Does it seem coincidental that their founders are filthy rich?
But at the end of the day, what are you trying to implicate then? To embrace socialism in Malaysia? (which is doing very well for China anyway) I guess it’s rather difficult. Or ask the majority Malaysians to change overnight and start saving now, given their naturally spendthrift nature (which are further exacerbated by Western media which indulge in exuberance)? But even if they have the intention to save, many are enslaved by heavy debts generated from necessities such as (especially) cars and housing. Taking Proton as an example, your initial benevolent intention of spurring the country’s development by introducing locally made cars has now unfortunately degenerated into a debt-generating instrument for many Malaysians. It does not take a nuclear scientist to figure out that car prices in Malaysia are artificially and grossly inflated due to the protectionist market present here and many have to resort to banks to finance their purchases.
Malaysia’s economy is now basically facing great difficulties as more and more rakyat are consumed by never ending amount of debts, inflation and heavy dependency on commodities-based exports. If nothing radical is done to further promote the k-economy (and generate wealth from foreign countries), Malaysia will face the same fate as the US or Indonesia someday. The very reason that US is still able to withstand the credit crunch (albeit technically speaking their economy is bankrupt) could be attributed by their strong technological developments and creative industry (media, movies, music etc), which primarily deals with intellectual properties such as patents, copyrights, royalties and such.
India, despite a relatively poor country in comparison with ours, has companies like Infosys, Satyam, Wipro and Tata which are multi-billion companies. Same goes for China (alibaba etc). Malaysia has none (forget about InventQ), which is very devastating given your humongous effort to spur the k-economy via your MSC initiative. Something is very wrong here and should be examined.. the facilities are here but the entrepreneurs and human capital are missing. Where are they? Brain drain perhaps?
This is very surprising given the fact that Malaysia’s unique multi-cultural society enables their rakyat to communicate and comprehend in various global languages (namely English, Malay, Chinese etc). Basically Malaysians are very talented and smart.. yet when it comes to wealth generation we are lagging behind couterparts like India and China (where once we were ahead of them). Just my 2 cents.
Dear Tun, may i add this too ?
What is a sub-prime loan?
In the US, borrowers are rated either as ‘prime’ – indicating that they have a good credit rating based on their track record – or as ‘sub-prime’, meaning their track record in repaying loans has been below par. Loans given to sub-prime borrowers, something banks would normally be reluctant to do, are categorized as sub-prime loans. Typically, it is the poor and the young who form the bulk of sub-prime borrowers.
Why loans were given?
In roughly five years leading up to 2007, many banks started giving loans to sub-prime borrowers, typically through subsidiaries. They did so because they believed that the real estate boom, which had more than doubled home prices in the US since 1997, would allow even people with dodgy credit backgrounds to repay on the loans they were taking to buy or build homes. Government also encouraged lenders to lend to sub-prime borrowers, arguing that this would help even the poor and young to buy houses.With stock markets booming and the system flush with liquidity, many big fund investors like hedge funds and mutual funds saw sub-prime loan portfolios as attractive investment opportunities. Hence, they bought such portfolios from the original lenders. This in turn meant the lenders had fresh funds to lend. The sub prime loan market thus became a fast growing segment.
What was the interest rate on sub-prime loans?
Since the risk of default on such loans was higher, the interest rate charged on sub-prime loans was typically about two percentage points higher than the interest on prime loans. This, of course, only added to the risk of sub-prime borrowers defaulting. The repayment capacity of sub-prime borrowers was in any case doubtful. The higher interest rate additionally meant substantially higher EMIs than for prime borrowers, further raising the risk of default.Further, lenders devised new instruments to reach out to more sub-prime borrowers. Being flush with funds they were willing to compromise on prudential norms. In one of the instruments they devised , they asked the borrowers to pay only the interest portion to begin with. The repayment of the principal portion was to start after two years.
How did this turn into a crisis?
The housing boom in the US started petering out in 2007. One major reason was that the boom had led to a massive increase in the supply of housing. Thus house prices started falling. This increased the default rate among subprime borrowers, many of whom were no longer able or willing to pay through their nose to buy a house that was declining in value.Since in home loans in the US, the collateral is typically the home being bought, this increased the supply of houses for sale while lowering the demand, thereby lowering prices even further and setting off a vicious cycle. That this coincided with a slowdown in the US economy only made matters worse. Estimates are that US housing prices have dropped by almost 50% from their peak in 2006 in some cases. The declining value of the collateral means that lenders are left with less than the value of their loans and hence have to book losses.
How did this become a systemic crisis?
One major reason is that the original lenders had further sold their portfolios to other players in the market. There were also complex derivatives developed based on the loan portfolios, which were also sold to other players, some of whom then sold it on further and so on.As a result, nobody is absolutely sure what the size of the losses will be when the dust ultimately settles down. Nobody is also very sure exactly who will take how much of a hit. It is also important to realize that the crisis has not affected only reckless lenders. For instance, Freddie Mac and Fannie Mae, which owned or guaranteed more than half of the roughly $12 trillion outstanding in home mortgages in the US, were widely perceived as being more prudent than most in their lending practices. However, the housing bust meant that they too had to suffer losses
Tun,
Yes, they are agressive too. Without appying for it, I am sure many have even received cheques amounting up to RM20,000 from credit card issueing banks before.
Regards,
http://www.leading.com.my
Salam TUN
1 MAKLUMAT BARU BUAT ORANG SEPERTI SAYA, APA YG TUN TULIS DI ATAS.
2 NAMPAK SUDAH PERUBAHAN DALAM UMNO SEPERTI PELANTIKAN BANYAK MUKA BARU UNTUK MENGETUAI UMNO NEGERI TUN, CUMA PANDANGAN SAYA SUPAYA UMNO KURANGKAN/TIDAK CAMPUR TANGAN DALAM URUSAN JABATAN-JABATAN KERAJAAN DI KELANTAN.
3 RAKYAT TIDAK SUKA, TERUTAMA DALAM JABATAN PELAJARAN KELANTAN.
TQ
Dear Tun,
Yes Capitalism has failed. Islamic banking or more regulated financial system is needed. The problem with Islamic banking is the brand name itself. Although the system is liked by some westerners, the brand “Islam” would not interest many especially those in the western financial hemisphere. More regulated market will go totally against the principle of the American philosophy. So, this financial crisis is more difficult to overcome when compared to the great depression where the solution was to create financial systems such as the split of consumer banking and central banking. It needs change in the fundamental thinking of capitalists or rather pure repent from being greedy.
Dear Tun,
This is out of context. I’m a bit dissatisfied with UMNO recent decision in appointing Shafie Apdal as Kedah State UMNO chairman. It seems to me there is no charismatic leaders from Kedah anymore which a bit weird to me. To say that Kedah have no more charismatic leaders is totally untrue, but I do believe that they have every reasons until have to make that decision. For me to appoint Mukhriz in leading Kedah state is justifiable even though he seems short of experience needed, but he is your son (you have been sort of in fluency factor for most of Kedahans, no doubt about it). I think UMNO have to consider this factor anyway.
The recent move / action taken by Najib to meet people directly by walking around to several places in KL has shown his desire to narrow the gap between people and leaders, races and other races, religion and other religions. I’m pretty sure it will eventually turn into positive result which we can see it in the next PRU Insyaallah.
I do hope Najib will consider and examine your views in several matters you have brought up in your blog or even in newspapers. He have to avoid the same mistake that Pak Lah has done during his premiership. This has been thought in your recent comment about the importance of history to mankind which I felt it was relevant to not only leaders but also to a normal person. First mistake is forgivable second same mistake is unacceptable.
BUSTANUL BISTARI BEY
Dear Tun,
I cannot see anything wrong with banking business making profits by multiplying the money deposited into their system. This is a known fact and each and every banks in Malaysia is doing the same. Banking is leveraging on the trust from their clients. Once they have the money in their account they are legally allowed to provide loans to people who needed capitals for their real business. If Pak Cik and Mak Chik don’t want to trust the banks they can keep their money under their pillows. What is the benefits of keeping papers?
Even politicians are using the same leverage in their business. UMNO leaders leveraging on the trust given to them by Pak Cik and Mak Cik in kampung. Even 14 percent Malaysian voted for UMNO in the last elections Najib is still the PM for all Malaysians. Can we say Najib is and in fact all Prime Ministers as false politicians.
I beg to differ with you on this subject Tun. You cannot say the banking business is a false and politicians business as legitimate.
assalamualaikum Tun,
trying to absorb and comprehend Tun’s latest piece.any chance to have it in Bahasa Malaysia?
terimakasih atas sumbangan Tun.semoga sentiasa dilindunggi ALLAH SWT.
Salam Tun,
Dukacita sungguh bila PM baru pilih Nazri,dia ini tak habis habis kritik Tun .Mungkin sakit hati yg tak bolih padam .Patut dia hargai pendapat orang bukan terus melemahkan kebenaran yg diberi .Mungkin hendakan Glamor murahan .Memang jenis Talam Dua Muka,Lalang ikut angin tunggu 4 tahun lagi.Orang Kampong lebih pandai cakap dari dia.
Teruskan Idea Idea Tun untuk Pembangunan Malaysia.
Jambatan Bengkuk mungkin bolih digantikan dengan Terowong seperti Smart Tunnel.Kebebasan masuk dari mana saja dan mendarat dimana saja.
Salam .
Dear Tun,
thank you again for another informative piece of article.
I know there are more to come.
I hope you will be given an avenue by the current government to utilise your sharp acumen in economics.
I believe your experience and advise will only benefit our country.
Always regard you highly in my heart.
jerry.in.sg
********************************************************************
Interesting indeed..!
It’s the same way appplied by “David Copperfailed”..!
that made him the “The World Most Creative Illusionist Magician”
..earning lots..of..lots..of money by “cheating publicly & legally ”
..winning lots..of..lots..of applause & cheering by “deceiving
openly & lawfully “…! Too bad there are so many..many more peoples
in the world are still the fans of “David Copperfailed” seemed to be
approving by his “Creative Minds”…..!
That’s truly amazing..No wonder..He is the Only Man In the World Can
Made A Kid Flying……!We’d all seen that actually happened….!
********************************************************************
DEAR TUN,
1) BANKS AND OTHER FINANCIAL INSTITUTIONS TOUCHES EVERYBODY’S LIFE IN THE MODERN WORLD. LIKE IT OR HATE IT, WE ALL HAVE TO USE THEM SOMETIMES. BE IT TO TRANSACT A VERY SIMPLE TRANSACTION LIKE ATM WITHDRAWAL TO CAR-LOAN OR HOUSING LOANS.
2) GETTING A BANKING OR FINANCIAL INSTITUTIONS LICENCES IS LIKE GETTING RIGHTS TO MAKE TONS OF MONEY. THAT IS WHY PEOPLE ARE WILLING TO PAY MILLIONS JUST TO GET HOLD OF SUCH LICENCES.
3) IT IS A BUSINESS SO EXCLUSIVE THAT THE BANKS CAN CHARGE FOR ALMOST ANY AMOUNT FOR ITS SERVICES. IMAGINE BANKS CHARGE COMMITMENT FEES IF YOU DON’T USE YOUR OVERDRAFT FACILITY. NOW THEY EVEN CHARGE RM5 PER MONTH IF YOUR ACCOUNT IS DORMANT, AND THEY CONTINUE TO DEDUCT FROM YOUR ACCOUNT UNTIL IT IS ZERO!
4) HOWEVER, HERE I LIKE TO BRING TO YOUR ATTENTION OF HOW THE ECONOMIC GAP BETWEEN THE RACES(I JUST HATE TO MENTION IT BUT ITS REALITY) IN MALAYSIA FROM THE FOLLOWING STATISTICS AT THE RECENT AMANAH SAHAM NASIONAL WEEK:
4A) ASN LAUNCH NEW ASN SHARES TOTALLING 3.33 BILLION SHARES
4B) 999MILLION SHARES ALLOTTED TO CHINESE RACE OR 100% WERE TAKEN-UP WITHIN ONE WEEK;
4C) 1.665BILLION SHARES ALLOTTED TO MALAYS BUT ONLY 0.006% OR 7.65MILLION SHARES WERE SOLD;
4D) 499.5MILLION SHARES WERE RESERVED FOR INDIANS, BUT BETTER TAKE-UP RATE THAN THE MALAYS OF 0.2% OR 53.5MILLION SHARES SOLD.
WHAT DOES THE ABOVE STATS TELL YOU? SIMPLE TRUTH AND NO POINT DENYING THAT LARGE PORTION OF OUR ECONOMY ARE FIRMLY IN THE HANDS OF BROAD BASE OF CHINESE COMMUNITY.
HAS THE NEW ECONOMIC POLICY FAILED? NO AND YES! THE NEP HAS PUT LOTS OF CASH INTO THE HANDS OF FEW. FOR EXEMPLE, ANANDA KRISNAN WAS MADE SUPER-SUPER RICH BY THE GOVERNMENT THRU MAXIS/ASTRO/TANJUNG/IPP BUT WHAT ABOUT THE INDIAN COMMUNITY IN GENERAL. THEY ARE STILL POOR. ANOTHER EXAMPLE, DAIM ZAINUDDIN CREATED HALIM SAAD, TAJUDDIN RAMLI, WAN AZMI AND SEVERAL MORE TO BECOME SUPER RICH BUSINESSMEN OVERNITE, THEY MAYBE WIPE-OUT FROM THE MAP, BUT THEY ARE STILL RICH LIVING ON THEIR SAVINGS. BUT THE MALAYS IN GENERAL STILL LIVING POORLY.
THE CHINESE ON THE OTHER HAND, HAD MORE THAN TWO GENERATION HEAD-START IN BUSINESS IN MALAYSIA AND KEPT CONTROL OF MOST OF THE BUSINESS SECTORS. WHEN YOU ARE IN BUSINESS, SURELY YOU WILL HAVE THE CASH AND RESERVES. THATS A REALITY.
THERE IS NO FORMULA TO SUCCESS OTHER THAN HARDWORK IN BUSINESS. IF YOU ARE A GOVERNMENT SERVANT, THIS IS WHERE MOST MALAYS ARE, THE BEST IS THE PENSION FOR LIFE. SO YOU WON’T GET RICH.
SO THE GAP WILL BE THERE!
SAD TO SAY, THE NEP MUST CONTINUE TO HELP THE MALAYS AND INDIANS AND OF OTHER RACES IN SABAH AND SARAWAK INTO BUSINESS AND MAKE THEM STAY IN BUSINESS.
IT MAY TAKE ANOTHER 10 OR 20 YEARS, SO BE IT.
THANK YOU.
JAMILMALIK88
well,what can we do about it? Nobody want to use the Islamic way…
Salam buat Tun berdua moga dirahmati Allah s.w.t hendaknya.
1.Kepercayaan yang kuat terhadap pesan Nabi Muhammad s.a.w supaya kembali kepada al-Quran jika segala masaalah kebuntuan umat manusia atas rezeki pemberiannya setiasa jadi rujukan yang saya junjung setinggi-tingginya.
2.Ikutkan hati saya selagi system riba dan jalan-jalan yang menyerupainya digunakan sentiasa menyerap perasaan was-was jika menggunakannya maka keamponan sentiasa di pohon moga jalan yang lurus ditunjuki.
3.Rakyat walau pun mempunyai pilihan tapi kalau system itu bukan yang tertulis bagai kata Allah s.w.t kemanakah kita sebenarnya?
4.Soalannya adakah riba telah juga terguna oleh permainan atas nama Islam ?
5.Di lihat kebaikan dan keburukan oleh riba sentiasa berpusing dan tiada kesudahan.Waima bank di Amerika walau pun memberi peluang rakyat miskin berpeluang mendapat pinjaman.Tapi menjahanamkan kedudukan Bank mereka.Sebabnya Bank itu juga diguna pakai oleh pelabur-pelabur mereka di luar negara melalui pinjaman.
6.Ramai yang menggangur maka kurangnya permintaan untuk membeli barangan.
7.Pengeluar pula tidak sanggup mengurangkan harga barangan semaksimumnya kerana takut kehilangan keuntungan atas harga bahan-bahan sebaliknya di tolak ke pekerja-pekerja yang diberhentikan.
8.Semuanya disebabkan kenaikan harga bahan-bahan yang asalnya didapatkan secara percuma kurniaan Allah s.w.t.
9.Bank di Malaysia memilih jalan selamat mengenakan harga tinggi terhadap bunga.Rakyat miskin tidak berpeluang membuat pinjaman untuk kereta yang besar.Barangan-barangan terbaru semuanya di letakkan harga tinggi disebabkan system bank-bank ini membolehkan rakyat berhutang.Akhirnya rakyat yang bekerja dikilang-kilang yang eksportnya ke negara Amerika yang terjejas.Kehandalan kita menjaga bank-bank mengurangkan kehendak rakyat miskin.Sistem kita adalah untuk memperbanyakkan pelaboran rakyat luar.Rakyat kita diharap makan gaji dengan pelabor ini.
10.Kerana Bank Malaysia tidak kena tempias dan satu-satunya adanya Bank Islam di dunia.Dulu dipinggir kini pengaroh glokal untuk menaikkan Islam maka berbagai system dicipta manusia melarikan asas tulin dalam al-quran menyebabkan ramai bukan Islam menyertainya.
11.Adakah system ini akan mendekatkan diri kita dengan Allah s.w.t.
dan menyelesaikan masaalah ekonomi dunia ?
12.Kesan malaksanakan hanya yang tertulis dalam al-quran banyak membawa ramainya umat yang beragama Islam.Sebaliknya yang menambah, mengubah-gubah serta mengunakan nama Islam menyamai sistem konvesional.
13.Wahai Sistem ekonomi ikutlah al-Quran,wahai harga bahan asas kembalilah keharga asal mu kerana kau mengambilnya secara percuma dari Allah s.w.t,wahai barang kembalilah keharga asal serendahnya,wahai manusia berniagalah sejujur-jujur mengikut hukum asal al-quran,tiada riba dalam perniagaan cuma hadiah yang ditetapkan sampai bila-bila itulah jalan untung yang sebaik-baiknya.
14.Walahua’lam.
Pengawalan dan kestabilan ekonomi bergantung kepada pemerintahan sesebuah negara yang stabil dah kukuh dan pelabur asing tidak merasa kerugian kiranya mereka mahu melabur dinegara itu.Pemimpin negara kita perlu telus dan bijak agar pelabur asing minat melabur dinegara ini.Peningkatan ekonomi bukan sahaja akan meningkatkan pendapatan orang tertentu sahaja,tapi perlulah diberikan kepada semua peringkat tan ‘memilih bulu’.Barul adil dan saksama.
Tak mahu cakap tak serupa bikin.
http://zoompanas2.blogspot.com
http://jomkongsipeluang.blogspot.com
Salam,
This time round Tun talked a lot about rich countries. I dont know since when Tun is so naived as to what is happening in his own backyard. A lot of bank loan in Malaysia given to Datuks, Tan Sris who are not real businessmen or unable to pay. Bank Managers are forced to give loans to these people as they are well and politically connected.
Bank Bumiputera problem never solved during your administration.
Ah, This is part of the conspiracy of the rich.
the only way to rob a bank now, is to own the bank itself.
With the banks allowed to profit on derivatives, this will lead the middle class and poor to suffer from inflation and they will always be dependent on debt to finance their lives. this will leave them to be deeper in debt and thus, owing their lives to the bankers.
That is why singapore chose to be the financial centre of the region.
Dear Tun,
Does Malaysian banks practise fractional-reserve banking? I hope they don’t but that is very unlikely because it gives greater profit than full-reserve. I wouldn’t be surprised if the inflation will keep rising because more and more money will be created out of thin air and printed because of the practise.
What you wrote can be summarised in a few words. Profits and greed caused the financial crisis. It has always been.
Blogh
Dear Tun i thought that the banks like any other business go under if they do bad lending practises…….
Dear Tun,
Thank you for enlightening us.
So it’s obvious now that the whole western way of life
is based on a very false premise. And to think that they
have managed to fool the rest of the world for so long.
And of course they have managed to pull this off only with
the great connivance of their media.
And another thing, the western media is wont to pretend
that they are all so liberal, free and great defenders of
democracy. Particularly those in Britain, France and
Australia, which only makes us really want to puke.
We know very well that they kowtow into the dust to please
their masters i.e Jewish interests.
The truth is the western media is just a lot of
bunkum.
Dear Tun,
Thank you for enlightening us.
So it’s obvious now that the whole western way of life
is based on a very false premise. And to think that they
have managed to fool the rest of the world for so long.
And of course they have managed to pull this off only with
the great connivance of their media.
And another thing, the western media is wont to pretend
that they are all so liberal, free and great defenders of
democracy. Particularly those in Britain, France and
Australia, which only makes us really want to puke.
We know very well that they kowtow into the dust to please
their masters i.e Jewish interests.
The truth is the western media is just a lot of
bunkum.
Assalamualaikum Ayahnda Tun n Bonda,
Bab ni cukup membengangkan!
Zaman laa ni adaka yang tak utang bank? rumah? kereta? pendidikan anak2? insuran? pelaburan? kalu ada yang tak pernah utang bank tu, tabik spring laa. mungkin yang duduk betui2 nun di ulu sana nu, makan apa yang ada di keliling rumah, anak2 tak bersekolah, ke bandar jauh sekali, api, ayaq takdak. Pendek kata mungkin takdak dah kut lagu tu…pekebun kecikpun paling tidak utang koperasi…utang tokey baja, tokey hardware atau tokey perabut…
tengok orang2 besaq yg dapat credit dari bank semata2 nak beli saham, bersepah2. kes MB selangor kena saman ngan Bank Islam sampai 66juta tu apahal? kaya rupanya dia nih!! patutla b.abi kepung dia sangat…rupanya boleh tunggang tegolek tumpang senang…kalu orang politik, terkenal, semudah tu dapat utang bank juta2, tak payah bayaq pun takpa, tunggu saman. kalu orang kecik macam kita, nak pinjam 5,6 ribu pun banyak soal, padahal jaminan bayaq balik ngan gaji, kecikpun bayaq balik…tak boleh lari, potongan gaji pa?? tapi punyala payah nak dapat, kadang2 pi mai pi mai berkali2, sampai longgaq kepala lutut, baru depa lepaih…
tu tak cakap lagi bab layanan di bank. kalu yang masuk tu jantan, pakai smart, takdak duit pun takpa, tapi kerani2 pompuan tu pi dok layan macam raja…kalu ala kadar macam makcik nak pi market, buat endah tak endah saja. maklumla, jarang mai bank…makcik tak sekolah, tak pandai nak guna transaction machine kat luaq tu, terpaksa mintak tolong kerani di counter…bila makcik tu mintak tolong isi borang jumlah keluar simpanan dia sendiri, bukan utang sapa2, 20,000 @ 30,000, baru melopong sakan, hambik kau. depa tak tau makcik tu bulan2 masuk lebih dari gaji depa kerja di bank tu. rumah2 n kedai2 sewa dia n lain2 pendapatan lagi…mau kena belajaq jgn tengok luaran saja…
Ni satu hal lagi,
Ada ke guna plastik melambangkan kekayaan? tu yang orang laa ni berlumba2 buat. Kalu takdak duit, buatla cara takdak duit, tak payahla pakai credit card sebab cukup bulan tinggai abuk, baik tak baik, kena utang sana sini pulak nak bayaq utang credit card…tu bukan lambang kekayaan, sebenaqnya lambang menuju kepapaan adalaa…orang yang bulan2 masuk beratuih ribu takpa laa. Ni kalu baru start kerja, setahun tak sampai RM30,000.00 dah nak guna credit card, eksyen nak mampuih…lepaih tu ujung bulan, mula la buat muka seposen ngan makbapak nak langsaikan utang credit card…
dont trust the use of credit card as a means of transaction because it will cause the clients to accumulate debts in something they never purchase – extra charges on services, late payment charges, hidden interests n legal charges n what not…
users are being conered to pay extra charges even when they never purchased anything. many people had bitter experience using credit cards n the more hideous n bitter part of credit cards comes to surface with the legal firms act as agents sending claim letters to the extend of blackmailing clients, extorting them to face legal actions n so on, even when the amount is not that outstanding… sometimes just like bread crumbs.
Sometimes, conman with the help of an insider in a bank, can use our details to get the access n a friend of mine was nearly declared bancrupt when he couldnt n didnt want to pay a large amount of debt appeared under his name…n there are many other business cons n cheats in banking business that can cause defamed of innocent people…
Peniaga kecik, peladang, petani, pekebun, nelayan mungkin lega sikit bila agrobank bagi kelonggaran pinjaman/credit, cuma berlaku jujurlah pada diri sendiri membayar balik utang2 tu. Kemudahan yang ada jgn dipersia-siakan, membuat kerja yang baik, menggunakan kudrat dan yg penting sekali, kerja halal, seribu kali lebih baik dari kerja mendajal orang lain…HIDUP RAKYAT JELATA!!!
jgn termakan hasutan mereka yang suka tengok negara huru-hara. kalu kita ikut gelagat depa, takdak hasilnya. depa takpa laa, boleh dapat duit senang2, main politik 24jam, kerja dok hentam kiri kanan, memang dah takdak kerja lain nak buat, berceramah pagi petang siang malam, sedekah orang bagi dalam kupiah bergantang2, masuk poket depa tak dak rasa bersalah sikit habuk…senang banyak hidup macam tu..
kita bersengkang mata berkerja, menggunakan tenaga empat kerat ni jgn dok pi layan depa2 tuh. kalu anak2 kita tak boleh belajaq, bukan depa nak tulong ajaq, kalu anak2 kita lapaq, depa bukan rajin nak mai huloq, kalu ikut depa, silap haribulan kita kena tangkap, bukan depa nak tulong masuk dalam sama atau tulong lepaih, balik2 salahkan kerajaan yang selama ni buat macam2 nak tolong rakyat…dah ramai orang terkena, insaf2la wahai anak muda…jgn biar fikiran dan darah muda anda disogok dgn cerita2 senjakala yang tak sudah2 dari penglipurlara tua lapaq kuasa nak jadi ketua negara…tanyala ibubapa atau orang tua yang kenal siapa dia ATAU bacalah dari banyak sumber yg ada, jgn terima bulat2 apa yg anda baca dari satu sumber saja sebab yg bulat2 tu biasanya taik kambing saja……
Ayahnda Tun n Bonda,
Inilah kisah rakyat biasa, tak punya nama, tak hambat glamor n hidup semata-mata kerana dijadikan Allah hambaNya, berbakti pada tanah ayaq, bangsa dan agama, untuk mencukupkan keperluan diri, keluarga dan membesarkan anak2 menjadi insan cemerlang, gemilang dan solehah, InsyaAllah, anak2 diingatkan sentiasa bersyukur kpd Allah, berterimakasih kpd ibubapa, guru2, rakan2 yg baik dan suatu hari nanti boleh memberi kembali bakti kpd negara yg tlh banyak memberi jasa -dari UPSR, PMR, SPM, DIPLOMA, IJAZAH mungkin anak2 akan sambung SARJANA, PhD, InsyaAllah…semuanya hasil jasa kerajaan…sekolah, buku2 teks, tenaga n kepakaran guru2, masuk kolej/universiti…
anak2 saya tak pernah dapat biasiswa masa di sekolah sebab saya cikgu tp saya selalu nasihat anak2 supaya selalu bersabaq n jgn lapaq yg bathil sebab bukan hak kita…InsyaAllah, kalu ada rezeki tak ke mana…biar saya susah laa ni utang bank n koperasi nak bagi anak2 belajaq…bukanla nak kata saya ni baik sangat tapi selalu diingatkan oleh mak dan arwah bapa, jangan ambik kalu bukan hak kita….kalu jumpak 5 duit pun jgn ambik…nanti rezeki ditarik balik berganda2…
Bab biasiswa ni pun satu. Pelajar2 yang tak layak ramai yang mohon n dapat biasiswa walaupun ibubapa berpendapatan lumayan, adik beradik tak ramai, dua tiga orang saja tapi bila isi borang biasiswa, TIPU kata duduk dgn nenek, mak sedara, tok sedara, kerja kampung, ramai tanggungan dll walaupun ada ibubapa mereka berniaga besar, doktor private, lawyer dan sebagainya tapi dah tulih dlm borang duduk dgn orang lain yg susah kononnya, dapatlah biasiswa tu…inilah kenyataan yg berlaku di banyak sekolah harian n asrama penuh. Yang sebenarnya, mereka yang tak layak langsung ni lupa bahawa bila makan hasil bukan hak kita, belajarlah bijak macam manapun, tak akan mendapat berkat…percayalah. kalu senang kemudian haripun, tak bahagia, kucar-kacir, hati tak pernah aman sebab darah daging dicemari duit tak halal sejak dari zaman budak lagi…ntahlaaa
Semoga apa yang dipaparkan menjadi pedoman kita semua.
Semoga Allah SWT memberkati Ayahnda n Bonda berdua sentiasa…
Semoga allah memberkati jua arwah Ayahku…
Wassalam.
just my brain wave…
yang nie saya sokong tun bile orang tak boleh nak bayar depa kejar teruk teruk cuma cara kejar mintak hutang tuh lebih baik sikit dari ah long jer.
Saya tak kesian kat bank yang bagi pinjam tapi apa jadi pada orang yang mendapat pinjaman tersebut dan tak boleh nak bayar.berjaya dalam negara semestinya tidak kerana ada hutang banyak.Pastu pulak orang yang nak betul2 pinjam tak bagi.
contoh kalau kita takda duit nak buat perniagaan nak pinjam tak bagi tapi kalau kita ada syarikat untung beratus ribu sebulan bukan main lagi datang siap tunduk untuk bagi pinjaman.Tujuan asal nak bagi pinjam pun tak betul semuanya untuk keuntungan.Orang nak pinjam nie orang yang takda duit jer.itu yang bank tak faham sampai sekarang.sebab depa duk buat macam yang tun cakap kat ataslah. Pastu dok salahkan orang.
KUALA LUMPUR: The Umno Supreme Council agreed on Friday to hold a special general assembly at the end of this year to amend party constitution pertaining to the party’s election process to make it more transparent, open and democratic.
comment:
Kita lihat setakat mana pemimpin-pemimpin UMNO berani membuat perubahan besar untuk memulihkan semula keyakinan rakyat terhadap parti UMNO.
UMNO must change totally its “rusty image”. Even its logo must change.Get rid of the useless “rusty keris” and replace with a symbol that reflects a real ONE MELAYU !! Our cultural, social, educational and political environment have changed drastically and UMNO must “overhaul” its vision and mission to face new challenges. Our needs and aspirations are now totally different from 50 years ago. We are now living in a very complex and sophisticated world and we must adjust accordingly. Our hopes and expectations are very high and we expect UMNO leaders to be more focus and transparent in carrying out their responsibilities. They must be seen at all times to have the highest integrity of the first order or else UMNO will failed miserably to get the respect due from the Malays.
Surprisingly, Tan Sri Rafidah is still in the limelight being appointed as a member of MT.Well, I hope Sharizat is comfortable with her around.
SALAM TUN,
I AM NOT SURE WHETHER YOU ARE REFER TO MALAYSIAN BANKS OR IN GENERAL.
AS FAR AS MALAYSIAN BANKING SYSTEM THE LENDING IS LIMITED BY LIQUIDITY RATIOS AND SINGLE CUSTOMER LIMITS WHICH IS CONTROLLED BY BNM.IT IS NOT THAT EASY AS WHAT YOU SAY. IF BANKS CAN LEND AS WHAT YOU SAY ALL BANKS CAN START LENDING WITHOUT LIMIT AND EARN HUGH INTERESTS WITHOUT BASE. AT THE END THE SHAREHOLDERS PACK THEIR INTERESTS AND BACK OFF.
IN MOST CASES THE FAILURE IN BANKING IS DUE TO UNEXPECTED FALL IN THE VALUE SECURITIES CHARGED SUCH AS SHARES AND PROPERTY MARKET AND MOST OF ALL INEFFICIENT MANAGEMENT PLUS CORRUPTION AND POLITICAL INTERFERENCE.
THANK YOU
Artikel yang cukup bermanfaat.
Adakah sistem bank yahudi yang mendapat sambutan hangat daripada orang Islam perlu dirombak dan digantikan dengan sistem Bank Islam yang dianaktirikan oleh orang Islam sendiri?
Renung-renungkanlah dan Selamat Beramal…
Salam kasih dan hormat Ayahanda Tun.
Well Tun, this is on “false economy” too my comment this time. My pathetic devalued two cents. Anyhow,over these past few years, I have been contacted by many
Salam Tun,
Saya setuju pandangan tun dan inilah cara perniagaan pihak bank yg rakyat perlu tahu,teruskan berkarya dan memberi ilmu pada kami rakyat kerana sesungguhnya rakyat sudah mual dgn politik haru biru ini, saya juga ingin mengucapkan tahniah buat PM Datuk seri Najib kerana telah memberikan kestabilan ekonomi yg mana kita boleh lihat bursa saham KLCI terus meningkat,tahniah DSN.
Akhir sekali dikesempatan ini saya ingin mengucapkan ribuan terima kasih pada Tun kerana telah memberikan kami penjelasan dlm segala bidang. Saya doakan agar Tun sekeluarga sihat sejahtera dan semoga dirahmati ALLAH didunia dan akhirat- amin -
sebelum itu saya menyeru dan memohon kepada semua agar melayari weblog saya dialamat
http://www.malaysianviewers.com, kerana didalamnya terdapat cetusan rasa hati dan pandangan rakyat, saya juga berharap agar pihak kerajaan dapat melayarinya demi kebaikan semua. Sekian wslm
http://www.malaysianviewers.com
The credit card is actually a plastic money lender or plastic along !
Selamat Petang Tun,
Be it simple interest or compound interest, it is a burden and is against one’s will!
Prophet Muhammad’s Last Sermon
“…You will neither inflict nor suffer inequity. God has judged that there shall be NO interest(riba)…”
something which i had never thought of. thank you tun.
salam Tun,
As usual off – topic…
A BIG THANK YOU to the Perak State Government for auctioning off the Toyota Camry cars.
Malaysians irrespective of political beliefs SHOULD NEVER EVER belittle thier own national aspirations,projects and symbols.
No amount of rationalising their actions can undo their harmful and devious deeds.TRAITORS!
Wassallam
Jeng3
salam Tun,
sorry again for being out of topic..another joker from a previous post.Excerpts from his PHd in ‘Pencacai Taik’ thesis…
“By Dr Syed Alwi Ahmad on April 23, 2009 12:09 AM
Dear Malaysians,
Let me ask you this question. Where is Multi-Media Super Corridor today ? What about Cyberjaya ? The answer is > MELINGKUP
If you really want to help the plight of the Malays – you must address the Education and Scientific issues in the Malay community. If the Quran contains so much science – as some here claim – then why is it that the Muslim world is so far backwards scientifically ? But of course Mahathir does NOT dare to focus on this issue. He prefers to make enemies.”
My comments – By the way he is questioning the Holy Quran,he must be;
1.salah seorang Melayu sesat diSingapura.Maklumlah dah moden…ada beribu melayu tak sedar diri dan murtad disana.
2.An impostor with a grandiose sounding online nickname.Might not even be a real Malay…
3.An ignorant person who did not bother to study world history on how western powers became rich and advanced on the back of conquering,colonizing,pillaging,abusing,raping Arab and Muslim countries for hundreds of years.Slowly but surely the trend is shifting although they are doing their very best to sabotage these newly industrialised economies.FTA’s,the media,ratings agencies,NGOs etc. are all deployed to achieve this unsavoury intentions.
4.Bought his credentials online from bogus universities,or graduated in a questionable field of study.Even if he is what he claims to be,there must be something seriously wrong with his mental and reasoning faculties,brought about,maybe,by an incurable disease.
p/s -by the way please jangan bagi malu sedara mara saya kat Singapura.Your views are skeweredly,individualistically tunnel visioned and do not reflect the views held by many who look up to Tun.My sedara mara might even ketuk your kepala if given the chance!
And don’t worry,DSNTR will focus on our country’s multimedia aspirations to correct the faults of sleepyhead AAB.
This guy is good and capable.That’s why the opposition are going all out to discredit him through whatever means necessary including conspiracy theories.
Again,from one Singapore son to another,SHUT UP!
Jeng3
Dear Tun
masalah ekonomi yang dihadapi oleh dunia sekarang ini adalah disebabkan mereka tidak memegang asas dan tonggak ekonomi tersebut yang bahwasanya ALLAH MAHA REZEKI
Assalamualaikum Tun,
Ini kali pertama saya memberi komen walaupun telah mengikuti blog Tun ini untuk sekian lama. Saya mengganggap blog Tun ni sebagai salah satu wadah untuk saya mencari ilmu. Terima kasih untuk semua maklumat yang Tun sampaikan, sehinggakan orang awam seperti saya dapat memahaminya.
Saya bersetuju dengan pendapat Tun tentang ekonomi pada masa ini. Apa sahaja yang berlaku pada hari ini adalah hasil dari satu proses doktrin ekonomi yang telah diterapkan sejak beratus tahun, dalam satu rancangan untuk melaksanakan penjajahan moden. Mahu atau tidak, kita sebagai warga dunia pada masa ini terpaksa mengikut apa yang telah ditetapkan itu. Oleh kerana kebergantungan kita kepada sistem ini, kita dengan mudah boleh di cucuk hidung untuk mengikut telunjuk mereka.
Oleh yang demikian, penjajahan terhadap kita hanya boleh ditewaskan dengan merangka satu bentuk pendidikan baru yang akan diterapkan beratus tahun juga. Tidak guna kita berbicara tentang usaha merubah sesuatu jika usaha itu hanya sekadar usaha 10 hingga 20 tahun. Tidak guna juga melakukan satu tindakbalas yang hanya berbentuk luaran tanpa ada satu tindakan jangka panjang. Pada pendapat Tun, apakah berkesan tindakan kita memboikot barangan US sedangkan pada masa yang sama kita mengharapkan mereka membeli barangan kita?
Untuk melakukan tindakan jangka panjang kita memerlukan perubahan dari setiap sudut. Bagaimana melakukannya? Itulah yang perlu difikirkan oleh setiap pihak dari rakyat jelata hingga ke pemimpin negara….tanpa ada apa-apa kepentingan sampingan. Terima kasih.
salam Tun,
I am tickled at this comment from ABI from a previous post.It is unintentionally funny…
By ABI on April 25, 2009 9:50 AM
You talk as though you are an acknowledged eonomic and financial expert in the world! You stance have always been negative and destructive: That you are always right and wise, but the others are morons! What popycock!
ABI
my comments – (B)ABI! you only know how to talk cock!Jealous ke?…it’s obvious your level of intelligence is inferior to Tun’s but please do not impose on a great mind.Kail panjang sejengkal…
Otak sepesen dengan PakPandir08,Dr. Ayam Syed Alwi dll. yang sewaktu dengannya,hanya tahu mengutuk dan memperkecil tapi tiada komen membina.Pegi dahhh!!
Jeng3
Dear Tun,
I agree with your comments on The Banking System and The False Economy.
WHAT I’VE FOUND MORE DISTRESSING IS THE AMERICAN BUSINESS MODEL WHICH MAKES THE U.S. EVEN MORE PROSPEROUS AT THE HUGE EXPENSE OF POORER NATIONS. ONE GOOD EXAMPLE IS THE COMPUTER INDUSTRY WHERE MOST HARDWARE IS MADE TO LAST FOR ONLY SO LONG AND SOFTWARE SOLD ON A LICENSING BASIS, AGAIN FOR SHORT PERIODS. SUCH PRACTICE BEING MEANT TO SQUEEZE THE CONSUMERS DRY WHILE THEY REMAIN BEHOLDEN TO ITS TECHNOLOGY.
BUT DON’T LET’S DESPAIR TOO MUCH! OTHER COUNTRIES ARE CATCHING UP FAST IN TECHNOLOGY AND IF THEIR COMPANIES WOULD SELL THEIR PRODUCTS AND SERVICES WITHOUT THE STRANGLEHOLD OF THE AMERICAN BUSINESS MODEL, THE TIDE WOULD TURN WITHIN YEARS.
AMERICA WOULD BECOME OUR POOR LITTLE POOR COUSIN.
The sun is constantly giving the energy to the earth. The plant converted the solar energy and store the energy in the form of carbohydrate, oil (palm) etc thru photosynthesis. The farmers exchange their time, sweat and blood with money, created by smart human being.
The smarter people created the finance system, using their brain to get the cheapest goods either by printing(creating) money or by force.
The poor asians struggling to plant all the raw materials needed to feed the whole world,but the smarter group is enjoying by living on stock market,finance,soccer,insurance,future market,sueing each others….
So we have to follow the rules of game created by the smarter group or we have to think other wise?
Salam YA Bhg Tuan..
Urghhh.. damn credit cards.. that plastic ALONG!!
Salam kepada idola saya,ayahanda Tun Mahathir..
Saya ingin mengetahui pendapat Tun mengenai “Islamic Banking”.Saya ingin tahu adakah bank-bank dimalaysia mengamalkan pure islamic banking atau hanya system bank konversional yang telah rebranding dengan nama islam.Pada pendapat Tun,adakah sistem bank Islam yang boleh dibentuk tanpa dengan mengkenakan interest untuk pinjaman atau simpanan?Saya masih ingat sistem wang dinar yang telah cadangkan oleh Tun dan adakah sistem ini mampu menangkis masalah ekonomi yang telah disebabkan oleh spekulsi kewangan ini.Saya berharap ayahanda dapat menguraikan isu ini, penjelasan ayahanda akan memberikan idea sebenar dalam konteks yang ilmiah.
Terima kasih. Semoga Tun berdua dan seisi keluarga sentiasa dicucuri rahmat Illahi, dunia dan akhirat.
Wassalammu.
Dear Tun,
Respectfully, I would like to share with you below as I had worked in the Card Scheme world for a number years.
Your description of Credit Card Companies of printing virtual money may be inaccurate. see example below:
1. A merchant have rendered RM100 worth of its service/product to a card holder in day T.
2. On day T+1, the Card Acquirer of the Merchant (the card acceptance Bank) will pay the Merchant RM100 less the 2-3% commission fee. i.e., the Acquirer is out of its pocket 1st.
3. On day T+2/3, the Card Scheme of the Acquirer (Visa or MasterCard or Amex) will repay the Card Acquirer RM100 less 1% to 1.5% commission fee
4. On the same T+2/3 the Card Scheme will deduct RM100 from the Card’s issuing Bank (the Issuer)’s settlement account but reimburses it with 0.5-0.8% of interchange fee.
5. The issuer will bill the card holder at the month statement for the RM100. If the Card Holder can’t repay the RM100 in full then the revolving interest of 24%/year will be charged.
From the above example, you can see that the Merchant is funding the RM100 for about 1 month max and then the card holder will need to pay up or to pay for the funding cost thereon.
Hence, there is no such thing as printing free virtual money to fund the payment transaction life cycle in the Credit Card scheme world.
I don’t know about the personal or corporate loans. As far the credit card world, what you had said may not be holding the truth, respectfully.
Sincerely yours,
BH
Dear Tun Dr M,
I have dealt with several medical doctors as I am provide Accounting service to them. Nearly all of them are weak in Accounting and Economic. However, I have been following your article and conclude that you pose a challenge to the economist at large by providing clear and in dept information using common terms and using only the unavoidable Economic Jargons.
It is very true that only in the east the conditions and criteria for loans and mortgages are very tight. In some Western Countries even those who are bankrupt or blacklisted would be able secure loans and credit cards. The reason is, as you simply put it as “the money they do not posses”,so every cent received from them is added to profit directly.
I would welcome a complete overhaul on monetary system and money management to avoid and restrict its abuse.
Dr Mahathir,
Now I understand why banks are aggressively trying to sell their credit cards.
Certain banks even offered a preapproved credit card application. But this
previlege is of course based on the applicator’s standing with the banks concerned.
Banks nowadays, called up their long-standing customers, to offer personal loans
and sometimes up to RM20,000/-, obviously with high interest rates.
One Islamic foreign bank now is giving a personal loan without any collateral as it is
scrambling to get business.
Customers out there must be extra careful to take up these tempting offers
from banks. In difficult times, one has to be prudent in expend.
On the other hand if you are in dire straits, especially if you are a Bumi contractor,
it is good to take up such offer rather than going
Assalamu Alaikum Tun,
Thanks for your latest posted writing. It gave me some pictures and good lesson on how banks and economy system are working. At least you provide good information and explation in an easy way to understand the banking and economic complex operation.
Thank you.
Salam Sejahtera Untuk Tun dan Keluarga.
1)Tun memang benar apa yang Tun huraikan.Sebalik nya bank bank yang buat cara begini ada lah sama saperti “loan shark”. Malah lebih teruk lagi dari loan shark.
2)Salah satu cara kita boleh lah menabung di Bank Islam yang berlandaskan shariah.Dengan ini Bank Islam boleh berkembang dengan pesat.
3)Tun si nazri bongkak tu tak terima apa yang Tun katakan.Sebenar nya apa yang Tun utarakan adalah untuk membetulkan keadaan dan tohmahan bahawa Tun di belakang Najib yang membuat pilihat kabinet.Itu saja.
4)Saya sangat merasakan memang benar tak sepatut nya Najib memilih si bongkak ni.tak mengenang budi dan bersifat kurang ajar.
5)ADA KAH UMNO MAHU MEMILIH ORaNG YANG KURANG AJAR SAPERTI INI.APA KAH RISIKO NYA.
6)Tun teruskan perjuangan murni Mu.Kami sentiasa bersama Mu 100%.
InshaAllah dengan kesabaran,kejujuran dan ketekunan Tun Tuhan sentiasa memantu.
Dr. Mahathir,
Case studies regarding Proton for you as below. Can you comment about it?
http://www1.american.edu/TED/proton.htm
Assalamualaikum,
Saya menyimpulkan,
Riba itu haram, jual beli itu halal.
Tidak kira riba masa beli rumah, loan kereta, loan ASB. Semua riba itu haram. Dan kerajaan kita telah lama membenarkan perkara ini berlaku.
Mana tidaknya ada parti yang mengelar kerajaan kita ini lebih kepada kerajaan kafir dan kufur. Dalam Al-quran dah nyata riba itu haram, jual beli itu halal. Tapi riba itu jugak yang dibiarkan.
Haramkan Riba di Malaysia.
Kerajaan seharusnya membantu rakyat dalam menyelesaikan masalah riba dari terus menular. 5 billion simulation plan akan terus menambah kehinaan sistem ekonomi sekiranya ruang riba semakin bertambah.
Sekian.
Salam Tun dan keluarga.
Whatever you mentioned in your article is the conventional banking system. That is how that make profits from high interest rate, especially the credit cards. In future Banks will increase the car loans interest rate and increse the payment period so that they will earn more profit. The same goes to housing loans.
So, does our Islamic Banking System truly applies to ease the burden of our 1Malaysian?
Salam Tun dan keluarga.
Whatever you mentioned in your article is the conventional banking system. That is how that make profits from high interest rate, especially the credit cards. In future Banks will increase the car loans interest rate and increse the payment period so that they will earn more profit. The same goes to housing loans.
So, does our Islamic Banking System truly applies to ease the burden of our 1Malaysian?
Salam Tun…
Proses ini dah berjalan sejak dulu lagi… tetapi kewangan jenis inilah yang menjadikan orang kaya semakin kaya dan orang miskin semakin papa.Kesian kami golongan rakyat pertengahan dan bawahan yang sentiasa berada dalam arus gelombang yang memungkinkan kami karam.
My friend from Canada has told me several times how people in the US lost their income, savings and house due to this. They were given loan 10 times more than their earning. People lives in houses that were 10 times more expensive than their monthly income and banks just throw out generous loan with tons of so-call benefits to lure people. Credit cards problem is an open secret where even in Malaysia, that’s how bank earn money – from the monthly interest. Generally, Malaysian have 2 credit cards from 2 different bank. How does BNM keep track of this?
Sir Tun,
My opinions:
1. I think our country should practice Islamic banking concept and conventional banking is proven failure.
2. The credit crissis in Malaysia is starting to rise, many people on the street owes lots of credit cards and currently most do just covering holes by digging soil from another. As we are all aware that to patch a hole we need more soil from the previous ones.
3. Personally i think the RM2.70 petrol hike is unnecessary and been executed without much consideration, planning and foresight. In less than a year the price of the petrol had came down and because of that action (hike), it had created a flip flop not only to our ex-PM but also the economy down turning faster than it should be. More and more social problems has arrised and the crime rate has never been higher before this.
4. I am slightly relief off the ground that now Dato Seri Najib is our new PM and hopefully he will manages finance of the country better than the ex-PM. Anyhow, it is too early to tell even when you appointed him also never expect such things happened.
have a nice weekend sir.
Dear Tun,
How do you get these info’s, such a informative and very good research you have done. If you do not keep telling us i’m sure no body knows it. That why it make your blog very interesting all the time.
BUSTANUL BISTARI BEY