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FINANCIAL CRISIS and BAILOUTS Chedet.Co.Cc March 5, 2009 by Dr

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FINANCIAL CRISIS and BAILOUTS Chedet.Co.Cc March 5, 2009 by Dr FINANCIAL CRISIS AND BAILOUTS Chedet.co.cc March 5, 2009 By Dr. Mahathir Mohamad 1. I was in England recently and the newspapers were full of dismal reports on bank and business failures, the closure of well-known businesses like Woolworths and Baratt, the increases of unemployment rate with some 700,000 professionals among the 2 million laid off or unable to get jobs. And there were lots more bad news. 2. The British Government is busy bailing out banks and companies with hundreds of billions of pounds but the economy seemed to have gone into recession despite all these efforts. There is no sign that the crisis is on the mend. 3. Malaysia can feel vindicated because all the things we did in the 1997 - 98, crisis, which were condemned by the economists of Europe and America, are now being done by them blatantly and on a massive scale. They talk about trillions of dollars and hundreds of billions of pounds in bailouts. Where the money is coming from is not revealed. Have they been keeping these huge sums for such an emergency? 4. I am not a financier or even an economist. But somehow I think the bailouts are not going to work although they worked in our case. 5. This is because the banks and businesses we bailed out did not get into trouble because they abused the systems or indulged in fraud. They were forced into that situation because the currency was devalued by currency traders and they found themselves unable to meet their commitments. Once they gained access to funds through bailouts they were able to do business again and to repay the money they had received. 6. They were able to do this because, although Malaysia was in recession, the rest of the world was not. There was much less constraint in doing business. 7. The situation today is very different. 8. The collapse of the economies of the rich countries is due to extensive abuses of the financial and monetary systems so much so that the systems broke down completely. I doubt (not being an expert I can only doubt) that the trillions of dollars to bail out the failed banks and financial institutions will enable them or their economies to recover. 9. This is because their huge losses were due to fraud and they cannot recover the billions they had lost through ordinary business, i.e. through the financing of the production of goods and services. Only through doing the same things that had brought them down, i.e. through sub-prime loans, through investments in derivatives and hedge funds, through massive loans to currency traders etc. can they make the billions to return the money they had received through bailouts. Obviously they cannot be allowed to indulge in their old abuses. Through ordinary business it would take years and years to recover the money they had lost. In the meantime all these banks, financial institutions and businesses will belong to the bailor, the Government, i.e. they have effectively been nationalised. And that will spell the end of capitalism and the free market. 10. It should be noted that the East Asian countries have not yet recovered from the 1997 - 98 crisis. Their currencies have not regained their strength to the pre-crisis levels. They have all become poorer, or at least not as rich as they could be had there been no financial crisis. 11. It will be the same with the rich countries. Their GDP and per capita pre-crisis will not be restored despite the trillions they are spending on their bailouts. They are poorer now and will remain relatively poor even after they have put their houses in order. 12. I may be wrong of course. Maybe by more trillions of dollars of bailouts the rich would achieve recovery. But I have my doubts. 13. Unfortunately the poor countries will also become poorer. 344 Comments By wmiwpAuthor Profile Page on March 5, 2009 8:41 AM UN should have a think-tanker to tackle the crisis and not by just bailing out. And above all, TUN should be in the committee to provide the best practical ways to cussion during this difficult period. By azmanisAuthor Profile Page on March 5, 2009 8:46 AM Salam.. Semoga Tun sekeluarga sejahtera dan genbira selalu. Saya tidak pandai dalam hal2 ekonomi ni.. Tapi saya setuju dengan pandangan Tun, dimana keadaan sekarang berbeza dan memerlukan cara yang berbeza unuk menyalesaikan. Semuga Tun terus menyumbang kepada negara dan dunia... By hmlAuthor Profile Page on March 5, 2009 8:48 AM Assalamualaikum Tun yang disayangi....as usual.....your insights are brilliant. Really proud of you. Halim Mad Lazim By mfkAuthor Profile Page on March 5, 2009 8:52 AM you're right Tun... By Man ManAuthor Profile Page on March 5, 2009 8:56 AM Salam Tun, What you have done for the country in 1997 was indeed genius. Maybe you can share some advise on how to overcome this current situation for the common man. Do we need to start saving or start spending to help the country? By MAMZAuthor Profile Page on March 5, 2009 9:01 AM Salam Tun, Pak Lah kata ekonomi kita kukuh dan tiada masalah walaupun keadaan sub prima yang teruk di Amerika. Tetapi dia tak nampak domino effect yang akan berlaku dan kini telah menjejaskan Malaysia. Sebelum Tahun Baru Cina terdapat lebih kurang 20 ribu yang diberhentikan kerja dan 3 minggu lepas naik kepada 80 ribu penganggur baru. Tok Jib pula jadi pak angguk je. Sekarang kita tunggu 10 Mac untuk bajet mini dan akan datang kita lihat syarikat Malaysia yang mana satu akan kena bail out nanti. By MKMAuthor Profile Page on March 5, 2009 9:04 AM Good Morning Tun, Recession is the most common word that has been in everybody lips right now.It is the worst situation that any country would like to be in.It has been the thorn on everyone backside right now. After all the bail out packages and injection of money being supplied through out the banks and financial institution it seems that it should get the economic running,but sadly it has done nothing to change the situation. I have a bad feeling that this recession will go on within the next year.Even the Malaysian government have to preapare a mini-budget package to sustain the economic crisis situation.But yet we Malaysian are treated with Oscar nomination drama that has been going for this past few weeks.It seems our politician wether are from BN or Pakatan Rakyat are more interested on making Malaysia a sore-eye for interested investors to invest in our country.The situation itself would have been a great tell all stories that is worth everpenny for moviegoers around the world.Even the government can make up few good movie titles that can be used for this highly rated movie. But as usual we as a rakyat will have to suffer for all this pathetic politician fiasco and childish behaviour.Sometimes you have to wonder why that the rakyat have no respect for the politician in Malaysia.It is sad but true situation to be in. Your thoughts and opinion are always welcomed.Take care TUN. Now Playing : Metallica - Sad But True By jurublogAuthor Profile Page on March 5, 2009 9:06 AM Unfortunately in Malaysia, the goons are still playing politics with little concern on the financial wellbeing of the people. Pakatan Rakyat is making it too difficult for Barisan Nasional to manage the country effectively. It is easy for PR to blame BN on the poor economic situation in Malaysia, but they should do their part too. The Government needs to explain the marked difference between the projected 3.5% GDP growth announced just a few months back and the actual 0.1% growth. Was the 0.1% growth attained after some "massaging" of economic figures? http://www.jurublog.blogspot.com By JJJAuthor Profile Page on March 5, 2009 9:09 AM salam Tun, Thanks for your 'not being an expert' views. I think I can trust you more than those so-called financial experts and gamblers operating those huge casinos that we call BANKS! Wassallam Jeng3 By hafizAuthor Profile Page on March 5, 2009 9:10 AM salam tun.. wishing you all the best & great health By joeAuthor Profile Page on March 5, 2009 9:10 AM salam Tun, brilliant :-) By rahmanAuthor Profile Page on March 5, 2009 9:10 AM Salam Tun. Samapai hari ni saya tidak dapat melihat strategi yang dibuat oleh kerajaan untuk mengurangkan masalah ekonomi sekarang.Asyik berpolitik banyak dari cuba memikirkan masalah ekonomi sekarang.Rakyat makin terdesak. Kos meningkat,pengangguran,perberhentian pekerja dll. Harap tun dapat buat sesuatu dengan menggunakan pengaruh tun. Kami sokong Tun.Wasalam Rahman By kuuleemAuthor Profile Page on March 5, 2009 9:11 AM 1. saya tertarik dengan no 3. They talk about trillions of dollars and hundreds of billions of pounds in bailouts. Where the money is coming from is not revealed. Have they been keeping these huge sums for such an emergency? 2. pada pandangan Tun dari manakah kemungkinan besar duit itu di perolehi. 3. skrg banyak org bercakap kembali cara islam. ttp tidak seorang pun yg dapat mencderita secara terperinci bagaimana langkah yang dianjurkan dlm islam utk selesaikan masalah ini ( yg adapun cadangan dulu2 Tun supaya menggunakan dinar emas ) By bageloAuthor Profile Page on March 5, 2009 9:16 AM Org putih ni sombong, masa kita back up bank kita diaorang kutuk kerajaan kita, tapi sekarang diaorang plak ikut cara kita..kata je hidup bertamadun..hampeh,kepada parti yang tau membangkang je tu,baik kamu cari idea nak selamatkan malaysia daripada masalah ekonomi..ni duk gila ke kuasa je..SEDARLAH.
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