16 October 2008

Can we or can we not weather this economic recession

The economic slump that fractures the basic fabrics of world financial system, witnesses the falling and cracking of big world economies like the US and the Western nations.

This global collapse of economy is like what the world experienced in the 1939 recessions and the consequences to nations and their people were exceedingly grave.

Malaysia is no exception as we are in the top 20 trading nations and the effect to us is unimaginable and that needs a real leadership capacity to contain the spiraling economic uncertainties.

The magnitude of the downturn is so huge that it destroys the fundamental of economic and financial premises and that may need new and entirely fresh system in place of the current one.

The current system has proven to be obsolete and is not able to insulate the economy of the world and I am beginning to believe that with this environment would speedily brings the US to cease as the world power in next 2 decades or so.

This depression would change the political landscape of the world to a new appearance and we can see emergence of other nations to be the leader and the pointer to new world order.

Businesses in the US and other western nations in Europe are collapsing witnessing big corporations and giant conglomerates go bankrupt and the effect is global.

No one has ever imagine Lehman Bros and other banks go on a run and the bailouts by the US government on the financial institutions is very uncharacteristic move as the US has been criticizing many other governments which bail out corporations in financial trouble.

The question is, which system that can be viable alternative to the current failing one?

Who among us is able to formulate new and strong mechanism to solve the problem?

In the first place have our leaders done anything even at embryonic stage to face the advent of this great slump?

The highly propped Najib is the man who heads the economic administration of this country and everyone says that he has done nothing in the face of the current bleak situation except saying “we are monitoring the situation” whenever asked by the media.

Is he or is he not doing anything organic as preemptive move to face the imminent economic and financial crisis which is already at our shore?

He has been the finance minister, now already in the third week and till now he has not uttered anything comprehensive on his plan of economic reappearance for the country.

He does not have the privilege of having to go on probation for the job he newly acquired.

He should be hands on over issues surrounding economic affairs of the world and create confidence among the people.

Najib has to prove that the public perception on his inability to improve the economic and political situation to be wrong.

Please bear in mind that the rakyat just can’t stomach the pranks and shenanigans of fake and deceitful leaders any longer.

A few or many may not agree with me but it won’t take too long a time to prove that all my intuitions to come true.

Thanks……………………………….Aspan Alias


de minimis said...

Hi Aspan

Your sentiments are most resonant. All of Malaysia is waiting for some guidance from out new MOF I. And, we are still waiting. Your intuition is proving to be correct even as I write this. Will Najib provide Malaysia with the necessary economic leadership? Or, will he be so terribly distracted by politics and scandals that he cannot keep his eye on the economic ball? Can he multi-task? As far as I am aware only women can multi-task. Or, am I wrong?

I like the wisdom contained in your blog.

pakbelalang said...

Qne thing we have to agree for sure that it looks like he will definitely be the Prime Minister. The question now how long can he last? Could it be less than Pak Lah or more than Mahathir stay in office.