Monday, June 28, 2010


Some people in Malaysia particularly those involved with the stock markets seem keen to legalise what is called "short selling". Basically short selling is about selling shares or currencies or other assets that the seller does not have with the expectation that the sale would push the prices down. Once the price is down the seller would then buy to deliver to the earlier buyers he had sold to at a higher price.

2. Short selling is not speculation. It is manipulation of the market with almost certain success to be had. Other investors or buyers would lose money as they would be left holding the devalued shares or money or whatever.

3. Malaysia had banned short selling in the past. We regarded it as unfair and damaging to genuine investors.

4. I read in the Financial Times of 24th May that "Europe plans ban on naked short selling". Angela Merkel, the German Chancellor has unilaterally banned "naked shorting of Eurozone sovereign debt instruments and shares of 10 German banks". This has caused a "financial turmoil" meaning the short sellers are unhappy that they cannot manipulate the market anymore. Merkel asked how people can sell something they don't have.

5. The Europeans and the Americans are still hoping to keep all the "financial products" which they must know are what precipitated the current crisis. They are still refusing to review, modify or discard the monetary, banking and financial systems that they had devised and which they abused in order to get rich quick.

6. If we in Malaysia or other developing countries were to have this state of mind, then they would say that we are in a state of denial. And some locals will also echo their words.

7.  I think Governments should take note that not copying the West is not a sure recipe for failure.

8. In fact we should not consult Western people in the running of our country. They don't know our situation and their advice would not be good for us.

9. And we should note that even when they know a lot about the affairs of their own countries, they often bungle things. It is they who messed up the world's finances.

10. We are not always right of course. But I think we know our situation better than foreign consultants. We know our situation and the character of our prople. What may be good for the West may not necessarily be goof for us. Besides we know now that the very developed west can make very many horrible mistakes.

11. I will leave it at that.


Since the report that Datuk Seri Idris Jala had announced that the country faces the possibility of going bankrupt if the Government continues with the high subsidies to various items, there has been much concern and debate.

2. The Malaysian Insider claims that UMNO has a distaste for subsidy cuts because it has rebuked Idris. I suppose the Insider and the opposition are all against subsidy cuts even if they lead to Malaysia going bankrupt.

3. Everybody must have read about the fate of Greece whose borrowings exceeded its GDP. The European Union has had to bail out Greece to the tune of 300 billion Euro to prevent it from going bankrupt and pulling down the European Union with it. Already the Euro has depreciated substantially and many are predicting the demise of this European common currency. The European economy, once powerful and rich, faces the possibility of a recession, simply because of the bankruptcy of one of its members.

4. Idris has not predicted bankruptcy today or next year or any time soon. He says if the debt goes up by 12 per cent per annum we would be bankrupt by 2019 when our debt would be equal to our GDP. Do we want to let the country slide into banruptcy?

5. What Idris is saying is that if we continue with the present level of subsidy (already reaching RM74 billion per annum) and we cannot pay our debts, we will certainly not be able to arrest the slide.

6. To pay our debts we must cut back on spending, A big item is the subsidies for food, fuel and power, health, education and tolls.

7.Borrowing money to pay for the increasing cost of subsidy is not the answer. A good Government must ensure that servicing loans is sustainable.

8. The Insider and the Opposition must know all these. If they are against cuts in the subsidies it must be because they want the country to go bankrupt so that the Government party would be defeated. You may defeat the Government but if you inherit a bankrupt country, you will not be able to turn around the country either.

Sunday, June 6, 2010


1. The Israelis claim that the activists on the M.V. Mavi Marmara had attacked their commandos with guns, iron rods, scissors and pointed sticks.

2. The last time Free Gaza sent a small boat to take relief supplies to Gaza, Israeli commandos boarded it and towed it to Ashdod.

3. The activists must know that the same thing might happen to them. But it is ridiculous to suggest that the civilian activists planned to fight against the well-armed and well-trained Israelis.

4. Claiming that the activists attacked the commandos first is equally ridiculous. The forces ranged against them were powerful and enormous, capable of sinking their boats. The Israelis have been known to ram supply boats with their armoured naval vessels. What is clear is that the Israeli's were the ones to attack first by dropping their commandos from the helicopter.

5. The Israelis claim that the activists seized the pistols belonging to the commandos. Again this is ridiculous. These are trained soldiers, wearing protective armour and most certainly skilled in unarmed combat. It is most unlikely that raw activists can disarm and seize the guns of the black-suited commandos.

6. In any case, shooting with live bullets against a group of civilians probably armed with wooden sticks is unjustified. The hazy pictures shown by the Israel propagandist of rods being used may not be iron rods at all. They could be wooden sticks as the pictures are dark silhouettes which cannot be identified as activists or soldiers.

7. Our Malaysian reporter who has been released and is in Jordan tells of wooden sticks and water jets from fire-hoseswhich were used by the activists. His story is much more credible. But knowing the Israelis, they will continue to lie about their criminal acts even if they are seen to be committing them by the whole world.

8. Incidentally, the Rachel Corrie is named after a brave 23 year old American girl who stood in front of a bulldozer which was about to destroy a Palestinian house. The Israeli operator of the bulldozer simply ran over her and killed her. This is the standard behaviour of Israelis. The much condemned Chinese faced with the same situation, stopped his tank.

9. It is no surprise that the Israeli commandos would readily kill unarmed civilians. This is the degree of their arrogance. Their sufferings during the holocaust has not made them better humans. They are worse than the Nazis.



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