IF MALAYSIA IS FINE, WHY ARREST PEOPLE FOR SABOTAGING FINANCIAL SYSTEM, ASK Dr. MAHATHIR

If Malaysia is fine, why arrest people for sabotaging financial system, asks Dr Mahathir

In his latest blog posting, Tun Dr Mahathir Mohamad has questioned reports that say Malaysia is financially sound. – The Malaysian Insider filepic, November 6, 2015.

Published: 6 November 2015 9:16 PM | Updated: 6 November 2015 9:52 PM

In his latest blog posting, Tun Dr Mahathir Mohamad has questioned reports that say Malaysia is financially sound. – The Malaysian Insider filepic, November 6, 2015.In his latest blog posting, Tun Dr Mahathir Mohamad has questioned reports that say Malaysia is financially sound. – The Malaysian Insider filepic, November 6, 2015.Tun Dr Mahathir Mohamad today questioned reports that said Malaysia is not heading into a financial crisis, saying that if everything is fine, why did Putrajaya arrest people “for sabotaging the banking and financial system of the country”.

The former prime minister was commenting on reports in government-linked newspapers reporting that the country was not heading into a financial crisis.

“Eight prominent people, including the prime minister (Datuk Seri Najib Razak), tell us everything is fine.

“Now if everything is fine, why is there a need to arrest people for sabotaging the banking and financial system of the country?

“If they sabotage, surely the banking and finance of Malaysia would not be fine. They would be dysfunctional.” he wrote in his latest blog posting.

He was referring to former Batu Kawan Umno division vice-chief Datuk Seri Khairuddin Abu Hassan and his lawyer, Matthias Chang, who were recently charged with attempting to sabotage Malaysia’s banking and financial systems.

But is it true that everything is hunky-dory, Dr Mahathir asked.

“It can’t be!

“The banks and the financial system may be fine, but there are other indicators to show that the economy is not fine.”

For example, he said the ringgit was down at US$1 to RM4.30.

“That’s a big drop in value and is bound to affect import business or loans in US dollar.”

At the same time, he said the stock market was down with big loss in market capitalisation.

“Again this will not be good for the economy.”

Dr Mahathir said the country’s economic growth was lagging behind that of Indonesia and the Philippines.

“This is not normal. We used to leave them far behind us.

“Everyone complains of increase in cost of living – toll rates up, rice prices up, GST, cost of production and services, transport, wages for servants, unemployment of graduates, etc. are all high, reducing purchasing power of everyone.”

Dr Mahathir said there appear to be a loss of confidence in the government that was precipitated by the 1Malaysia Development Berhad (1MDB) scandal.

He said there was “the inability to service debts, disappearance of money, cash in the private accounts of the PM, its subsequent disappearance, inability to explain US$100 million, the Budget 2016 monetary gifts, shrinking national resources, questionable use of EPF and KWAP funds, poor FDI, etc.”

“So all cannot be well. Who is responsible? Cannot be some non entity!

“It must be the people who manage the economy and country, the people with power and influence and whose words and deeds can affect the economy.”

He added that in many countries, leaders resigned when they failed, when their policies failed and when their cures failed.

“They also resign when some catastrophe assails their country e.g. Australia and Romania.

“Of course, they resign when they do badly in elections.”

However, in Malaysia, he said this would not happen.

“People will find other reasons, such as scapegoats, put a blame on the climate or whatever.

“Poor Malaysia. No honour. No accountability. No pride. Just self-preservation.” – November 6, 2015.
– See more at: http://www.themalaysianinsider.com/malaysia/article/if-malaysia-is-fine-why-arrest-people-for-sabotaging-financial-system-asks#sthash.r7aIJT3C.dpuf

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