The Desparate Spinner

The date of 13th General Election has been changed many times and the public is speculating when it will take place.  Some say it can be anytime after the Hari Raya while some speculate that it will take place early next year.

Looking at the situation, the BN seems to be in a state of great desparation.  The BN election strategy in my view is rather incohesive and is confusing the public. This may reflect badly on the BN leadership.  All that we read in the newspapers these days is nothing but money politics.  Billions have been spent on various mega projects and overseas investments - an easy way of money laundering.  Worse of all using the EPF - workers' hard earned savings - for these purposes.

Reportsare rife that the BN Government had borrowed no less than 60% of the EPF Fund thus far.  As to how much the Government has paid back the loan, that remains for the time being a secret.

I am quite surprised that the MTUC, the champion for the working class, has no voice nor representa-tion in the Investment Board of EPF!  It is high time that the EPF Act be amended to allow a trade union respresentative knowledgeable in economics or financial management to be appointed as a member of the Investment Board.  This to prevent workers' savings from being squandered.

The BN aims to win the 13th GE at all costs as announced by the UMNO leadership.  As such they are spending the tax-payers money unconscionably to the point of recklessness.  The amount of money poured out the last 12 months of the treasury runs into  billions;  let alone the billions of Ringgit that had been laundered by corrupt politicians throughout the country.

For the past 15 years or so, the country has been running in great deficit.  The amount of money laundered out of the country far exceeds the annually created wealth as reflected in the GDP.  It has been reported that close to RM100 billion have been taken out of the country illegally each year.  Basing upon a projected growth of 5% GDP, it will only come to about RM30 billion. Hence, the country suffers from an annual deficit of RM70 billion.  Intrapolating back 15 years, the total amount so laundered may well exceed RM1.0 trillion.

This illicit out-flow of Ringgit from the country has gone into the private overseas accounts of the leaders of BN and this efflux has a great impact on the national economy.  As a result, it has been greatly distorted.  Our money has been depreciating at a rate of not less than 5% per annum.  Hence, goods are becoming more expensive and this is reflected in the spiral increase of inflation in the country.

Just imagine, a plate of "wan ton mee" in 1970 cost 30 cts.  Today, the same plate costs RM4.50 - RM5.00.  The increase is 1500% or an average increase of 35.6% per annum.  The men in the streets are feeling the high cost of living.

But, the BN Government just ignores this plight while the central bank has not been performing its goal-keeping responsibility effectively.

What we are reading these days are nothing but mud-slinging news accusing the Pakatan Rakyat of this and that without realising that all the "shit" was created by the previous State BN Governments concerend.  For instance, the Talam episode, the hill development in Penang, bailing out of failed GLCs, investing in overseas projects that do not directly benefit the Malaysian welfare.  The Pakatan Rakyat have at least the past four yeasrs managed successfully to stem the tide of corruption; hence, their kitties are in the black.

What does not the Chua, Jr comment on the Scorpene, NCF etc cases where the commissions ran into hundreds of millions?  Why does he not tell the UMNO leaders to stop all the failed GLCs and stop bailing them out?  Why he keeps mummed over the corrupt BN Minister in Sabah and Sarawak?  Why does he not comment or criticise the inefficiency of Bank Negara?  Why does he not comment on the ill impact of privatisation of utilities on the men in the streets?  All these utilities are now in the hands of the UMNO cronies and I can foresee big problems facing the country in the future.  Why doe he not suggest to deprivatise all the privatised corporations?

By spending money lavishly and aimlessly will not assuage the great disappointment and frustration of the rakyat.  The rakyat wants to be treatedly fairly and with respect.  They want be treated as citizens of the country and not as pendatangs.  The Government must be fair in awarding business opportunities to all the qualified people of the land.  They want to see a stop in all forms of corruption and that those culprits must be brought to book and if found guilty have their assets confiscated.  MACC must be given full power to deal with such PEPs.  Besides, they want to see a fairer Malaysian representation in the civil service at all levels.

The recent announcement to acquire the Battersea in London was most stunning.  The project involves SP Setia Bhd, Sime Darby Bhd and EPF in the share equity ratio of 4:4:2.  It has been resported that EPF is investing SP20.0 billion.  The public would want to see that the two big GLCs equally pump in RM40 billion each.  Sometime, I just wonder why involved EPF in such an investment.  What if the investment goes bad?  Then it is written off, right?  This not a loan but an investment of which EPF is ignorant.  This is just the same as the billion-ringgit investment of FELDA that turned bad in Canada.  From loan to investment to total loss.

Efforts  to allow the BN Government to acquire profitable companies of Malaysians using the tax payers or workers money must be stopped.  This is most unfair.  Getting into business without using one's capital.  This is bad example.  See the ugliness of privatised companies and the close connection of cronies, I wish the Pakatan Rakyat will stop this unholy practice.  Believe you me, without the perennial injuction of money into GLCs, many if not most would have evaporated.  Let me live long enough to witness this phenomenon.

When are we stopping this "BCNR" from plundering the national resources?  It must be at the ballot box.  So my friends, do what you have to do for the sake of our country, nation and people.