Thursday, July 3, 2008

Watch the danger signs!

Crude oil has risen to a record above US$144 per barrel. That means US$150 is imminent. There are some who even say US$200 is not impossible. You don't need to be an economist to predict that a recession, even depression, is looming if the price of crude oil does not stabilise or moderate at some point. (Click here to keep track of the price of oil)

We are not talking about Malaysia but the world. Malaysia is just a pimple on the world map but we will be hit hard. Just hours ago, General Motors shares fell 15% to US$9.98, the lowest since 1954 as it faces possible bankruptcy. Investors are staying away from companies making cars and planes, it's simple. Many airline companies are already up for sale.

Malaysia has always been spared from such crisis with its oil and commodities. If crude oil goes up, our palm oil also goes up. There will be a cushion but we will still be hit with higher bills for production and food. But what Malaysia can do is to be competitive - that will mean investors must find it cheaper to put money in Malaysia.

If you have corruption, that adds to the cost of doing business, you drive away foreign direct investments. Delays from either the federal or state governments will be the fastest way to drive away money. Also cut down all this stupid talk about Singapore taking away Malaysian assets. Singapore has plenty of cash and it is normal for businesses to have foreign equities. Nothing sinister about it. The Arabs are also the ones with plenty of cash now.

But more importantly, what's our priority? Our politicians need to get the act together. The whole nation needs to focus on facing a looming recession, we need to save jobs so workers can feed their families. What the hell are the politicians doing? Instead of demonstrations, ceramahs and party election campaigns, why are the BN or PR not holding talks to brace Malaysians for what's coming? Or to tell us their grand plans? We want to hear plans and ideas, not conspiracies!


Ah Beng Crosby said...

Chun Wai, you should be writing about this on the newspaper not on your blog. Knowing too well, our politicians are only good for politicking for self interest, they suck at formulating policies. You need to ruffle up some feathers. We have large numbers of sensible rakyat but we have newspaper that feeds the rakyat with non sensible news daily and for that, you have a share of the damage done.

Anonymous said...

Yes Chun Wai, I agree with Ah Beng Crosby. You should write this in the MSM. Perhaps again and again and again so that the awareness spreads. Otherwise you are only preaching to the choir. Net savvy folks are usually well read and well informed but I am not sure of the general folks out there. The world is indeed careening towards a possible depression the likes of which we have never experienced before. Like you, I am extremely worried. And when I look to the government for a clue as to how we Malaysians should or will be dealing with this unprecendented crisis without the society falling apart, I see a complete blank.

You are in a position to do much more than this rant in your blog. If you are not, you are failing us rakyat and your posturings in the Star is just white wash.

Meiyen said...

Good post Chun Wai. We need more people to do some straight talking on the state of Malaysia and its' people. Malaysians are a passive lot, some to the extent of not responding even when hit of the head.

Anonymous said...

Dear Dato Wong,

I thank God for such a man like you who cares for Malaysia more than any personalities! This is your strongest "condemnation" thus far with the H word, I believe came from deep within your heart. I have never seen Malaysia sank this low before and if politicians kept fighting for power and "rights" instead of administering and planning, then I see an imminent sign of collapse, both socially and economically! Through various prominent blogs I see people are more interested in politics, conspiracies rather than solutions. The only suffering people are the poor. Mati Di tengah tengah!

Anonymous said...

The old dinosaur politicians holding power don't know how to access the blog to read. They need to read the papers.
But worse still, now they are in a world of their own, fighting for power, and not even reading the papers anymore.
And they have already made all their money, and don't give a shit what is happening to the country.

Anonymous said...

I agreed totally with other commentators that you should write this and published it in the mainstream.
People are asking who are the option holders in Petronas's sale of oil. Rumours are that Petronas sold their oil and futures to these connected guys at a low price, and thats why Petronas do not benefit from the oil price increases. They are putting the rakyat's money into their pockets through Petronas as the conduit, to camouflage the 'rape'. I think if the current PM cannot take back the options and money and exposes the option holders, he should step down as he made the rakyat's life miserable and uncertain as the day progresses since 2004.He has accumulated a lot of bad karmas. They must be his cronies, if thats the case.
Another issue is the remarks by Liow Tiong Lai about Umno but it was never picked up by MSM. We all know Umno has become a fat arrogance animal but why other component parties allowed them to get away with it? You should publish it if you have the guts. But then again, The Star is under MCA and thus under Umno too.
Reconsider Anwar's proposal, I think if MCA joins PKR, many edcuated and professianal Chineses may join in to help build this country again after the ravage. Otherwise, MCA is and will remains the "running dog" of Umno.

Anonymous said...

Simple solution. Boycott all the Arab Nations and other OPEC countries. Do not trade with them and let them know they are not wanted elsewhere. They are a literal pain in the arse to the whole world. They can drink all their oil and survive. Ride your stupid camels to eternity. What you know then! Oil Price dropped steeply. Hurrah!

Robert Teh said...

Chun Wai,

Please don't be flattered by all the praises on this posting!

Just keep up the fight for a better Malaysia - a just, fair and corrupt-free "government of the people, by the people".

Good writing deserves to be praised; biased or prejudiced writing deserves to be criticized or even condemned.

alvin lee said...

yes, i do agree with u that the present political climate is not good for economic growth.

However, is it correct to demand that economic conditions should take precedence over the seeking of justice?

Anonymous said...

Actually we want to hear and see action, not just talks and plans. Our politicians are very good in talking and coming up with grand plans. It usually goes like this: Politician suggest something good in the newspaper. Commentators comment on it and it gets few pages coverage. Then comes the response from the rakyat lauding the move and heaping praises on the politician. Following through will be plans on how to implement it and the various benefits and results that we can see later. Kinda like our PMR or SPM paper where we outline the 'punca, akibat, faedah, langkah-langkah, keputusan, blah blah'. After a few days hoohah, it died down just like that until someone else comes up with another 'save the day' idea. Or shoot his mouth and say something really inane.

So everyone can talk (especially our politician? but can he actually do it?

Anonymous said...

as usual, when the elephants fight, we the grass gets trodden on.

Anonymous said...

Grand Plans?? What grand plans?? You mean the government has grand plans for us?? Wahahahaha!! You are kidding me right? Of course there is no grand plans!! Why do you think there are so many dramas lately?? All to divert our attention from the real problem. The ruling party is darn stupid and therefore cannot captain us out of an impending doom!

Let's get real here, do you seriously think there is another magician like TUN to captain us out of 3 major world crisis?? Say what you people like about him but he did bring us all out of what a lot of countries couldnt. So, if you ask me, we are screwed big time this round!

Unknown said...

Yeah Dato Wong, since you are the Group Chief Editor of the Star newspaper, I'm sure your are capable of publishing such writings BOLD and CLEAR in your Sunday column or any other day if you want to. This daily fiasco (another Front page story again today!) is taking everyone's focus off the real issues facing the rakyat. What is AAB doing? His plans? His ideas? His actions? Not all these flip-flop news that we read all the time! Nice guy does not equate to an effective leader....

sinnersaint:saintsinner said...

Dear All,

as humans, we are not prefect, so let the man do as he sees it fit.... i notice some here are "lalangs" lol or cheerleaders lol well, it takes all kinds folks - to make this world a better place.... begin and slowly but surely we'll get there but first drop the "ampu bodek" culture and we'll get there.

I use to work for a multi multi millionaire and never was a time i arselicked him lol. Imagine the so called lost opportunity, well i'm happier today, away from the politically correct A-HOs, so maybe there will be a day when you'll realise that what matter is the Truth.

Mr Chun Wai, we all want is truth and of late you have started and thats all that matters. And maybe one day you'll decide to follow yr peers - Bloggers, NO MORE CRAP FM YR BOSSES.