People are discovering what a rip-off neo-liberalism has been, observes financial economist and historian Dr Michael Hudson, in this interview “The way we were and what we are becoming” aired on 4 March 2009.
Click to listen (or download)
The biggest financial fraud ever
Click to listen (or download)
Is liberalisation of services a good thing for Malaysia?
Blog reader KJ shares his thoughts with us:
Re liberalisation/de-regulation: I think the general literature is pretty clear on this that over the past quarter century or more liberalisation has meant de-regulation. It was said that over-regulation was the problem, hence the need to liberalise, i.e., de-regulate.
This should not be confused with competition and a competition policy. Many comments on this, and the previous, post appear to have confused a liberalisation stance with a competition policy stance. In many areas, liberalisation has, in fact, created monopolies, and allowed monopolies to flourish. One clear example is the media: the Murdoch group controls Fox, Star, the Wall Street Journal, Dow Jones, The Times (UK), Far Eastern Economic Review, etc. The five largest banks in the US — most of them in deep s… — control over 70 per cent of the business, are busy raising credit card fees, cutting credit lines, etc.
Should there be a competition policy? Yes.
As for whether the foreign boys will do better than the local, well, in the first instance, at this time and the medium term, there isn’t going to be much investment.
Free market champion admits his ideology wasn’t right
They got it wrong:
- the regulators who thought the liberalised financial sector would work just fine by itself, and
- stock market pundits and the financial media who were giving the public a false sense of security ahead of the crash.
“I was shocked”: Alan Greenspan, a longtime ideological champion of free competitive markets and deregulation, admits under official questioning that his model was distressingly flawed, not right, and not working.
Najib’s “liberalisation” could open Pandora’s Box
Pardon me for raining on Najib’s sweeping economic “liberalisation” parade.
For one thing, I don’t think the government fully understands the ramifications of its gung-ho approach to liberalisation in the services sector, especially the financial services sub-sector. Still beholden to the FDI-driven model of economic growth, the government is obviously hoping that its “liberalisation” will result in hordes of foreign investors stampeding into the local market. Sure, more big investors might come in – but at what price to the local economy and small-timers?
The Chinese Malaysian business sector might welcome the removal of bumi quotas. Fed up with paying high prices for “protected items” such as locally made cars, many ordinary Malaysians too might actually welcome “liberalisation” – and I can understand where they are coming from.
Fried chicken, anyone?
We live in a globalised world that is full of inequalities. Unfortunately, these inequalities are not always visible to most of us.
IMF: Malaysian economy to shrink by 3.5% this year
The International Monetary Fund’s World Economic Outlook report for 2009 is just out here.
It projects the Malaysian economy to contract by 3.5 per cent in 2009 (compared to -2.8 per cent for the US and -1.3 per cent for the world). The Malaysian government, for its part, has been sticking to its -1.0 to +1.0 per cent range, which in the light of the IMF’s projections, seems hopelessly optimistic (as ever). The Malaysian Institute of Economic Research’s latest projection is a contraction of 2.2 per cent.
Not only that, the IMF warns that all the risks are on the downside, i.e., hugely dependent on what happens to the US. In addition, Malaysia is also dependent on Europe, Japan and China.
My own forecast for Malaysia is grimmer than the IMF’s projection. Just a casual look at the sharp drops in our exports and manufacturing sales is enough for me to say GDP could be minus 5 per cent this year.
80% don’t want Mahathir to lead BN’s Penanti campaign
Will he take the hint?
Why our education system is in trouble
The raging debate surrounding our education system seems to be over the medium of instruction for maths and science.
Sadly, however, not enough attention is being paid to the content and approach we have adopted, which straitjackets and stifles young minds.
Let me relate an anecdote told to me by the parents of a 11-year-old boy, J:
J was asked by his school teacher to write a short karangan (composition) about a Malaysian hero he admires and to give reasons for his choice.
The boy promptly penned a few lines about Anwar and Nizar and to support his choice, he said they had korban (sacrificed) a lot for the country, etc.
Is the Tg Bunga Residents Association anti-Pakatan?
Here’s a comment by blog reader madmonkey that I thought should be highlighted for discussion.
Dear Anil,
Came across some more (Tanjung Bunga Residents Association) TBRA-bashing in (a blog) and some kind but deluded soul was saying poor Anil has been taken in, has had the wool pulled over his eyes by this BN-loving, LGE-hating, self-serving ogre called TBRA…
To those who would believe TBRA has a secret anti-Pakatan Rakyat agenda, please go to their website. You will see that, in early 2007, TBRA had taken the former CM, KTK, to task, (alleging) he was responsible for the “sell-out of Penang”:
Dayaks “lack element of smartness”?
What does James Masing mean when he condescendingly says the Dayaks “lack the element of smartness” and are thus easily politically manipulated?
Does he mean that the rural Ibans who voted for the BN are lacking the element of smartness? Or were the Dayaks in Batang Ai who voted for the BN lacking the element of smartness?
Who are these leaders who are manipulating the rural Dayaks with projects and promises of development especially during an election campaign? Who are these individuals who have promised the Dayaks fantastic returns under the Salcra plantation development scheme.
I suppose the Dayak leaders from the BN like Masing consider themselves smart and clever. But the question is smart in what?
Dayaks lack element of smartness: Masing
20 April 2009
SRI AMAN: Dayaks are easily politically manipulated because they lack the element of smartness, said Parti Rakyat Sarawak (PRS) president Dato Sri Dr James Masing.