What a day to have lunch together.
On a day when Najib is announcing his staggering RM60 billion stimulus package, Abdullah has lunch with Anwar.
I haven’t seen Abdullah looking so relaxed and cheerful for a long time. Click here to have a peek.
RM60b package: “The boys” will be licking their lips…
An enormous package that exceeds the expectations of most people – two weeks before the Umno general assembly.
RM60 billion of our money! And guess what? RM29 billion of this is slated for “assisting the private sector”. The “boys” will be licking their lips and rubbing their hands in anticipation. (I can just picture it – stimulated by the stimulus package!)
First off, the obvious question: where is this money coming from? “Domestic sources,” says Najib, cryptically. Apparently, there’s “ample liquidity” in the system.
And secondly, what mysteries lie hidden behind the RM60 billion? Let’s keep it simple. The RM60 billion package comprises:
- RM15 billion in fiscal injection (RM10 billion in 2009 and RM5 billion in 2010). Fiscal deficit expected to rise to 7.6 per cent in 2009;
- RM25 billion in guarantee funds (RM5 billion for SME Working Capital Fund, another RM5 billion for Industry Restructuring Fund and the rest?)
- RM10 billion in equity investment (For Khazanah?)
- RM7 billion for private finance initiative and off-budget projects (Where is this “private finance” coming from? Not out of the EPF, I hope.)
- RM3 billion in tax initiatives
US financial system “effectively insolvent”
Despite all the stimulus packages and bailouts, the US financial system is broke.
That’s the view of Nouriel Roubini, the economics professor who predicted the global economic collapse, long before most people.
He adds there is a “rising risk of a global L-shaped depression that would be even worse than the current, painful U-shaped global recession”.
That’s in sharp contrast to the view of other economists, the IMF, and the local business press, who are hoping for a small recovery in 2010. Some even are hoping for a rally in the second half of this year.
But Nouriel says any rally or recovery from China’s and the US’ stimulus packages this year is likely to be illusory, a sucker’s rally.
Today, Najib is going to announce a multi-billion mammoth second “stimulus package”. But will it be more money down the drain – apart from the usual jobs for the boys with public money?
Pokok Demokrasi draws more visitors
The Perak State Assembly member for Canning, Wong Kah Woh, reports here that more visitors are checking out the Democracy Tree and its five “offshoots” in Ipoh.
He also points out here that according to the Perak Legislative Assembly (Privileges) Enactment 1959, para 3 of the Schedule clearly states that assembly members are immune from any civil or criminal proceedings “for anything done or said before the Assembly”.
Why you can’t always believe the political-corporate spin
Exports of electrical and electronic products fell 35 per cent in Jan 2009
So Intel has started laying off workers in Kulim, according to The Edge:
KULIM: Intel Malaysia, which is closing two of its microchip production facilities in Penang — a move which will affect over 1,000 workers — has started laying off employees at its Kulim facility which has more than 3,500 workers.
Sources told The Edge Financial Daily that at least 16 people out of 26 employed in the department in charge of maintaining the three plants in Kulim were asked to leave yesterday.
According to a source, the workers were not offered a voluntary separation scheme or even asked if they wanted to leave.
“They were told their services were no longer needed and it was not restricted to any age group or hierarchy. The affected employees were technicians, supervisors and even managers.
“They are being paid a severance package of 1.5 months’ salary for every year of service,” the source said.
It is learnt that more employees from other departments would also be asked to leave in the coming days and months but their number could not be ascertained.
No choice, no VSS…
This is why you can’t always believe all the ‘spin’ you read. Recall what Guan Eng had said in this Bernama report on 22 January on the Intel plant closures.
Lim said: “There would not be any job losses for those working in Penang Intel as the multinational company is only consolidating its branches with its employees moving to Kulim.”
5,000 Perakians give Speaker a standing ovation
Hero’s welcome: Speaker Sivakumar is mobbed by ordinary Perakians – Photos by Kinta Kid
The Perak Speaker acknowledges the crowd
Keeping alive the flame of democracy, justice and freedom (Click to expand photo)
Kinta Kid reports from the first anniversary commemoration of the Pakatan in Perak last night:
The commemoration took place at the Tow Boo Keong Hall, a venue that actually has two halls separated by a temple in the centre. One of the halls was fitted with projectors for live viewing of the action from the main hall. The crowd was estimated at over 5,000 with the majority of them Chinese.
All the top guns were there such as ‘MB yang sah’ Nizar and Lim Kit Siang. But the hero of the night undoubtedly was the honourable Speaker V Sivakumar, the man who gave the country its Pokok Demokrasi after an emergency sitting of the Perak State Assembly was held beneath a raintree on 3 March 2008. Clearly appreciative of this person, the crowd in the hall rose and burst into applause as he arrived.
Unfinished business, one year after
Sitting on a concrete-and-tar tennis court that should have been cleared from the badly scarred Esplanade: A relatively small crowd of 3,000 attended the Pakatan ceramah in Penang last night
Things that could have been done but weren’t:
- Declaration of assets by state government leaders: Instead what we have heard are lame and shameful excuses for not doing so. It is now left to Parti Sosialis Malaysia to embarass the Pakatan parties: PSM is holding a ceremony on 12 March at the Selangor Chinese Town Hall to reveal the public declaration of the assets of its MP (Sungai Siput), its Selangor state assembly member, and three town councillors. Now, if the PSM can do that, why can’t the Pakatan parties? Of course, we won’t bother with the BN parties.
- A roadmap and a timeframe for the restoration of local democracy (local elections): Pakatan parties want Malaysians to vote them to power. But they have not told us how soon after they win power at the federal level will local council elections be revived. Will they also introduce elections for village and kampong heads? At the moment, the Pakatan parties seem content to follow the rotten BN system of appointing mainly party loyalists to town councils as a form of reward for their partisan support.
Anwar speaks on Ketuanan Rakyat
This report from tvantara.com on Anwar’s speech from the packed MBSA auditorium in Shah Alam this evening. Nothing really new; though there’s an acknowledgement that a serious economic crisis is at our door-step. At the same time, however, he is being overly optimistic in pointing to the record investment figures achieved by some of the Pakatan states. Many of these approved projects could be delayed or cancelled altogether in light of the global recession.
Anwar and his Pakatan colleagues need to develop a radical reorientation of the economy away from the FDI-driven model of economic growth, which in many countries has widened the gulf between the rich and the poor and severely degraded the environment. A more eco-friendly and people-friendly approach that includes promoting small to medium-scale local business activity and sustainable farming/food security as well as upgrading essential public services should be discussed and thought through.
We also need to reduce the “financialisation” of the economy and minimise the scope for speculation while focusing more on the real economy and empowering marginalised communities.
Masa sudah tiba untuk rakyat bangkit menghayati kembali erti perjuangan kemerdekaan yang bertunjangkan ketuanan rakyat dan menolak kepimpinan perasuah dan perompak harta benda.
Ketua Umum Parti Keadilan Rakyat Datuk Seri Anwar Ibrahim berkata ketuanan rakyat akan membawa kepada demokrasi matang di bawah naungan raja beperlembagaan.
“Kita mahukan demokrasi yang matang, bukan demokrasi yang tempang, bukan demokrasi yang kakinya dipatahkan oleh mereka yang terus ingin berkuasa meskipun telah tidak lagi didukung oleh rakyat,” kata
Anwar dalam Pidato Kebangsaan bertajuk “Ketuanan Rakyat” di Shah Alam sebentar tadi.
Lebih 1,000 pemimpin PKR, ketua masyarakat, dan wakil kedutaan asing hadir mendengar ucapan Anwar pada ulangtahun pertama pilihanraya umum ke 12.
Historic day as Pokok Demokrasi is officially recognised
The morning sunlight filters through the branches, lending an enchanted and mystical aura to the fabled tree
It’s official: The marble plaque beneath the Democracy Tree (Click to enlarge) Photos by Kinta Kid
Kinta Kid reports from the Democracy Tree, Ipoh:
Perak leaders gathered at the base of the ‘Democracy Tree’ this morning to officiate a plaque highlighting what transpired on 3 March 2009.
The black marble plaque with gold-plated inscription starts off with two quotes during somewhat similar episodes that occurred in France and the UK and then goes on to explain the events of the morning of 3 March:
…when 27 state assemblymen were locked out undemocratically from the house by the police and the FRU under instructions of the State Secretary… At 10.00am the Speaker of the House YB V Sivakumar then instructed the assembly to adjourn to the tree to deliberate the motions of the agenda… By 10.35am all motions were passed following full traditional procedures….
20,000 turn up in Bukit Selambau
A large crowd of about 20,000 turned up in a little pekan in Bukit Selambau last night for a ceramah by Anwar Ibrahim, according to a source who was present.