It has been a yo-yo ride for many of us who is monitoring our domestic political scene lately, with both BN and PR were seen capturing the headlines, albeit for the wrong reasons.
This is bad.
Our economy is screwed up, big time.
Domestic political turmoil combined with the turbulence in the US financial market is the perfect recipe for a disaster. The prospect of a messy change of government, which is the first in the history of Malaysia, is making investors very nervous, to an extent that the Kuala Lumpur Composite Index plunged to its two-year lowest of 963, worse than the 1,157 shortly after the March 8 general election where BN lost two-third majority in the Parliament as well as a few states to the PR coalition.
Besides, according to the United Nations Conference on Trade and Development World Investment Report 2008 released last week, FDI outflow in Malaysia surpassed inflow by RM8.99 billion in 2007, which means foreign direct investment (FDI) outflow in Malaysia has exceeded inflow for the first time ever, underscoring fears that investors might be losing confidence in the government and its economic policies.
Interestingly, among the 10-member Asean countries, Malaysia is the only country to suffer negative flow despite the fact that this region recorded its highest ever FDI inflow, which means more Malaysians are investing abroad for fear of the uncertain political backlash or its gloomy economic outlook as a result of the previous factor.
While the out of favor Prime Minister Abdullah Ahmad Badawi who is still clinging to power despite mounting calls for him to step down earlier than expected, there is no end in sight to the uncertainty.
As a matter of fact, Umno as the largest component party in the BN coalition is going to put off its party polls and postponed its AGM to March next year in the bid to force Pak Lah to hand over power to his deputy Najib Tun Razak in 6 months.
Pak Lah, on the other hand, is as good as gone and it’s a matter of time. While it was announced that Pak Lah will decide before Oct 9 whether he is going to contest for the top post, it’s being reported that it’s a gone case for him, going down the road together with the aspiring presidential candidate who was earlier seen as a darkhorse Tengku Razaleigh Hamzah but latest scenario posing greater opportunity for the International Trade and Industry Minister Muhyiddin Yassin in his quest to replace Najib as Umno’s deputy president.
At the same time, another BN’s component party Gerakan which is almost on the brink of collapse, in its own survey shows that 60 percent of members want to leave BN to either join opposition coalition Pakatan Rakyat or to be an independent party.
The PR coalition, on the other hand, is unperturbed with its September 16 plan, which is a good thing as we Malaysians shouldn’t be too fixated with the date in first place. If it happens, it must take place constitutionally and what’s more important, peacefully. If it doesn’t, so be it and let’s do it in the next GE, after-all, many of us are not convinced BN under the new leadership purportedly to be led by Najib is not going to change much.
Besides, I’m totally for the idea by Anwar Ibrahim to drop any dateline for the takeover as it’s going to diminish his own credibility while in a way contributing in helping to screw up the country’s economic performance in a way or another.
Now with the PR coalition being subtle with the plan, they stand to benefit from it as the mind-game is going to deter the BN government from wasting so much money in sending their MPs to overseas for argriculture trip in the midst of Ramadan season while most of the component parties are occupying themselves with their own party elections.
BY THE WAY, like it or not, let’s embrace the mother of all disasters.
A few minutes ago, U.S lawmakers reject $700 billion plan to bail out the financial system and almost instantly, Dow Jones plunges 600 points.
It’s Tuesday, a day before the auspicious Raya festival which is going to be celebrated by all Muslim friends over the world. Is Malaysia internal crisis is going to be exacerbated by one of the darkest day in the global economic? Is KLSE formidable enough to sustain the expected panic selling?
It’s going to be a true case of sudah jatuh ditimpa tangga tergolek masuk longkang.
In another word, triple (sic) whammy.
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The whole whole is shaking… not just M’sia.. ;(
Malaysia is sinking faster under the present leaders. Urgent change is need.
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