Impending Global Economic Slowdown/Recession: What Will Malaysia Do?

I was shocked to learn that the credit crisis in America coupled with the delay in the solution from Congress has spilled over it’s effects to almost the entire developed and developing countries.

We learn that almost all European countries are announcing packages and “rescue plans” for their various banks, which includes small countries like Iceland. Britain has announced a comprehensive rescue package to save their ailing banks and financial institutions.

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Meanwhile, bourses around the world are recording steep decline in their various indicators. We even find bourses in oil rich countries like Bahrain, Saudi Arabia, Qatar etc suffers too the effect of the credit crisis in America despite their assurances that their banks are liquid and independent from the “liquid crisis” of American banks.

After 8 years of Bush and Republican economy, which emphasize on deregulation, less oversight and “small government”, the Republican has to eat their words and introduce “more government” to save their ailing economy.

Although, the right approach for true Republicans is to let the market sort out the mess and let the strongest among the various dying banking institution survive. But Republicans is a party that is true to their masters, the big business owners of America.

If they left it to market forces, not only will the people suffer but the people responsible for the financial meltdown will be punished as well. Now, Congress has passed a 700billion rescue package to rescue various bank Executives and CEO who are responsible to the mess in the first place.

The same Executives whom are responsible for creating the bubble are now being rescued by US Congress, Secretary Polson, Chairman Bernake and not to mention the lame duck President George Bush.

We have learnt one thing about the American Credit Bubble Burst: less regulation means more corruption. More corruption is a recipe for doom. The American economy is expected to enter a slowdown and some economists are saying that technically they are already in a recession.

This will have ripple throughout the entire world and will surely be translated in at least a global economic slowdown.

The question now is, how will Malaysia weather this storm?

Do we want a BN government that is corrupt, insensitive to people, decadent, incompetent, bent on making the few richer and the rest poorer to lead u during this trouble times?

Or do we want a government that is more transparent, more competent, more caring to the mass, more committed to the solving the plight of the people in the shape of Pakatan Rakyat government to lead us during these perilous period?

Malaysia has not fully recovered from out 1997 crisis to date. Having the same government responsible for our fallout back in 1997 in facing the impending problematic time is a sure disaster.

Tulang Besi

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