Photo From Penang Trip ..

Leaving On A Jet Plane ...

While Malaysia fiddles, its opportunities are running dry
By Michael Backman
The Age
November 15, 2006

MALAYSIA'S been at it again, arguing about what proportion of the economy each of its two main races — the Malays and the Chinese — owns. It's an argument that's been running for 40 years. That wealth and race are not synonymous is important for national cohesion, but really it's time Malaysia grew up.

It's a tough world out there and there can be little sympathy for a country that prefers to argue about how to divide wealth rather than get on with the job of creating it. The long-held aim is for 30 per cent of corporate equity to be in Malay hands, but the figure that the Government uses to justify handing over huge swathes of public companies to Malays but not to other races is absurd. It bases its figure on equity valued, not at market value, but at par value.

Many shares have a par value of say $1 but a market value of $12. And so the Government figure (18.9 per cent is the most recent figure) is a gross underestimate. Last month a paper by a researcher at a local think-tank came up with a figure of 45 per cent based on actual stock prices. All hell broke loose. The paper was withdrawn and the researcher resigned in protest. Part of the problem is that he is Chinese.

"Malaysia boleh!" is Malaysia's national catch cry. It translates to "Malaysia can!" and Malaysia certainly can. Few countries are as good at wasting money. It is richly endowed with natural resources and the national obsession seems to be to extract these, sell them off and then collectively spray the proceeds up against the wall.

This all happens in the context of Malaysia's grossly inflated sense of its place in the world. Most Malaysians are convinced that the eyes of the world are on their country and that their leaders are world figures. This is thanks to Malaysia's tame media and the bravado of former prime minister Mahathir Mohamad. The truth is, few people on the streets of London or New York could point to Malaysia on a map much less name its prime minister or capital city.

As if to make this point, a recent episode of The Simpsons features a newsreader trying to announce that a tidal wave had hit some place called Kuala Lumpur. He couldn't pronounce the city's name and so made up one, as if no-one cared anyway. But the joke was on the script writers — Kuala Lumpur is inland.

Petronas, the national oil company is well run, particularly when compared to the disaster that passes for a national oil company in neighbouring Indonesia. But in some respects, this is Malaysia's problem. The very success of Petronas means that it is used to underwrite all manner of excess. The KLCC development in central Kuala Lumpur is an example. It includes the Twin Towers, the tallest buildings in the world when they were built, which was their point. It certainly wasn't that there was an office shortage in Kuala Lumpur — there wasn't.

Malaysians are very proud of these towers. Goodness knows why. They had little to do with them. The money for them came out of the ground and the engineering was contracted out to South Korean companies. They don't even run the shopping centre that's beneath them. That's handled by Australia's Westfield.

Next year, a Malaysian astronaut will go into space aboard a Russian rocket — the first Malay in space. And the cost? $RM95 million ($A34.3 million), to be footed by Malaysian taxpayers. The Science and Technology Minister has said that a moon landing in 2020 is the next target, aboard a US flight. There's no indication of what the Americans will charge for this, assuming there's even a chance that they will consider it. But what is Malaysia getting by using the space programs of others as a taxi service? There are no obvious technical benefits, but no doubt Malaysians will be told once again, that they are "boleh". The trouble is, they're not. It's not their space program. Back in July, the Government announced that it would spend $RM490 million on a sports complex near the London Olympics site so that Malaysian athletes can train there and "get used to cold weather". But the summer Olympics are held in the summer. So what is the complex's real purpose? The dozens of goodwill missions by ministers and bureaucrats to London to check on the centre's construction and then on the athletes while they train might provide a clue.

Bank bale outs, a formula one racing track, an entire new capital city — Petronas has paid for them all. It's been an orgy of nonsense that Malaysia can ill afford. Why? Because Malaysia's oil will run out in about 19 years. As it is, Malaysia will become a net oil importer in 2011 — that's just five years away. So it's in this context that the latest debate about race and wealth is so sad.
It is time to move on, time to prepare the economy for life after oil. But, like Nero fiddling while Rome burned, the Malaysian Government is more interested in stunts like sending a Malaysian into space when Malaysia's inadequate schools could have done with the cash, and arguing about wealth distribution using transparently ridiculous statistics.

That's not Malaysia "boleh", that's Malaysia "bodoh" (stupid).

www.michaelbackman.com

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Well .. what else I can say anymore .. Malaysians really need to open up their eyes .. to read and to see whats really happening around them .. Nuff said !!

Capitalism

Well .. Well .. Well .. I'm sure of that .. most of Malaysian citizens has heard about the BERSIH rally on 10/11/2007 .. I was aware of the rally and I'm trying to update myself about what happened to those people during at the rally .. I logged into Aljazeera, AsianSentinal, HarakahNet, Malaysia-Today to get the latest news about the rally .. is there any blood shed, act of violence, taunting, major outbreak of looting. It seems to be a real PEACEFUL march. Except for a few minor fracas in Masjid Jamek induced by the Polis DiRaja Malaysia.

HHmmm .. What does it mean by DiRaja Malaysia ? Aren't they supposed to be a peace keeper for the country .. Acting as an enforcer to safe guard the citizens of Malaysia ? But why are they acting behalf of the government instead ? Aren't they supposed to be dutiful to the King, Yang Dipertuan Agong ? I'm not too sure myself too ..

My colleague and me being extremely busybody at that moment .. both of us keeps on texting to our contacts who is participating in the rally. HEHEHE !! .. Oh !! Yes .. he showed me his latest album front cover of his album .. but its kinda provoking ..
See what I mean ? ..

1947 .. 10 years before Merdeka. "Missing Chapter" in Malaysia's History

My .. My .. My ..

During my spare time, I enjoy chatting up with my colleague because we can share almost everything in many kinds of view towards music, political issues, recent agenda, theology and a lot more .. Well, I would like to apologize for a no post blog for such a long long time .. Gosh !! What happened to me .. Few months back, he was telling me a guy name Fahmi Reza, he is going to do a short documentary film regarding our beloved country Malaysia.

At first I was a little sceptic about the whole thing. 10 years before Merdeka? Well .. don't be .. Enjoy the short-filmed style documentary with some nice cool ol'skool punk like SexPistols background soundtrack .. Oi !! Oi !! Oi !!

http://10tahun.blip.tv/