Malaysia is just borrowing and borrowing. The borrowings are for investment projects for the next 10 yrs. Those in power now assume the role to borrow for the future. It is common knowledge that costs of projects in Malaysia are way above what market price should be. What is going around that some of the money for the projects will go elsewhere must have some truth to it.
When the initial cost of the project is already high and Malaysia is not well known to manage subsequent costs well, the economic return may be less than the amount needed to service the loan. Malaysia will become more and more of an indebted nation. The present woes in the world now from the US, Europe to Japan are due to indebtedness. When we should learn the lesson to avoid high debt, we are indulging in it.
We will live well now with the debts, but the repayment is spread through many years. The crunch in repayment will be borne by future generations. How irresponsible we are to live well and let our children and grandchildren pay for it. It is time that ordinary people like you and me voice up to this irresponsibility. Our "leaders" are already deaf and blind, mereka tu golongan yang sudah disesat oleh Allah dan kesesatan mereka akan ditambah lagi oleh kerana perbuatan mereka sendiri.
We seem to be following the footsteps of USA in spending now, pay later. US has already committed seven generations into the future and we all know what happens to that kind of ideology.ReplyDelete
Norway is a better role model to follow, well known for its commitment to look after the welfare of their future generations. Their oil revenues went into pension and other funds which are well invested instead of squandered by our leaders. They value human capital and invest heavily in training of future managers and leaders in their corporate and other sectors.
BN has committed our next generation into debts accumulated through their mega projects which helps in their political campaigns as well as personal gains. They took the easy way in administration, looking for short-term personal and political gains. Those who are responsible will not be around to face the consequences. Lynas project is going to be one which will bear the harmful health consequences of the people in the future because the leaders refuse to learn from the unfortunate but timely (to our leaders at time of decision making) mistake of Fukushima. Right in our face, yet we refuse to take note, blinded by the billions expected in future.
At the rate we are going, when our oil reserves are depleted, even our EPF will be at risk. Felda, a cash cow with much landed property has to borrow from EPF. Does it make sense? Political leaders should not be involved in business and its decision-making.