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| The Burden of Privilege on the Malaysian Economy |
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Posted by: superadmin - 05-19-2021, 07:45 PM - Forum: Stop Racism and Religious Bigotry
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Published on January 27, 2021
By Sukudhew (Sukhdave) Singh
Former Deputy Governor, Central Bank of Malaysia | Former Independent Director, Khazanah Nasional Berhad
There are three systems of privileges that are operating in Malaysia: race, religion and titles. All of them are intended to confer privileges to certain groups and come with exclusive economic benefits for those who are favored by these systems.
There is no problem with earned or deserved privilege because such privilege is based on a significant contribution to society and the economy. Such privilege is justifiable given the contribution to the greater good. Also, extreme inequality never benefits a society and cannot be justified. Therefore, extending certain privileges that would enable the economically disadvantaged groups in a society to progress and make a better living are also justifiable. What is not justifiable is when the system of privileges is abused, as is clearly the case in Malaysia, and unearned and undeserved privileges are bestowed. There are social and economic costs to any privilege system and the abuse of these systems only increases those costs.
The Privileges of Race and Religion
Let me deal with race and religion first, which by design, have fractured Malaysian society and created a system of privileges that is hard to justify. Let me illustrate with a couple of examples:
When a Malay tycoon can buy a string of houses in Malaysia at discounted prices while middle income non-Malays have to pay full prices to buy their family homes (effectively subsidizing the tycoon), such discriminatory and unwarranted privilege is justified by a system of privileges related to race.
When a Muslim man can walk into a supermarket and demand that it removes the section containing the “non-halal” products consumed by non-Muslims, there is a religious privilege system that is empowering such inconsiderate and uncouth behavior and its associated belief that the customs and practices of one part of society supersede those of the others.
Race and religion have been used to enshrine a privilege system that has created different classes of citizens in the country. Political shenanigans like the large-scale giving of blue ICs to foreigners in Sabah have elevated those foreigners, because of their religion, to enjoy privileges that are denied to other long-standing citizens of the country. When race and religion are the determinants of privilege, merit has a much smaller role in society and in the allocation of economic opportunities.
As it is, the privileges of race and religion have elevated mediocre minds to where they can tell the rest of society what it can and cannot do. The privileges of race and religion have lifted unqualified and incompetent individuals into positions of leadership. The privileges of race and religion have provided opportunities for individuals to enrich themselves through dishonest means, to betray public trust, to loot public funds – all with impunity. The privileges of race and religion have legitimized rent-seeking as an economic activity. The privileges of race and religion have allowed exclusive access to economic resources through institutionalized discrimination. It is primarily to safeguard these privileges that Malaysia has been unwilling to sign up to some very basic international conventions on human rights, including the International Convention on Elimination of All Forms of Racial Discrimination (ICERD), International Convention on Civil and Political Rights (ICCPR), and International Convention on Economic, Social and Cultural Rights (ICESCR).
The New Economic Policy was misguided. Instead of focusing on economic need, it decided to focus on race. Had it focused on economic need, it would have achieved superior outcomes in reducing all forms of economic inequality, it would have led to far less distortionary policies, and it would not have entailed the massive waste of taxpayers’ funds. Most important of all, it would have cemented a Malaysian identity where all citizens in need are treated equally. By making the NEP race-based, it has allowed unscrupulous individuals to hijack the benefits to enrich themselves while enacting self-preserving policies that are definitely not in the interest of the Malaysian economy, and may not even be in the interest of those that the NEP was supposed to help.
I am very pessimistic that the Malaysian economy will ever be unshackled from the fetters of the NEP. It has proved to be too profitable for those who have hijacked its benefits and a large deluded sector of our society continues to be fed the narrative of “us against them,” that has been the foundation of such policies. This means that the economic distortions created by these policies will continue to undermine the Malaysian economy at a time when the global competitiveness of the Malaysian economy is being challenged as it never has been before. It is a burden of privilege that the Malaysian economy can ill-afford.
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| Is this the peak – or the beginning of worse to come? |
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Posted by: superadmin - 05-19-2021, 05:58 PM - Forum: Covid-19 Pandemic
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PETALING JAYA: The record high of 6,075 Covid-19 cases reported today shows the infection may have peaked – unless it has gone deeper into the community. Then, it may spread like wildfire, says a health expert.
Ex-health deputy minister Dr Lee Boon Chye said most cases are likely to be have been infected before the third round of lockdown was imposed. The third round of MCO began on May 12, on the eve of Hari Raya. It is scheduled to be lifted on June 7.
“It may have peaked or may grow slightly higher. But by end of this week or next week, cases should be coming down as movements are being restricted,” he told FMT.
However, he said if his prediction was wrong, “then it shows the virus has gone deeper into the community and we may be heading south.”
He was commenting on the record high of 6,075 cases reported by the health ministry today. Yesterday, a record high of 47 Covid-19 deaths were reported.
Even after the MCO ends, Lee said the cases may only come down to 2,000 to 3,000 cases daily. “But to manage Covid, it should be lower than or just above 1,000 daily, he said.
Targeted SOPs needed
Lee, the Gopeng MP, said the government had to amend its SOPs as data from clusters show that infections are caused by gatherings and the failure to wear face mask.
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| Trump is facing probes from 5 independently elected investigators |
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Posted by: superadmin - 05-19-2021, 03:44 PM - Forum: Politics
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(CNN)Five independently elected investigators have turned their attention to former President Donald Trump, a sign his legal woes are mounting as he no longer enjoys the protections once afforded to him by the Oval Office.
Trump is now facing inquiries run by elected officials from Georgia to New York to Washington with only their constituents to answer to. Most are Democrats, but one key investigation was launched by a Georgia Republican who has faced heavy criticism from Trump since the election.
And the former President's actions on his way out of office, including his attempts to overturn the 2020 election results and to stir up his supporters with baseless claims of fraud until they stormed the US Capitol on a harrowing January day, have only added to his legal problems.
"It's never happened in our history but every single one of these prosecutors and attorneys general has more than sufficient predication to investigate what they're investigating," said Daniel R. Alonso, who was a top deputy to Manhattan District Attorney Cyrus Vance from 2010 to 2014.
There are signs the probes are picking up. In New York, investigators recently got their hands on Trump's tax returns and have bolstered their team with a prosecutor who specializes in complex financial cases. In Georgia, another prosecutor plans to begin requesting subpoenas from a grand jury as early as this week.
"The world has changed for Donald Trump, legally, now that he's no longer president," said Elie Honig, a former federal and state prosecutor and a CNN legal analyst. "Donald Trump tried to delay civil suits against him, he tried to delay subpoenas against him while he was president. All of that is gone now, so now we're seeing multiple investigators -- federal and state -- digging in and taking a hard look at Donald Trump."
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| Provide more clarity on anti-corruption reforms, World Bank tells govt |
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Posted by: superadmin - 05-19-2021, 02:53 PM - Forum: Politics
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PETALING JAYA: The World Bank wants more clarity from the Perikatan Nasional-led (PN) government on its anti-corruption and governance reform efforts, especially on the initiatives started by the previous administration.
It noted that the actions taken by the Pakatan Harapan (PH) government during its two years in office had boosted Malaysia’s ratings in global surveys of corruption perceptions.
The World Bank said the collapse of the PH government in March 2020 had resulted in uncertainty as to whether the anti-corruption reform momentum would be sustained.
In a report today, it said the new government had signalled that it is committed to carrying forward these reforms.
“However, these plans are not clear yet,” the World Bank said.
“It is of critical importance for Malaysia to review the regulations of all its statutory bodies, develop clear regulatory and oversight bodies that will oversee corporate governance, and drive political governance and anti-party hopping laws which caused the fall of the federal government and some state governments.”
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| Free speech in Malaysia under increasing threat, says global watchdog |
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Posted by: superadmin - 05-19-2021, 02:48 PM - Forum: Politics
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KUALA LUMPUR, May 19 — Global watchdog Human Rights Watch (HRW) has claimed that the Malaysian authorities are resorting to criminal investigations increasingly to allegedly harass journalists, protest leaders and various other critics of the government.
In a report today, HRW said due to this, many are facing potential prosecution and have been subjected to police questioning about their work or speeches.
“Malaysia’s Penal Code, Sedition Act, Peaceful Assembly Act, and Communications and Multimedia Act all contain overboarding and vaguely worded provisions that allow the police to investigate or arrest people for a wide range of activities or speech that the government dislikes.
“Recent cases have targeted people for organising public protests, reporting on allegations of police abuse, drawing cartoons, and posting an ironic Spotify playlist.
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| $280 billion wiped off crypto market as bitcoin falls below $40,000 for first time |
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Posted by: superadmin - 05-19-2021, 02:39 PM - Forum: Business, Economy and Investment
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$280 billion wiped off crypto market as bitcoin falls below $40,000 for first time in 14 weeks
- Bitcoin fell more than 13% to hit an intraday low of $38,585.86 at around 12:54 a.m. ET, according to CoinDesk data. That was the lowest level since Feb. 9, the last time it dropped below $40,000.
- Bitcoin is off about 39% from its all-time high of $64,829.14 in mid-April.
- Tesla’s decision on May 12 to suspend vehicle purchases using bitcoin caused over $300 billion to be wiped off the cryptocurrency market.
- On Tuesday, three Chinese banking and payment industry bodies issued a statement warning financial institutions not to conduct virtual currency related business.
Bitcoin fell sharply on Tuesday continuing a major sell-off that began a week ago.
The digital currency fell over 13% to hit an intraday low of $38,585.86 at around 12:54 a.m. ET, according to CoinDesk data. It was the lowest level since Feb. 9, the last time it dropped below $40,000.
Negative news over the past week has dampened sentiment for bitcoin.
On May 12, Tesla CEO Elon Musk said the electric carmaker had suspended vehicle purchases using bitcoin, citing environmental concerns over the so-called computational “mining” process. This is where high-powered computers are used to solve complex mathematical puzzles to enable transactions using bitcoin.
Musk’s comments caused over $300 billion to be wiped off the entire cryptocurrency market that day.
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| U.S. companies are bearing the brunt of Trump’s China tariffs, says Moody’s |
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Posted by: superadmin - 05-18-2021, 02:32 PM - Forum: Business, Economy and Investment
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- Most of the elevated tariffs imposed at the height of the U.S.-China trade war have remained in place and affect over half of all trade flows between the two countries, said Moody’s.
- U.S. importers absorbed more than 90% of additional costs resulting from the 20% U.S. tariff on Chinese goods, the ratings agency said in a report.
- U.S. exporters also absorbed most of the costs from tariffs imposed by China, according to the report.
American businesses are bearing most of the cost burden from the elevated tariffs imposed at the height of the U.S.-China trade war, said Moody’s Investors Service.
The ratings agency said in a Monday report that U.S. importers absorbed more than 90% of additional costs resulting from the 20% U.S. tariff on Chinese goods.
That means U.S. importers pay around 18.5% more in price for a Chinese product subject to that 20% tariff rate, while Chinese exporters receive 1.5% less for the same product, according to the report.
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| No decisive leadership in Putrajaya, says insider |
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Posted by: superadmin - 05-18-2021, 11:10 AM - Forum: Politics
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PETALING JAYA: A senior member of the Putrajaya administration has alleged that the government lacks decisive leadership, and this is the reason behind the poor handling of the Covid-19 pandemic.
“We have too many cooks in the kitchen” leading to flip-flop decisions and unclear policies, he said.
The insider, who asked that his name be withheld, told FMT he believed the country needed a wartime general. There was none, he added.
He was commenting on an FMT report that members of Prime Minister Muhyiddin Yassin’s inner circle had warned him and several ministers about rising public anger.
He said public anger was understandable given the Covid-19 situation.
He complained that Cabinet decisions were not always carried out quickly enough, citing the government’s plan to introduce real-time tracking bracelets for those testing positive for Covid-19 and their close contacts.
“Things are moving too slowly,” he said.
“The PM must work out a confidence and supply arrangement. If he is unable to get enough support for this, then perhaps it is best for the Yang di-Pertuan Agong to summon all MPs and seek consensus to form an interim government.”
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| Use your power for Parliament recall, MP urges Speaker |
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Posted by: superadmin - 05-18-2021, 11:05 AM - Forum: Politics
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PETALING JAYA: Dewan Rakyat speaker Azhar Harun has been urged to assert his constitutional authority and state that Parliament can and should reconvene urgently.
Lembah Pantai MP Fahmi Fadzil said the speaker, as head of the legislature, was co-equal with the prime minister, who leads the government, and the chief justice, who heads the judiciary.
“In this sense, the onus is on the speaker to defend Parliament by openly calling the prime minister to advise the Yang Di-Pertuan Agong to call for Parliament to convene while the emergency is in effect.
“I’m saddened that the speaker has not been more supportive in ensuring that His Majesty’s advice is adhered to,” he said, referring to a statement by Istana Negara in February.
The statement, issued by the Comptroller of the Royal Household, Ahmad Fadil Shamsuddin, said Parliament could be reconvened by the King during the state of emergency, on the advice of the prime minister, and the perception that the emergency proclamation prevented Parliament from sitting was inaccurate.
Klang MP Charles Santiago said Azhar should use his power as speaker to persuade the prime minister to reconvene Parliament.
“The speaker should let the prime minister know that the situation has changed. There have been too many flip-flops.
“Parliament is closed because of Covid-19 but right now, the number of cases and deaths is skyrocketing. The rationale for suspending Parliament does not hold any more. The speaker should put his foot down,” he said.
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