As Malaysian markets, bonds and the ringgit plunge, futile Bank Negara interventions fail and the last remaining cash reserves melt down day in day out, all we observe from far afield is a multilayered music chair dance going on among the Barisan Nasional and its leading component party, the United Malays National Organization.
All of those politicians have still not understood that the international community has lost total respect and confidence in the Malaysian government. It is a government that shines through by its absence and is confirmed defunct in my opinion.
With the ringgit, the national currency in free fall, we have the central bank governor, Zeti Akhtar Aziz, absent for weeks, then making a very weak, brief appearance with no resolution in front of the public, a no-go by any standard except to express her determination to stay on. Her press conference on Aug. 14 represented a total failure to address and face deep concerns on the part of the international markets and partners in a time of crisis as federal reserves diminish sharply in the effort to stop the ringgit’s plunge.
There has also been no word from Prime Minister Najib Razak about the state of affairs regarding the nation, its people and businesses or to address the 1Malaysia Development Bhd. scandal, which is threatening the country’s financial system with its huge debt overhang. Full story...
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All of those politicians have still not understood that the international community has lost total respect and confidence in the Malaysian government. It is a government that shines through by its absence and is confirmed defunct in my opinion.
With the ringgit, the national currency in free fall, we have the central bank governor, Zeti Akhtar Aziz, absent for weeks, then making a very weak, brief appearance with no resolution in front of the public, a no-go by any standard except to express her determination to stay on. Her press conference on Aug. 14 represented a total failure to address and face deep concerns on the part of the international markets and partners in a time of crisis as federal reserves diminish sharply in the effort to stop the ringgit’s plunge.
There has also been no word from Prime Minister Najib Razak about the state of affairs regarding the nation, its people and businesses or to address the 1Malaysia Development Bhd. scandal, which is threatening the country’s financial system with its huge debt overhang. Full story...
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