When Roubini talks you better listen.This the same man who presciently predicted the US sub-prime crisis three years before it happened.
Many of us know that Malaysia's GDP is on the decline and we are becoming less competitive over the years plagued by inherent poor fiscal policies, a non-evolving labour force and the over-zealous NEP that put wealth into the hands of selected and politically well connected individuals.
If the Malays want the country to progress than they need to help the Prime Minister by supporting his policies and lessen the rent seeking anomaly that have put a brake on the economic growth of the nation or face the perils of this nation falling on the wayside.
Nouriel Robini is a star economist and highly respected.
We have already been overtaken in our economic activities by Singapore, our southerly neighbour, a tiny dot with only 5 million people and no natural resources.
Shouldn't we be ashamed of ourselves that we can lose out to countries like Singapore and Hong Kong whose only resources are its human capital which we seems to be very lacking in performance henceforth the lackluster economic performance. Other than the bad fiscal policies in plain language we are lazier than our contemporaries in the region.
In term of population with Singapore that's 5 million against 26 million. Obviously, there is something very wrong with us and if the government do not arrest this most embarrassing situation soon we would surely be moving into stagnated growth and eventual economic disaster.
3 comments:
HL,
"A U.S. consumer could spend more than their income by using their homes as ATM machine. Politicians were happy because the economy was growing and they were getting reelected. Wall Street and The City were making gazillions of profits by creating all these toxic instruments and securitizing them. Rating agencies were making a fee out of their own things."
Whats there to praise this guy when he himself admits that others too were aware of the impending crisis.
The link here provides the reasons were pretty basic, supply and demand. http://bigthink.com/ideas/25506
But his quote above clearly affirms that the true cause was greed.
Another determinant, I will add, was fraud.
Thank you.
Dear Sir
The Malaysia link you provided is not working.
Thank you
With the mentality of our political leaders and corrupt culture system, it will long way if you can capture up with Singapore & HK.
Just forget it with the current leaders managing our country.
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