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AnakWatan will like this (Read 489 times)
Zhu Rongzi
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AnakWatan will like this
Oct 8th, 2011 at 3:08pm
 
Quote:
Dr M warns of long financial crisis
KUALA LUMPUR, Oct 8 — Tun Dr Mahathir Mohamad warned the ongoing global economic crisis will continue long into the future as the West continues spending in a “state of denial.”

The former prime minister said in his blog yesterday that Western countries continue “believing that they can somehow continue to remain rich. They are unable to behave like poor people.”

On the same day Datuk Seri Najib Razak tabled a budget that aims to rein in the deficit to 4.7 per cent, Dr Mahathir (picture) said the West “will not recover because they are still in a state of denial.

“They still believe they are rich, as rich as before they plunged into the crisis. They must keep up the big power wealthy country image even if their people have no jobs, riot and protest.

“The great financial crisis will be with us for a long time. Even when it is resolved the aftermath will see slow recovery for the giants of the West,” he wrote.

“How nice it would be if our pocket is picked, we are allowed to print some money to replace what is lost,” he said, mocking the United States’ quantitative easing measures which has seen its federal reserve print US$3 trillion (RM9.5 billion) since the start of the financial crisis in 2008.

“Now Britain is following in the footsteps of elder brother,” he added, referring to the United Kingdom’s recent move to print £75 billion (RM370 billion) to help distressed banks.

The debt crises in Europe and the US have caused the global economy to wobble in recent months and is likely to stunt Malaysia’s export-driven economy in the near future.

Analysts said yesterday that Najib’s prediction of a 5 to 6 per cent growth for 2012 is “too high” which may in turn see Putrajaya fail to meet its deficit forecast.

The prime minister tabled a budget yesterday which saw cash handouts, more money for civil servants, schools and a fund for “high-impact development” projects to put cash in the pockets of voters ahead of a general election expected soon.
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Mohd Ali
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Re: AnakWatan will like this
Reply #1 - Oct 10th, 2011 at 3:05pm
 
Yes, but isn't the US and the UK in economic trouble now? The US citizens are quite fed up with how their government handles their economy. The so call print your "fiat" currency methodology should not have resulted in jobless citizens according to AW's theory. I suggest that AW answers us. Why is the USA in economic doldrums? Shouldn't they simply print more money?
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Zhu Rongzi
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Re: AnakWatan will like this
Reply #2 - Oct 10th, 2011 at 4:04pm
 
Now there is this joke circulating around the internet. A bit insensitive I would say but it probably reflects the sentiments of Americans.

"
10 years ago, the US had Bob Hope, Johnny Cash, Steve Jobs.
Now they have no hope, no cash and no jobs

"
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anak watan 2035
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Re: AnakWatan will like this
Reply #3 - Oct 12th, 2011 at 5:44pm
 
MA,

We leave you with this to answer your curiosity.

http://economistsview.typepad.com/timduy/2011/10/2013.html

Regards,
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Without data, you are just another person with an opinion..
 
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Mohd Ali
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Re: AnakWatan will like this
Reply #4 - Oct 14th, 2011 at 9:24am
 
AW,
That article says nothing. It does not explain why US is it terrible financial status today.
Your concept of printing more money to pay for growth cannot last forever. Despite it huge economic size, the result of overspending is beginning to hurt them.
From what I read above, the UK following the US on printing money is another country that would be deep s...t soon. I don't think that is a strategy suitable for Brunei.
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