Najib’s 2011 Message (UPDATED 4 Jan 2011)
Our budget deficit is growing at 7% per year. At this rate, we are on track to bankruptcy by 2014!
By pywong
In case you feel an irresistible urge to be taken in by Najib’s APCO-designed message, let me remind you of this:
1. Debt:
Our budget deficit is growing at 7% per year. At this rate, we are on track to bankruptcy by 2014! That’s when we hit 90% Debt/GDP. Ireland needed a bailout at 83% in Dec 2010 and they had the European Union behind them. Who is behind us – Singapore?
Over the past 40 years, we have experienced budget deficits in 35 of them, even when petroleum was USD 140 per barrel. The only period we operated a surplus was between 1992 to 1997 when Anwar Ibrahim was the Finance Minister.
2. Scandals:
The Auditor General reports that RM 28 Billion is lost through leakages. That’s 14% of our Annual Budget!
PEMUDAH estimates Corruption costs Malaysia 1 – 2% of GDP!
http://www.pemandu.gov.my/en/compone…orruption.html
Morgan Stanley estimates we may have lost USD 100 Billion to corruption since the 80’s.
Page 4 of the NEM Report shows: We can expect our Per Capita to increase to USD 15 – 20k.
In case you are excited, remember 1 point: Over the past 40 years, the USD has dropped by 97.5% (USD 35 in 1970 to USD 1420 on 02/01/2011) in value against gold, which is the universal currency for thousands of years! Effectively, the USD and by extension the RM, has depreciated by 9.7% per year. USD 15,000 to 20,000 in 2010 is equivalent to only USD 5,407 to 7,210 today! The World Bank reports that our GDP per capita in 2009 is USD 7030!
Are you excited about your income going down?
Read more at: http://www.tindakmalaysia.com/showthread.php/1989-Najib-s-2011-Message?p=7431#post7431
