I was watching an episode of Keiser Report on youtube the other day. In it, the hosts Max and Stacy likens the U.S. to a banana republic. So I figured it would also be quirky to draw some similar parallels with Malaysia too. But of course we need to use term 'Banana Constitutional Monarchy' instead.
So let's get started with some basic characteristic of a Banana Country :
1)Profits are privatized and debts are socialized.
The Malaysian government had been dishing out sure profit deals to private companies. For example we Berjaya Sports Toto,IWK, Highway concessions, Independent Power producers and many more unknown companies below mainstream radar.In addition to that we have many land giveaways at below market price (Kg Buah Pala, Naza TTDI and Godfather Daim).
Then we also have gigantic bailouts like CIMB(at least 3 times if I remembr correctly), Perwaja and numerous companies of ex-minister offsprings, We also transfer forex, tin hedging and other market manipulation losses onto the public shoulders.
2) Devalued paper currency in the international community.
Here is a chart I generated from World Bank. It shows the Real Effective Exchange Rate Malaysian Ringgit for the past 25 years.
Its basically an index that compares a currency with a basket of other currencies. The last peak was in 1984 and it has been downhill ever since. So that sort of explain why a Kapok guitar now cost RM100 compared to RM40 when I was back in college.
3)Kleptocracy.
Kleptocracy though not often used in here but it is actually the most accurate to describe Malaysia. Constitutional monarchy or Westminster democracy are no longer the basis for this country. Now the core of the Malaysia system is just kleptocracy, where the current bunch of ruling elites are nothing but thieves who spent most of their time stealing form the public. All sort of monopolies, oligarchies, toll booths, Approved permits, subsidies, compensations(for nonsensical reasons) and schemes are created to move money into the hands of ruling thieves and their proxies.
1)Profits are privatized and debts are socialized.
The Malaysian government had been dishing out sure profit deals to private companies. For example we Berjaya Sports Toto,IWK, Highway concessions, Independent Power producers and many more unknown companies below mainstream radar.In addition to that we have many land giveaways at below market price (Kg Buah Pala, Naza TTDI and Godfather Daim).
Then we also have gigantic bailouts like CIMB(at least 3 times if I remembr correctly), Perwaja and numerous companies of ex-minister offsprings, We also transfer forex, tin hedging and other market manipulation losses onto the public shoulders.
2) Devalued paper currency in the international community.
Here is a chart I generated from World Bank. It shows the Real Effective Exchange Rate Malaysian Ringgit for the past 25 years.
Its basically an index that compares a currency with a basket of other currencies. The last peak was in 1984 and it has been downhill ever since. So that sort of explain why a Kapok guitar now cost RM100 compared to RM40 when I was back in college.
3)Kleptocracy.
Kleptocracy though not often used in here but it is actually the most accurate to describe Malaysia. Constitutional monarchy or Westminster democracy are no longer the basis for this country. Now the core of the Malaysia system is just kleptocracy, where the current bunch of ruling elites are nothing but thieves who spent most of their time stealing form the public. All sort of monopolies, oligarchies, toll booths, Approved permits, subsidies, compensations(for nonsensical reasons) and schemes are created to move money into the hands of ruling thieves and their proxies.
4)No principle of accountability within the government.
Unlike in UK or Japan where politicians and gov officials resigned over the slightest of impropriety. Those in Malaysia never need to take any responsibility for their wrongdoings.
For all those thousands deaths in NS camp, 1 Malaysia camps, Kg Memali and police custodies no minister or senior civil servants was held responsible. Where are the culprits for PKFZ, Bakun and other fail projects which losses amount to tens of billions? They are still smiling all the way to the banks and some are still occupying ministerial post.
Unlike in UK or Japan where politicians and gov officials resigned over the slightest of impropriety. Those in Malaysia never need to take any responsibility for their wrongdoings.
For all those thousands deaths in NS camp, 1 Malaysia camps, Kg Memali and police custodies no minister or senior civil servants was held responsible. Where are the culprits for PKFZ, Bakun and other fail projects which losses amount to tens of billions? They are still smiling all the way to the banks and some are still occupying ministerial post.
Half of the MPs in Dewan Rakyat are there dubiously because of postal votes and gerrymandering. Dewan Negara is just a dumping ground for past shelf life rejects trying to become backdoor ministers or worse, just to secure a comfortable pension. Monty Python and Mr Bean gets more respect in the international community than our judges. Corruption exists in every level of our police and civil servants.
So it is fairly accurate to say that the whole government structure is just a rubber stamp by the kleptocrats 'kecil' and 'ular besar' kleptocrats to enrich themselves.
Malaysia 'Truly Banana...........'
Update 29Jun2010 : The government had just socialized another RM700 million of Kuala Dimensi Sdn Bhd debt.
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