SeaDemon Says

Gone Over The Edge

Posted on: August 9, 2015

  
I love the way people reacted to my previous post. I made no mention of who’s who at the meetings, and I was merely writing about what I was told. The reactions, or over-reactions have been priceless. It wasn’t me who stalked them. They should be more aware of their surroundings. Furthermore not one of the above are a leader of any of the opposition-held states. Unless, as the Malays would say: PERASAN.

The police should also investigate the alledged Pemuda UMNO Whatsapp messages that went flying around recently. Messages can be deleted, but the Whatsapp server still stores them. All that is needed is a number or two, and the whole trail of messages can be retrieved.

All attempts or conspiracies to remove the Prime Minister should be investigated. Not because I am protecting Najib Razak, but the institution of the Prime Minister. The last thing Malaysia needs is a vicious cycle of removals and appointments of Prime Ministers that would totally erode the confidence others still have in this country.

On the economic fundamentals of this country, this is what Abdul Wahid Omar had to say:

Back in 1997/98, Malaysia had international reserves below USD30b sufficient to cover 3.2mths of retained imports. We had trade deficit & corporates were highly geared with many borrowing in USD when their income/assets were in MYR. Now even after the recent outflows, our international reserves is more than 3 times larger at USD96.7b as at 31 July 2015 sufficient to cover 7.6 mths of retained imports. 

Our trade surplus reached RM41b for 1st half 2015 notwithstanding the lower oil & commodity prices. And corporates’ balance sheets are much healthier. Our labour market conditions are stable with low unemployment rate of 3%. 

Our banks are well capitalised with core Tier1 capital ratios of 12.5%, liquid & with good asset quality where net impaired loans ratio is at a low of 1.2%. Banks & financial system are well regulated & supervised by BNM. Our fiscal position continues to improve with budget deficit reducing from 3.4% of GDP in 2014 to a target of 3.2% in 2015. We are still on track to achieve GDP growth of between 4.5% to 5.5% this year. That’s what I meant by strong economic fundamentals. 

Rgds. AWO.

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