I found this in a WhatsApp group I reluctantly subscribes to (a friend added me into the group thinking I have all the time to look and reply to messages). It is an old message sent during the peak of Mahathir’s attacks on Najib made viral by people who read without understanding and share without substantiating. The message is as folows:
Bro what say you:
Currency is expected to go down further to RM 4.50 by end of September as Ringgit not used as currency’s for trading in world market stock exchange. Ringgit stumbled as the govt. further cut on export of crude and import more. Everyone should take precaution as this is a crashed economy as a whole. Bank Negara only held reserved of RM101 billion at this moment. Our debt climbed to 580 billion.Stop buying any properties or car. Disaster is on the way.
Economic Analyst predict within 100 days, Malaysia will collapse. Stock market & currency value will take a nose dive in a drastic manner.
This is due to world negative economic outlook; World’s security issue due to terrorism – ISIS, & middle East conflict. There has been much fear on the Spartly Island; where China, Vietnam, Taiwan, Philippine and Malaysia want to claim ownership rights. The recent China & Russia military training exercise is to show their military alliance & strength. This is to tell US to lay off. Indirectly to warn US, Japan & Phillipine, do not wage war against China or Russia.
The recent crude oil crash is due to oversupply. The Americans are pumping in the world more crude oil. The reasons: i) to hurt Russian’s economy and her currency as Russian is world’s no1. Oil exporter. US & EU are blaming Russia for Ukraine’s turmoil & the unresolved MH 17 issue. ii) to stop terrorists, particularly ISIS for selling cheap smuggled crude oil from Syria & Iraq.
Malaysia is compounded by political uncertainty; corruption, abuse of one’s power & withholding the truth.
The world has perceived Malaysia as no. 1 in world ranking in: i)Corruption & Scandals; and ii) world’s champion in Credit Cards forgery.
So my dear friends & family members; please spend your money wisely. Keep your Money for rainy days. We are heading towards World economic collapse. The days ahead will be difficult and bumpy. The journey is tough & unpredictable. This will hit hard on All of us; regardless whether you are rich or poor. All the best to All.
Let’s take the first point: Currency is expected to go down further to RM 4.50 by end of September and our stock market will crash.
The Ringgit was not the only one that went down against the Greenback. Many other currencies did, and many other countries spent far much more of their reserves than Malaysia to prop up their currency. And this year the Ringgit is one of the few currencies that have actually strengthened against the Dollar. Now how has the Ringgit fared against the Dollar?
Daim’s doomsay mentioned about the Ringgit going beyond the 4.50 mark, much like the 4.88 mark when Mahathir was at the helm. In fact the highest in January we went as low as 4.43175 and this morning we’re at 4.17965. I would say it is the Dollar that has taken a but if a dive compared to the Ringgit. What about our stock market? Let’s see this Year To Date chart to see its performance:
Are we doomed?
Next point: Our debt is that 580 billion and therefore we are doomed.
Let us look at the rankings below:
The top nine above all have more than USD1 Trillion in external debts. But I don’t see Malaysia anywhere in the top nine and none of the countries above say they are doomed. Let’s go down the line further:
Hong Kong and Singapore are at number 15 also with more than USD 1 Trillion yet I see zombies on Facebook saying why is Singapore doing better than us? Going by Daim’s logic Singaporeans should be in a civil war and mass lootings by now. So, where are we then?
Oh! We’re number 30 on the list! We’re not as doomed then!
Next point: stop buying properties or cars!
When the crunch hit us in 1997-98 Mahathir reduced interest rates to encourage spending. The more you soend the more money there is in circulation and makes the economy better. More spending creates more jobs as demand and supply fight to achieve an equilibrium. Let us look at car sales in 2015:
It looks like the financially-strapped, sand-munching Malaysians had a lot of cockle shells to buy cars! In fact, it was 666,674 cars last year! And if you don’t buy cars, Daim’s master will cry and ask for money from Najib to help his beloved Proton! So why is Dail talking cock?
Gosh! When Mahathir was the Prime Minister the navies of China and Vietnam fought sea battles. Did we suffer? No. The Spratlys have been a bone of contention for more than half a decade and as claimants get more matured and civilised, why worry? In fact all the countries mentioned have lots to lose in terms of bilateral trades should war break out in this region. Google the contracts they are bidding for and you’ll catch my drift.
Next: credit card fraud.
Let us see what Forbes has to say about this:
Surprise! Surprise! Do you see Malaysia there? Try looking hard and tell me if tou can find the name there. Otherwise just name me the name of neighbours of ours that you see on the list.
Next: we’re number one for perceived corruption.
It’s funny when Daim talks about corruption. Both he and his master are perceived to have benefitted through corruption. You can Google this and you will see information going back to the 1990s talking about this. Perception can never beat the truth. I can say a lot of things if I don’t have to back them up with hard facts. And this is where we stand in terms of corruption in 2015. The higher your ranking is, the less corrupted you are. 165 countries were ranked, let us see where we stand:
Do I need to explain the ranking above?
So when Daim wants you to save, he is asking you to make things worse. Just live within your means. Spend more in Malaysia than abroad. I know thousands can still afford to go on holidays abroad. Perhaps Daim would prefer you save your money in his banks.