Ramadan Reflections – Day 6

The Economy

The state of the economy in Malaysia is either good or bad, depending on who you ask. If you ask the top leadership in the governing administration, the economy of Malaysia is looking all fine and dandy. If you ask most members of the general public (the 99%), the probable answer is that the economy is bad with many complaining about higher costs of living, etc. Of course, the 1% are too busy indulging in Ramadan buffets at 5-star hotels to answer this question. If you ask the opposition politicians, by default their answer is that the economy is so bad and it will only get worse. If you ask me, you will get a earful. So here it is.

There is no simple answer to the state of the economy, and most answers are simply a straightforward reply based on a conventional framework of how an economy should function and the effects of various economic measures introduced. For example, we have the wonderful statistics of improving GDP, a dynamic stock market, acceptable unemployment levels, healthy manufacturing and exports, low GST rates contributing to billions in Government’s coffers, yada yada. At the same time, we have creeping inflation, a plunging currency, exorbitant property prices in combustible bubbles in spite of the enlarging glut, astronomical debts, failing GLCs, blah blah. There is never a hint of pessimism from the central bank. Yet the doom & gloom is ever persistent from the non-desisting detractors. In the end the individual still goes on with life, albeit drudgingly.

All this is pretty boring to me. Boring because it is always the same talk that surfaces. Boring because nobody bothers to scratch the surface to see what is underneath, at least the nobodies who matter. So it seems to me that both these people who applaud much and accurse more, do not have much foresight to delve deeper into economic matters. And so here I am ever obliging to give a piece of my mind.

Malaysia, as with almost all of the world’s countries, is following a very predictable economic path based on conventional economics. A peruse of my earlier writings define the conventional economy as one that is mainly riba (usury)-based, with fiat currencies at its core, fractional banking systems and thus making possible a debt-based national growth model. The short of it is that any economy based on this model is doomed to fail. The long of it is, after an euphoria of much-vaunted growth at reckless speeds with so called mega developments, it will all come crashing down with insurmountable debts and crippling expenditure burdens. Unless of course, the country of choice is the ‘chosen one’ – and by ‘chosen one’ it is meant as the unfair distinction to defray their destruction unto other nation states at their whim and fancy. So we have the situation of some countries, at least, able to remain afloat in this model, at the expense of creating chaos & carnage in other countries. Think of the United States of America, for example (not that there are many other ‘chosen one’ examples). In spite of having the highest debt in the world (which they owe themselves), their economic security (or whatever superficial sense they are projecting of it), remains sanctioned, because they simply use tools at their disposal to subject other countries to strife, to the ultimate benefit of themselves. Wars, conflicts, sovereign sabotages, topsy-turvy oil prices – you name it. They have done it. Issuing ever increasing zeroes in Treasury bonds, trillions in toxic instruments, and churning out ever growing genre of weapons by their military industrial complex, their economic oligopoly keeps the country afloat by sinking other countries. Want to join the club? Simply kowtow to the American dream, just like how ‘elite’ European countries, obedient Middle-Eastern countries like Saudi Arabia, democratic model states like India, and maybe some oriental countries like Japan & Singapore, did. (The protectorate of Israel doesn’t count – it is just being prepared to be the next world superpower by the current waning ‘superpower’ USA). All countries with humongous debts yet able to trundle on. Other countries who try or wish to assert independence, yet still subjecting themselves to the same economic model, will not fare so well. Just look at Greece. And maybe Iran. Some self-contained countries trying to make it on their own by going against the grain (and throwing bankers into jails) are having mixed success, like Ireland. The really large countries like Russia and China that dare go against the grain have some degree of ability to balance their footing in the same model, but are quickly realising that they are being made the beating butt of the bullies, and will probably opt out of the system before long. Smaller fry countries, like Malaysia, have neither chance to be independent of the system, nor choice to choose a better one, but to remain subjugated to the masters of this economic model, for fear of being thrashed into turmoil at the slightest show of insipience against the ‘wisdom’ of these conventional economic gurus. But even the friendliest of friendliness can only get us so far. It may buy us time, but only to become eventually enslaved to a very select few that will retain their noses above the water line. The rest like us will drown. Of course, there is a bigger picture to this than just the economy. It is about world domination by the greatest deception. But that is another story for another time.

So in one sense we are lucky to have Najib as our leader. An Obama buddy, champion of USA-Malaysia bilateral ties, keenest of the pack (of Prime Ministers) to play the poodle to the pop President. Perhaps the total opposite of Mahathir, that irascible, recalcitrant, anti-Semitic, loud-mouthed leader loathed by the new world order. (That was a compliment from me; and I hope it was all not just for show.) So Malaysia, under Najib, is somewhat protected economically. As long as we sign the TPPA, of course. And continue supporting the almighty US Dollar. In GOD we trust, remember? Yeah, false gods, that is! But nevertheless, one can be stupid, or one can be sly. If Najib is genuinely a believer in the conventional economics model and all that it entails, then he is stupid. But if he is only playing to the tune of the pied piper, to outwardly gain favours but biding for time to implement something better, then he is sly. The problem is, he does not seem to be hinting at providing any better options for us. It is all the same old, same old story, selling us a putrid picture of high-income economy towards a developed nation status by 2020(?), when that is all really a pipe dream. And by better options, I am referring to implementing an alternative economic model in the vein of “Muamalat”, generally translated as Islamic economics (definitely not “Islamic banking” as it is now promoted). In fact, does Najib even know Muamalat? No indications so far. His advisors are simply not up to par, I guess. So I can only surmise from all the public information made available to me, that Najib is a conventionally incompetent Muslim leader, unable to deliver on a vision to bring the Ummah towards greater heights, because he has no idea on what to do for us to bring us forward. So unless he does something soon, or at least announce something soon, I really do not see the advantage of keeping him as our leader for any longer, if there can be a better replacement in sight. However, most worryingly, no other replacement candidate seems to able to deliver on this Islamic ideal as well. Not Muhyiddin, not Ku Li, not Hadi, not Anwar, and maybe if we peer a bit further into the crystal ball, not even Khairy. Nobody seems to be talking the right language that I’d like to hear. Help us Lord!

I guess we are back to square one. An economy destined to self-destruct, with a leadership that only knows how to say yes to conventional economics without an inkling of how to implement the ideal Islamic model of economy to ensure the survival and revival of a future generation. This cannot be right, because the Muslims are promised a bright, grand future, one that is shaped according to our own fair, just, sustainable economic model that is filled with Allah’s barakah. The Muslims will only rise with Muamalat, which must happen, as a logical step towards progression. So I take some comfort that the situation will change, somehow, somewhere. But along with that comfort is a call to action, to put in an effort to change this crippling inaction of the present pomposity of pathetic plodders. Hence, my political involvement is an obligation out of necessity. So that I won’t be asked in my grave – with all the knowledge I was given, what have I done to address the economy?