End the race-based governance in Malaysia!

The recently concluded general election has emphasised the need for a new direction in political leadership.

 1Malaysia: A cartoon posted on Facebook that reminds us of the many races that make up the Malaysian population.

IN the aftermath of GE13, I am deeply saddened because even my childhood friends of different races and political preferences have expressed strong disagreements to a pictorial message I have shared on my Facebook page.

We had been exchanging happy thoughts and warm remarks prior to the run-up to the election.

Perhaps it was due to my recent vigorous postings of shared materials of political nature that provoked such a reaction. Perhaps there is a lesson I should learn here moderation must be the order of the day.

They have their reasons and freedom to make their statements but I hope one day, they will agree with me.

If we start to think outside our “old school” box and work hard enough, it will happen.

A non-race-based government whether from a structurally changed and re-invented Barisan Nasional or one promised by opposition parties is not impossible.

The road may be long and hard but I am willing to commit myself to it by supporting any political character who can sensibly offer this discourse. I am not one of those who believe it should have happened on May 5 or come next polling date.

We are too complicated a society to manage and the core risks involved are plentiful. A good leader will have to be wise and intelligent enough to take them on bravely.

Superficial public relations exercises will not do.

If we refuse to open up and face reality in this rapidly changing world, we may be depriving ourselves and the younger generations of better living.

Eventually everyone, including rural society, can access massive amounts of information on what they believe to be relevant and good governance expected of politicians. Driving fear into people to submit has reached the end of its game, it is now a repellent rightly or wrongly.

I am not a fan of Opposition Leader Datuk Seri Anwar Ibrahim or US president Barack Obama.

But I do believe the eventual abolition of racial discrimination and polarisation or the minimisation of both can happen if Malaysians are smart or “lucky” enough to choose leaders who will take up this challenge.

Skin colour does not matter as long as they serve all quarters of society well.

Substance, sincerity and integrity are paramount.

I grew up with the nation and I have observed how political awareness has progressed with the young. I am truly impressed by how fast Umno Youth chief Khairy Jamaluddin and PKR vice-president Nurul Izzah Anwar have matured politically over the past five years.

Although idealistic by our “old school” standards, I believe they will learn.

Almost all Malaysian voters of mature age and mind understand that change will not result from victory in an election.

Given the right leader, supporting leaders and alliances including co-operation from opposition parties, any radical change from our long-held ideology of race-based politics and governance encompassing negotiated quotas and allocations of power according to numerical racial composition would be a mammoth task.

It was the best option during its inception 56 years ago but has since undergone diminishing relevance and caused ills.

Racial polarisation and anger clearly proved its point during elections. It is scary to take note of the many dangerous minds revealed in the mainstream and social media during and after GE13.

Nobody says it is going to be smooth sailing into happiness if any political party that subscribes to a non-race-based government wins the election.

In fact, citizens should understand and I believe many do that it is going to be the start of a messy, confusing and noisy learning process for politicians as well as common folk.

But if we do not start and strive, we will never get there.

I am willing to place faith in the emerging generation after the “baby boomers” to which I belong. And they certainly have made their choices heard during this general election.

While the wealth of experience and knowledge from veterans are invaluable, it is time to let go of absolute power where and when appropriate.

This is what smart, skilful and high-worth senior leaders are made of. They should visualise happier present and future generations in a highly globalised environment and make it happen.

Upholding themselves as pillars of strength and support with integrity to nurture and groom future leaders would be crucial.

Setting or making nominal modifications to perimeters within old frameworks only acts as a stumbling block to healthy and free economic and social development.

Cosmetic touches do not constitute real change when fundamentals and core social values have already evolved cumulatively and drastically over half a century.

The perceived control and manipulation of the mainstream media by the Government disappoints many well-informed citizens who have turned to the alternative media for enlightenment.

It is a failing of the media to serve the interests of the people if there is no timely dissemination of truths on what concerns them most.

We cannot deny the fact that alternative, especially social media, can be fairly damaging to society while it has its importance. Ugly comments, false information and rumours are rife and confuse even the most level-headed people.

If we love this country, our friends and neighbours, we should switch on our conscience and let it guide us to find wisdom.

By CHEN YEN LING
newsdesk@thestar.com.my

> Chen Yen Ling is a certified accountant who also dabbles in writing.

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Would DAP join BN to ensure Chinese representation...

Would DAP join BN to ensure Chinese representation in the Malaysian government?

The DAP is open to suggestions on the need for Chinese representation in the government and will respond to them later, advisor Lim Kit Siang said here Thursday.

"There seems to be a lot of suggestions and proposals. We (will) give them time to come out with suggestions. We will wait and see," Lim told a press conference when asked to comment on calls for the DAP to join Barisan Nasional (BN) to ensure Chinese representation in the government.

Former information minister Tan Sri Zainuddin Maidin yesterday said this would obviously be difficult for DAP and BN and their supporters, but needs to be done in the interest of harmony and political stability in the country.

MCA central executive committee member Datuk Seri Ong Ka Chuan in an interview with Sin Chew Daily yesterday said the DAP can represent the Chinese community's interest at federal government level.

In 13th general election (GE13), BN won 133 parliamentary seats out of the 222 at stake to again form the government with a simple majority, while Pakatan Rakyat took 89 seats.

Datuk Seri Najib Tun Razak who took his oath of office as Prime Minister before the Yang di-Pertuan Agong on Monday is short of Chinese candidates for his new Cabinet.

This is because BN component the MCA, which only won seven of the 37 parliamentary seats contested has decided to forgo Cabinet representation.

Meanwhile, Gerakan deputy president Datuk Chang Ko Youn said the party will not follow the MCA by rejecting all government posts.

Gerakan won only one parliamentary seat and three state seats. It had contested in 11 parliamentary and 31 state seats nationwide.

-- BERNAMA

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Rising tides of currencies globally cause inflation, money worthless!

A PACKET of nasi lemak (rice cooked in coconut milk) with a fried egg costs around RM2 nowadays. I remember getting a similar packet (and in bigger portion) at RM1 ten years ago. It is a 100% price appreciation in ten years! My friends and I were jokingly saying that nasi lemak would be a good investment tool if it can be kept for ten years.

However, all of us know that nasi lemak is best served when it is fresh. It can never be kept for long despite its potential for value appreciation. In fact, its value will drop to zero as soon as it turns stale. And interestingly, the same situation applies to the money we hold today. Our currency can be as “perishable” as nasi lemak in this global money printing era if money is not produced for the right purpose and use in the right way and the right time.

The global economies have been embarking on expansionary monetary policies since the financial crisis broke out in 2008. Central banks around the world are printing money to support their economies and increase exports, with the United States as the primary instigator.

The Mighty Dollar

Since 2008, the Fed initiated several rounds of measure termed “Quantitative Easing”, which is literally known as an act of money printing. The Fed's balance sheet was about US$700bil (RM2.1 trillion) when the global financial crisis began; now it has more than tripled. With several countries' central banks including the European Central bank, the Bank of Japan and the Bank of England taking similar expansionary measures and encouraging lending, more than US$10 trillion (RM30.3 trillion) has been poured into the global economy since the crisis began.

While the global central banks have become addicted to open-ended easing and competed to weaken their currencies to boost economies, the impact of these measures to the global economy is not quantifiable or realised yet. However, basic economic theory tells us that when there is too much money chasing limited goods in the market, it will eventually spark inflation.

When money is created out of thin air, there is no fundamental support to the new money pumped into the economies. More money supply would only be good if the productivity is going up or in the other sense, when more products and value-added services are created. In the absence of good productivity, more and more money would not make people richer. Instead, it would only decrease the purchasing value of the printed notes.

Let's imagine a more simplified situation. For example, we used to purchase an apple for RM1. If the money supply doubled but the amount of apples available in the market remains, one apple will now costs us RM2 instead of RM1. Now, our money has halved its original value. If the central banks of the key economies keep flooding the global markets by printing more money, the scenario can only lead to the worst, i.e. hyperinflation.

This occurred in Germany after the First World War. Hyperinflation happened as the Weimar government printed banknotes in great quantities to pay for its war reparation. The value of the German banknote then fell since it was not supported in equal or greater terms by the country's production.

Flood of money

The sudden flood of money followed by a massive workers' strike, drove prices out of control. A loaf of bread which cost 250 marks in January 1923 jumped to 200 billion marks in November 1923. People collected wages with suitcases. Thieves would rather steal the suitcase instead of the money, and it was cheaper to light fire with money than with newspaper. The German currency was practically worthless during the hyperinflation period.

That scenario may seem incredible in today's context. Nevertheless, we should not downplay the severity of a global inflation should the current synchronised money printing push the economies of major countries to burst like a balloon in sequence.

When this scenario happens, people with savings and fixed income will likely be the hardest hit. To withstand the tide of inflation, the best defence is to invest in assets such as publicly traded shares, metal commodities like gold and silver and properties that can hedge against inflation.

Investing in any assets require in-depth research before embarking on one. Commodities and stock markets are liquid assets that can be bought and sold with relative ease, while properties are favoured as long-term investment.

With Malaysia's current economic and population growth, added with its still comparatively low property prices in the region, our primary and secondary market properties are good investment assets for investors to gain from the continuous capital appreciation that this industry is enjoying.

With the above as a backdrop, are property prices really going up globally?

Using the nasi lemak analogy, if we were to buy a RM100,000 medium-cost apartment 10 years ago, it would be equivalent to 100,000 packets of nasi lemak. Assuming it has doubled in price today, it would still be the equivalent of 100,000 packets of nasi lemak at RM2 today. It would seem to me that the true value of properties hasn't gone up, but that global currencies have just gotten cheaper.

FOOD FOR THOUGHT
By DATUK ALAN TONG

FIABCI Asia Pacific chairman Datuk Alan Tong has over 50 years of experience in property development.

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