Monday, June 27, 2011

The betrayal of our youth - the Chinese high interest loans

The government appears to be able to get unlimited lines of credit for almost all its mega projects from China. Added to that they are willing to sell out to China for huge projects such as the just announced Port City development of 500acres. It is done as part of the grandiose schemes that are expected to catapult a rather goal less nation to the ranks of developed countries.

In my opinion we should develop our way and not any other way. The Governor of the Central Bank who is playing no small part in the 2018 Commonwealth Games bid, feels that we are at a stage of development that Malaysia was 7 years before they were hosts to the Commonwealth Games and using that logic believe the expense is justifiable now in order to achieve those goals. I believe that the goals thus set is going to create a state in 2018 that is very different from now, where more people will question the quality of life then compared to what it is now, and hence prove what a failure the pursuit of this goal would become.

The legacy that is left for future generations is the enslavement of the people to pay off high interest loans that have been used and misused by the cronies to whom all these large projects get palmed off, and therefore become hugely expensive developments that do not yield an economic rate of return, however one measures this. It is so sad that no one appears to care about the future and the noose we have to carry and what our children and grandchildren will have to bear due to the profligacy of this generation. All the right noises are made in the media for this HEIST while the public wealth is being stolen from right under their noses. We will be left to wander around these future white elephants, and bemoan the arrogance of the current leadership in leading this country down to the lake like Pied Piper!

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