| When drunken Wall Street vomits |  |  |  |
| Posted by admin | |
| Sunday, 26 October 2008 11:49 | |
|
Azly Rahman There is nothing mysterious about the collapse of casino capitalism. As familiar as John Reed's Ten Days that Shook the World. It is simply following the logic of the Rostowian stages of growth – and of the Social Darwinism of greed. The question is: what then must we do as we spiral down in a world of socialism for the filthy rich? Must we go back to the barter system and create communes and live a life of basic needs without our large screen TVs, iPHONES, designer clothes, and the toys and tools and technologies that are amusing us all to death? "This American system of our, call it Americanism, call it what you will, gives each and every one of us a great opportunity if we only seize it with both hands and make the most of it." -- Al Capone, American gangster 1920s Must we stop consuming all those brand name luxuries produced by those 12-15 year olds in sweatshops in Indonesia, Thailand, Bangladesh, Vietnam, Mexico, etc – those kids do not go to school but worked for an American dollar a day so that Sean "Puff Daddy", Michael Jordon, and the rappers and the hip hoppers in the Bronx can have their fame and fortune? Must we stop visiting all those malls that sell junk of the hypermodern world? Must we stop going to all those malls in Malaysia too? Why not stay home and not watch TV to cleanse our minds of the split second commercials that numb our brain cells to have us buy and buy and buy things we do not need? Why not switch off the TV and have the family read good books? Malaysians, think of what the TV channels have done to you and your children? Think of what kind of ideology has shaped your mind and those of your children. Why do we need 100 channels? What is the worth of the news channels when we are being stoned glued to propaganda? Why do we need those soap operas? Through those million Ringgit per thirty second commercials in-between news and views on Prima Media channels, we are fed with hours of junk per day – from informational to infotainmental to soap opera and political sandiwara junk after junk. What do we do with a government that is taking the EPF (Employees Provident Fund) money and not telling us how our life savings (like the 401Ks) are going to be gambled away? It is difficult for depositors to withdraw money for their children's education but easy for the government to take our 5 billion Ringgit without permission? What kind of government is this? What guarantees do we have when Americans too continue to lose a large chunk of their own Kumpulan Wang Simpanan Pekerja? That's the effect of the drunken Wall Street we in Malaysia too are feeling; because like the New York Times Square, we too have Berjaya Times Square. Like American Idol, we too have Malaysian Idol. Like anything many things America has. Like America, we too are losing our souls, lost in the dance of the drunken monkey in the tiger's eyes. Let us go back to the village and start reflecting upon the beauty of Nature; Nature that has not been turned into Capital through the culture of materialism that transformed all of us into Labor. Let us de-evolve. Switch off the TV, stop visiting the malls -- those warehouses of cultural imperialism -- and start reading books and closely reading ourselves as a creature of signs and symbols yearning to evolve into higher beings. While we now watch the KLSE get drunk and vomit as well, let us enjoy what the Beat poet of the 1960s Allen Ginsburg said about Wall Street. Aaahh.. the world is too much for us. I'm delighted by the velocity of money as it whistles through the windows Allen Ginsberg
Comments (12)  ... written by ahmadneil, October 26, 2008 13:22:47 When drunken Wall Street vomits ,the whole world smells. report abuse disagree 1 agree 29 ... written by crazygweilo, October 26, 2008 13:43:39 In the light of what has happened, I made a few comments on Mahathirs ideas for a Gold Dinar. 1. It is a good idea in theory, but it has inherent structural problems. Specifically, wild price fluctuations, severe recesssions/depressions, which cause far more extreme hardship and poverty than we can imagine. Its not a very flexible form of currency for the modern 21st century economy. It appeals to romantics and idealists, who like the notion of carrying a few grams of Gold and Silver around in a purse, rather than a credit/debit card, and a few banknotes. However, that is not to dismiss it, there is a way of having both. We merely have to go back, and examine, "What constitutes money", and realise that money is merely a medium of exchange, a store of value, and that its fundamental nature has changed over the past century since WW1 and the world crash out of gold between 1931 and 1971. What constitutes money today is closer to the barter economy of old than we care to think, but administered by the state. 2. Gold and Silver are natures currencies, provided by God. Humanity has always respected them as currency. It is now almost 70 years since precious metal circulated as "Legal Tender" on the Malaysian peninsula, and almost 40 years since it was used anywhere (Switzerland, Australia and the United States were the last to use Silver in their currencies, removing them in 1968, 1966 and 1964 respectively, after which time they have used "Lingam" Silver, (AKA Cupro Nickel) because it looks like Silver, feels like Silver, but its not Silver. Precious metal currency disappeared sometime around the mid-late 1960's, as successive countries found that traders were melting down the coins because their bullion value was higher than their face. Indeed there was a situation earlier this year where Malaysian 20 sen coins were worth more than face, and a 15% profit could be made for melting them down, although thats illegal, based on their 75% Copper, 25% Nickel content. 3. Since Sterling effectively pulled off gold in 1914, it has depreciated 70 fold. The US Dollar since it pulled off gold in 1933 has fallen 30 fold. The Singapore Dollar has fallen 25 fold, proving to be relatively strong (I nickname it the Asian Deutschmark). Its the strongest in the region since pulling off Gold in 1931 (Based on its old Sterling Peg of 60-7, which converts to post 1967 Ringgit as 51-7) The Malaysian Ringgit has fallen 45 fold since pulling off precious metal in 1931 . Even the Swiss Franc had fallen 7 fold since pulling off gold, and thats the best fiat currency in existence. AND...comrades, if you think communism is a good idea, bear in mind that it takes 10,000,000,000,000,000,000 (Thats Ten Quadrillion) 1914 Roubles to buy one today. 4. I'd be in favour of Gold Dinar/Silver Dinar as a store of value/reserve currency. Gold and Silver do not earn interest, nor gain asset value. However, as an asset class used to loan money in Islamic Finance, they are an excellent medium of exchange, and a shield that keeps accounting procedures honest and away from the most pernicious effects of Paper currency. That is until I point out option 6 below, and also point out that having Gold/Silver would represent a redistribution of wealth from poor to rich on a massive scale. 5. In light of the recent financial turmoil, we should be aware and respect the unfortunate fact that inflexible currency such as gold and silver was the cause of the prolonged great depression of the 1930's. By contrast, unregulated greed based on false money, and false values has now brought the beneficial effects of the best aspects of Islam and Islamic Finance to the forefront, to a point where the Western world will analyse and realise that it is the way forward, where responsibility lies with both the borrower and lender working in partnership rather than in opposition, or profiteering from the lack of knowledge of one or the other party. report abuse disagree 9 agree 5 ... written by crazygweilo, October 26, 2008 13:47:12 6. Rather than a Gold Dinar, why not go back to John Maynard Keynes idea of a Bancor, or Unitas. This was proposed at the original Bretton Woods conference as an alternative currency, back by commodities, such as Gold, Silver, Copper, Platinum. It was proposed to comprise a basket of 30 of these key products used commonly in International Trade and Manufacturing. The Gold Dinar/Silver Dirham could circulate also, it would just be another item available at the money changers. The very nature of having these readily available on call to the public would cause their price to soar, and Gold and Silver are by their very nature scarce. It would cause too many imbalances in times of prosperity and panic. In fact, while the Gold Dinar and Silver Dirham are good ideas, in that they constitute "Strong" currencies, I would regard them as "HyperStrong" to the point where their effect would be akin to Arsenic, when Vitamins are required. 7. It is good to have these "shield/reserve" currencies also acts as a check and balance on politicians, helping prevent excessive patronage, helping to prevent corruption, which have a far greater effect of eroding confidence amongst investors because of the leakages and trade/government deficits that are a by product of undisciplined financing. Two of the above paragraphs may be interpreted as a hidden attack on Tun Mahathir. Rest assured they are not. There is a time and a place for deficits, and for patronage, especially when an economy needs to be developed in the early/intermediate stages of nationhood, but there is a time and a place when they need to be removed. If anyone thinks that Malaysia will not be affected, they are living in a fools paradise, and rest assured, the effects of economic mismanagement will hit Malaysias shores by the middle of next year, causing a drastic devaluation of the Malaysian Ringgit to a level approaching RM4.50 to the US Dollar. This will be caused by the excessive deficits run by the Government in its 2008-2009 Budget, the fall in the price of oil on International markets. It will be bad, but nowhere near as bad as the UK/US. report abuse disagree 7 agree 2 ... written by Kathy, October 26, 2008 22:43:51 Dear Azly Rahman Your article must surely bounce off a lot of people who have become so brainwashed into accepting the "must have, must buy (on credit)" world, thanks to a word I abhor - MARKETING, which has now found its way into the privacy of my home via telemarketing. The other sad thing is in today's world of supermarkets and super malls, most people in the western world will only buy food that are neatly blister-packed, chickens minus heads and fish minus heads and tails and bones. And the govt. is telling us to use less of the non-biodegradable stuff. I live in the UK and I am aghast at the younger generation who have never been to wet markets that sell fish with heads and tails intact. They only know filleted fish in blister packs or, preferably, pre-cooked and smothered in sauces, ready for the microwave oven. Some kids actually don't think that fish fingers ever had a life in the sea! And yet it is so much cheaper to buy from these wet markets than from supermarkets. Ditto fruits and vegetables. In a supermarket you zip through it like a zombie whereas in a market you can actually feel the vibrancy of life. Is this progress? report abuse disagree 6 agree 5 ... written by cheemengwong, October 27, 2008 00:31:58 What our mother did not teach us... I've a clerk who once earn 1800 RM a month. She has mediocre skills, did not go to college. She cannot do percentages, calculate margins or plan her work. When times were better, getting RM 1800 a month was not an issue. She was misled by the world and advertisement and bought herself a seconhand Honda Accord for RM 65,000. In short span of 3 years, the value of the car drops to RM 25,000. At the same time she could not maintain the instalment payments and the bank took back the car and action it. At the end of the process she still owes the bank RM 27,000. She lost her job and gets a lower paying job. The bank comes back for the balance and she could not pay for it. Her husband left her with a school going child who stays with her parents in the kampung. The child skips school and was threaten with dismissal. When thing are bad, it comes in a dozen. Our Malaysian government says economy is OK but asked us to plant veges in our backyard. Why not dispense some wisdom on economics? report abuse disagree 6 agree 4 ... written by arifmr, October 27, 2008 00:38:51 what choice do we have? communist? socialist? i rather get bumped once in awhile; than get dimmed all the times.. report abuse disagree 8 agree 2 ... written by The Hammer, October 27, 2008 08:42:40 Why not invest in GOD! Yes in your tithes and offerings! Yes! God the owner of all the hill, cattle gold and silver! Don't you know that we must sow in order to reap! No wonder most people are facing financial problem simply because they ignore God's commandment! Far to long our eyes are always focus on what we can see around, the glitter and glamour of the things that surround us, never looking up to GOD, the PROVIDER and SUPPLIER of all our needs! The problem is most of the people have become selfish, egocentric and full of unbeliefs.! So people, start seeking GOD and not gold! Here are some verse from the bible. Think about it: it is in King james version! Mal 3:8 Will a man rob God? Yet ye have robbed me. But ye say, Wherein have we robbed thee? In tithes and offerings. Mal 3:9 Ye [are] cursed with a curse: for ye have robbed me, [even] this whole nation. Mal 3:10 Bring ye all the tithes into the storehouse, that there may be meat in mine house, and prove me now herewith, saith the LORD of hosts, if I will not open you the windows of heaven, and pour you out a blessing, that [there shall] not [be room] enough [to receive it]. Mal 3:11 And I will rebuke the devourer for your sakes, and he shall not destroy the fruits of your ground; neither shall your vine cast her fruit before the time in the field, saith the LORD of hosts. And here another spoken by the Lord Jesus Christ: Lk 12:27 Consider the lilies how they grow: they toil not, they spin not; and yet I say unto you, that Solomon in all his glory was not arrayed like one of these. Lk 12:28 If then God so clothe the grass, which is to day in the field, and to morrow is cast into the oven; how much more [will he clothe] you, O ye of little faith? Lk 12:29 And seek not ye what ye shall eat, or what ye shall drink, neither be ye of doubtful mind. Lk 12:30 For all these things do the nations of the world seek after: and your Father knoweth that ye have need of these things. Lk 12:31 But rather seek ye the kingdom of God; and all these things shall be added unto you. report abuse disagree 8 agree 6 ... written by batsman, October 27, 2008 10:12:27 I think in these times designer clothes and vomit are the least people need to worry about. I think war will become more commonplace. report abuse disagree 5 agree 3 ... written by renoir, October 28, 2008 00:37:06 Dr. Azly wrote: > we spiral down in a world of socialism for the filthy rich]] See what the crooks are really planning to do with the bailout. Excepts from the New York Times (below). -------------------------------------------------------------- Talking Business So When Will Banks Give Loans? By Joe Nocera October 24, 2008 “Chase recently received $25 billion in federal funding. What effect will that have on the business side and will it change our strategic lending policy?” It was Oct. 17, just four days after JPMorgan Chase’s chief executive, Jamie Dimon, agreed to take a $25 billion capital injection courtesy of the United States government, when a JPMorgan employee asked that question. It came toward the end of an employee-only conference call that had been largely devoted to meshing certain divisions of JPMorgan with its new acquisition, Washington Mutual. Which, of course, it also got thanks to the federal government. Christmas came early at JPMorgan Chase. The JPMorgan executive who was moderating the employee conference call didn’t hesitate to answer a question that was pretty politically sensitive given the events of the previous few weeks. Given the way, that is, that Treasury Secretary Henry M. Paulson Jr. had decided to use the first installment of the $700 billion bailout money to recapitalize banks instead of buying up their toxic securities, which he had then sold to Congress and the American people as the best and fastest way to get the banks to start making loans again, and help prevent this recession from getting much, much worse. In point of fact, the dirty little secret of the banking industry is that it has no intention of using the money to make new loans. But this executive was the first insider who’s been indiscreet enough to say it within earshot of a journalist. “Twenty-five billion dollars is obviously going to help the folks who are struggling more than Chase,” he began. “What we do think it will help us do is perhaps be a little bit more active on the acquisition side or opportunistic side for some banks who are still struggling. And I would not assume that we are done on the acquisition side just because of the Washington Mutual and Bear Stearns mergers. I think there are going to be some great opportunities for us to grow in this environment, and I think we have an opportunity to use that $25 billion in that way and obviously depending on whether recession turns into depression or what happens in the future, you know, we have that as a backstop.” Read that answer as many times as you want — you are not going to find a single word in there about making loans to help the American economy. On the contrary: at another point in the conference call, the same executive (who I’m not naming because he didn’t know I would be listening in) explained that “loan dollars are down significantly.” He added, “We would think that loan volume will continue to go down as we continue to tighten credit to fully reflect the high cost of pricing on the loan side.” In other words JPMorgan has no intention of turning on the lending spigot. It is starting to appear as if one of Treasury’s key rationales for the recapitalization program — namely, that it will cause banks to start lending again — is a fig leaf, Treasury’s version of the weapons of mass destruction. In fact, Treasury wants banks to acquire each other and is using its power to inject capital to force a new and wrenching round of bank consolidation. As Mark Landler reported in The New York Times earlier this week, “the government wants not only to stabilize the industry, but also to reshape it.” Now they tell us. Indeed, Mr. Landler’s story noted that Treasury would even funnel some of the bailout money to help banks buy other banks. And, in an almost unnoticed move, it recently put in place a new tax break, worth billions to the banking industry, that has only one purpose: to encourage bank mergers. As a tax expert, Robert Willens, put it: “It couldn’t be clearer if they had taken out an ad.” Friday delivered the first piece of evidence that this is, indeed, the plan. PNC announced that it was purchasing National City, an acquisition that will be greatly aided by the new tax break, which will allow it to immediately deduct any losses on National City’s books. As part of the deal, it is also tapping the bailout fund for $7.7 billion, giving the government preferred stock in return. At least some of that $7.7 billion would have gone to NatCity if the government had deemed it worth saving. In other words, the government is giving PNC money that might otherwise have gone to NatCity as a reward for taking over NatCity. I don’t know about you, but I’m starting to feel as if we’ve been sold a bill of goods.... ------------------------------------------------------ Read the complete article at nytimes.com. LChuah report abuse disagree 6 agree 4 ... written by born2reign, October 29, 2008 15:48:14 This Babylonian banking system was created by man, I guess it all started when gold coins were mixed with other metals, hence diluting it's quality. Ever since then man has been trying to create more "gold" ie purchasing power. At the end of the day it boils down to purchasing power. A family earning Rm1000 a month in 1970s can live for 3 months, but RM1000 today can last only a week. This banking system of borrowings and money creation can only affect us the more we are involved in it. Today for RM200 a month you can "own" a LCD TV, latest handphones, buy cars without any downpayment (charge to credit card). Since 1998 I have been seeking to live opposite of the world. The world wants to enjoy now and pay later. When people were buying stocks and properties, I buy gold. Sold off my property and rent ie be debt-free. Buy car and furniture cash, no Astro, ...etc. The only thing I regretted not buying is an orchard, I mean if I can live off jagung and mangoes, what else can shake my world? Revelation 18:1 After these things I saw another angel coming down from heaven, having great authority, and the earth was illuminated with his glory. 2 And he cried mightily with a loud voice, saying, "Babylon the great is fallen, is fallen, and has become a dwelling place of demons, a prison for every foul spirit, and a cage for every unclean and hated bird! 3 "For all the nations have drunk of the wine of the wrath of her fornication, the kings of the earth have committed fornication with her, and the merchants of the earth have become rich through the abundance of her luxury." ...7 "In the measure that she glorified herself and lived luxuriously, in the same measure give her torment and sorrow; for she says in her heart, 'I sit [as] queen, and am no widow, and will not see sorrow.' 8 "Therefore her plagues will come in one day -- death and mourning and famine. And she will be utterly burned with fire, for strong [is] the Lord God who judges her. report abuse disagree 6 agree 4 |
(2).jpg)
O people,your transgression is only against yourselves. You temporarily live in this world,then you return to us,then we inform you of everything you did ( Quran 10:23 )