A Recession of Immense Proportions

Malaysia is definitely mired in its worst recession ever in its half a century of independence. No, not just the economic type – though our government is still re-assuring the people that the country’s engines are humming on nicely. No, we have a great recession of common sense and responsibility, a major slump in ideas and leadership.

While the US, Europe, China, Japan and a host of other nations are busy fighting against time to mitigate the biggest financial crisis and collapse of confidence since the 1930’s, our Finance Minister is surely displaying lack of judgement in his exercise of priorities and responsibility by his personal involvement in Perak's political upheavals.

The Finance Minister couldn’t hide his glee at the press conference announcing the defection of 3 assemblymen from Pakatan Rakyat. His Cheshire cat grin said it all. And no wonder. Shortly after assuming the leadership in Perak UMNO, he was able to engineer the fall of the PR government, and return the state to BN. He outfoxed Anwar Ibrahim in his own game, sending a message to all those within UMNO and the Opposition that he too can be a wily political strategist.

But what the country needs desperately now is an economic strategist, a role that surely falls to the Finance Minister. Shouldn’t he be busy chairing meetings with his advisors on formulating a comprehensive plan to get us out of the impending economic quagmire, rather than divert his focus to local state affairs? Which is of greater importance in these critical times - the role of the BN Chairman of one state or Financial Minister to an entire country?

Will this victory to UMNO and a huge personal one to the DPM come at a great cost to the nation? The front page news of the mainstream newspapers would have a reader believed that we all can now breath with ease now that an entire state is now back under the control of BN – this is the economic impetus we were waiting for to boost our economy which are by the way, sputtering with exports down, foreign reserves steadily declining; thousands of jobs already lost and more at risk. Perak has returned to the fold to save the country!

To the factory operator who have just lost his job; to the employer who is cracking his head on how to retain his staff when both orders and cash flow has dried up; to the mother who is stressed thinking of whether her husband will still have a job next month – our leaders, from BOTH sides of the divide, has truly let these people down by engaging in a non-conducive political fiasco while an entire country is sliding slowly but surely down a hole. Only our former PM seemed to display genuine statesmanship by bringing back the focus to how best to counter our greatest economic challenge.

It may be unimaginable to our perpetually- politicking leaders that Malaysia will ever slip into a depression with hundreds of thousands jobless; companies shutting down due to lack of competitiveness; budget deficits spiralling out of control and foreign investors fleeing our shores for better placed economies. With their current style of leadership (or rather lack of it), they may risk turning into reality what was once inconceivable (given Malaysia’s rich resources and once strong fundamentals) to one that is inevitable.