Friday, October 10, 2008

A few questions for a venerable Lady

Seng, a regular visitor emailed me as to why i had not commented on an epochmaking event and an earth shattering metamorphosis in the Malaysian political swamp- the termination of Sleepwalker's Dream sojourn through Canland. Was it for any particular reason? he wondered that i have ceased to comment on the latest burlesque in the local bordello. for starters Seng, credibility is a valuable thing and once you have vaporised 18 high profile con jobs into thin air after promising otherwise, then you cease to be credible anymore. i would rather be amused by the tricks of Coco the Clown rather than sit through a soporific rendition of "My starry Corridors".

No Seng, there was no particular reason other than the fact that Malaysian politicians, to me, are nothing more than vermin who are ever ready to hock their selves to the devil for a few dollars more. And i mean, each and everyone of them be they in government or in the opposition. But then what do you expect for isnt politics the last refuge for scounderels and charlatans who cant make a honest and decent living elsewhere. Well, they have willing lapdogs and bitches from the lobotomised rabble to carouse with and this failing of a segment of us proles to resist the crass temptations of democracy that has been the undoing of us all.

Rather than direct comments and criticism at a bunch of Bodoh Sombongs, i will put to better use this real estate in cyberspace to direct a few queries at the Guvnor! (of bank negara, that is!). So here are few queries to Madame Zeti regarding the true state of the local economy and no fudging, please my dear bonny:

1. Are local Banks resilient enough to meet the demands of an expected stampede. Do they have sufficient cash reserves to meet their obligations and are their balance sheets be able to cope with all the impending writedowns and writeoffs? What is their real exposure to exotic cocktails like Tequila Derivative, Vodka Subprime and Bacardi Credswap?

2. Pray, are Special Utility Vehicles (SUVs, i have renamed them from SPVs) of the Danamodal and Dana harta variety going to be resurrected and how much will be alloted to these sewage disposers to go in there and yank out the toxic waste and debts that plague the local banking sector before they can rebalance the toilet stool. What about recapitalisations and mergers? will they take place and how much will the former entail.

3. Is pump priming going to see the inevitable drawdown of foreign reserves or is BN planning to swamp the system with more moolah and risk inflation crashing through the roof as Mr Exces Cash chase the skirts of Mrs Limited Supply who will soon be skittishly playing hard to get.

4. Pray, tell us about the situation of interest rates for that would mean a huge relief for property owners who are now stuck in a rut as the depreciation in value kickc in and the future of assets is as bright as that of a candle blowing in the wind.

5. what about the currency. lucky, we did not peg it as an old fart once suggested and which a crow told me was bout to happen when the Chancellor of the Exchequer had a change of heart upon realisation that soon the Dollar will be barreling down through the floorboards as a slew of newly minted greenbacks flood the market. What is the Bank's new game plan regarding currency regulations with foreign portfolios returning home after the party. What about insurance guarantees for safety deposits, the last i herad, the upper threshold was 60K. Are they going to increase the quantum

Lets see if she responds, then i will proffer a few suggestions and unveil a few Qs for the pouty Chancellor's perusal.

Revert: in actuality, me thinks that this economic tsunami will be particularly hard on the citizens of Canland. Not one Malaysian politician is capable of handling the job. It is the poor who will be the collateral victims of a crashing citadel.

No comments: