'Idris Jala presented the actual debt from 1997 to 2009 (12 years). Consistently, it has grown at an average of over 12% per year.'

'Ridiculous to say M'sia will go bankrupt'

Anonymous: It's ridiculous that our ex-premier Dr Mahathir Mohamad squandered RM100 billion of the rakyat's money during his 22 years' reign. It's ridiculous that Malaysia buys submarines worth billions but they cannot dive.

It's ridiculous that jet engines can disappear from our military air force. It is ridiculous that after RM12.5 billion, our PKFZ is not fully operational. It's ridiculous that after three generations, we are still call immigrants. It's ridiculous that after 52 years, Malaysia is still a low-income nation. So Malaysia going bankrupt? That's not ridiculous.

Cat Wind: With the way Umno is spending our tax dollars to pay for economist Norraesah Mohamad's (and those like her) education in Sorbonne and elsewhere, and the unaccounted corruption where billions of ringgit are siphoned off into some Umnoputra's pockets, we are definitely heading for a financial meltdown.

Ferdtan: Norraesah is right to a point. The statement made by minister Idris Jala that 'Malaysia will go bankrupt by 2019' is not so much an economic statement but a political one. It is meant to 'shock and awe' the Malaysian public so that the government can remove the subsidies gradually without much outcry.

Both Norraesah and Idris Jala miss one important point: the rampant corruption we now have. Solve it and the country will be back on its feet.

Habib RAK: There is every reason to believe what Idris Jala said about the government's total debt. The government is clearly on course to get into very serious money trouble.

Idris Jala presented the actual debt at year-end from 1997 to 2009 (12 years). Consistently, it has grown at an average of over 12% per year. For the past 12 years, the current government had led it grow. Do you think they are going to change their ways overnight? No way. In fact, at year-end 2008 and 2009, it had grown 14.6% and 18.3%, respectively.

What Idris Jala has done is, he has projected the future debt growth at the same 12% for the next 10 years and said "bankrupt". If nothing is done to arrest or reverse the trend, he is absolutely right. My unschooled grandmother in the kampung also understand this.

Wira: Dear Norraesah, please argue on the basis of common sense. If you spend more than you earn, you can only sustain such behaviour by borrowing. Otherwise, you will be short of cash. When you borrow, you are pawning your future earnings because you have to repay both the principal and interests in your borrowings.

As long as your income increases in the long term, people will bet that you can repay those borrowings and continue to finance your deficit spending. Income increases come from a healthy GDP growth.

In the 1980s and early 90s, we didn't have any problems with deficit spending because we knew the following year would be better than the past. However, look at our GDP growth in the past decade. We don't even average 5% percent growth. How are we going to repay our debts if the interests on them keep on piling?

Yes, we are a sovereign country with our own money. We can print as many of them as we want. Zimbabwe did that. Now everyone in that country is a worthless billionaire.

Magnus: From the Financial Times dated May 21, 2010: "Europe's economic crisis is having a severe effect on Asian companies as the depreciation of the euro makes exports more expensive in one of the biggest overseas markets."

The sovereign debt crisis in the Eurozone is causing real jitters of a double-dip recession so people are tightening up their spending belts in all major markets that Malaysia now trades with.

So unless local demand can be kept going even after the recent humungous fiscal stimulus by the government, how's the Malaysian economy going to keep healthy and grow in double digits as this economist (Umno leader Norraesah Mohamad) and even (Bank Negara governor) Zeti (Akhtar Aziz) appear to be saying, when major export markets are not buying your goods in perhaps the same quantities like they did before and businesses are forced to cut back on their planned investments?

Yuvan: Just carry on with all the out-dated affirmative and short-sighted policies. Don't bother about meritocracy. Go on implementing lopsided solutions to all our economic woes. Come up with more scandals and corruption involving billions of ringgit.

Just make sure to catch and punish only the ‘small fry' and let the ‘big-guns' carry on with all the swindling. Keep taking out millions of ringgit from the government coffers and throw it around - left, right and centre - just to win the elections with a 'dignified' margin of about 10 or 20 votes.

Then wait for the tragedy to happen. I hope whoever said that Malaysia will not go bankrupt will be around to witness it happen. May God bless this beloved nation.

Fauzi: Our economic growth is merely due to government contracts through the stimulus package and not through foreign direct investments. So don't get too excited about such growth. Greece, here we come.

BTN: Hey Umno, don't ever touch the EPF money. You people are really expensive to maintain - like our national car Proton. Expensive but no quality .

Saiful: Najib said he couldn't do anything

Multi Racial: Why would a deputy prime minister be willing to meet with someone like Mohd Saiful Bukhari Azlan if he does not have any motive? Isn't it so coincidental that the meeting was held a few days before the incident?

Why would the police officer meet Saiful in hotel? Why is it so easy for someone like Saiful to get in touch with DPM Najib Abdul Razak and IGP Musa Hassan? I can only imagine more lies to cover these lies. It is a shame.

Anak Msia: It's so easy for someone like you to meet the DPM, whereas others have to make appointments months, and still there is no assurance for the meeting. For you, Saiful, one call should be okay. And then, the DPM says he can't do anything. Our DPM so free, kah ?

Pikachiu: Saiful has obviously lost his track - telling lies after lies to cover the earlier lies. As a DPM, how can Najib say he couldn't do anything, knowing very well that sodomy is a criminal act?

Furthermore, the crime was allegedly committed by his political foe. Don't you think Najib would have jumped at this golden opportunity to nail his political foe? Saiful has really put Najib in a bind, since withholding information on a criminal act is a crime itself.

Lionel: If the saga has not run its course, it certainly has run out of credibility and that goes for the country and its majority-Muslim government for bringing such shame, political immaturity and utter hypocrisy for everyone to see.

Minimum wage first before slashing subsidies

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