Government debt, RM 500 billion. Malaysian individual debt is RM 450 billion. Divide that with the population, per person carries more than RM 30k. This is really crazy and if we have another turmoil of ’97, we don’t have financial strength to survive. EPF money will be used to bail out and this can be even worse than ’97. Many would be poorer and this can kept Malaysia another 10 years behind.
Don’t underestimate the intelligence of Malaysians. We have facts and figures to talk. Indonesia goverment debt is only RM 150 billion versus almost 300 million population. Thus, where do we stand if financial disaster like US happened. US can print RM 27 trillion and yet US currency is strengthening.
Can we print our ringgit as we wished? It will be devalued and we will have fictional purchasing power. Dont forget, our exchange rate is bad. I can go on…on… and I’m not economist after all.