Knowledge Jihad

Time to Unpeg

In case you haven't noticed it, your paying more for petrol and diesel. The typical responses can be found from the man on the street to the blogosphere.  While Im not going to debate whether the elimination of subisdies are good or bad, it did get me to thinking on why the Government insists on keeping this ringgit peg.

Getting rid of the ringgit peg will do a couple of things.

It will help slow inflation. Im no economist but I suspect that most of this inflation is imported. While there is a definite trend on the rise of commodity prices the world over, how much of this in Malaysia is due to being infinitely coupled with a falling currency (US Dollar)?

It will restore independent monetary policy. The Msian Govt is not (as much as they'd like to be) independently controlling this economy. By continuing with the Ringgit Peg, they are now limiting their options and have to follow the US policy's for risk of wiping out our stable growing economy.

Example: Let's say the US continues to raise interest rates so that a Fixed Deposit in the US gets more interest than an FD in Malaysia. Where would you put your money? Also remember because of the peg, there is no risk for you to lose your newly generated capital by exchanging it back into Ringgit. What would you do? Of course you'd put your capital into the US. Its safe and you are guaranteed for higher returns. To eliminate this outflow, Bank Negara has to raise rates. (Note: there is one other way to limit this flow and that would be capital controls however those have just been uplifted)

As you can see from the above example, Bank Negara has tied itself to the fate of the US policymakers by continuing with this Ringgit Peg. So where's the independency and removal of the colonial mindset that was preached by this country's leaders for the last 20 years? It's time to undue the peg.

Catholic charged with spying for Communists

Not a good start to the new Pope's regime. A Polish monk, closely associate with the late Pope John Paul II, has been accused of being a spy for the Communists in Poland.

When new first broke, the church said they were surprised. I hope this SURPRISE will be dealt better than the previous SURPRISE. Remember the surprise to find out the American (especially) Catholic Church is filled with child molesters and pedophiles?

UPDATE: Polish monk sent back to Poland

East Timor and the Church

Let's pump up macammacam's traffic today shall we? Another good post this one about the East Timor Government and the Catholic Church. Where's the typical call from my western friends on the seperation of Church and State?

Chinese Prosperous

One of my fav SE Asian blogs, macammacam, has found Forbe's 2004 list of South East Asian's richest people. Guess what he sees? A lot of Chinese names on the list.

S&P starts research

Via The Star, S&P (Standard and Poor's) will start researching Bursa Malaysia companies next month. This should be a very positive move to add depth and breadth to a lacklustre market but there are still a couple of issues.

1. Governance. There's many an example of companies posting earnings and then retracting them with only an apology and no real enforcement from the SC.

2. Large number of good, quality companies. There just arent that many good quality companies listed on Bursa Malaysia. This adds to a lack of volume. Everyone (unit trusts, public investors, institutions) are already all shareholders in this small number of companies.

The Hustler is Back

After giving him so much grief for being a baby and calling it quits, it is only fair that I congratulate him for coming back. Hustler Diaires.

New Pope Intolerant?

As Benedict XVI takes his new post as Pope, the skeptics, cynics, and truth seekers come out. First up, the Pope's involvement as a member of Hitler Youth. The Pope immediately said that he was coerced into membership. I wonder how Rajan and/or LHM feel about the quote below taken from this article.

He argued that Muslim Turkey did not belong in Christian Europe and issued a document saying that Catholicism was the only true religion, questioning the validity of other religions, even Christian ones, even as his Pope John Paul II was trying to reach out to other faiths.

Now if the above statement was made by a Muslim leader, imagine the hue and cry about intolerance. Double standard at it's finest. I guess it's ok to be intolerant as long as you are Christian.

UPDATE: Was the Cardinal (at the time) talking about the economic and/or political consequences of Turkey joining the EU?

Previously, Cardinal Ratzinger had stated that Turkey's membership of the 25-nation bloc would cause a ''loss of wealth and culture'': He advises Muslim Turkey to seek alliance with other Islamic nations rather than the traditionally Christian EU

For the record, one of the flock of the Roman Catholic Church has a definition of intolerance as follows.

in·tol·er·ant: Not tolerant, especially:
a. Unwilling to tolerate differences in opinions, practices, or beliefs, especially religious beliefs.
b. Opposed to the inclusion or participation of those different from oneself, especially those of a different racial, ethnic, or social background.
c. Unable or unwilling to endure or support: intolerant of interruptions; a community intolerant of crime.

Seems that the above statement would fall under b. Opposed to the inclusion or participation of those different from oneself, especially those of a different racial, ethnic, or social background.
No?

Don't Worry, Pak Cik BN is on the way.

After making all the right moves to open up financial markets, its one step forward two steps back as usual. Prime Minister Badawi today announced that 2.4 bil worth of projects will be brought forward to help the ailing construction industry. Excuse me while I shed a tear. Are the construction companies who are so well known for a lack of quality really hurting that badly?

Hustler Diaries is Gone. Do U Care?

Well, he did it. He quit.  All because of one fake photo. He's got his share of supporters. Just see here and here. Also, check out his comments although for the record, negative comments are not allowed.

I say good riddance. If the poor chap, who constangly pings petaling street and has a zillion links hoping to boost his hits, cant take the heat then he should quit. What really kills me are the supporters who blame the public. What? The public is not allowed to voice its opinion? Isn't that what bloggings all about? Freedom of expression?

Sadly this event reflects society in large in Msia. Awfully happy when everything is great but the first one to throw in the towel when things get tough. This blogger seem to be loving it and reveling in his popularity but once things turn south, he runs. Typical.

To quote from one of my favorite commenters (Nightcaller), TILL THEN GOODNITE DEAR HUSTLER WHEREVER U ARE!

Time For Mature Discussion

I didn't want to do this. I really didn't. I tried looking the other way. Ignoring the headlines (here, here, and here). Repressing them deep into my memory even as my fellow Muslims argue all around the issues. In fact, Khairy (who I disagree with on a whole host of issues) has made the most sense of anybody. Don't forget he's 29. Maybe he has what it takes to be a Prime Minister.

Forgive me. I have to get this off my chest. As a Muslim, I don't think that Muslims should be drinking. Alcohol is clearly prohibited for us. That being said, the real issue of all this is enforcement. How do my fellow Muslims propose that we enforce this rule evenhandedly?

Let me clarify. If the problem is that Muslims were consuming alcohol, then the JAWI officers should have been administering breathalyzers to prove that some people were drinking alcohol. They weren't, so I can only guess that this rule is being applied to people in the VICINITY of alcohol. If that is truly the case then why aren't Muslims being picked up in each of 100+ hotels in this country? Isn't alcohol served in most if not all of these establishments?

You see I have no problem with Muslims who think that other Muslims shouldn't be in places that serve alcohol. To that I agree. However, the problem I have is how do you enforce this rule equally without restricting almost every place that Muslims congregate. Hotels, Golf Clubs, Social Clubs, etc.

Please enlighten me.

Additionally, these comments are still open for everyone but I ask that you show respect to everyone when posting your comments.