Article: Ballooning household debt
MMJ
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Ballooning household debt in South-east Asia
Ballooning household debt in South-east Asia: The deindustrialisation trap in Malaysia — Phar Kim Beng and John Yip
MMJ Comment
Aah thank you John and friend, if you are the John Yip I know.
You tell it to them in the language, they understand.
They did not understand the Riba Masters has secretively also shaped the education system, after gleefully and devilishly shaping the monetary system.
We, on the other hand while we can be diplomatic, we chose to be blunt and direct, so they understand exactly what we mean.
We call a spade a spade, an ugly money lender what they are, thieves of a nation's wealth what they are.
While you say in economics terms how the nation will suffer through mega debt of people, our constituency is Makcik Tipah, Uncle Muthu and Nyonya Lim of PPR Taman Ledang.
You tell them how rich people cannot get richer on this path of high mega personal debt.
We choose to give voice to the downtrodden and the poor.
While the rich can cry on the way to the bank, to the poor, John, this injustice can mean less eggs in the family's diet, or missing meals entirely.
We repeat, the problem is, the banks were undeservedly given the right to create 95% of the nation's money.
They abused this previlige and turned themselves into necktie wearing Chettiars, giving 70% of loans to personal sector, and only 30% to the real economy, delivering permanent inflation, inadequate employment compared to numbers in population, and stunted wages and salaries, for new and old employees alike.
Every year the banks leeched RM44 billion undeserved profits from the nation.
The govt continue to sleep, the academia in a permanent stupor, the politically inclined think things can change by changing the VP of the main party.
Instruct the banks to ratio lending 70:30 in favour of the real economy compared to personal sector.
In what universe this lot earned the right to be untouchable in national policy direction?
Risk?! Thats the Riba Masters clarion call, and also how they duped academia.
Muslims need only rely on Qaiddhah Fiqhiyyah, Alghunm bi AlGhurm- rewards only with risk.
Others may prefer John and friend's article up there.
But the message is the same.
Change the lending/financing ratio.
The academia must buck up, stop teaching errors of facts in classroom economics.
The govt must wake up, find new friends, new advisers.
Seriously we are not interested in ruling, we merely wish to whisper new insights, backed not only by truer Islamic demands, but a new monetary realisation that is sweeping the world.
Go to International Movement for Monetary Reform.
Muhammad Zahid Abdul Aziz,
Movement for Monetary Justice, Malaysia
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