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Saturday, October 25, 2008
Gambling the People's Money Away
If we remove the family theme park element and the resort façade from Genting Highlands, all that is left is Malaysia’s one and only legalized gambling den located 2000 metres above sea level. Millions of Malaysians have been enticed by the prospect of winning big money on this hill top casino only to realize that the only winner at the end is the casino itself. In fact the company has become so prosperous that it is helping to built one of the two mega casinos in one of the most conservative countries in South East Asia, Singapore.
Yes. Malaysians are gamblers at heart. Our ancestors risked their lives by coming to these shores to start a new life. In that sense, they were the first gamblers in our country. Until today, we continue to gamble with our lives as we live and work amidst the threat of draconian laws that often violates our freedom of speech, equality and justice. Many people have been jailed and detained for speaking out to protect these three pristine values of democracy.
But these are acceptable risks which we take in our gamble to create a better future for ourselves and for our fellow countrymen.
The present government has also taken to gambling in one of their latest move to prop up the economy of the country. The new Finance Minister has proposed to inject RM 5 billion from the Employee’s Provident Fund (EPF) into Valuecap Sendirian Berhad for the purpose of investing in the share market.
Don’t they realize that it is the people’s hard earned money that they are using, to place bets in the high risk world of the stock market? It is highly irresponsible of the government to gamble away the sweat and tears of millions of Malaysian workers especially during these times of economic recession.
The share market is but another major gambling den disguised as a legal mechanism for companies to garner capital for expansion. Judging from the world’s obsession with the ups and downs of share market indexes, one wonders whether the numbers actually represent the true economic status of a country or is it merely a roulette of speculation and chance.
My mother has always warned us to be wary of the stock market as it is a place which can drag a person from riches to rags. Penangites describe the act of investing in the share market as chi toe share (playing with share) or phuak share (gambling in the share market). Both these descriptions have connotations of frivolity and risk in them.
Indeed it is wise to avoid dabbling in these games of speculation if one is not familiar with the rules and regulations.
Does our government then think that they are experts who are capable enough of winning the lottery when they invest RM 5 billion of the people’s money into the stock market?
The government should have spent the money to upgrade our national education system, which in the long run will produce intelligent and creative Malaysians. This is a sure bet that will produce winners in the long run, as compared to the uncertainties of the stock market.
More money should also be spent to improve the infrastructure of both the cities and rural areas in order to provide a better quality of life for all Malaysians. The people deserve better facilities rather than the occasional random election promises that they are getting from the government now.
The agriculture sector could also benefit from an increase in the allocation of funds for research and development. Efforts should be made to revitalize our basic food crops sector because this is one field which provides stability of food supply in the event of any economic downturn.
The new Finance Minister Najib Tun Abdul Razak might want to be seen as a decisive leader in these times of economic turbulence. But making a glorious entrance into a new job and making a decision that might cause the loss of billions of the people’s is surely not a wise thing to do, especially if one does not have any prior experience in the field.
The EPF is a retirement fund for all Malaysian workers and will be an important source of money once they cease to work. The government should not treat this cash rich establishment like a candy jar from which each Minister has a free hand to scoop whatever sweets they like, to satisfy their whims and fancies. |
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发表于 2008-10-26 03:23
