Update to The Great Depression 2010 (May posting)
As I see it, the Great Depression of 2010, which was predicted after the financial crisis started some 13 months ago in USA, is looking as real as ever. The happenings at Wall Street in the past week, and the closures of hundreds of banks in America last month are clear indicators that the Financial system has started to crumble.
Locally, the foolish and stubborn P.M. is showing signs of relent when he announced last night that he is swapping the Finance portfolio with his deputy (poor chap), and takes over the Defence portfolio. In my opinion the P.M. finally came to grasps on the bad financial situation globally and locally, and the tensed Malaysian political situation, which he could do nothing (in fact he’s done nothing) about.
Smartly enough, he now takes control of the Malaysian Armed Forces, which would (he hopes) enabled him to defend his political position (not the country, mind you), and push the Emergency button if and when the Pakatan storm into Putra Jaya.
With these going-ons (and the coming of the Great Depression), I see that it doesn’t matter whichever way the political pendulum swings to, as in the end it would mean nothing to anyone when they’d soon be only searching for food, and rummaging the waste dumps for survival.
Read Tun Mahathir’s views on current financial scenario >