Postings and forwardings gone viral on social media both before and after Malaysia's 14th General Elections on 9 May 2018 created the perception in many people's minds that all of Malaysia's financial and economic troubles are due to RM42.26 billion debt owed by the 1MDB sovereign wealth fund owned 100% by the Malaysian government .
So that RM38 billion debt owed by 1MDB is around 3.8% of Malaysia's RM1.087 trillion national debt and financial commitments, and is small change compared to Malaysia's total national debt.
Also, now that former Goldman Sachs banker Roger Ng has been arrested on allegations related to 1MDB and the US Department of Justice (DoJ) has charged his former colleague Tim Leissner and Jho Low over alleged wrongdoing related to 1MDB, doesn't Malaysia have legal grounds to not repay whatever debt 1MDB owes Goldman Sachs or a substantial part of that debt?
The Star wrote of 2 November 2018:-
"Leissner pleaded guilty to conspiring to launder money and to violating anti-bribery laws. He has been ordered to forfeit $43.7mil (RM182.27mil) as a result of his crimes."
Heck! RM182.27 million is small change compared to RM38 billion, let alone RM1 trillion.
And:-
"In 2016, the DOJ had reportedly recovered over US$1bil (RM4.17bil – current conversion rate) that was allegedly stolen and sought the forfeiture of property including a Bombardier private jet, a Manhattan penthouse, a Beverly Hills mansion and paintings by Vincent Van Gogh and Claude Monet."
OK! RM4.17 billion is more substantial but still is just 10.97% of RM38 billion.
The EDGE Markets of 18 January 2018, gives us a breakdown of government guaranteed loans.
Yet the public perception created by the politicians, coffee shop and tea shop politicians, bar politicians, social media politicians, the mainstream media and the alternative media all paint the 1MDB issue as the scapegoat for all of Malaysia's current financial woes, when whilst the RM38 billion owned by 1MDB and the issue itself is significant, it's not big enough to almost bankrupt Malaysia.
However, I expect that the chattering classes will continue to chatter on social media, coffee and tea shops, in bars and so forth about how 1MDB's debt owed is "solely responsible" for Malaysia's current financial woes, even though the anti-ICERD rally on 8 December 2018, the riots at the temple in Seafield in late November, the resignations of members of parliament from the UMNO party and the possibility that they will later join Prime Minister Mahathir's Pribumi party have somewhat overshadowed 1MDB in public discourse lately.
Anyway, as I've oftentimes said - Malaysian politics is full of scheiss.
Meanwhile, for a refreshing change from politisceiss, let's take a look at what the Gilets Jaunes (Yellow Vests) movement in France is doing.
15 décembre : Edition spéciale RT France. Suivez en direct les manifestations des Gilets jaunes
LIVE: Yellow Vests march under 'Macron resign' motto, huge numbers of police deployed
Down with that neo-liberal globalist Macron !
Yours trully
POLITISCHEISS
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