On 4th June 2009, in conjunction with Intellectual Fiesta, the Student Representative Council (SRC) have held a forum on the current world economic crisis entitled `Is Malaysia Better Equipped TO Face The Challenges Ahead?`. The moderator for the forum that night is our very own Professor Dr. Mohd Aslam Haneef from Kulliyyah of Ecomonics and Management Sciences, and three honourable speakers were invited whom were YB. Khairy Jamaluddin, the Rembau Member of Parliament, YB. Nik Nazmi Nik Ahmad, the Seri Setia State Assemblyman and one of our very own top achievers, Nani Abdul Rahman.
The night started of by the introduction by Prof Dr. Aslam of what the present world economic crisis means. As knowledgeable as he is, Prof Dr. Aslam managed to explain though briefly but very understandable piece of information to cater the empty minds of those who are not aware of this situation at the first place. And so, the forum begins with YB. Khairy Jamaluddin as the first to speak.
According to YB. Khairy Jamaluddin, the crisis started off in America. They started giving off mortgage and loans to citizens who YB. Khairy labeled as `NINJA`,particularly means `No Income,No Job and Assets`.Then, the loan interests increases making it unpayable.The system crumbles upon itself and it became a notion that eats itself up.The Government is basically selling assumptions contracts to its citizen. There are no actual money,only a figure that was used set up to lure its citizen to consent to the contract.Later when the number are being rounded, there is a big figure of which does not really exist,later bringing decrement on the governments side. To answer whether Malaysia is prepared,his (YB) answer is Yes! This is because Malaysia never subscribe to the Western Capitalism. We (Malaysia) follow our own economic system all due to experiencing the crisis in 1997 and 1998. Taking those into account, we developed our economic system into practicing Islamic Law and Shariah way of banking. Thus, we were not very much infected by the world economic crisis. Malaysia has been a better place to withstand the world economic crisis because we build institutions to study the matter after the incident in 1997 and 1998. Furthermore, Malaysia have been prudence ever since. Being asked whether Malaysia is well equipped to face the challenges ahead, YB.Khairy said `Yes! Today Malaysia is well equipped. But tomorrow? I`m not so sure`.
Vice President II (External Affairs) of Wawasan Club IIUM, Mr Akmal Saufi opted a question to YB. Khairy Jamaluddin, which was regarding the Maynard Keynes theory. This is what he said, "the theory propounder Maynard Keynes in 1944 tells that dependency on national currency of a country or countries are bound to have weaknesses which undoubtedly would entail in the collapse of economy if necessary measurement are not taken.
Due to this he calls upon the establishment of super currency that supersede the instability of national currency. This super currency would act as a stable trading medium. However when the proposal was submitted to the congress they rejected it which we obviously know that this is in fact for the advantage of their economic position. Due to this,now we all felt the effect after the United States currency collapsed. How do you view this sir, and can we Malaysia be proponent of the Gold Dinar as the main trading currency of the world?".
YB. Khairy Jamaluddin then replied that he does agree with the super currency theory.He pointed out that a country`s currency is not as stable as they claimed it is, and as an example, the US Dollar itself. The US Dollars is subjected to speculative attack by the investors and foreign exchange traders.Unfortunately, most of the countries in the world are currently trading using US Dollars, thus it is hard to change. Moreover, second majority in the world are also reserved in US Dollars, thus they are not ready to use this method as it would affect their reserved as well. If Malaysia were to go headstrong and use the Gold Dinar, we would not have partners to trade with. However, if Malaysia succeed in doing so,the world economy would be stronger and majorly resistant to speculative actions made by money mongers and speculators of the market.
Going to the second speaker, YB. Nik Nazmi Nik Ahmad said that Malaysia is better equipped to face the challenges because our banks are better regulated and the parallel Islamic banking that have been introduced a few years back have really done us a favor by rescuing this country from being badly affected by the world crisis. He also urged us not to only rely on oil as our only main export.According to YB. Nik Nazmi, we should look or make use of our rich earth to produce more from our raw sources other than only relying on oil. It cant be denied,that sooner or later oil is going to extinct from this land. It is just the matter of time. But we cant also outlook the governments` effort to increase the export industry. Many effort have taken place, and by making a little research, we can see that Malaysia is also exporting, although not in the big sum like oil, other botanical and agricultural products.
Nani Abdul Rahman added that Malaysia do have a good economic policy making, but what Malaysia is slacking off right now is the Gross Domestic Production (GDP).And why is that? According to Nani, after the World War II, Malaysia is one of the most comfortable country in the sense of its economics. We started off well rather than other countries. But why is that our country is now being left behind? Is our progress too slow? Or it has not been progressing at all ever since?
Later, Prof Dr. Aslam opened the floor for questions, opinions and even comments from those present. Astonishing as it may seems, the floor responded positively. Questions have been asked, not only locals, but also foreigners. Not only the youngs, but also the olds. These have shown that students of IIUM, some of others from local institutes and also an old `Kampung Man` are concerned of the economic crisis. Cliche, but relevant questions have been pointed out by a few is of using Gold Dinar rather than using US Dollars. Responding to this issue, YB.Khairy purported the idea of using Gold Dinar itself, however, there are also problems by using it as a currency.
The night ended around 11.15. A positive discussions have taken place between the Members of Parliament, a Student figure and the students of IIUM and other local institutes.(and not to forget the Kampung Man). It was a healthy event, and one which should be organize frequently to encourage and instill the `two-way-communication` between the leaders of today and the leaders of tomorrow.
HAZWAN RIDZUAN
Acting Head Department Of Public Relations
WAWASAN CLUB
Universiti Islam Antarabangsa Malaysia
0 komentar:
Post a Comment