Twilight on 2007 and ten days to go, here comes the RAT in 2008.
HAAPPPYY NEW YEAR to all. BUSY YEAR for all aspiring candidates for US Presidency to come. Very new for all politicians in Malaysia where a general election is expected to be called once the Prime Minister is ready to give the Opposition a very good beating. What a year it could be for Malaysia.
Come April, the official DEATH of the ONE CENT COIN and Malaysia is the way to be a unitary currency. Once done, FIVE PERCENT of the RINGGIT BUYING power is officially rendered USELESS as the lowest official domination will be the ‘FIVE CENT’. Naturally the domination to be killed by BN can be ‘THE CENT COIN’ as so on until the RINGGIT becomes the lowest domination in our Malaysian currency system – all in the name of saving money in the cost of the minting process. Is it really wise to kill off the smallest unit of your currency in order to give confidence and value to your ringgit? Why doesn’t USA save their money by killing off their one cent coin? Why doesn’t England save money by not minting their smallest currency-the ‘penny’? It must something good about keeping your lowest domination alive? Look the devaluation of the FILIPINO PESO after killing of their centavos! What is the value of the Indonesian RUPIAH which have no lower domination! Maybe its obsession to copycat the Japanese success that by slowly devaluing our RINGGIT to be like the YEN, MALAYSIA will progress further economically.
WHY can’t we keep up with SINGAPORE economically? Remember once upon a time we were one to one- one MALAYSIAN DOLLAR to one SINGAPORE DOLLAR! Now they surpass us that today, it is around 2.4-2.6 RINGGIT to one SINGAPORE DOLLAR. Why the fall? What gives? Of course, it is our FISCAL and MONETARY policies coupled with our less than TRANSPARENT NEW ECONOMIC policies which devalues our RINGGIT. Our minting of the one RINGGIT coin to save costs was one of biggest mistake. When I opposed to its use at that time it fell on deaf ears. Only after the damage is done, a new RINGGIT is printed and the coin revoked. Late but better than never.
Now the best NEW YEAR’s present, the PRIME MINISTER can give to all MALAYSIANS is TO SAVE THE “ONE CENT COIN”. Reduce the number of COINS to be minted progressively yearly until it is just enough for circulation. Improve the quality of the coin like in the old days. Further improve the quality of one RINGGIT to be the size as the FIVE RINGGIT note.
SAVE and defend the VALUE OF OUR RINGGIT!
HAPPY NEW YEAR!