Friday, August 8, 2008

Economic Council

A council of 40 non-economists but politicians and businessmen is not an Economic Council but a Business Council.

An economic council should consist of people who understand economic history, how the world has come to its present predicament and what should be done to influence the course of the world economic direction in the next decades - hopefully in favour of the economy that they are supposed to be championing.

Instead, we are getting a bunch of short-termers who would look for "immediate solutions" to solve "urgent problems" in the name of "the people" at the expense of the long term. Where we are today is the result of the solution of a similar bunch when they solved their problems then at the expense of the people today.

That is, the people of today has to pay for that solution in terms of an undervalued currency, a low interest currency, an inefficient private sector, an inefficient public sector, a disfunctional economy, a disfunctional executive, a disfunctional judiciary, a generation of beggars of oil money, a generation of people who believe that it is possible to be rich by not studying and working and benefiting from knowledge of how the world operates.

"Okay, let's all sit down and talk. Not too many arguments. Can we now come to a decision fast. Okay, this is the consensus. The council has decided. Let's get on with it, lah!"

Something happened. Then, nothing happens.

I think the system hangs!

1 comment:

CT Choo said...

It is, indeed, a very futile move. Getting a bunch of egos to sit around to have tea and coffee. How can these guys come up with anything meaningful on the economy? I agree with you that the system hangs!