The Malaysian economy has 'accelerated' considerably faster than forecast. Real GDP will achieve a growth rate of 6.7 percent , or one percent above its initial forecast.

Private consumption has increased by 0.5 percent above its forecast of 2.8 percent, while public consumption had registered 0.7 percent above its 0.3 percent target. However, national net exports recorded a drastic drop of 1.5 percent.

The strong consumption in private and public sectors are the key factors that contribute to our 'robust' economic growth. The RM10 billion stimulus fund approved by parliament has failed to create any significant liquidity in the market, as most of the extra funds were used to cover the deficit and debts owed to government contractors.

Where is the new money in the market? It is absolutely negligible.

How to make the money roll faster? Make hypermarket operators pay their suppliers faster? Make government agencies pay their contractors faster? But where is the money to come from?

Mega luxury projects still take centre stage in public sector spending. Procurement of the 18 Sukhoi fighter planes and Augusta helicopters by the military cost us more RM8 billion.

The over-cost Smart project has taken more than RM1.6 billion from our economy. And the overpriced Tanjung Bin project cast an up-front loading of RM3.8 billion that sucked the Employees Provident Fund dry.

We beg the local conglomerates to invest locally, but we forget about their manipulation of the Economic Planning Unit to inflate privatisation deals and their excess up-front profits off-shore. We also forget how they manipulate our bankers and pension funds to buy their junk bonds.

We can't even query the source of RM6.8 billion belonging to Commercial IBT in Labuan .

Every year we pay foreign workers about RM22 billion but we prevent them from contributing about RM4.6 billion into our investment.

Malaysian corporate savings have hit an all-time high of about RM39 billion, while private savings recorded about RM24 billion.

Who actually owns this money? Is this money generated from economically and commercially viable business activities? Or did it come from the broad daylight robbery of Malaysian hard- earned old-age savings and tax collected from the faithful taxpayers?

The regional stockmarket performance in the second quarter has shown a drastic decline of 9.1 percent. It has cautioned investors not to take government announcements as the economic yardstick.

The Malaysian government under the previous corrupt regime had adopted a 'spend today, save tomorrow' policy while banking on the endless of cash-flow from Petronas, of which more than RM250 billion has been wasted without accountability.

On the surface, Malaysia has a very high savings rate of 35 percent of the gross national product (GNP) and with rising incomes, Malaysia has the potential to promote a higher level of consumption without undermining the potential of financing private investments from domestic sources.

Old-age savings, which are worth RM217 billion and accounts for 21 percent of total national savings, has been wildly mismanaged by a group of unqualified managers, who manage the hefty sum at the EPF without a risk management unit. It also engages 42 stockbrokers to speculate on the shares on the Bursa Saham Malaysia.

Regardless of how listed companies perform by the end of the business year, the top executives will definitely receive their exorbitant first-rate remunerations.

Lim Kok Thay of Genting and Resort World earns RM56.6 million per annum, Vincent Tan of Berjaya Sports Toto RM8.16 million, Lee Shin Cheng of IOI RM14 million, and Steven Tan of Star Publications RM6.35 million.

The small shareholders and EPF contributors can only cry foul, but their destiny is to accept and adapt to the fact that the 'big guys'' rule.

The role of the Security Commission has already been reduced to that of a puppet and the employed bunch of 'professionals' there that are entrusted with the 'big boys'' interests.

Robust economic growth, in actual fact, is only an excuse for the government to increase electricity tariffs, water rates, and toll road collections.