On May 29 The Shanghai composite index breached 4,334 points to achieve its all-time high record, while in Malaysia, the KLSE composite index dropped 2.99 points to 1343 points in the midst of a technical adjustment.

Bank Negara reserves amount to US$94.5 billion as of May 15 compared to US$91.6 billion as of April 30. It is an increment of US$2.9 billion which has been added to the Malaysian economy.

Even though Bank Negara's reserves position are sufficient, it has not taken into consideration safety net should there be a 'domino effect' following capital outflow in the event of a market crash.

The richest Asian, Li Ka Shing, has issued the warning on the overheated China stock market which could possibly lead to another financial crisis. Malaysian corporations have also prepared their exit from Bursa Malaysia in search of better values for their listed vehicles.

Is this a sign of their reduced confidence level in the prime minister's economic policies and the government's regulatory bodies such as Securities Commission, the Foreign Investment Committee and Bursa Saham Malaysia Berhad?

Or it is an early sign of another Asian Financial Crisis conspiracy in that these big boys are taking shelter in private equity before another crash?

We wonder if Malaysian prime minister has ever looked deeper into the roots of the problems of Bursa Malaysia and the corporate sector's perceptions of our economic policies and its delivery systems?

Sometimes, although the reality may not be pleasant, they are still inevitable facts of life that we have to face. Covering up weaknesses for Barisan Nasional political mileage will cause a disastrous impact on the daily life of all Malaysians.

The Finance Ministry, under the stewardship of Nor Mohd Yakcop should immediately refrain from using GLC-listed vehicles to manipulate the market sentiment to cause an unrealistic, inflated composite index. The value of the top 20 GLC-listed vehicles have increased more than RM106 billion in market capitalisation through window-dressing corporate exercises.

It is also time to monitor Deputy Finance Minister Awang Adek Hussein's political ambition as he may exaggerate actual economic facts while forgetting about the reality of positioning the Malaysian economy in the globalised arena.

Our economic fundamentals are still too weak to face the onslaught of the big boys in the global market. As an ethical and responsible technocrat, Awang Adek Hussein must understand that underlying national interests should come before political interests. It is a fact that economic reality has no room for political chauvinism.

It is timely for the government to prepare safety net strategies, infrastructure frameworks, delivery systems and a 'shock absorbing mechanism' for a possible regional stock market crash that might lead to another Asian financial crisis

The prime minister should start demanding his economic advisors for the truth, and follow up with action plans rather than finding excuses and reasons to avoid responsibility.