YOURSAY ‘We have to learn to live with 30 to 50pct less purchasing power.’

Ringgit falls through RM4 to US$ barrier

Yours and My Malaysia: I worked my butt off for 36 years, saving whatever I can so I can retire peacefully without having to work and enjoy the fruits of my labour in this beautiful country.

In 2012, I finally made that decision and was cushioned for normal economic ups and downs. But not for this corrupted greed driven collapse of our ringgit and the economy following through.

Thirty percent reduction in my purchasing power is too much, too soon and the bottom seems to be still far away. All because of one greedy allegedly corrupted ‘leader’ leading a bunch of allegedly corrupted cabinet members.

I do not want to curse because it will just poison my system, so I beg the PM to just get lost and do not come back. By the way, leave behind all the money.

The same goes for the rest including Dr Mahathir Mohamad, allegedly the father of this rot in our country. Meanwhile, it looks like I have to start begging for a job in an environment where companies are downsizing to survive. What a cruel ‘leader’ we are bestowed with.

Mamba: Now Malaysia is losing more money in terms of currency depreciation and the amount of foreign reserves used to save the ringgit than the sum squandered through 1MDB.

All because of one person. I expect nationwide street protest when the ringgit touches 5 to US$1.

RM2.6 billion in MBank: Najib Abdul Razak, are you sleeping or hibernating? The ringgit yesterday was at US$1=RM4.0145. When are you going to stop the slide?

Now your US$700 million is no longer RM2.6 billion. It is RM2.81 billion. You have really ‘untung’ (made a profit) from it.

Where did you get such big donor? Can you introduce the person to me? He can give me only US$7 million. That’s good enough, no need US$700 million.

Ablastine: Come to think of it US$1 to RM5 is just about 25 percent away. It should be achievable within a month or so as long as our ‘emperor’ stays on. Let’s see the impact we are going to face.

By that time Bank Negara would have used up its large stash of cash to defend the ringgit. Unfortunately it will be an exercise in futility as it will never be enough.

When the national treasury is short of cash, the attack will even be more vicious. There will be hyperinflation, meaning a loaf of bread may cost RM10 or a normal dinner out for a family could come up to RM800 to RM1,000.

As wages remain the same, affordability decreases. We have to learn to live with 30 to 50 percent less purchasing power in our currency. Lots of Malaysian will fall below the poverty line and of course, crime and Mat Rempit will increase.

Maybe our ‘emperor’ and his 1MDB cabinet can ask their good friends in the Middle East to donate more billions to help us fight against capital flight.

Nippon: I had predicted RM4 would be breached in September but it came too soon. It looks like we will hit RM4.30 at the end of September. Malaysia just doesn’t have the cash to defend the ringgit.

Bear in mind, there are still billions that 1MDB needs to pay in September in US denomination. Umno will squeeze more from the rakyat. Toll charges, electricity, etc. Just you watch.

Our Malay brothers and sisters need to wake up from this, otherwise we will be doomed.

Fateh: It looks like those in power do not care or are concerned about the livelihood of the rakyat. After all, they have moved their wealth abroad to shield themselves of the weak ringgit.

All ordinary rakyat, we have all got to brace for lots more hardship to come with the weakening of the ringgit, and adding salt to the wound is the six percent Goods and Services Tax (GST) on top of the rising price of everything.

Hermit: Once the reserves have fallen below the psychological level of US$100 billion, Bank Negara will cease supporting the ringgit and let it to free fall.

My intuition was that it would fall to RM4.00 next Monday, but it has come earlier than expected. Najib must be faring very badly before the world financial community.

1 Malaysia Dalam Bahaya: Don't worry Najib, you are doing very well indeed - it is still far away from RM4.80 during Dr Mahathir Mohamad’s regime. You now have additional forex gains on yur US$700 million donation received.

Anonymous #59879079: ‘1 Malaysia Dalam Bahaya’, I beg to differ. Najib has lost a load of money as he has already converted his US$700 million donation to ringgit back in 2013.

If he had held on to it till today, he would have 25 percent more ringgit. He could be sitting on RM2.81 billion.

Hplooi: The next psychological barrier will be RM4.50. In my opinion, the ringgit would have reached RM4 at least a year ago, if not for the imposition of petrol float and GST.

Now just sacking Najib would not be enough. The scary thing is that ministers are still spouting nonsense including blaming the opposition, Christians, the Jews (fortunately Anwar Ibrahim is in Sungai Buloh Prison).

Senior Citizen: The 1MDB cabinet ministers have no clue on how to tackle this problem. Only the ‘smart’ one, Nazri Aziz, said it was good for tourism .

Ren Ai: With the devaluation of the ringgit, which Bangladeshi is going to come here for 60,000 takas?

Balachan Cili: Can Najib please ask your Arab brother to help to pump in another US$700 million to save the country. Perhaps then we may forgive you.

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