Will the global financial turmoil affect us?

On 30 Sep 2008, our deputy prime minister-cum-finance minister was quoted in the newspapers as saying that the Malaysian economy has "the capacity to weather the destabilising consequences of developments in the US economy and international financial markets."


Don't you believe it! His assurances mean nothing! Any person who can dare make such a claim with disregard to the financial meltdown that has affected the U.S. banking system and spooked markets elsewhere does not know what he's talking about.

If he's claiming that we are insulated from the rest of the world, he is only fooling himself and trying to hoodwink us too. We will never be insulated and we need to brace ourselves now for a market turmoil on a scale never experienced before.