Wednesday, December 31, 2008

Countdown To New Year 2009


In just a few hours' time, we are going to bid farewell to 2008 and usher in 2009. 2008 shall be both cherished and lamented, both locally and globally, in terms of politics and economics.

Economically and politically speaking, 2008 has been a year of turbulence, with ups and downs sending all nations pop-eyed. The swift blows and the harsh impact sent people across the globe off-balance.

On the national front, the so-called political tsunami on March 8 was vibrating with tremendous force, sending BN for the first time in its history wobbly. With its two-third majority in the parliament denied and five of its states falling into the hands of PR, Pak Lah stood to take the blame. In a tough fight for power, Pak Lah bowed to the pressure and compromised to call it a day in March 2009.

In U.S., the subprime mortgage crisis took ugly turns, sending the States' financial system melting down. This created a big hollow in the system and unless it was swiftly filled up, the whole global financial system stood vulnerable to a collapse. The Federal Reserve acted fast against its doctrine of non-interference to come out with printing of 3 billion cash. This saved the system, but it gave a huge blow to the greenback, making the currency in danger of going down much further. The expected superdevaluation has immense implications for the global economy.

The falling dollar may leave several nations in the doldrums, thereby adding fuel to the flames in the global economic downturn.

Therefore, 2009 is anticipated to be a year of turmoil with deeper recession looming large. You may not have felt it yet, but the sluggish prospects are creeping in day and night.

Tighten your belt and face up to the challenging year ahead. Hold on to cash as it is now the emperor!

To all my readers - Happy New Year and may you have all the best in 2009!
The photo shows the countdown at Sibu Town Square with shows and fireworks to usher in 2009. (Photo: Steve Ling)

3 comments:

Daniel said...

Happy New Year Tony.
God bless

Philip said...

Wishing you and your family a happy and blessed new year.

Tony Hii said...

Daniel, Philip, thank you for your new year wish. May you have the best of all in 2009!