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KUALA LUMPUR, November 19 – A DAP MP today urged Prime Minister Tan Sri Muhyiddin Yassin to openly reprimand Vice Minister of Youth and Sports Wan Ahmad Fayhsal Wan Ahmad Kamal.
In a statement, Bukit Mertajam MP Steven Sim Chee Keong said Muhyiddin should order Wan Ahmad to back down from his proposal that Bank Negara Malaysia (BNM) print more money and deliver the cash directly to Malaysians.
The deputy minister made the suggestion during an interview with business radio station BFM yesterday.
In the same statement, Sim noted that the idea caused the collapse of the German economy, which in turn led to the rise of Nazism and Adolf Hitler.
He also urged Muhyiddin to gag Wan Ahmad from talking about financial matters.
“No economic idea is worse than printing money because ultimately our currency will not even be worth the value of the paper it is printed on. To protect the value of our currency and assure investors of economic competition from the government, the prime minister must immediately reprimand and instruct Wan Fasyhal to withdraw his irresponsible remarks and stop talking about the economy.
“Germany is the classic example of how the printing of money after the Great War led to hyperinflation, the collapse of its economy and society, which led to the rise of fascism, Nazism and Adolf Hitler. Those who read history should know what happened to the world with the horrors that Hitler brought.
Wan Fayshal’s suggestion to print money showed his economic naivety. Basic economics ignores the disastrous consequences of loss of confidence in the monetary system, hyperinflation, and the ultimate collapse of the economy, ”Sim said.
He noted that the money supply can be increased not through printing but through quantitative easing (QE) by buying bonds or buying assets, adding that even QE measures should be used prudently and are ineffective in a rate regime of low interest.
Sim said the problem today is not about funding, but about the government’s openly conservative approach to spending.
He added that the passage of the Covid-19 bill in the Dewan Rakyat, which included raising the debt ceiling, is a signal to the government that “we are willing for the government to ask for more loans to finance a higher deficit. “.
“My advice to Wan Faysal is that he should instead focus on the Ministry of Youth and Sports, which is about to receive a budget cut of almost 20% in the 2021 budget. This is definitely bad news for the youth and sports sector, in the midst of the triple health, economic and political crises we face, ”said Sim.
