Happy Mid-Autumn Festival 中秋节快乐

Some facts on Mid-Autumn Festival, pronounced as zhong qui jie.

• Also known as Lantern Festival, Mooncake Festival
• It's a celebration of abundance (usually linked to harvest) and togetherness dating back 3,000 years to China's Zhou Dynasty
• Falls on 15th day of the eight lunar month of the Chinese calendar, where the moon is usually at its brightest
  
• Food link to this festival - mooncake and pomeloes

There are also some Chinese mythical stories linked to this festival, the most famous one involving Chang Er, the "woman on the moon". Many versions of this story exist, the most popular one involving an archer Hou Yi.

Lunch with Suk Yi & Christine

Johanna & I invited Suk Yi and Christine over for lunch yesterday.

I've known Suk Yi since primary school years through a competition where we represented Perak State. Christine is her housemate. We actually knew Christine during Rachel's son, Ethan's birthday party. Christine is one of Rachel's friends and we were surprised to learn that she and Suk Yi are housemates during our conversation. I have learnt to get used to all these coincidence and 'what a small world' thingy... after so many similar incidents.

Special One Exits Chelsea

...by mutual consent, according to BBC Sports.

Not special enough for Roman Abramovich.

I was stunned to see the headlines moments ago. But looking back at the relationship between Jose Mourinho and Roman Abramovich in the past one year, perhaps it's not too surprising. But still, despite not a Blues supporter, I have to admit that he is a great manager.

His unbeaten home record in the EPL for 3 years will be hard to emulate.

His presence, his charisma and his combustible, unpredictable, impulsive, arrogant and irritating (to non-Blues fans) character will be sorely missed by the EPL. You really can't help loving and hating him at the same time.

My bet is Abramovich has probably made a terrible mistake. Chelsea's dominance may come to an end, together with his millions.

As for non-Chelski supporters:

Sheva 1 - 0 Mourinho. Let's keep it that way.

===
Famous Quotes from Jose

JOSE ON JOSE

"Please don't call me arrogant, but I'm European champion and I think I'm a special one."
Introducing himself to the English press after arriving from Porto in 2004.

"If I wanted to have an easy job... I would have stayed at Porto - beautiful blue chair, the Uefa Champions League trophy, God, and after God, me."
Making a mockery of those who suggest he is big-headed.

"For me, pressure is bird flu. I'm feeling a lot of pressure with the problem in Scotland. It's not fun and I'm more scared of it than football."
Insisting his side wouldn't catch a cold as Man Utd breathed down their necks.

"Look at my haircut. I am ready for the war."
Unveiling his new Action Man haircut.

WORDS OF WISDOM

"It's like having a blanket that is too small for the bed. You pull the blanket up to keep your chest warm and your feet stick out. I cannot buy a bigger blanket because the supermarket is closed. But the blanket is made of cashmere!"
On the injury 'crisis' at Chelsea in February.

"Young players are a little bit like melons. Only when you open and taste the melon are you 100% sure that the melon is good."
On developing Chelsea's young stars.

"The style of how we play is very important. But it is omelettes and eggs. No eggs - no omelettes! It depends on the quality of the eggs. In the supermarket you have class one, two or class three eggs and some are more expensive than others and some give you better omelettes. So when the class one eggs are in Waitrose and you cannot go there, you have a problem."
What turned out to be his parting shot to Roman Abramovich.

"I would love an Aston Martin but if you ask me £1m for an Aston Martin, I tell you, you are crazy because they cost £250,000."
Insisting not even Chelsea would pay over the odds for a defender.

"Sometimes you see beautiful people with no brains. Sometimes you have ugly people who are intelligent, like scientists. Our pitch is a bit like that. From the top it's a disgrace but the ball rolls at normal speed."
Describing Chelsea's sandpit of a pitch.

"We all want to play great music all the time, but if that is not possible, you have to hit as many right notes as you can."
Admitting the Blues weren't completely on song last season.

"Maybe the guy drank red wine or beer with breakfast instead of milk."
After a Sheffield United fan threw a bottle at Frank Lampard during Chelsea's 2-0 win at Bramall Lane.

"A player from Man City showed half of his ass for two seconds and it was a big nightmare. But this is a real nightmare."
Comparing Petr Cech's nasty injury with Joey Barton's bottom-baring antics.

THE WIFE

"She is the real manager of family life. You are the star outside, here you are not a star."
Mourinho admits his wife wears the trousers at home.

"It all depends on my wife. If I am at home, yes, I will see it. But maybe my wife would like to go somewhere. I would like to see it - I like to see football and it is a big game. But maybe I will have no permission."
Waiting to hear whether he'd be allowed to watch Arsenal-Man Utd.

"My wife is in Portugal with the dog. The dog is with my wife so the city of London is safe, the big threat is away."
Reassuring the population that his runaway Yorkshire Terrier had left the country with his wife.

PLAYERS

"A brilliant reaction. I hate it when players just walk off."
Following Arjen Robben's sharp exit down the tunnel after being substituted against Aston Villa.

"As you know Gallas had an unbelievable holiday. I hope he enjoyed it very much in Guadeloupe, which I think is a fantastic place to be on holiday, so he wanted to stay there for a long time."
On William Gallas missing the first team's trip to the United States because he was on holiday.

"I did it because I want to push my son to do the same. I also did it because I want to push the young players on my team to have a proper haircut, not the Rastafarian or the others they have."
Mourinho confirming he's a cut above the rest with his skinhead.

REFEREES

"When I saw Rijkaard entering the referee's dressing room I couldn't believe it. When Drogba was sent off I didn't get surprised."
Claiming Barcelona boss Frank Rijkaard had met with Anders Frisk at half-time in their Champions League tie.

"If you ask me if I jump with happiness when I know Mr Poll is our referee? No."
Not a fan of Graham Poll.

"I could feel immediately the movement. To somebody that understands the game and feels the football, smells the situation, it was obvious."
Senses working overtime after a dodgy offside flag denies Chelsea a goal against Blackburn.

RIVALS

"Wenger has a real problem with us and I think he is what you call in England a voyeur. He is someone who likes to watch other people. There are some guys who, when they are at home, have this big telescope to look into the homes of other people and see what is happening. Wenger must be one of them - and it is a sickness."
Astonishing attack on Arsene Wenger.

"Three years without a Premiership title? I don't think I would still be in a job."
Putting the boot into Rafa Benitez.

"Many great managers have never won the Champions League - a big example is not far from us."
Reminding Wenger there's only room for one Special One in London.

"Liverpool are favourites because in the year 2007 we've played 27 matches and Liverpool play three or four."
Cranking up the pressure ahead of the Champions League semi-final second leg.

"If you're not a big club, you choose one competition and you fight in that competition and forget the others. Big clubs - we cannot do this."
Warming to his theme.

"I am happy to be six points behind. In my opinion, Manchester United did not take advantage of our bad moments."
Delighted Manchester United are so far ahead in the Premiership in January.

"I want to give my congratulations to them because they won. But we were the best team."
In typically gracious mood after his side's Carling Cup defeat by Charlton on penalties.

THE WORLD IS AGAINST US

"This is the only time we have had to play before United and that's because we control the fixtures. Just imagine if we didn't control them!"
Hitting back at Sir Alex Ferguson's claim that Chelsea engineered their game with Tottenham to take place just 39 hours after Spurs' Uefa Cup match in Seville.

"How do you say 'cheating' in Catalan? Barcelona is a cultural city with many great theatres and this boy has learned very well. He's learned play acting."
Claiming Lionel Messi got Asier Del Horno sent off in a Champions League defeat by Barcelona.

"During the afternoon it rained only in this stadium - our kitman saw it - they tried everything. There must be a microclimate here."
Bemoaning Blackburn's pitch-watering tactics after the Blues' hard-fought win at Ewood Park.

IN DEFENCE OF CHELSEA

"We have eight matches and eight victories, with 16 goals, but people say we cannot play, that we are a group of clowns. This is not right."
On his high horse after beating Liverpool.

"Entertaining? Too much!"
After the roller-coaster 3-2 win over Birmingham on the opening day of the season.

"I think I have a naive team. They are naive because they are pure and they are clean. We don't have divers, we don't have violent people."
On his clean-living Chelsea boys, after Florent Malouda won a dodgy penalty against Liverpool.

WHAT THE REST THINK OF HIM

"If Chelsea are naive and pure then I'm Little Red Riding Hood."
Rafa Benitez suspects Jose is telling porkies.

"My wife will be glad about Mourinho coming to Bramall Lane because he's a good looking swine, isn't he?"
Neil Warnock.

"He is almost a Yorkshireman with a Portuguese accent."
Warnock again.

"When Mourinho says training will last one-and-a-half hours it will never last a second longer."
Former Chelsea striker Eidur Gudjohnsen on Mourinho's worrying attention to detail.

"I find it out of order, disconnected with reality and disrespectful."
Arsene Wenger did not take too kindly to the 'voyeur' comments.

"Two finals in three years - not bad for a little club.''
Liverpool skipper Steven Gerrard twists the knife after his side, branded a "little club" by Mourinho, reached the Champions League final at Chelsea's expense.

Body Found in Bag is Nurin

This is the Malaysian version of the Madeleine McCann's case - the missing English girl, only that Madeleine has not been found, and her parents are being made suspects at the moment.

The twist in the Nurin's case is that her parents denied that the body is their daughter's despite the confirmation from the DNA test. It may just be a temporary emotional denial, but I can't help feeling sorry for them. The dead girl has been sexually assaulted and tortured before being murdered.

It saddens me to know that quite a number of Malaysian children have been murdered this year. How can people be so cruel? There must be something that we can do to restore the safe society we once had. Even my mum has been telling me that my hometown's crime rate has been increasing and it's difficult to feel safe anymore.

Police confirmed the DNA test on the body of a girl found stuffed in a sports bag at a shophouse in Petaling Jaya Utama on Monday is that of Nurin Jazlin Jazimin who was missing since a month ago.

Petaling Jaya OCPD ACP Arjunaidi Mohamed said blood tests on the body and Nurin’s parents confirmed their blood ties.

He said Nurin’s parents were informed of the DNA finding this afternoon.

Nurin Jazlin, 8, a Standard Two pupil of Sekolah Rendah Kebangsaan Desa Setapak, was reported missing on Aug 20 after going alone to a night market near her house at Section 1 in Wangsa Maju.

The body of a naked girl, believed to have been sexually abused, was found by a shophouse owner at Jalan PJS 1 on Monday morning.
In KUALA LUMPUR, Nurin’s father, Jazimin Abdul Jalil, 33, refused to accept the DNA result that the girl’s body was his daughter’s.

“I am Nurin’s father...I know my daughter better than anyone else. My heart is saying the body is not my daughter.

“If police ask me to take the body, I will accept, I will perform the funeral rites and bury it. But I want the police to pursue the search for Nurin because I know Nurin is still safe out there,” the taxi driver told reporters outside the Kuala Lumpur Hospital mortuary.

Jazimin said he was sure the body was not his daughter’s based on her teeth and the scar.

He said Nurin had no gaps in her teeth and had a scar on her thigh.

Jazimin said he was informed of the DNA test result at 12.30pm by the Petaling Jaya police who summoned him to the Kuala Lumpur Hospital mortuary to identify the body.

Jazimin and his wife, Norazian Bistaman, 35, who were called to the hospital for identification on Monday did not accept that the body was their daughter based on the physical condition of the girl’s body.

A distraught Norazian told reporters she would accept the authorities’ decision.

“What else can I say. The DNA test shows she is my daughter. I will accept the will of God.

“As a mother, I still hope the body is not my daughter’s. Who is the mother will accept the reality that her daughter was raped and killed brutally.

“Only God will know the extent of my sadness and grief,” she said in tears.

Norazian said this year’s Hari Raya Aidil Fitri celebrations would be the most joyous and meaningful in her life in the event Nurin was found safe and sound.

“In fact, we’ve already bought Nurin’s Hari Raya dress and I will patiently wait for her return,” she added.

Media Blackout on the Latest Judiciary Crisis

If this video is true, every Malaysian deserves to know the inethical conduct of our Chief Justice (then the Chief Judge of Malaya) in "fixing" the appointments of Senior Judges with a prominent lawyer.

The latest video confirms many well-informed Malaysians' suspicion on the independence, impartiality, integrity and the professionalism of our judiaciary system. Our Prime Minister has a lot to do to restore public confidence. If we can't trust the mainstream media, the police and the judiciary system, who else is left to defend the rakyat? Harapkan pagar, pagar makan padi. No wonder quite a number of people have turned to the Malay Rulers for help recently. Perhaps that is why Raja Nazrin and Sultan Sharafuddin has been quite vocal in the public domain lately.

Below is a transcript of the conversation by lawyer VK Lingam in his telephone conversation with Chief Justice Ahmad Fairuz Sheikh Abdul Halim, as recorded in an eight-minute video clip.

"The CJ said he is relative to now Agong, so he wants to stay on to 68, so, Tengku Adnan, I told Tengku Adnan, yesterday I had a meeting with him.

He said PM is already very angry with him, he said no problem he is going to make you acting err.. confirm your position as PCA, working very hard then working very hard to get Tan Sri Mokhtar as CJM.

Ah, we just keep it confidential. I am working very hard on it. Then there is a letter, according to Tengku, I am going to see him tomorrow, there is a letter sent to CJ, I mean Tan Sri Dzaiddin, that Datuk Heliliah, Datuk Ramli, Datuk Ramli and Datuk Ma’roop be made judges, and he rejected Dr Andrew Chui and apa itu Zainuddin Ismail lah. Because Zainuddin Ismail condemned your appointment and Tan Sri Mokhtar’s appointment.

And then you also, you seems to wrote a letter for the remaining five be confirmed as judges. As per our memo I discuss with Tun Eusoff Chin and we sent the same memo to PM.

I just want to get a copy letter that that has been done.

And then Tan Sri Dzaiddin said he is going to recommend six people for the court of appeal, but until today the letter hasn’t come to PM. He never discuss, but neither he has sent the letter to PM. Yes he has not sent. I know it is under the constitution for judges all that is your job Datuk to send, but we don’t want to make it an issue now.

Ah. Ok Actually I told Tengku Adnan to inform PM, PM to call you for a meeting. I organize it so that Tengku Adnan will call you directly. And then I got your number, I will tell him to call you directly to for you to meet PM lah. So should be ok, then ar.. correct correct, it is very important that the key players must be there.

Correct, correct, correct, correct, correct. You know that the same problem that Tun Eusoff Chin has. He tried to do all this and yet he has run out of soldiers. He couldn’t do it because many are from the other camp. Last time was unfortunate because Tun Daim was doing everything sabotaging, otherwise how are things with you - everything is ok?. No, don’t worry.

You know sometimes Tan Sri Vincent that half the time they are talking about judiciary rather than doing the work. But if I don’t do this part my work will be useless.

Ha ha ha. Ah yes.Correct,correct,correct,correct,correct,correct. Right, right, right, correct. Ah right susah. You see he has now up for six court of appeal judges, so that he can put his men before he retires.

Correct, correct, correct, ah and then ah, correct. But never-mind, I will do this, I will get Tengku Adnan to arrange for PM to call you and Tan Sri Vincent Tan for PM to call you. And you know why, actually, I am very grateful with Tan Sri Vincent Tan you know why, I brainwash you so much even I quarrel with him.

One day I went to Vincent Tan house, I fire him at the night in his house. I said bloody hell if you don’t do this who will do it?

All these people Tun Eusoff Chin, Datuk Ahmad Fairuz, Tan Sri Zainon all fought for that. Then he called Tengku Adnan. Tengku Adnan he said, saya bukan Perdana Menteri Malaysia lah, you know. If the old man doesn’t want to listen to me, go to hell.

He quarreled with me. I said never mind, never mind, you talk to PM again tomorrow morning to put Datuk Ahmad Fairuz to CJM. So next day morning he went and he called me back 9.30 that he said PM has already agreed.

So I said never mind, we hope for the best. So I said no harm trying, the worst that it can happen is that you lose. Being the old man, he is 76 years old, he gets whispers everywhere, and then you don’t whisper, he get taken away by the other side. But, now PM is very alert because every time he gets letters from Tan Sri Dzaiddin, he called Tengku Adnan, he said discuss with Vincent, come and discuss.

Yes yes, ya. Correct, correct, ya, but you see although I know PM, I am a lawyer in practice my views are.. I go through them, I go through them lah. Ah, ah, ah, ah.

And then Dzaiddin will call them telling that you went saw PM and you make a big issue out of it. Oh ya, I think so, I think so.

Ok, fine, fine, fine, fine. Ok, ok, ok, ok.

Ah, ah. Correct, correct. Now I heard Raja Aziz, Raja Aziz two weeks ago spoke to my lawyer Thayalan, and another lawyer Ailan, in the high court, they have a case each other. So, Thayalan and Ailan asked Raja Aziz, how is Tan Sri Wan Adnan?

He said he is on his way down. But you know what is the shocking thing he said? Datuk Fairuz became CJM. He overruled everybody, in three months time, he is going be made PCA, and six months time he is going to be CJ. He said he can’t think, he’s shocked. He told us.

Ha, it seems that they are going to organize a campaign to run you down. But you just keep quite, don’t say anything. Even the press asked, you said I leave it to God, that’s all. Don’t say. I really like your message. You said you work very hard, what can I do? I leave it to God.

That’s the best answer Datuk that you can ever be.

Ah… I will also get Tan Sri to remind PM to put a Tan Sri-ship this year lah. This will elevate you, you know.

Oh yes, yes, yes, yes. Ha. Steve Shim got so fast, Tan Sri Chong waited for whole year to get Tan Sri-ship.

Ah.. My god that’s why, ah. Correct, correct, correct, correct. Ya, ya, ya, ya. Right, right, right. Correct, correct.

Don’t worry, we organize this. If Tan Sri Vincent and Tengku Adnan want to meet you privately, they will, I will call you. We organize in a private arrangement, in a very neutral place.

No don’t worry, Datuk, I know how much you suffer for Tun Eusoff Chin. And Tun said Datuk Ahmad Fairuz 110% loyalty. We want to make sure our friends are there for the sake of the PM and the sake of the country.

Not for our own interest, not for our own interest. We want to make sure the country come first. Well, you suffered so well, so much you have done. For the election, Wee Choo Keong, everything. How much, no body would have done all these.

Yes, you know. Good lah. Don’t worry. I am constantly working on this.

Ya ya, don’t worry, don't worry. We work hard on this. And Datuk, and then if Tan Sri Vincent and Tengku Adnan want to see you, I will organize it in such a confidential place.

Ok Datuk very best. God bless you and your family.

Ok. Thank you thank you. Bye."

Sporting Lisbon 0 - 1 Manchester United

The Red Devils opened their Champions League account with a 1 - 0 away victory at Sporting Lisbon. But overall, the performance of United is still frustrating compared to last season. Things might have been different if not for two great saves by Edwin van der Sar. The only encouraging fact is that we're the only team which have won away in tonight's fixture while other away teams have all suffered defeats. Arsenal, on the other hand has played very well against Sevilla at the Emirates.

Next up, Chelsea at home on Sunday. Hope we can take advantage of the Blues' injuries.

Only One Independence Day

I'm sure most East Malaysians will not feel very happy with this statement.

Our country is only together as one on 16 September, not 31 August as 31 August 1957 is the independence of Malaya, which excludes Sabah and Sarawak, while 16 September 1963 is the formation of MALAYSIA as a nation.

As for the celebration - the RM100 million spent this year is too much in my opinion. There are better ways to spend this large amount of money. Furthermore, many of us felt less like a nation lately. The worst part is the celebration was more like a Barisan Nasional celebration than a Malaysian celebration, based on numerous reports and opinion of friends and family back home.

KUALA LUMPUR, Sept 17 (Bernama) — The government has decided that the celebration of nationhood is only on Aug 31 to show that the country is together as a nation, Datuk Seri Najib Tun Razak said today.

However, this does not mean that Malaysia Day, which falls on Sept 16, is not important, the deputy prime minister said.

“Malaysia Day is an important day but we have decided that there should be only one day of independence because that is to show that we are together as a nation,” he said when asked to comment on Penang Chief Minister Tan Sri Dr Koh Tsu Koon’s statement yesterday regarding Malaysia Day.

The Gerakan acting president had called for more recognition to be given to Malaysia Day to celebrate the founding of the federation of Malaysia.

Dr Koh had said that while there had always been emphasis on celebrating Merdeka Day on Aug 31, the celebration of nationhood should also cover Malaysia Day.

“There is no harm in remembering Malaysia Day but the apex of our celebration will still be 31 August,” said Najib.

Najib told reporters this after launching the environment-friendly rehabilitation of the Taman Beringin landfill and its leachate treatment plant in Jinjang.

Syed Hamid Albar on BBC HardTalk

As a Malaysian who loves my country, I disagree with many points raised by Syed Hamid Albar and I'm aware many of my peers feel that way too. It's either he's in denial or he's totally detached from the real Malaysian society.

Part 1


Part 2


Part 3

Happy 44th Birthday to MALAYSIA

Today is the 44th anniversary of the formation of MALAYSIA.

However, most Malaysians do not celebrate this event and many, especially in Peninsular Malaysia are not aware of such event in 1963 at all.

I won't be surprised if East Malaysians always feel left out when we only celebrate 31 August 1957 and neglect 16 September 1963. 31 August 1957 has nothing to do with MALAYSIA as MALAYSIA did not exist at that point in time. 16 September is probably a more appropriate date to celebrate our nationhood as all Malaysians can celebrate it together.

MacBook

Finally I'm able to use this new MacBook of Johanna's to access the Internet. There has been some network setting issues for the past few days and it was frustrating.

As for the Mac experience, it's great! A lot smoother than Windows even though the graphics are a lot more sophisticated. In preparation for the MacBook, I've modified the Windows XP on my Dell laptop to look like a Mac Tiger OS X. But the system is struggling to cope with the extra graphical requirements and hence it really slows down my Windows XP.

This MacBook is my first purchase from ebay. It was shipped from Chicago. Very good bargain indeed.

Nab the Corrupted Politician Competition

Instead of organising a competition to catch stray dogs, perhaps it's better to channel public funds to catch corrupted politicians and government servants, or maybe stray cats?

As for the dog catching competition, we must have lost quite a number of tourists judging from some comments made by foreigners on the matter.

Contamination in Bahasa Melayu

It beats me why more and more English words are being introduced into the Malay language when there are already existing words in Malay. Bajet for belanjawan (introduced in 2004 budget)? Ambisi for cita-cita? Aktress instead of pelakon? Emosi, propisi, kondisi, kontroversi...

There is nothing wrong in borrowing words from other languages. English is one great example. However, it is quite unecessary to borrow words when there are already words with the same meaning in the language. C'mon politicians and Dewan Bahasa, please be proud of our national language.

Free Schooling = ?

The latest Malaysian Budget promised the Malaysians free schooling, including providing free textbooks to all.

After reading the report that the Government has paid RM224 for a set of screwdrivers (market price RM40), 10 technical books for more than RM10k (market price RM417), with a total expenditure of nearly RM800 million, I can't help feeling that the free textbooks proposals are not solely intended to help the rakyat. Instead, there will be another huge 'leakage' created to be used to buy the support from certain parties in the coming general elections. For years we've known that this is a common business model for our Government projects. The worst thing is no one will be brought to justice in the end. The list goes on... RM4.6 billion bailout on the Port Klang Free Zone scandal which has been filtered from mass media, the RM1.4 billion hole found in a deal to build 6 offshore patrol vessels...

As for the Government's excuse to restrict press freedom in the name of preserving harmony, appalling to say that it has been badly abused to distort the truth, the latest involving the police firing the shots at a Bersih gathering. Bersih is the non-governmental organisation concerned with ensuring the cleanliness and integrity of the electoral process in Malaysia. The mainstream media could not even get the name of the organisers right. Not surprisingly they named PAS, DAP and PKR as the organisers. There was little or no mention of the people who were injured by gunshots fired by the police. Everything is lopsidedly reported with the intention to demonise the opposition parties.

Busy weeks ahead

Counting down to my departure from London... Time really flies.

Many outstanding tasks before I leave.

• Complete my MSC project
  
• Learn VBA in the process
• Learn ASP.NET and AJAX - something which is difficult to do while working full time
  
• Sit for actuarial exam on 2 October
  
• Make full use of my Canon 30D around London
• Enjoy 'summer' which has arrived rather late
• Cancel all services
• Pack and ship back our stuff
• Visit Brian & Cherlyn in Swindon
• ...
  

It's going to be a busy period, but hopefully a fulfilling one.

Sad to leave London yet again. But there's always next time.

US Current Account Deficit

There has been a lot of focus on US subprime sector lately. I think the more worrying trend is the US current account deficit which is growing substantially over the years. the Americans are having great lives at the expense of the whole world, and the good times may be coming to an end soon.

Excerpts from The McKinsey Quarterly...

At $857 billion and still growing

• The US current-account deficit could continue to grow for at least five years.
• A major depreciation of the dollar could eliminate the deficit during that period, but in fact, such an adjustment would probably be gradual.
• At any pace, the dollar’s depreciation would trigger significant changes in global trade and savings.
• Governments, business leaders, and investors should prepare for the potential effects on operations and investment priorities.

Two views of the future

• Continued growth of the US current-account deficit - the deficit will balloon to $1.6 trillion... The US is likely, over the next 5 years, to retain some unique advantages that help service a large foreign debt. Most obviously, it is denominated in the country's own currency, the dollar, eliminating the risk of ballooning payments resulting from currency swings... United States has historically earned higher returns on its foreign assets than it has paid to overseas investors. One consequence is that the US net foreign debt today is significantly smaller than the sum of past current-account deficits. If this pattern continues, interest payments on the large external debt resulting from an even larger current-account deficit would be relatively low, at less than 1% of GDP.
  
• Elimination of US current-account deficit - ... 30% depreciation of the dollar from its January 2007 levels would fully balance the US current account by 2012. A smaller decline - of 20 to 25 percent from January 2007 levels - would reduce the deficit to roughly 2 to 3 percent of GDP, respectively, which many economists feel is sustainable.
  

The authors predict that the adjustment is more likely to be gradual than abrupt, i.e. something between the two extreme scenario.

Read more here and start moving your $$$ away from dollars or currencies heavily linked to dollars - Malaysian ringgit?

Merdeka!

This post will be up here until 31st August. For other updates please read below this post.

I'm raising Jalur Gemilang here since I can't do it in Malaysia.

Let's hope that the Golden Jubilee of our country's independence is not merely flying flags, throwing parties or doing countdowns. There is still a lot to be done to achieve national unity and facing up to the challenges of the ever globalised world.

Merdeka!