“We are going bankrupt in five years time”
“The government has no more money and we have RM500 billion of debt”
“Mismanagement and Corruption has made us poorer”
These are the routine statements you may have heard regarding the state of the Malaysian government finances. But do they hold any water?
A while back, in Book 3 of the 259 Trillion Vs 5 Trillion Series, my co-author and I have presented the calculations of the US Government assets and compared them to the so called “mountain of debts” and found out that the opposite was the truth, that the US has far more asset than debt. People with their own agenda use half-baked statistics to propel “unsuspecting” citizens to become angry and extremely emotional toward their own governments, masking their true intention, which is mostly for power grabs. As such, with such roaring emotional outburst of various camps on small issues, I will try to dispel a few myths on the Government of Malaysia. One should view things with brains and facts and not on sensationalized half-truths and emotion.
Recently, Maybank launched “Maybank Investment Silver Acccount (MSIA)” which provide an opportunity to investors to invest in precious materials without the hassle of keeping it. Maybank is the first bank in the country to offer a silver investment passbook account, allowing deposits and withdrawals in silver at a daily price in ringgit at any of its branches nationwide.
When investing is precious metals, some people believe that silver investment is better than gold investment due to the fact that silver is more widely used for an industrial purpose than gold and currently the silver production unable to cope with the demand. MSIA will give an opportunity for the investor to take advantage of the situation. Also, when compared to gold investment, silver is more affordable as the price per gram is much lower.
The features of Maybank Silver Investment Account are,
With effective from 31st December 2010, deposit insurance limit will be increased to RM250,000 from RM60,000 per depositor per bank. The new limit come into force after it was approved by Dewan Rakyat and Dewan Negara recently.
The new limit will protect 99% of retail depositors in full. In addition, the new bills will also includes foreign currency deposits under the deposit insurance protection.
The enhanced financial consumer protection package included the expansion of Perbadanan Insurans Deposit Malaysia (PIDM) mandate to include the administration of the Takaful and Insurance Benefits Protection System (TIPS).