Thursday, July 26, 2012

ARTIKEL TERBARU TUN M.


1. I was surprised to be asked by a friendly Malaysian interviewer about Malaysia’s tin cartel operations. I thought I had already explained in my memoirs about the tin trading which we carried out soon after I became Prime Minister. I can understand the opposition describing what we did as a cartel. But apparently many Malaysians swallowed the accusations by the Western media that we had cornered the tin market.
2. I don’t know whether people understand what a cartel is. The dictionary defines cartel as an association of competing firms formed to fix price.
3. The Malaysian Government was never a member of any association with anyone to fix tin price. All we did was to appoint a Swiss firm Mark Rich to do the trading for us.
4. What was happening was that some shadowy tin traders were selling tin repeatedly in the London Metal Exchange in order to depress tin prices. They had no tin but as with short-selling shares, the tin they sold was not in their possession. In short-selling, the idea is to sell and sell so as to depress the price. When the price has gone down, the seller then buys the tin to deliver to buyers who had earlier bought at a higher price.
5. Tin in the early 80’s was one of our main exports. We had not yet built up our exports of manufactured goods. Therefore the depressed tin price was hurting our economy.
6. As a big exporter of tin we knew the amount of tin being traded in the market was far bigger than physical tin. Due to the low prices we had a big stock of tin.
7. It is common practice to buy any commodity including currency in order to support price.
8. And so we bought the tin in the market to support the price. We also knew that the sellers would need physical tin to deliver when they have to fulfill their contracts. And when that time comes they would have to buy the tin from us.
9. Sure enough the time came for the sellers to deliver the tin which they had sold at low prices. The tin they sold far exceeded the amount they could be holding. Then they would come to us. We could then name the price.
10. The sellers and buyers had entered into legal contracts. The sellers must deliver if they don’t want to breach the contracts.
11. But when the time came for the sellers to deliver and they did not have the tin to fulfill their contracts, we were sure they would offer to buy the physical tin we had in our stock. We stood to make a good profit as the tin price in the market would go up. This would help us regain our earnings which we lost through the low prices caused by the short–selling operations of the market players.
12. But the London Metal Exchange ruled that the sellers need not deliver. Naturally we lost a lot of money as the tin which we had contracted to buy was not delivered to us. And the tin price remained low as we were carrying a lot of stock which we could not sell.
13. The London Metal Exchange justified their ruling by saying we had formed a cartel to fix the price of tin.
14. There was no hearing of our side of the story. And certainly there was no proof of any association or cartel formed by us. The high and mighty London Metal Exchange simply ruled that the tin need not be delivered. They saved the unprincipled market short-sellers who had expected to make tonnes of money from selling tin they did not have.
15. I was annoyed. The episode influenced my decision to buy British last and not to give contracts to British firms.

26 comments:

kingnek said...

nik aziz "apa tin tin ni, tak paham ambo" mahathir "aku tahu cara yahudi internasionalis dan cina bergerak di belakang tabir" bezanya seorang pemimpin cerdik dan pemimpin yang kurang sedikit cerdik. malaysia beruntung dapat mahathir sebagai pemimpin

Abdul Hayee said...

The decision made by Tun to buy british last made the british govt real mad.

Cerdik dan berani PM kita. Shabas Tun.

Syukur pada Allah.

Anonymous said...

Nicky cume tau TIN MELO saje...

wa kakakak kkakakakak

Anonymous said...

pemimpin n penyokong haprak pakatan syaitan mmg mempunyai otak seperti tin..tin kosong...bercakap mcm takde otak (tin kosong)..tiada idea (tin kosong)....mereka hanya pandai buat fitnah, bangkang, demonstrasi..puiii

Syukur Malaysia mempunyai pemimpin berpandangan jauh spt ayahanda Tun..semoga Allah memanjangkan usia Tun...

Servant of God said...

Memang bijak Tun M.

Marilah kita sama2 belajar benda2 ni dpd Tun M sementara dia masih ada. Tak payah dia buat kelas, kita baca blog dia pun dah cukup.

Anonymous said...

Perghhh... macam ni rupanya timah diniagakan. Pandai betul orang Barat ni mempermainkan negara dunia ke 3 macam kita ni. Syukur kita pernah dipimpin oleh Tun M yang bijak menangani tekanan dari pihak Barat. Padan muka Britain. Kena sedas "buy British last". Kau ingat Malaysia ni boleh buat main2 ke.

Superb explanation dari Tun, kita yang layman ni senang faham. Jawapan dan penerangan dari Tun begitu objektif. Straight to the point, tak ada spin dan konar kiri kanan.

Nak harapkan bakal PM lagi satu tu. Jangan mimpilah, cakap pun terkial2 dan aku pun tak faham apa dia cakap.

akuantiPAKATAN.

Anonymous said...

apa-apa pun depa rasa lebih bijak kerana depa boleh jadi imam. depa hina tun konon tak arif dalam agama. bagi depa biar berketuakan orang kafir daripada memuliakan rakan seagama yang konon tak pandai agama macam depa.

Matt said...

kalau si anu tu jadi pm, bila ada masalah mcm ni cepat2 dia mintak nasihat imf, us, dan pe jadah lagi..

rugi la negara kita... so,jgn sokong pakatan liwat rakyat..

Anonymous said...

Bijak betul Tun.M. Maafa dipinta dari Tun.M sebab dulu saya selalu kutuk Tun depan kawan2, keluarga isteri dan semualah. GAP di bulan puasa ni tolong sampaikan maaf kepada Tun.M.

Salam.

Anonymous said...

Nampak sangat kapitalis bukan saja kuasai metal trading tetapi keputusan mahkamah.

Anonymous said...

Org pas paham ker....

Anonymous said...

.
RENUNGAN LUNCH HOUR

A. lintah darat IMF kekenyangan sambil goyang kaki makan bunga

B. kapitalis teratas kaya raya bermodalkan dominasi dan penjualan produk spekulasi

C. pelombong membanting tulang untuk sekilo tin agar tidak terlalu kais pagi makan pagi, kais petang makan petang.

D. parti hidup senang cukup dengan penjajaan janji kosong bermodalkan air liur dan edaran TIN kosong

GELAP JERUBU BUKAN MENDUNG

Anonymous said...

Pihak mana lebih signifikan sumbangannya dalam konteks ekonomi?

1. Jutawan yang berniaga atas angin

2. peladang kelapa sawit yang mana hasil hilirannya di eksport serata dunia?

Anonymous said...

Pihak mana lebih patriotik?

1. Apek jual produk import, drive jaguar

2. Mamat jual kerepek ubi, pandu kelisa

3. Dapig jual bakkutteh pap, tunggang keldai

Anonymous said...

kenapa tak ada yang nak jawab?

tak gheti?

Servant of God said...

Anonymous said...

kenapa tak ada yang nak jawab?

tak gheti?

July 26, 2012 1:21 PM

-------------------------

Lah, hang betul nak orang jawab ka? Nampak cam soalan retorik.

khalil said...

Kita nak cari pmimpin bukan yg baik saja tpi baik dan cerdek, shukur kita dpt Tun sbagai pmimpin drp thn 81 - 03 bermacam macam pembangunan dan kemajuan tlah berlaku cuma kpd org2 yg tlah di butakan mata hati mreka oleh kebencian maka mreka x nampak lah semua tu... Tun saya berdoa Tun dikuatkan semangat dan sentiasa dipelehara oleh ALLAH amin

Anonymous said...

jutawan atas angin hanya jual spekulasi bukan -- spec -- makanya tidak banyak menyumbang kepada pengembangan ekonomi

peniaga biasa seperti iks, mereka buat produk dan jual produk makanya iks membantu dalam pengembangan ekonomi berlandasakan produk yakni bukan atas angin

jutawan atas angin adalah punca kepada kecelaruan, ketidakseimbangan dan penguncupan ekonomi melanda negara kuasa besar/kapitalis sekarang ini.

Anonymous said...

pekerja kilang automotif berjenama tempatan adalah penambah kek ekonomi lebih penting berbanding apek pengedar aksesori import tiruan

Anonymous said...

pembuat dan penjual kopiah jenama pas jauh lebih besar sumbangan dari sudut ekonomi berbanding syarikat import pakaian jenama dap

Anonymous said...

Khalil, semoga ramai org Melayu berpandangan seperti saudara.

Selamat berpuasa.

Zek said...

Anonymous 11.40AM

Kita kalau nak mohon maaf kenalah sebut nama penuh barulah ikhlas.

Lebih baik jumpa Tun sendiri dan mohon maaf secara terbuka.

GAP ada merancang untuk mengadakan perjumpaan Tun dengan orang2 yang ingin memohon maaf pada Tun. Kalau majlis itu dapat diadakan dalam bulan ramadzan ini alangkah baiknya GAP. Aturkanlah GAP. Yakinlah ramai yang ingin menyertainya.

Anonymous said...

Bersetuju. Kerja baik jangan ditangguh-tangguhkan bro GAP.

Tak tahu siapa yang dijemput Allah dulu.

Anonymous said...

lepas ni nak kena tunggu berapa puluh tahun lagi baru dpt sorang pemimpin yg mcm Tun ni???

Bomoh siam...please open your 3rd eyes...see whether we will have or will never have???

mohd. natar said...

...Thank you GAP and syabas Tun. We stood and still stand by you in your decision. It is not easy to have another leader like you. May Allah be with you at all times, insya'Allah. Amin ...

mohd. natar said...

...Thank you GAP and syabas Tun. We stood and still stand by you in your decision. It is not easy to have another leader like you. May Allah be with you at all times, insya'Allah. Amin ...