“Print More Money..?”

After the much hoo-haas on the EPF issue which caught the attention of like minded Malaysians which netizens posted their opinions,disbelieves and quick solution responses another mind boggling issue is up for interpretation now which is “..PRINTING MONEY…!!!”

You say what,”Printing Money Wan Ahmad Fayhsal Wan Ahmad Kamal and that will cause Ringgit Malaysia to become useless currency like during the Japanese Occupation says a puzzled and confused Malaysian Elder.

He added ‘If the country prints more money without making products or services,then prices just go up and the outcome will be INFLATION.

Why risk Printing Money when it could cause Inflation? Printing Money also reduces the Value of your Currency. Does he know that?

The netizens have told the Deputy minister in so many words to concentrate on what he should be good at and that is playing Football. They say he knows nothing on Finance and Economy and for this subject leave it to the people who knows.

Don’t use this to score political points and they say also want to be a “smart alec”

{Extracted a report on this subject matter from an online portal with thanks}

Former PNB chief executive officer (CEO) Jalil Rasheed has rubbished the idea of printing money to help the economy.

This is after Youth and Sports Deputy Minister Wan Ahmad Fayhsal Wan Ahmad Kamal suggested that Bank Negara print more ringgit notes to give to the people to spend.

Speaking to BFM radio on Monday, the deputy minister said this can be coupled with forgiving debt to help the people.

“We can couple this (forgiving debt) with a helicopter money monetary policy, where the central bank can directly print money and give it to the people so that they can spend it.

“These are some measures that are quite doable, we just need an innovative policy from the central bank as well,” he said.

Helicopter money refers to a policy of printing a large sum of new money to be distributed among the public, to stimulate the economy during a recession.

However, Jalil said such a policy would backfire on the economy.

“Printing money is not a solution for Malaysia. It drives down the currency value – it’s already weak enough – when you have too much in circulation.

“It’s like dividing your cake from 10 pieces to 20 pieces. Your portion becomes smaller,” he tweeted last night – without making any mentions to Wan Fayhsal.

Jalil said such a policy is likely only feasible in the US.

Jalil Rasheed

This is as US currency is used for global trade, and more money in circulation will still be in high demand.

Helicopter money policies had contributed to hyperinflation in Zimbabwe and Venezuela.

Besides printing money, Wan Fayhsal in his BFM interview also highlighted efforts under Budget 2021 to create jobs and prepare people for an economic recovery next year.

He added that the 12th Malaysia Plan will further outline the government’s efforts to help the people.