If the lenders are charging 2% the cost of the borrowing is RM54 Million a day.
A normal housing can be repaid within 20 or 30 years when taken by a family. But these national debts of exceeding RM1 trillion, as claimed by certain quarters, you will not be surprised if the debts can not be repaid in 100 years from today.
How not the national coffer will be emptied soon? The interest charges alone already so much a day. Plenty of Ringgits will be sacrificed to pay up these loans/debts in days/years to come. Likely, the Ringgit will suffer further although may be slowly.
You can have plenty of farming, electronic factories, durians, oil palm trees, talented human resources to assemble EV cars...the earnings in the "Ringgit" economy will be sucked/vacuumed into another economy of another currency, depending the currency denomination of those debts.
If you pay interest in USD, the consumers/workers/human beings in this economy will bear the burn of the weakening Ringgit because this banking system in this economy need to buy USD to meet the obligation.
How you do not wish that the Ringgit is strong and we can get more products/services from another economy?
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Posted by Income > 2023-10-24 08:22 | Report Abuse
Last time…Spending like no tomorrow . MP didn’t care lah