Manekseka Sangkum:
More concerning is the question as to how so many ordinary people find themselves in debt in the first place!
Debt is a known vicious cycle: it drives people into trying out equally risky measures, from alcohol and drug addiction, joining precarious migrant workforce overseas, violent crimes, prostitution, selling off family assets and farmlands, borrowing from someone else to pay off the debt to one person and thereby becoming indebted to another, to a life on the streets and destitution where they end up being arrested by authorities and locked up at some other detention centres [where risks of drug abuse and violence are high] set up to give cities like Phnom Penh a healthier, beggars-free image! Suicides are common occurrences in rural areas. Meanwhile the PM decides to act tough on those with promises to 'cancel' the debt as his government's first step? What about the single biggest factor behind the violation of financial regulations: corrupt government officials, particularly in powerful places like the PM himself?
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Prime Minister Hun Sen gives a speech yesterday at the Peace Palace in Phnom Penh in which he warns opposition parties about the dangers of making false promises. Facebook
Loan cancellation pledge will result in jail, says PM
Tue, 15 March 2016 ppp
Vong Sokheng
“It is unacceptable that they cheat people for their own political gain, that drags people into worse debt,”
Hun Sen
Prime Minister Hun Sen yesterday threatened political rivals with criminal charges should anyone campaign on the promise of cancelling household loans.
Speaking at a microfinance conference in Phnom Penh yesterday, Hun Sen spoke out against unnamed parliamentarians and individual party officials he said were spreading propaganda with promises of cancelling loans people have taken from the microfinance or banking industry.
“To do such a cheap act, going door to door and cheating people, by saying they will cancel debt if they will win in the election; I think that this act . . . [requires] immediate arrest, because it is in violation of financial regulations,” he said.
The premier said that the police would arrest anyone caught spreading such propaganda “on the spot”.
“It is unacceptable that they cheat people for their own political gain, that drags people into worse debt,” he said.
The prime minister said someone had been making such claims in recent weeks but did not reveal who it was.
Kuol Panha, head of election watchdog Comfrel, said that the premier had raised an “extreme” example, but that debating household debt among politicians should be encouraged to ensure “best practices” emerge from the finance industry.
“Politicians have the right to talk about that,” he said, citing previous government intervention into the microfinance industry following drought season to alleviate the burden among Cambodia’s poor as well as requests from the government to donor countries to restructure its own loans.
5 comments:
He can cheat people but people can't cheat him .that why he so mad but YUON cheat him it so quiet and hiding under Me Kach Srouk skirt.
Can't put all the blame on the ruling party concerning this matter of finance. It's the outside investors and bankers that are contributing to their hardship. I assume the world has adopted the Keynesian economic model of prosperity, which is debt based. Sam Rainsy maybe schooled in banking and economic but perhaps naive of the bigger scheme of the banking industry.
Again a quote from Mayar Rothchild
"Permit me to issue and control a nation's monetary and I care not who write the [their?] laws."
If this is true in Cambodia, the bankers control Cambodia economic outcome and not it's politicians. [public servants?]
This notion that if elected the poor people's debts could be cancelled is a good promise, but is it in the power of Rainsy to do so? "He who has the gold make the golden rules." Unknown
OK, for those who live in America, do you believe that politicians live under the same laws as the common people do? In some laws yes. But....Yes, its a questionable big BUT. Why would they reveal to common people of their exemption from certain laws they crafted to enslaved us?
there is no freedom in this world corrupted system no matter where you live. Oh, there's a pocket here and there suppose freedom, this to is being taken away fast by the New World Order, through their Agenda 2030. Ah, climate change is the biggest leverage they use to take away our rights to live as freemen.
Unraveling the New World Disorder
gov official has no power to cancel a debt .. in fact bankers do own most gov officials.. and many wars [ economic or real battlefield war] were started for bankers and financed by bankers..[ since they are the ones printing money which gov need to buy weapons , ammo ,planes , trucks etc... and food supplies and even paying the soldiers salaries ] and without bank issuing letter of transaction guaranteeing payment , there will be NO export or import -- and cambodia depend on export .
to answer the question from awakened poster above : politicians and the elites are above the law.. they can pay a whole army of lawyers to defend them ; these top notch lawyers can twist and turn the meaning of the law to fit their needs and most of their clients will end up with a slap on the hand as penalty.. just look at the bankers who brought down the financial system in 2008 , not a single one went to jail and we taxpayers ended up paying for their greed for gambling with other people's money and loss; most got a few millions dollars fine with the promise that they will never do it again -- laughable, isn't it ?
well now they are at it again and many billions dollars more richer than before ; according to most economists , we are headed back into another financial crisis. things are getting so bad now that the bankers have no choice but to lower interest rate to negative [ charging money to deposit in the bank ] . and taxpayers will be forced to come to the rescue AGAIN when the financial collapse occur , because gov officials [ congress and prez ] are owned by them ...
When the congress of CPP party is a majority in the chamber, and when all the law in this country as a whole is in the tip of the tongue of dictator PM , then everything is start to messing up and fusion . The picture of a country lawful banking protocol supposed to rest at the hand of rightful banking communities and the congressional committees ,instead come out from the mouth of an antebellum political leader . I am not a political analysis or even a banking expert ,but when i see the hand of a PM intervene in every event happened in this country,we're Khmer have a question to ask,Why don't the PM let their congressional banking committees and the Banking communities heads sit down and find the solution to solve it ,or make a precise law to deal with it ? Why you need the PM mouth to created a controversial law of intimidation for this country citizen ? then this country without HUN SEN mouth order to do,what it will became ? From border encroachment , traffic law , forest devastation ,timber contraband , land disputed,land management , election , health , now banking loan disaster and so on . If the country run by one and one only supper PM ,then all of Khmer administration in all brands ought to resign their posts, because in the eyes of PM, you are a useless employees of state,just park up an leave your ministries . I am sorry to said that ,because i don't want My supper PM die because of too busy work to cover all of your irrelevant undue jobs .
These disgusted me for leaders to behave this way.
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