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MPs and Fickle Debtors | 4th Ring Road, Enjoy the Ride... | ...الدائري الرابع ، تمتع بالرحلة

Since Al Watan’s website is still down, I found this headline this morning from Al Zebda. Apparently, our MPs are gracious enough to finally forget their own personal differences and think of the poor Kuwaiti public.

Our MPs are now pushing on for the government to buy out Kuwaiti’s loans in one way or another. Their latest plan is to give each employee a 7,500 KD grant and another 7,500 in loans to help the in-debt Kuwaitis. If this thing went through then of course I will benefit, who doesn’t? But this policy of buying citizens’ content is something I strongly disagree with. Now, I know that the Kuwaiti debt problem stemmed from both banks (through lack of Central Bank’s inactivity) and people who just sign the dotted line with reading the fine print.

MPs, especially Dr. Bo Ramiya, saw this problem as a base for their popular support and to be honest with you I don’t blame them that much. If Kuwaitis vote for whoever bails them out of their mistakes with no consideration to long term repercussions then we should expect to see the continuation of MPs (with lack of foresight) gracing the Parliament building.

If the whole Kuwaiti labor force got a 7,500 KD grant from the government then it would surely affect the inflation rate… is this what we want? I know it would kickstart the economic cycle but I worry about what would the average Kuwaiti do with this money… I think we, generally speaking of course, would apply for new loans without reading the fine print and, lo and behold, a vicious cycle is born.

Comments

13 Responses to “MPs and Fickle Debtors”

  1. AO
    September 29th, 2009 @ 12:05 PM

    yannaw el jema3a

  2. O.K.
    September 29th, 2009 @ 12:08 PM

    9ij mo nag9een

  3. AO
    September 29th, 2009 @ 12:15 PM

    mako reyayeeel

  4. O.K.
    September 29th, 2009 @ 12:21 PM

    mako kuwaityeen

  5. O.M.B.
    September 29th, 2009 @ 1:39 PM

    LAISH …. walla 3aba6 ilmafrooth esawoon shay tstfeed mna ildeera wainek ya jwaihil

  6. mojo
    September 29th, 2009 @ 2:25 PM

    IRRRADAT AL DAWLA 105 BIL WIL EXPEN 60 BIL

    O 3ADDAD IL MUWATHAFEEN IL KUWAITIEN IS 420,000

    WIL MABLAGH 15,000 KD O 3ALAIK IL 7ISBAA :)

    TADROOON HATHA RA7 IYKALIF IL DAWLAAA CHAMMM ??

    6.3 BIL (KD MO BAKISTANI ) KD DINAR :)

  7. O.K.
    September 29th, 2009 @ 2:29 PM

    ra7at likuwait

  8. DarkWolf80s
    September 29th, 2009 @ 3:22 PM

    THEY SHOULD NOT LET THIS BILL PASS!! I like many others who are in debt I will no way let this thing pass! Because even if I do get my share it will severely affect me and my family in the future! People I plead don’t let this bill pass! Cause it will be your butt grilled and you won’t afford a thing! Meaning our currency will go flat down!

  9. 1001Nights
    September 29th, 2009 @ 6:26 PM

    Whatever. No way in hell it’s gonna pass. Wain ga3deen.

    Article yesterday on inflation said that it will slump to less than 5% in the last few months of 2009. Note it was over 11% in August of last year so we’re doing really really good there. Hope we don’t screw it up with crappy handouts suggestions.

  10. Adel
    September 30th, 2009 @ 8:48 AM

    It is worrisome that this is all we seem to ask for and the bigger problem is that our government always provides. It is not an issue of inflation etc. No. The crucial issue we have to tackle in Kuwait is moral hazard. The US let Lehman Brothers fail, sending the world economy into a near armageddon scenario JUST to fend off the vicious moral hazard disease. People always WANT to be bailed out; who doesn’t. However, this is a COUNTRY not a spoiling father. Further, it must be managed accordingly.

    I’m very fearful as far as the future of Kuwait is concerned. What next? A proposal to sell the country and distribute the return on the citizens?! Politicians: for once do what is best for your country not what is best for your next election.

  11. jiblawi
    September 30th, 2009 @ 8:52 AM

    well said abdulmohsen

  12. Abdulmohsen
    September 30th, 2009 @ 11:48 AM

    Adel: Good point

  13. Marzouq
    September 30th, 2009 @ 7:25 PM

    We have companies failing, and government entities failing our country and they are arguing about these stupid things all the time!

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