Most Central Banks are now hoarding gold
a Harvard grad top Congress dog on budgetting
Of late, this post is worried about the following confirmed news: 1. ballooning country's debt rising into unprecedented amount and breaching the safe debt to GDP ratio (rising spectacularly even in 2025 only
2. Wholesale plunder in the flood control anomaly amounting to billions (supported by stories from cohorts and even drivers and transporters of the cash hoard.)
What is heartbreaking is that this was alleged to be perpetrated by the best minds of the country (one of whom graduated from Ivy League School in USA with masters)? I even have a classmate (maybe he could not say no to offend the Chief) who could be a party to the sale of the country;s gold
If only the trillions borrowed were used in financing key industries that would propel the country's jump into middle income status? Or saving more PHP in govt operations. If only processsess were automated to blunt corruption. If only we invested in more gold and US treasuries or engaged in Yen Carry trade; if only we had hedged the funds?
But no they were used to finance ghost projects (never was built or existed) half completed projects or projects that failed (multi million bridge that collapsed) on mere two "overloaded trucks passsing" We poured money into blackholes, abyss!!
Just to think that trillions were financed by: 1. selling the country's gold when gold was still in the low $2,000, 2. shifting funds from Philhealth PDIC and other GOCC. Who engineered thus scheme that in the corporate world would be termed as malversation (even at the middle level of govt under COA rules)? and merit outright dismissal/termination? Are they not even getting a whack on the head? But they are still here and even promoted!!!!??
Other countries and history shows us thast countries did not end their reign by military defeat but by financial perdition: 1. Rome, 2. Germany 3. UK and predicted to be 4. USA (with 38t USD in govt debt UK once rulling 1/4 of the globe, was defeated by US in it being burdened by lend lease deal that required UK to pay US for the arms and equipment used in WW2. Or was it the 1944 Bretton Woods agreement that saw the reign of US dollar for the next 90 years?
UK we see is no longer the glorious empire we heard in our history books.
But how about us? Are we financially strong to pay off P17 trillion in debt? Shall our future childtrten and generation have enough resources and grit to pay back this huge debt that was plundered by the lawmakers supposed to guard and protect the said treasure from misuse and anomalies
Only SC seemed to be the last remaining bastion of clarity and morality. Thank you and congratulations, COA???
The rest: the legislative and executive must be severly censured. By whom? By the Ombudsman who serve at the beck and call of the appointer (who could be.... the au.....r??! The gentlemen (and the ladies yes yes) were equaly ....y and .....cious.
In rest of the world, small acts of dishonesty resulted in rampage by the citizens (as in Indonesia and Nepal) ; we nearly were into it last Sept 21.
What happens next? Who will stop the plunderers? Can they be stopped (all ready one of the key witnesses, personnel from DPWH died under questionable ciircusmstances)
Lets stop plunder. Lets remove the plunderers. Let us replace our current leaders with integrity and high standards of morality and who will really be in the service of the country. Big words being parroted by demagogues and would be saviour pretenders.
