ALREADY NERVOUS INVESTORS GET EVEN MORE NERVOUS - AS ANWAR'S RECKLESS RHETORIC PLUNGES MALAYSIA FACE TO FACE WITH POSSIBLE U.S. ECONOMIC SANCTIONS

Written by Stan Lee, Politics Now! 

KUALA LUMPUR (Politics Now!) - It's OK! Nothing wrong with Prime Minister Anwar Ibrahim's staunch support for Hamas, the Palestine people or his strong condemnation of Israel, was perhaps the overly-sanguine view of some Malaysian experts - although not all!  

There had been fear that the ineffective Anwar had again dragged Malaysia into a worse situation by pointing the finger at the U.S. in a move seen aimed to save his face after he was ridiculed for his bombastic accusation that European MPs had "threatened" him to soften his anti-Israel and pro-Hamas stance.

"The question is does Anwar know the difference between the U.S. and Europe?" a geopolitical commentator told Politics Now! 

"He can fool some of the people here especially in the villages but I think the international community is laughing at him and Nazri. No doubt, U.S. is among the arrogant ones who would put pressure but then of course it would. Same goes for some of the EU nations as they are Israel's traditional allies. Just as Malaysia should ask and send its own demarche notes to demand justice for the Palestine people instead of its PM behaving like a drama queen and making already nervous investors more nervous."

"It's jumping from frying pan into the fire and the buck stops at Anwar's incompetence. I am sure he knows the U.S. can and likes to impose sanctions. Maybe this is why he initially accused 'European MPs' instead. Whatever it is, the U.S. is tougher than the EU. Even if we escape direct sanctions, I think Malaysia's economy is vulnerable if some of the very old, established and rich Jewish funds boycotted our markets." 

Indeed, Anwar may have created yet another hornets' nest for Malaysia's economy, which is already nose-diving with the local currency freefalling to historic lows, breaching even depths hit during the Asian Financial Crisis 25 years ago.

On Oct 31, several days after his 'European MPs' accusation during a rally, Anwar and his envoy to the U.S. Nazri Aziz revealed that the U.S. had pressured Malaysia into reviewing its stance on Hamas after refusing to brand it as a terrorist group.

No mention was made about the European MPs although Anwar had promised to reveal their identities.

According to Anwar, his Foreign Ministry had received three demarche notes from the U.S. Embassy – two on Oct 13 and 30, while the third was sent to Malaysia's ambassador to the U.S. in Washington.

IT'S CHINA NOW - NOT THE U.S. 

Nonetheless, some of the Malaysian experts who aired their views on the issue may have stumbled on an ominous message that has real and stark implications for Washington - most Asian nations now back China rather than the U.S.!

“Last month, the answer would have been the U.S,. Last week, the unanimous answer was China,"  Sharifah Munirah Alatas, a well-known commentator and assistant professor of Strategic Studies and International Relations, was reported by Malaysiakini as saying.

She was citing the audience response at the Youth Economic Forum 2023, where "a few hundred young Malaysians in the audience  were asked a hypothetical question: ‘If we were asked to take sides in Asean, whether to ally with the US or China, what would you vote for?’" 

“Supporters for the U.S, are outnumbered,” said Sharifah.

“Malaysia will not be the only country to be singled out, simply because a majority of nations of the Global South are against what is happening in Gaza."

She and many other experts have pointed out that the conflict was seen as the latest in a long line of tragedies that were of Washington's own making - whether directly or indirectly due to its inability, slowness or even refusal to defuse the tensions in the region despite decades of skirmishes, wars, violence and bloodshed.

“One also has to remember that the struggle for self-determination by the Palestinians has been several decades in the making, with no sincere attempt at any solution, from major players in the international community. In many ways, this is colonialism, racism and fascism combined," Sharifah had also said.

'HARMFUL ON THE ECONOMIC FRONT'

Nonetheless, while it appears there may be too many 'culprit' nations for the U.S. to punish by way of economic and other sanctions, Israeli or Jewish-owned companies and powerful investments funds may blacklist Malaysia and other South Asian nations.

“It might hurt Malaysia’s foreign direct investments and trades. It will be a bit harmful on the economic front," warned Oh Ei Sun, senior fellow at Singapore Institute of International Affairs.

“There are many multinational corporations that are either owned by Jews or are sympathetic to the Zionist and Israeli cause." 

Indeed, Anwar who is fond of posturing on the global stage may have thought he could get away with his  inflammatory rhetoric against Israel, as he aimed to garner support from the Muslim-Malays, the largest electorate, in Malaysia.

Unfortunately, the U.S. House of Representatives has passed a bill regarding restrictions on foreign entities that support Hamas and the Islamic Jihad Movement in Palestine. This has sparked serious concerns that Anwar's "play-acting" may attract sanctions against Malaysia's already embattled economy.

“What Anwar is doing is not directly saying that we are supporting Hamas. We are supporting the Palestinian people in their plight to get freedom in the face of the conflict in Gaza," Azmi Hassan, a senior fellow at the Nusantara Academy said.

“Yes, we don’t consider Hamas as a terrorist group, but there is nothing wrong with that. There is no international law that says it’s wrong to show moral support towards Hamas.” 

ANWAR MAY HAVE THOUGHT HE WAS BEING CLEVER BUT...

The “Hamas and Other Palestinian Terrorist Groups International Financing Prevention Bill”, which was first tabled in January, requires the U.S. president to impose sanctions against foreigners who knowingly provide significant financial, material or technological support to certain militant groups in Palestine.

U.S. President Joe Biden is required to impose economic sanctions against these supporters within 180 days after the bill becomes law. The law also requires Biden to come up with a list of countries that provide such support for these groups within 90 days of the law being enacted and impose sanctions within 180 days.

However, the president may waive the enforcement of some of its provisions, particularly on humanitarian grounds. The bill will be scrutinized next by the U.S. Senate. 

Written by Stan Lee, Politics Now!

Politics Now!