So help us God, because it just gets worse

Published: October 20, 2013 at 7:53pm

chinese financial services

Our minister of finance, Edward Scicluna, spoke at a meeting of the China-Malta Chamber of Commerce on Friday evening.

I quote the report in Times of Malta. Exactly why should the Maltese government make it its business to boost China’s currency internationally? But that is what the finance minister is saying here.

“I will strive as Minister of Finance to attract Chinese financial services to Malta. Such a possibility would boost Malta’s attractiveness to Chinese investment in the region, and boost the Rembibi (RMB) as an international currency.

Through such strategically placed location Malta could offer itself as a gateway to Chinese investment in the region,” Prof. Scicluna said.

During his address, Prof. Scicluna noted the historically strong friendship between Malta and China, and said that over the past six months, this was elevated to a higher level.

He noted several initiatives, among them the landmark Memorandum of Understanding with the Chinese government, which will see a Chinese energy corporation become a strategic partner with Malta’s Enemalta.

He also referred to the restoration and embellishment project on the St Lucija Garden of Serenity funded by the Chinese government as part of its China-Aid Programme, representing an investment with a value of €4.5 million.

Prof. Scicluna emphasised that Malta, as well as the EU as a whole, must accept the current global realities.

“China is a young dynamic economy reflecting its youth, while Europe is a graceful though more mature economy, sometimes exhibiting some sclerosis as well. This is why such partnerships are important, as the mix of abilities and experience and strategic characteristics of each partner result in a strong business relationship,” Prof. Scicluna said.

35 Comments Comment

  1. H.P. Baxxter says:

    What the fuck is he talking about, this titled cretin?

    The EU has one and a half times China’s GDP. For a fourth of its population. Per capita, that’s six times China’s GDP. According to the (unreliable and lying) Chinese government itself, the disposable per capita income of urban residents in Beijing last year was $5,864. In the EU, it’s $34,000.

    Let’s talk socialism, since this Scicluna is an avowed leftie. China has levels of poverty, especially in the countryside, that Europe hasn’t seen for two hundred years. Since 1960, income and education disparity have increased. Workers’ rights are non-existent. Unions are forbidden. More Chinese workers die in work-related accidents per year than all of Europe plus the US put together.

    And he wants to talk about a dynamic economy?

    Ageing populations? The number of young young workers (defined as the 15-64 age cohort) will decrease twice as much in the EU. But in the US it will grow by 37% over the next 40 years. So if you want to talk young, dynamic economy, look to the US.

    It’s fucktards like Eward Scicluna who are holding us Europeans back. If it were up to me I’d ship them all to China, so they can fawn and grovel at their beloved young, dynamic, empire of the future.

    • It-Tezi ta' Mario says:

      Self-sustaining farmers are cleared off their land to make way for building and infrastructure development. Protestors are violently removed or killed, often both.

      That’s in China.

      Does Scicluna have similar plans for Malta?

    • Joseph Caruana says:

      To add, Prof. Scicluna has forgotten about the one child policy that China had adapted in 1979 and still running. China’s population is set to fall after 2030.

      • Josette says:

        And no one yet knows the full effects of the gender imbalance which has been the result of that policy.

    • ciccio says:

      Baxxter, “the sun rises in the East.”

      • H.P. Baxxter says:

        Like fuck it does. Not for me. For me it rises right here in Europe, the continent that gave the light of civilisation to the world.

        That’s not right-wing talk. That’s honest-to-goodness European politics. If our politicians don’t feel that fire in their loins, then for a start, we’ve no place in the European Union, and secondly, we might as well dissolve the whole thing altogether.

        The trouble with Europe starts with the lukewarm, flip-flop, not-really-convinced, Gonzi-type speak. The disaster is compounded by politicians like Edward Scicluna, who hold a European passport but salivates with unfeigned love for China and the adversaries of Europe.

        Yes, egad, adversaries. And I’m being kind. I should have said enemies.

      • ciccio says:

        Baxxter, your comment reminds me of what Scicluna had said after attending one of those intensive meetings for Finance Ministers in Brussels:

        “Prof. Scicluna said: “If one had any doubts about the indignity suffered by indebted countries forced to seek a bailout, one should have been present for the night long meeting in Brussels.”” – The Times

        His government is bailing out Malta with passport sales and the sale of the family silver to the Chinese but is showing no signs of indignity.

    • International mother Fers says:

      ‘It’s fucktards like Eward Scicluna who are holding us Europeans back’.

      You may have a point, Baxxter, but only because he should feel at home in Europe; It’s precisely his ilk in the European parliament who are effing Europe up.

      Unfortunately for us, the U.S has embarked on an exercise of quantitative easing that will prove impossible to extricate itself from. Whole economic regions have written trade agreements in the last couple of years to settle in Renminbi (BRICS, Russia AND a number of Eurozone countries) because history has taught (some of) us how these things end; they keep on going until they can’t.

      Statistics are just that, you can pick and mix to prove any point you wish but an average of 25 % unemployment
      throughout the club Med, not one solvent bank throughout the west is more than enough for me.

      Human rights in China may be non-existent, but can you honestly say that democracy and justice in Europe is not on the slide? How many referendums in Europe have been totally ignored? How many corrupt officials in Europe have had to answer for their crimes?

      When theft is termed as ‘financial misappropriation’ you know the inevitable outcome of any case put before the courts and the media seem to be playing ball; well they would wouldn’t they.

      HSBC was caught laundering tens of billions of Dollars for the Mexican drug cartels a year ago, I’m sure you’re aware of what would happen to you or me in a similar situation, but here they are still doing business and not even a word of condemnation from anyone.

      The truth is, Baxxter, no one really cares. It’s every man for himself.

      To finish off…

      Eat your heart out.

      • H.P. Baxxter says:

        I’d rather be a pauper in Europe, where I can speak my mind, than a prince in China.

      • La Redoute says:

        Me too.

      • International mother Fers says:

        Of course you would, but that’s no reason not to speak the truth when it’s glaringly obvious.

        If you’d prefer to be a pauper, I can help you with that, as the resident militarist maybe you should donate your savings to the Al-Qaeda Syrian liberation movement. I’m sure the local U.S embassy will oblige.

      • H.P. Baxxter says:

        I’ve written against intervention in Syria when you and everyone else were penning heart-rending drivel on The Times, so no, I won’t follow your advice. You sound very much like our Kevin Ellul Bonici, by the way.

      • International mother Fers says:

        A militarist is a militarist.

        My god, you still read The Times of Malta? Don’t tell me you actually pay to get off on drivel too?

        Oh well, at least I don’t sound like your other pet hate, that geezer Tyrrell.

      • H.P. Baxxter says:

        I’m not a militarist. You must be very thick not to know the meaning of militarism.

  2. La Redoute says:

    Did Edward Scicluna really say Rembibi? China’s currency is the Renminbi.

    • WhoamI? says:

      My thoughts exactly! And if you have to specifically say the full name of the currency then it’s Chinese Yuan Renminbi. There goes our Minister of Finance. Good times ahead. Looking forward to the next “u ija mhux xorta”

    • Procedures says:

      Well buddy, whatever he wants to call the currency, he may stick it and that dynamic economy he talks about up where the sun doesn’t shine.

  3. JL says:

    In fairness, and in comparison to most of the Labour administration’s initiatives this is would actually be a positive development. In fact, London is very active in trying to develop such a position:

    However, realistically the Minister is simply copying the English initiative and is unlikely to succeed given that Malta unlike London does not really figure as a global hub for foreign exchange or fixed income trading.

  4. Nik says:

    China is starting to cash in on its investment. Can you believe it: a eurozone finance minister playing up China’s currency.

  5. anthony says:

    Il Milion.

    Marco Polo (1254-1324).

  6. Antoine Vella says:

    Apart from the absurdity of Malta helping China, the whole speech sounds servile. You can imagine Edward Scicluna obsequiously bowing and “offering Malta” to the Chinese while asking how we may best serve them.

  7. viva n nort koreja says:

    The PL follow the maxim that ‘my enemies’ enemies are my friends’.

    They’re every act is motivated not by the general good but by jealousy, vindictiveness and vendetta.

    They are destructive by ideology and will stop at nothing to ensure they mock the system whenever they are handed the reins.

  8. ciccio says:

    So while Evarist Bartolo promotes the Chinese language, Edward Sigg Luna promotes the Chinese currency.

    And Kermit Lewis sells them cheap passports to the Schengen zone.

  9. Accountability says:

    F… hell hold onto your seats as the rollercoaster is descending faster than the speed of light.

  10. P Shaw says:

    The RMB will never be an international reserve currency as long as it continues to be manipulated by the Chinese government (making China’s exports cheap) and as long as it is not accepted as a reserve currency by the IMF?World Bank.

    The four international key reserve currencies used by the IMF/WB and the major central banks (composing the basket of the SDR) are the USD, GBP, YEN, and EUR. There are other international currencies of course, but these play a minor role in the international markets.

    The RMB is far away from attaining such a status. Even the BRICS countries, who are supposedly partners with China against the West do not trade in the RMB. They are not that stupid after all.

    The RMB is a direct competitor to the Euro. Hence, if there will ever be a choice, what currency will the idiot minister choose as our reserve currency – the Euro or the RMB? Perhaps we should start observing the evolution of the balance sheet of the Central Bank of Malta and watch out if Malta’s foreign reserves will be diluted with the purchase of the RMB through the sale of Euros.

    We knew that the clowns took over the running of this country, but I had never imagined that the would played the international stooges for China.

    First Libya and now China – history actually repeats itself.

    What’s next? Introducing child labour and cheap labour similar to China with the blessing of the GWU?

    • La Redoute says:

      There is plenty of cheap labour and there are plenty of exploitative labour practices but what do we hear about it from the GWU?

  11. It-Tezi ta' Mario says:

    Boosting China’s currency could have been part of that mysterious long term agreement Muscat signed with China in 2010.

  12. canon says:

    If the EU kick us out it will serve us right.

  13. ciccio says:

    “I will strive as Minister of Finance to attract Chinese financial services to Malta. Such a possibility would boost Malta’s attractiveness to Chinese investment in the region, and boost the Rembibi (RMB) as an international currency. ”

    Can’t wait to see the China Development Bank and the Chinese Exim Bank set up their regional offices for the EU, Mediterranean, Middle East and Africa here in Malta.

    Shiv Nair may lend them a hand.

  14. Joanna Vassallo says:

    Of interest is an article in FT Weekender Oct 19th:

    Where to live

    By Tanya Powley and Lucy Warwick-Ching

    A guide for those who forgot to buy their own Caribbean islands

    Read the full article at:

    Sent from my iPad

  15. J Abela says:

    We use the euro; a global currency. Why would we want to boost its competition?

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