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Performance ratings for PMs By DR CLEMENT WAINE

August 25 2006 at 11:18 AM
Cut & Paste - The National 

Performance ratings for PMs

By DR CLEMENT WAINE
PNG has had five prime ministers since 1992 and this article summarises some of their achievements, the socio-economic dynamics that define their terms in office and the impacts their decisions have had on the national development.
I hope it will stimulate discussions and debates amongst the people and politicians as an ever-burgeoning debt burden will threaten the future of our children.


PNG is now at a very critical juncture and the debt burden is becoming a national concern. Since 1992, the national debt (both domestic and external) has expanded along an exponential trajectory.The cumulative national debt in June of 1992 was slightly over K1.7 billion. As of March this year, it had increased to K7.5 billion, after reaching its peak at K8.4 billion in 2002.
The nation borrowed K7 billion in just 10 years.
Except for the late Sir William Skate, the other four are still active in public life either as current MPs or in some ex-officio capacity. They are the major opinion leaders and would be formulating and delivering their party policies on this issue in next year’s general election. Therefore, it is only relevant that we look at their past performance as an indicator of their future performances.
Pius Wingti was in office between 1992 and 1994, at an opportune time, when most mining and petroleum projects came on-stream.
Sir Julius Chan, the then deputy prime minister aptly described PNG as the “island of gold floating on the sea of oil”. Oil projects started in 1991 and production was approaching its peak. Porgera Mine was turning out to be the world’s most profitable mine.
Wingti replaced Mel Togolo with Robert Needham as CEO of MRDC and a protracted negotiation with partners in Porgera resulted in the Government acquiring additional 15% of the mine at prevailing market prices, raising the total Government equity to 25%.

However, it was disappointing to see that Wingti’s government was on a spending spree and paid its largesse with borrowed money. His government accumulated additional K1.2 billion to the national debt.Wingti caused a constitutional crisis in a futile legal manoeuvre to circumvent the anticipated vote of no-confidence in 1993.

This was to be his unraveling that led to the election of Sir Julius (in August 1994), who at that time was in the Cayman Islands after attending the UN meetings in New York City.
Sir Julius Chan laid the ground work for the biggest economic disaster that is presently scourging the country.
He devalued the kina by effectively 40% and simultaneously floated the local currency.
He will be remembered for ceremoniously cutting the ribbon to set the kina afloat. The kina never floated – it was sinking to the depths ever since.
The combined effect of the currency devaluation and float has decimated the middle class that started evolving in the 1980s and continues to wreck havoc in the economy.
A decade later the nation is still struggling to regain lost grounds with the kina’s parity falling from being on par with the US dollar prior to the float, to almost 30% of its original value now, making debt financing almost 70% more costly.
This single action alone decimated the state’s corporate entities such as PNG Power (formerly Elcom) and Post PNG, whose debts were denominated in US dollar.
The devaluation not only severely curtailed their ability to repay the debt but also led to the amount increasing over time.
Sir Julius will also be remembered for the partial sale of MRDC via an initial public offering to form Orogen. This sale yielded K304 million, of which only K100 million was allocated for budgetary support in 1995.
A controversy that still haunts him to this day was the purchase of Cairns Conservatory.
The Ombudsman Commission’s Report in 1999 described the transaction as a departure from prudent management of public funds in what appeared to be a money-laundering exercise.
The times were also turbulent and Bougainville crisis was at its height. Sir Julius hired the Sandline mercenaries to quell rebel activities but it led to a half-baked military revolt by Gen Jerry Singirok and the political momentum that gathered in Port Moresby engulfed the nation leading to the 1997 general election.
Both Sir Julius and Wingti became the high-profile victims when their electorates voted them out of their offices — Wingti only for a term. He returned in 2002, more somber.
Sir Julius has been consigned into the political wilderness for good, or it seems. Will he make a comeback in 2007?

Sir Julius added close to a billion kina to the national debt – so much for the nation’s financial wizard!
Sir William Skate: The 1997 crisis was a watershed in PNG’s political development. PNG turned a new leaf and in came a new breed of young Turks, amongst them were Peti Lafanama, Peter Waieng, Arthur Somare and Sir Mekere Morauta.

The nation’s hopes were riding high on their shoulders but it was short-lived.
Waigani politics was more formidable than everyone anticipated.
Sir William was elected Prime Minister, a first for the Papuan region. There were jubilations in that part of the country but he cut through the regional divide and any notion of such regional pride faded quickly. His reign at the helm, however, was marked by depressed economic climate when all economic indicators were performing as if in compliance with Murphy’s Law.
Commodity prices were at historical lows. The impact of Sir Julius’ kina devaluation was wrecking the economy, which was exacerbated by the Asian financial crisis.

El Nino disrupted the weather and the Aitape tsunami destroyed entire communities, putting more pressure on the already-stretched economy.
With mounting fiscal stress and pressures from international donors, Sir William sought “dollar-diplomacy” as a way out.
His then foreign minister was caught with his pants down in a hotel in Taipei, Taiwan.

The news broke on Australian television stations the same day. The ripples raced across the entire Pacific Ocean and Roy Yaki returned with his snake-skinned Akubra hat in his hand.
Sir William would be remembered for taking a no-nonsense approach in brokering a peace deal on Bougainville.
In an apparent gaffe, his confession was captured on hidden cameras and broadcasted worldwide.
He came to be known as the “godfather”, a name he must have disdained. In the end he was knighted by the Queen – a fitting reward for a man, who spearheaded the interest of ordinary people.

Sir William added almost K2 billion to the debt burden – almost a billion kina for every year he was in office, which remains a record.
Sir Mekere: The controversies surrounding late Sir William rattled an already-perplexed nation, traumatised by El Nino and the ravages of extreme inflationary conditions. The time was right for change. Sir Mekere was elected Prime Minister in a bizarre turn of events.
John Pundari took a right turn instead of left, when arriving at the Parliament in the morning of the election and what transpired as the business of the day in the House was later described by Lady (now Dame) Carol Kidu as the “hand of God at work, if there was a God”.
Sir Mekere was a fine bureaucrat – a faithful servant of previous masters. He saw need for changes to the way financial institutions were governed and his election provided him that opportunity and he wasted no time.
He is credited for changes to financial institutions in the country – changes that have very positive impact in the corporate governance and independence of these institutions.
The impact of his decision was far greater than what had been discussed in public.
Sir Mekere was in office for over two years, during which he added K1.65 billion to the national debt, almost averaging a billion kina every year.
For a man who had been in the engine room of financial and monetary controls of the country since independence, his performance was a great letdown for the country.
His approach was typical of a classical economist with the debt-peddling mentality. This trait showed itself over and over in his short two years in office.
In April 2002, he merged Orogen into Oil Search resulting in his government netting A$73.7 million (K145 million) and 18% share in the “new” Oil Search. The timing of this sale was critical – it occurred at the onset of the historical and unprecedented bullish run for all commodities, mineral and petroleum prices.
Oil Search, after the merger, sold the mineral assets for more than US$73.8 million (K284 million) – twice more than the buying price and made profit too.
The mineral assets were sold when the gold price was at US$120 an ounce; the current price is US$600 an ounce.
In the last six years, Porgera, Misima and Tolekuma together sold over 10 million ounces of gold, at an average price of US$400 an ounce and earned in total US$4 billion (about K12 billion).

The PNG Government owned an average 25% in these projects. The merger resulted in loss of revenue for the Government. In fact, PNG lost over US$1.2 billion (K3.6 billion) in real revenue during the last six years.
The petroleum assets, after the merger, fell from 25% equity to 17% in all oil and gas projects. This merger took place when oil price was at US$25 a barrel. Oil is now selling at US$70 a barrel. Since 2000, PNG has exported around 80 million barrels of oil at an average price of US$40 a barrel earning over US$3 billion (K9 billion) in six years.By diluting the equity in petroleum projects by 8%, the country lost K960 million in revenue.The merger between Oil Search and Orogen has cost the nation over K4.5 billion in just six years. Sir Mekere’s decision had cost the country so dearly.
He also sold PNGBC to BSP for effectively K95 million. At that time PNGBC had 40% market share.

Sir Mekere squandered the money from the sale on the 2002 campaign trail and also left a K200 million budget blowout that required immediate Supply Bill by the incoming Somare government to rectify budgetary shortfalls. Sir Mekere fell short of forming the government, apparently a victim of the political reforms he bulldozed in Parliament the year before. He will be remembered as the knight, who fell on his own sword!

Sir Michael Somare: The Somare Government has the opportunity in a lifetime most governments dream of – all commodity and mining/petroleum prices have been heading northwards. This meant more revenue coming into the coffers for the Government to meet some of its debt-financing obligations as well as pay for the budgeted items.

The current Government arrested the burgeoning trend in the national debt.
However, recent trend seems ominous, for two reasons. First, the decline in the total debt burden has ended as the Government borrowed additional K500 million in the last six months (to pay for the Supply Bill?).
This leaves me with one conclusion: Perhaps, the only person who understood the gravity of the national debt burden was Bart Philemon.
His removal as the Finance/Treasury Minister has seen the return to the borrow-and-spend mentality.

Second, the Government has shifted the nation’s debt burden from external debts to domestic. Consequently, K1.5 billion was added to the nation’s domestic debt, primarily from sales of Treasury Bills and Inscribed Stocks. Treasury Bills declined from K3 billion in March 2004 to K1.7 billion in September last year, but has since rose sharply back to under K2 billion in the first quarter of this year. Inscribed Stocks have ballooned from a low of just K174 million in 2004 to over K1.7 billion in September last year. Almost all these bonds were purchased by domestic financial and institutional investors (Nasfund, POSF, BSP, etc).

The Somare Government is creating a domestic debt bubble that would not be sustainable in the event that all commodity and mineral/petroleum prices head south.

The debt burden is a national crisis that needs immediate redress.
The Government is effectively borrowing from future generation to spend today and by shifting to domestic debt, it is spending the current savings of the working class. The public wrangling between Sir Michael and Mr Philemon on who should get the credit for the improvement in the macroeconomic stability is irrelevant. Neither of them put in place a single policy to insulate the economy against external shocks, when commodity and mineral/petroleum prices head south (bearish).

There are two basic tools at the Government’s disposal to regulate macroeconomic stability – the monetary and fiscal controls. The monetary policies are now in the domain of the Central Bank, thanks to the reform Sir Mekere introduced.

The Government’s only control mechanism is the fiscal policy and Mr Philemon used this lever to great advantage and gets the credit for it. But his approach to macroeconomic stability was fiscal restraint, which is hardly a sustainable policy per se as we saw the scavengers unashamedly going for the treasure chest after the National Alliance Party (NAP) convention earlier this year. The Somare Government is not using the gains of the macroeconomic stability to improve the microeconomic conditions. This is underlined by high consumer prices of basic goods. Fuel prices are now almost beyond reach.

The frenzy in the real estate market is on an unsustainable path; a house at Korobosea that cost K250,000 in 2002 is now priced at K450,000 – almost 100% rise in just three years and this is beyond the reach of ordinary people.
This is not driven by market forces but rather by a cartel of real estate agents and the Government seems almost unable to moderate this lunacy.
Indeed, by being unable or unwilling to intervene with relevant microeconomic policies, the Government remains an unwitting accomplice in the unrelenting efforts driven by both external and domestic factors to decimate the middle income earners and to widen the chasm between the have-nots and the have-mores.

I conclude my assessments of the Prime Ministers by grading them based on their past performances. I am giving Wingti, Sir Julius, Sir William and Sir Mekere a “Pass” while Sir Michael gets an “Upper Pass”. None deserves a “Credit” or “Distinction”.

The bigger problem is that all these governments had existed in policy vacuums and this is the bigger danger to the country. If they had any policies, they did not eloquently express them to the public. For instance, the Somare Government’s Green Revolution is the big pie in the sky – all statistics indicate a decline in the traditional tree crop productions since 2002.



*The writer is a PNGean, gradute of UPNG and holds a PhD from the University of Queensland, where he also won the Dean’s Medal for outstanding research. He now lives and works in the US. He is an avid follower of PNG politics.



    
This message has been edited by 7milebeach on Aug 27, 2006 2:45 PM


 
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AuthorReply
PNG

Re: Performance ratings for PMs

August 25 2006, 3:31 PM 

Well done!
This has got to be one of the most in-depth and well-presented articles that I have seen in years.

Dr. Waine, if you're reading this, can you present a few facts about Sir Rabbie Namaliu too?

He was one of those former Prime Ministers as well. His reign and leadership was not really felt as it was a very lukewarm and indecisive periods during his time.

Guess, it was an oversight in not mentioning his name?



 
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Whizkid

Re: Performance ratings for PMs

August 25 2006, 4:38 PM 

Excellent reading!

 
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Anonymous

Dr Waine hits nail on the head.

August 25 2006, 5:03 PM 

Dr Waine has hit the nail on the head. I always knew all our PMs had FAILED this beautiful country and trully they have. We donot need to look far to see the deterioration and suffrering our poor people are going through.

PNG is really at the Cross roads now. The elections are arround the corner, and it is time we heat up the discussions and must call for public debates and policy discussions by these leaders. We need to be critical in our choices.

However, our politics is so entrenched in getting "What is in it for me?" This has been the mentality of our leaders. i hope somebody like Dr Waine who is clear on the issues and on what needs to be done is elected. I am sure I have never seen and read about any accadenmic or PHd holder comming out with such an analysis. Thanks Dr Waine, and top marks to you. Tru tru yumi needim CHANGE.

 
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ndrukul

This is a start.

August 25 2006, 9:09 PM 

Lets seek out potential candidates for the 2007 elections and get the good doctor to do a rundown on the most reliable prospects. this way we can be assured of the candidates intentions and track record. a portfolio of the members now in parliament is old news. all have been tainted by the stink of corruption and outright theivery. in the case of the few who arnt maybe they are damned by yheir silence as conspiritors or not wanting to rock the gravy train. I ask Dr Waine to work out somthing for every one. lets all look at the prospects for 2007 in our own neck of the woods and sort them out then inject some credibility and honesty into parliament. dont let this flame die.

 
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liklik man

Re: This is a start.

August 26 2006, 12:10 PM 

This kind of analysis work on the economy, and performances by successive governments are good for the public domain.

Its sheds light on voters! The papers column writers should write more of this stuff - even with senior govt ministers!

wanbel

 
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Enlightened one

Performance ratings for PMs : By Dr. Waine

August 26 2006, 3:55 PM 

I certainly agree that we need more of such well researched and detailed papers like this.

Equally important is that the readers have a duty to discuss and pass on the information to those around us. Only then, will we be able to make informed decisions.

I have made copies of this paper to pass it around to others whom I think will spare a moment to read and comment.



 
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Anonymous

Re: Performance ratings for PMs : By Dr. Waine

August 27 2006, 2:05 PM 

Dr. Clement Waine,
The document befits your title in a way the dumfounds many and yet brings enlightenment to the masses.

Despite, you being a biological scientist (if I am not wrong) it's amazing to know that, you can be an excellent political commentator.

PNG is proud of you.

Keep on putting things in perspective.



 
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Anonymous

Re: Performance ratings for PMs : By Dr. Waine

August 27 2006, 3:34 PM 

.


    
This message has been edited by 7milebeach on Aug 28, 2006 11:32 AM


 
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NO-MORE

No More former PMs for 2007!!

August 27 2006, 10:36 PM 

From this posting I can clearly see where we have been heading. Most of the said PMs have been telling us they were doing well and even saying the bead things that we were having to face were the faults of previous govts.

Even Bart philemon and Micheal Somare have been bragging about the improved economy, but it seems they have been (Paitim boros natin)doing in in a vacuum without any sustainable policies.

What a shame and I am looking forward to the furore this article will be creating next week. Surely it was good analysis, but also some of these said people will come back to deny what has been said by Dr Waine. Everbody in PNG politics likes to paint a different public picture when infact they care less what happens to our people and our children's future. I think Somare should also been given a pass grade too.

 
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Paul Martin

Assessment should be qualified in respect to different time periods and broader criteria

October 5 2006, 1:35 PM 

Whilst I agree with Dr.Waine's assessment of the past peformance of PNG's prime ministers including I assume Sir Rabbie,we have to really look at the different time periods the past PMs held office to have an appreciation of the external demands of that particular period.

Grand Chief Somare should be given an "A" for to giving us Political Independence with no blood shed. All other democracies in the world had to fight for their independence. An Honary Doctorate degree is due to the Chief for achieving this feat.

Sir Julias Chan should be given a "B" for for his financial wit in giving us Kina and Toea, a true PNG currency.He introduced the hard Kina policy which saw our currency valued higher than the US greenback and Aussie dollar prior to 1994. He is regarded as the Father of public finance in PNG, a platform of much of the later financial improvements that Dr.Waine alluded to. The floating of the kina is conditional on all other economic perfomance indicators including commodity trade,services,foreign direct investment and domestic savings. The last factor is one of the biggest pitfalls we have in that PNGns do not have a culture of hardwork and savings which is critical in economic prosperity today.See the case of China. Sir Julias is not responsible for our citizens not saving but those that did are now reaping the reward and are expanding business into Australia and elewhere. Sir J has already earned a B plus or even A minor in my books.

Paias Wingti is the the silent achiever in terms of economic reforms. He is responsible for much of the reforms which were later on implemented by Sir Mekere, a close aid of Wingti.Wingti's performance can be seen in pararell to Sir Mekere's. Their major achievement is the privatization scheme which showed the "Invisible Hand" or the "Hand of God" referred to by Dr. Waine moving from government control of major government businesses to the private sector. This is the modern day gospel of economic reforms in the market economy according to classical economic theory. Together, their policy was driven by the global economic trend at that time and even today.They responded to the external demand during their time in office in a swift manner which cannot be taught in classical economic class in any university in the world-where there is a distinct difference between theory and pratice. Should they deserve a Pass? I dont think so. An A or B would be appropriate.Moveover,there was no policy vaccum alluded to by Dr.Waine.Obviously,the economic reforms undertaken by Wingti and Mekere are reflective of the external global trends.

Sir Rabbie is the darkhorse that flew under the radar, a quiet student and a fence sitter that benefited from the work of others.He was busy mending broken fence with our closest neighbour,Australia, playing the diplomatic honest broker in the Australian Press Club.A job he is good in as a former academia.He was not known for trigering off any tipping points that made PNG to be better off in the whole economic management of PNG. He was only holding the fort,and was not a risk taker.He is likened to the servant that hid the silver coins given by his master in the soil and did nothing to it. He deserves what he has put in. And that's a "F" for no effort i.e the opportunity cost of the next best alternative is always higher than doing nothing.

Sir William did alot of good things, although the methods were unconvential and not textbook style.He had a different persona and depended more on personal relations and trust in people who are good in walking the talk and not talk the talk. He brought in Dr.Hamidan Rad to walk the talk because our own intellectuals and bureuacrats were talking the talk all the time.No actions and someone like Sir Bill does not have time for sweet talkers. He took care of little things that common people needed.He looked after the hauslain first before talking big in front of the international audience.By doing so, he became popular with the small people.His achievements is testimony to his no-nonsense approach in getting things done. The Poreporena Freeway, the Bougainville Peace Accord, Eye in the Sky Programme, creation of Chief Secretary's post,implemtation of the public service reforms and the abolishment of unnessary government agencies to save cost. He surely walked the talk and deserves a B plus.

I believe the above is a fair qualitative assessment of the past PMs based on the circumstances facing them when they were in office.Assessment done by Dr.Waine on their economic performance can be validated in relation to their governments' response to external factors occuring during the different time periods. Therefore,an asssessment based on broader qualitative criteria would be more appropriate in this context.

Thank you,

Paul Kindua Martin

 
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Anonymous

PM evaluation F, F, F, D-, B+/F

October 5 2006, 1:43 PM 

Sir Julius tried to kill Papua New Guineans using white mercenaries from South Africa. "F"

Bill Skate rock and rolled the night away while our kina lost about 60% of its value, which means the people of PNG lost about 60% of their economic wealth. "F"

Paias Wingti destroyed what had been admired macroeconomic management by getting us in sever debt to international banks. He did this by the stupidity of spending money on one hand on the Bougainville rebellion while on the other hand offering 'free education' (as if there is such a thing) and greater cash crop subsidies. "D-"

Because Sir Michael Somare gave us independence without a fight, we've never had to struggle for that freedom, nor have we had to unite against a common enemy. That absence is the strongest explanation why we have no deep sense of nationalism. Tribalism rules, even amongst the most educated. PNGScape is one example. Still, Somare originally was pursing things slow and easy, which is the only way that sustainable infrastructures and economies are built. Somare in the early years, "B+", in this current term, "F"

 
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Paul Martin

Generation Gap

October 12 2006, 10:12 AM 

There is alot of resentment of our fore fathers from the way the younger generation view the management of our country.Why focus on the negatives everytime? If you have something better to offer do so but be constructive rather than the blaming game- GROW UP... The world is moving on and we have got to move with the change.

The Past Prime Ministers are the reference points for us this generation to view and see how and where we can improve.That's the only way forward.Do you think someone from outside would be genuinely interested in coming to run our country. Forget Australia if that's what you think. Believe me, they dont like us.It's us who will run this country and we must have the right attitude to fly our Gold,Black and Red flag higher.I take my hat off to the past PMs for their contribution. I cannot hold anything against them as this attitude will only bring us down.Lets move forward as a united Papua New Guinea.It's the 5 plus million people that will make the difference not one,two or five PMs or 109 MPs.

I think it was Robert Downing, the famous poet that said that we can reach what is ahead of us by grasping whats in front..something to that effect. The PMs are the reference points or stepping stones if you like for us to make use of the opportunities ahead. They have served us a full menu, it's up to us to enjoy or go elsewhere.

Thanks,


Paul Kindua Martin

 
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Anonymous

Re: Performance ratings for PMs : By Dr. Waine

October 19 2009, 12:04 AM 

I'm also dumfounded by that article.

 
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Engan Nationalist

Dr Clement - a True Son of PNG

September 12 2006, 1:18 PM 

Dr Clement Waine is highly applauded for your remarkable achievements in the field of science. It was not until yesterday that I was reading a posting on pngscape and came across your name. I did a quick search of your name identity and to my amazement, your are one rare and true son of Papua New Guinea. You have caused ripples in the world of science and discovery. What an amazing man you are! Thank God for the brains. I read your assessment of PNGs PMs and it was truly inspiring and revealing to know the true outcomes of their leadership traits.

I guess we need people like you to make a u-turn in PNGs economy. I had great hopes when Dr. Allan Marat was elected and took the office of DPM, only to be left of out the picture. He was one of the great advocators of down-stream processing and we need highly enlightened people like him to be in the engine room of PNGs economy.

If you are truly going for the 2007 elections and if you are a truly a PNG nationalist as so far portrayed and if you have a strategy for change and if you take yourself (as you have done so far) as one true advocator, protector, and defender of the people of PNG, you have my 100% full support!

Engan Nationalist

 
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Clement Waine

Re: Dr Clement - a True Son of PNG

September 13 2006, 11:21 AM 

Some facts that people might find interesting:
1. Completed my PhD at UQ and was awarded the degree at the age of 30yrs (2000).
2. Awarded gold medal for Outstanding PhD Research by Dean of Postgraduate School, UQ in conjunction with AusAID (rep: Fiona Pakoa)
3. Published over 25 papers in peer-review and conferences (5 more drafts are pending submissions soon)
4. Pioneered the discovery and characterization of a novel class of proteins that I called "Plant Cyclotide" (anyone can google "cyclotides" and find related refs on-line)
5. "Plant cyclotides" are now the hottest class of molecules in biotechnology. Those in Brisbane ask Prof David Craik or Prof Paul Alewood at IMB/UQ or ask Prof Peter Andrews (Chief Scientific Officer, Qld Govt) and those in Melbourne ask Prof Marilyn Anderson (LaTrobe, Biochemistry Dept) ad those in NZ ask Dr Andrew Watson (Senior Advisor to the Minister from Research, Science and Technology).
6. Its name will go down in the annals of science forever!
7. This is PNG's humble contribution to the field of science.
8. Currently hold three Patents describing my inventions - perhaps the only PNGean to hold a patent!
9. Moved on from chemistry to proteomics/biochemistry to structural biology to bioinformatics to molecular biology to now microbiology - all in the last 6 years.
10. Recently, focused my efforts on Graph and Knot Theories (branches of abstract maths) - keeping my restless mind busy into the twilight hours.
11. The application of these theories are very diverse (e.g. circuit board designs, highway constructions, structural engineering, etc.)
12. Just completed a manuscript explaining that in the entire universe all graphs can be reduced to only 4 penultimate states (manuscript will be submitted to Proceedings of the National Academy of Sciences-USA; will see what the reviewers will say!)
13. I used these also to explain protein structures and describe structural relations between different classes.
14. My current efforts is in Game theory - curious to see how the theory can be explained from the perspective of tribal fights in pre-colonial Highlands of PNG (DO NOT take me wrong - tribal fights are bad! But there is a lesson embedded in here that I am trying to learn!). Application: corporate pricing scheme, competition, take-over strategies, etc, etc.
15. Critics can have their field-day but I studied some things and picked up few nuggets along the way.
16. Economics is the "soft-science" and I do not claim to know much about economics, except few pointers. Scientists and economics say the same things without realising it! e.g. every observant domestic spouse knows that water when contained and subjected to cooling, i.e. put into the freezer does two things - it solidifies and gains volume - it becomes ice-cubes. When ice-cubes are placed outside regulated conditions, it liquifies (melts). That sounds like a scientist. This is what an economist would say: the economy heats up when there is excess liquidity in the system! Your financial advisor will tell you - if you have excess liquidity invest in solid assets (solidify) and it will increase in value over time!
17. here is the crux of the matter:
"And, the Lord shall make thee the head, and not the tail; and thou shall be above only, and thou shall not be beneath; if that thou hearken unto the commandmants of the Lord the God, which I command thee this day, to observe and to do them:" Deuteronomy chapter 28: v13

Clement Waine
clement_waine@hotmail.com

 
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Anonymous

Re: Dr Clement - a True Son of PNG

October 17 2006, 6:34 PM 

Clement you sound like a brilliant scientist even if you do say so yourself but you are one hell of a lousy economist. The simbus are waiting to give you a mathematics lesson in Simbu politics 101. You might be smart in the chemist lab but you will be last placed in Simbu politics.

 
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@wama

The world needs more of Dr. Waine than Simbu politics...

October 17 2006, 8:11 PM 


Anon,

Fact: The world needs Dr. Waine's IQ; not the 'dirty' politics of Simbu!

@wama
17 oct 2006

Another patriot PNGean who'd go the extra mile in support of high-flying PNGean's having an impact on world affairs, rather than engage in petty domestic politics!

 
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KLagaipT3

Re: The world needs more of Dr. Waine than Simbu politics...

October 17 2006, 9:33 PM 

I agree wholeheartedly with your comments!!@Wama. The World (or PNG for that matter) needs Dr. Waine's IQ and examplary attitude. Forget the dirty Simbu politics!! Hasn't he expressed himself sufficiently and intellectually to warrant his competency in policy-making and leadership??!!

Peace.

KLagaipT3
17/10/2006

 
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PEACE

Don't SAY IT, LET Others SAY IT!!!

October 19 2006, 2:02 PM 

Dear brother Clement

Firstly, I thank God for his blessings bestowed on you. "...Go and take dominion over all creation...," saith the CREATOR...So I too am on the road to attaining a status of 'permanent head damage' (PhD), apparently in the area of some hard science too! But, I am deeply mindful of the good old King Nebuchadnezzar, who once said, (paraphrased)"see, I have built the great city of Babylon and done all these other things with my own hands..." The next we hear of him is seven years of misery, chewing grass in some paddock!! I'd rather we don't crow three times more and let Peter's of PNG shy away in feelings of less self-worth, but forget our own value and and deed, and bring out the good in our people. PEACE.

 
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