But, he quickly added, it was not too late to set things right – provided there was a large dose of moderation.

Launching a book titled Moderation, the brother of the prime minister again called for the setting-up of a National Consultative Council 2 , under the auspices of the Council of Rulers, to “discuss moderately, behind closed doors, the long list of sensitive issues that range from the state of our education system, affirmative action, the role of religion in national life, the integrity of the Federation, the issues of corruption and competitive politics – and, of course, rebuilding trust in our institutions”.

The book, which features a collection of 28 essays by prominent Malaysians and journalists, is published by Star Media Group. Nazir launched it at the Menara Star yesterday.

Nazir likened Malaysia to a three-legged stool; the economy, social situation and politics being the legs.

Acknowledging that the nation had done well economically, Nazir implied that the other legs, however, were wobbling.

“If the social and political legs wobble, it won’t be long before the economic leg starts tottering as well. Socio-political pressures drive away talent and capital, life bloods of the economy.

“If the economy deteriorates, socio-political pressures rise even further. The reactionary rhetoric gets even more rancid, the “blaming the other” mindset tightens its grip on society and the national discourse becomes ever more acrimonious. These, in turn, hasten the economic deceleration. It’s a vicious circle, yet one that usually happens behind the protective veil of proactive fiscal and monetary policies by governments.”

The banker noted that economic historians had shown that when a government’s fiscal and monetary policy options ran out, it would always seem sudden and shocking at first.

Then, he said, some economist would step forward to explain how the rot actually set in a long time ago.

“Everyone should have seen it coming; it was all so obvious. And the children then ask their elders: Why did you let this happen? Why, indeed?”

He added: “I apologise if I sound rather alarmist. I don’t mean to imply that our nation is teetering at the edge of the abyss. It isn’t. But I do worry, as expressed also in several essays in this book, that unless we, as a society, change our ways, we are slowly inching our way towards a point where the unthinkable starts to seem logical, even rational.

“For Malaysia, given its unique mix of races, ethnicities, cultures and religions, as well as its system of race-based political parties, our future was always going to depend on how well we practice moderation when we engage on issues and manage polarities.”

He called on the largely silent moderate majority of Malaysians to assert themselves and be heard.

“We need to recapture the discourse, re-frame the narrative and re-stitch the colourful, but tattered social tapestry, of this multi-cultural, multi-racial and multi-religious nation that we all love and cherish.”

Nazir, however, cautioned that too many people called themselves moderates but were actually close minded about the issues on which they differed, and even inflammatory in the way they expressed their disagreement.

He said having a couple of friends from different ethnic groups and not supporting Islamic State did not make one a moderate. It is one’s behavioural traits that matter.

Saying a moderate leadership was about protecting and advancing moderation, he agreed with the writers of the book who said today’s political calculations incentivised leaders to translate dissent and even simple questions into racial or religious terms.

“As a businessman, one basic lesson I learnt is that as soon as you diagnose a flawed incentive structure in the system, you must change it quickly or your fears will surely materialise.”

The banker who has been very vocal over the past couple of years said: “Given the increasingly polluted political atmosphere, diminishing trust in our institutions, a general election in the next two years, a weak global economic environment and rising geopolitical tensions in the region, it’s too easy to paint a gloomy picture of what’s around the corner for Malaysia. Surely it is time for pre-emptive action.”

This pre-emptive action, he suggested, could take the form of a platform for reconciliation where sensitive issues were discussed in a moderate manner behind closed doors.

“Given the obvious similarities to the National Consultative Council of 1970, I’ve coined the term NCC2 for this platform. The conditions this time are different, of course.

“Maybe with the issues at hand and today’s demands of governing and the governed, the NCC2 should be set up under the auspices of the Council of Rulers, with the support of the government, political parties, civil society, academics, religious leaders and businessmen.

“Our nation will turn 60 next year and we have come a long way, with much to celebrate and be thankful for.

“However, it is time to ask if the system mostly designed in 1970 still works well enough. Even the engineers of the system thought we would need an overhaul in 1990. And in those 26 extra years, the rest of the world has changed almost beyond recognition. But for today, perhaps let’s look at this idea from just one angle – are there ominous signs that demand a more unconventional national-scale initiative at this juncture?

“To those who question the concept of the NCC2, I say: why not? What could be so wrong about a diverse group of the good and the great of Malaysia coming together to have conversations to recalibrate a system that is evidently under stress and strain?”