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"Only the maverick Mahathir of Malaysia" - I thought he had retired?

Vote McCain for war without gain
by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Fri Oct 24th, 2008 at 06:50:25 AM EST
He has. But he hadn't when he put two fingers up to the financial system, implemented capital controls etc and Malaysia came through unscathed....

"The future is already here -- it's just not very evenly distributed" William Gibson
by ChrisCook (cojockathotmaildotcom) on Fri Oct 24th, 2008 at 11:01:55 AM EST
[ Parent ]
Here's a recent, relevant story about this from the Washington Post, Malaysia's Self-Prescribed Rescue Debated.

Instead of taking tens of billions of dollars in aid from the IMF, Malaysia did what was viewed then as a radical move: it self-prescribed its recovery. It stopped outflows of capital for one year, stabilized its volatile currency rate by fixing it to the U.S. dollar and refused to rein in spending.

"We were criticized by everybody but we believed strongly we only had the people of Malaysia to answer to," said former Finance Minister Daim Zainuddin yesterday in a phone interview from Kuala Lumpur. "We had seen what had happened with African nations that had taken aid from the IMF; they never are freed."

by Magnifico on Fri Oct 24th, 2008 at 11:07:55 AM EST
[ Parent ]


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