Mahathir is cause of 1997 Financial Crisis Thru Mismanagement
Mahathir is NOT an Economist and had NEVER faced such a Financial Crisis BEFORE. Therefore, Mahathir did not know the solution.
By Dr Robert Chan
In 1995, World Bank, IMF and Economists warned Mahathir Mohammad the Prime Minister that if Malaysia did NOT manage its economy and finance properly, it would suffer the same fate as Mexico whose peso plummeted very seriously.
In 1997, when the Financial Crisis hit us, we were all shocked. Mahathir did not know what had happened and therefore did not know what to do.
Mahathir and his Ministers were confused by the various statements that they made. Apparently, Mahathir spent billions to support the currency ringgit but was unsuccessful.
When US Secretary of Treasury, Robert Rubin came, his advice was sought. Robert asked Daim and Mahathir to reduce interest rates. Daim is only a Lawyer and a businessman. He is no great Economist. IF Mahathir and Daim claim that they are experts in Economics and Finance, I would like to give them a Test – Theory and Viva.
Professor Paul Krugman wrote an open letter to Mahathir asking him to implement the Exchange Control.
Mahathir is NOT an Economist and had NEVER faced such a Financial Crisis BEFORE. Therefore, Mahathir did not know the solution. He took advice. Rumours in KL said Nor Mohamed Yaacop was responsible for the loss of US$10 billion in currency trading!!! Ask the Bankers and his classmates in University of Malaya. Malaysians became poorer by more than 50% because the idiotic Prime Minister Mahathir was stubborn.
So what so great about Mahathir???
When I was in Britain there was a Debate where Nobel Prize Winner Milton Friedman, Margaret Thatcher British PM and etc participated in discussing the Economy of Britain. Milton Friedman and Margaret Thatcher both said, “You cannot spend money you have not earned.”
When Malaysia was in the midst of this Financial Crisis 1997-8, he led a huge delegation to Argentina. WHAT FOR??? He should have stayed at home to LEARN ABOUT THE CRISIS, its causes and its remedies. But he did not care!!! If a Japanese PM did that, he would be forced to resign.
Mahathir is an arrogant and stubborn person.
Now the half bridge, hanging in the air, is rotting in the sun.
Mahathir wasted RM350 million of the peoples money. But he doesn’t care.
He always said he did not care.
See how stubborn and idiotic he is.
Mahathir is an irresponsible Prime Minister.
